Global ETF assets are approaching $22 trillion, demonstrating that the ETF sector is entering a new phase, in which scale itself generates new challenges and in which infrastructure, operational capacity and execution increasingly determine which strategies and issuers can grow. This is the main conclusion deduced from the “2026 Global ETF Outlook” by State Street, the first ETF service provider in the world, with 53.8 billion in assets under custody and/or administration.
Active ETFs: record inflows of over 38 billion
In 2026, active ETFs, i.e. actively managed by a portfolio manager, are set to represent the main product category on the European markets, in continuity with what was observed in 2025, despite having a marginal impact (only 3%) on the total ETP assets. In fact, during the year there were record inflows of more than 38 billion dollars, equal to almost 10% of overall flows.
At the same time, a growing adoption of the ETF wrapper by asset managers has been observed, evidenced by a significant increase in new launches: over 36% of the funds introduced have an active orientation.
For the first time, active ETF launches outpaced those of passive equity ETFs, marking a symbolic shift for an industry historically dominated by indexed replication. A trend that will continue in 2026, since in the first months of the year the share of new listings attributable to active strategies is further growing compared to the already significant 40% observed in the previous twelve months.
Bond ETFs on the rise
While active equity ETFs have so far driven collections, the bond sector is also showing signs of strong development, with significant expansions in corporate credit, emerging debt and in more specialized segments such as convertible and inflation-linked bonds. Estimates indicate that in 2026 fixed income could exceed 40% both in terms of new launches and flows into the active universe.
2026 will be the year of retail investors
2026 will also be the year of retail investors, in continuity with the strong momentum recorded in the previous two years. In 2025, the evolution of the European retail segment was characterized by an acceleration of large-scale adoption, a progressive rejuvenation of the investor base and the affirmation of ETFs as long-term savings instruments.
The number of investors has risen to 32.8 million (from 19.3 million in 2022), with a growth of 69% in three years: today ETFs are held by 25% of European investors and 10% of the adult population. The dynamics among 25-34 year olds (+52%) and among women (+60%) is particularly significant, confirming a structural and inclusive expansion of the market base.
