At a glance
- The third quarter contributed EUR10.1 billion of that total.
- Assets in European active ETFs reached EUR117.1 billion at the end of September, more than triple the market's size in 2023.
- Active strategies captured 8.1 percent of European ETF flows in the first nine months, up from 7.6 percent in 2025.
European active ETFs gathered EUR28.9 billion in the first nine months of 2026, surpassing the EUR26.8 billion they took in all of 2025, according to Morningstar data reported by ETF Express.
The third quarter contributed EUR10.1 billion of that total.
Assets in European active ETFs reached EUR117.1 billion at the end of September, more than triple the market's size in 2023. Active funds still hold only 3.4 percent of total European ETF assets, against 13.1 percent in the US.
Active strategies captured 8.1 percent of European ETF flows in the first nine months, up from 7.6 percent in 2025. Jose Garcia-Zarate, a senior principal at Morningstar, says European investors are using the structure for both equity and fixed income while it "remains a relatively small part of the broader ETF market."
Equity strategies kept the largest footprint: 71 percent of assets and 65 percent of net inflows. Active bond ETFs gathered EUR7.4 billion, or 26 percent of flows. The two categories account for 91 percent of the nine-month total.
Within equities, systematic strategies took EUR12.0 billion against EUR6.7 billion for discretionary ones, roughly a 64-36 split.
Equity funds take the bulk of the €28.9bn
Estimated net inflows by category, first nine months of 2026 (€bn)
Show as table
| Label | Value (€bn) |
|---|---|
| Equity | 18.8 €bn |
| Bond | 7.4 €bn |
| Other | 2.7 €bn |
J.P. Morgan holds 41.4% as HSBC leaves top 10
J.P. Morgan retained market leadership with a 41.4 percent share, and iShares continued to gain ground, lifting its share to 8.3 percent. HSBC dropped out of the top 10 and American Century replaced it.
Product launches ran at 118 for the nine months, taking the number of active ETFs available in Europe to 377; Morningstar says the pace puts the market on track for another record year.
Morningstar does not break out the nine-month flows by provider, so J.P. Morgan's 41.4 percent describes the installed base rather than the 2026 intake.
Active strategies captured 8.1 percent of European ETF flows in the first nine months, up from 7.6 percent in 2025.
Reported by the Active desk from ETF Express and Morningstar. Published . Corrections