European active ETFs attracted $26.63bn of net inflows during the first half of 2026, almost double the $13.36bn collected over the same period last year.
Investors added $6.36bn to active ETFs in June alone, according to ETFGI, taking their share of total European ETF inflows for the first half to around 10%. The wider European ETF industry attracted a record $265.65bn during the six-month period.
Separate figures from Morningstar show that assets in Europe-domiciled active ETFs reached €108.3bn at the end of June, nearly three times their level at the end of 2023. However, active products still represent only 3.4% of the European ETF market, compared with approximately 12.5% in the US.
The figures suggest that active ETFs are becoming a more established part of Europe’s investment market, although passive products continue to account for the overwhelming majority of ETF assets.
Morningstar recorded 75 European active ETF launches during the first half of 2026, comprising 38 equity products, 22 fixed-income strategies, nine allocation funds and six alternative ETFs. New entrants during the year included Pictet, AllianceBernstein and Carne Global Fund Managers.
The market nevertheless remains concentrated. JPMorgan continued to lead European active ETFs with a 42% share of assets at the end of June, down from approximately 47% at the end of 2025.
The five largest providers collectively controlled 71% of active ETF assets.
Our view
David Batchelor, senior analyst at QuotedData, said: “The attraction of active ETFs for managers is understandable. They allow the placement of an active strategy on platforms used by a growing number of advisers and individual investors without abandoning the existing investment process. For investors, however, the wrapper is only one part of the decision. An active ETF still needs a clear investment objective, an understandable process, competitive charges and evidence that the manager or model can add value after costs.
The rapid increase in launches also creates a risk that supply moves ahead of demand. Europe may be able to support hundreds of active ETFs, but probably not hundreds of indistinguishable funds targeting the same popular markets.
Market concentration reinforces that point. JPMorgan and a small group of large providers continue to control most assets, despite the growing number of entrants. Investors appear willing to use active ETFs, but they are not spreading their money evenly across every new product.
The first-half figures are therefore significant, but they do not yet show that active ETFs have become mainstream. They show that the structure has gained credibility. The next test is whether the growing number of products can build durable assets rather than simply adding to an increasingly crowded launch calendar”.
