German investors’ ETF holdings reached €697 billion at the end of June 2026, an increase of almost €200 billion over the previous year, according to research by German fund association BVI.
The report found that ETFs now account for one-third of German retail fund investments, with net inflows of around €70 billion between mid-2025 and mid-2026.
Passive strategies accounted for 97.6% of ETF assets, while actively managed ETFs hold a 2.4% market share.
MSCI accounted for 55% of assets in passive equity ETFs, followed by S&P Dow Jones at 16% and STOXX at 15%.
Products tracking the MSCI World index family accounted for €178 billion, or around 30% of equity ETF assets, compared with less than 20% across the wider European market.
The S&P 500 index family ranked second, with €77 billion in assets and a 13% market share.
Broad market indices accounted for 66% of equity ETF assets, while ESG strategies represented 13%. Sector and thematic strategies accounted for 9%, followed by factor strategies at 6%.
Bloomberg dominated the bond ETF market with a 56% share, while around 70% of bond ETF assets were invested in euro-denominated indices.
Meanwhile, active ETF holdings reached €16.6 billion, with equity strategies accounting for nearly 68% of the total.
BVI found that around four in ten newly launched ETFs are now actively managed, although many active equity products remain closely aligned with established benchmarks.
The association also called for an EU-wide index family to improve capital market integration and increase the visibility of European companies.