That added up to €203.6bn, as of 30 September 2020, according to Refinitiv Lipper, a data firm.

Luxembourg placed behind Ireland, which had a 63.41% market share, representing €552.5bn in ETF assets under management.

Ireland and Luxembourg dominate the European ETF market, Refinitiv Lipper said on 2 November. The next largest domiciles were Germany (€44.9bn), Switzerland (€32bn) and France (€31.9 bn).

ETFs are not actively managed by a portfolio manager, but rather automatically track an index, and can be bought and sold on a stock market. They typically have lower fees for investors.