Fidelity International recorded net outflows from its active ETFs in the third quarter of 2026, bucking a wider trend that saw billions of dollars pour into rival products across Europe.
European active ETFs attracted $13.1bn of net inflows between July and September, according to ETFBOOK data reported by ETF Stream. Equity strategies accounted for $9.5bn of the total, while fixed income ETFs gathered just over $3bn.
JPMorgan Asset Management continued to dominate the market, attracting $3.9bn during the quarter. Invesco was second with $1.38bn, followed by BlackRock with $1.12bn.
Fidelity, by contrast, suffered net outflows of approximately $110m. Although a relatively modest amount for a manager with nearly $17bn invested in its active ETF range, it was a notable reversal for Europe’s second-largest active ETF provider by assets. Its net flows remain positive for the year to date.
The figures come just days after Fidelity outlined plans to triple its European active ETF assets over the next two years. Samantha Ricciardi, the group’s head of Europe, Middle East and Africa, has described the expansion of its active ETF business as one of its biggest strategic priorities.
Fidelity has continued to expand its offering, most recently introducing two equity income ETFs that combine active stock selection with options strategies designed to generate additional income.
Meanwhile, Schroders has emerged as another significant competitor, attracting $3.4bn of inflows so far this year, compared with total active ETF assets of $4.3bn.
Our view
David Batchelor, senior analyst at QuotedData, said: “Fidelity’s outflows are relatively modest, and its active ETF business remains in positive territory for the year. However, the figures make interesting reading just days after the manager announced an ambition to treble its European active ETF assets over the next two years. That would mean growing from around $17bn to more than $50bn, yet the latest quarterly figures show it losing money to redemptions while the wider market attracted $13.1bn. It is hardly the start Fidelity would have wanted as it embarks on such an ambitious expansion.
There is clearly no shortage of demand for active ETFs, but Fidelity’s experience demonstrates that this growth is not being shared equally. With JPMorgan continuing to dominate inflows and competitors such as Schroders gathering momentum, Fidelity will need to do more than simply expand its product range. Its challenge will be to convince investors to choose its funds over an increasingly crowded field of alternatives. The next few quarters should provide a useful indication of whether its ambitious growth target is achievable”.
