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Even as the Federal Reserve tried to cool investor enthusiasm last week, the money kept moving…this time across the Atlantic. Long overshadowed by their U.S. counterparts, European equity ETFs are quietly stealing some of the spotlight.
U.S.-listed ETFs pulled in a hefty $37.6 billion during the week ending Oct 31, according to Etf.com, extending a strong run of fund creation. The real surprise, however, was international equity ETFs, which pulled in $8.6 billion thanks to a spate of notable allocations to Europe-focused products. The Vanguard Tax Managed Fund FTSE Developed Markets ETF (NYSE:VEA) took in $805 million, while the JPMorgan BetaBuilders Europe ETF (BATS:BBEU) added $757 million, and were among the top 10 inflows across all ETFs.
That shift comes as the Fed’s latest meeting last week ended with a rate cut, paired with a hawkish nudge from Chair Jerome Powell that suggested December’s cut isn’t guaranteed. Still, investors appear to be taking the long view. With U.S. stocks hovering near record highs, fund managers are increasingly looking abroad for value and diversification.
With the dollar potentially peaking and bond yields stabilizing, the setup for international ETFs looks better than it has in years.
This renewed appetite for European exposure is a rare reversal of flow trends that have strongly favored the U.S. since 2022. By contrast, small-cap ETFs such as the iShares Russell 2000 ETF (NYSE:IWM) logged $1.8 billion in outflows, underlining investor preference for large-cap stability and global blue chips.
Meanwhile, gold ETFs such as SPDR Gold Trust (NYSE:GLD) and short-duration Treasury funds like iShares 0-3 Month Treasury Bond ETF (NYSE:SGOV) lost about $1 billion each, indicating investors are moving out of defensive assets and back into equities, especially those offshore.
Whether this is a passing trade or the beginning of a more sustained global rotation is unclear. But one thing is: smart money isn’t just chasing American big tech anymore; it’s rediscovering Europe. After two years in the shadows, that might be the comeback story global ETFs have been waiting for.
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