Actively managed exchange-traded funds (ETFs) are playing an increasingly important role for professional investors. This trend is particularly pronounced in Switzerland. In this country, the average share of active ETFs in portfolios already stands at 15.7 percent. That puts Switzerland ahead of Germany, France, Italy, and the United Kingdom.

This is shown by Fidelity International's "Unwrapping the Wrapper" study. For the survey, CoreData Research questioned 310 professional investment decision-makers in five European countries who already use active ETFs or are planning to do so.

Over the next 18 months, Swiss investors want to increase their average allocation to active ETFs to 21.3 percent. Across all markets surveyed, the share is expected to rise from 10.2 percent to 14.6 percent.

Swiss investors focus on targeted additions

Swiss investors also differ from their European peers in how they use active ETFs. While such products elsewhere are increasingly viewed as a core component of a portfolio, in Switzerland they are primarily used as a targeted addition.

Half of the Swiss investors surveyed use active ETFs mainly as so-called satellite investments. The European average is only 33 percent.

Accordingly, strategies in which fund managers have greater freedom in selecting securities are widespread in Switzerland. So-called high-conviction ETFs are used by 40 percent of Swiss respondents, compared with 33 percent on the European average. For discretionary, largely benchmark-independent strategies, the ratio is 38 percent to 32 percent.

Emerging markets are particularly sought after

Different preferences also emerge by asset class and region. While active ETFs on U.S. equities attract the greatest interest across Europe at 44 percent, Swiss investors are focused on emerging markets. Forty-three percent of respondents in Switzerland see particularly attractive uses there. Across Europe, U.S. equities are followed by emerging markets at 33 percent, small caps at 29 percent, and European blue chips at 28 percent.

Demand for active strategies is rising

Overall, European investors want to significantly expand their exposure to active ETFs. Today, 25 percent of respondents already allocate at least a quarter of their equity exposure to such products. Based on their intentions, that share is expected to rise to 37 percent over the next 12 months. For bonds, an increase from 18 percent to 25 percent is expected.

Products with a clearly active positioning are particularly in demand. One in two professional investors wants a broader range of high-conviction ETFs. For benchmark-like and discretionary strategies, that share is only 25 percent in each case.

"High-conviction ETFs could shape the market's next growth phase. Our data show particularly strong demand for new products here," explains Stefan Kuhn, Head of ETF Distribution EMEA at Fidelity International.

Costs and returns remain decisive

Despite growing interest, professional investors have clear requirements for the products. For 79 percent of respondents, cost efficiency is particularly important. This is followed by liquidity and tradability at 75 percent, and transparency at 74 percent.

Just as many investors expect active ETFs to have the potential to outperform their benchmark indices. For 71 percent, diversification and the management of concentration risks also play an important role.

European market heads toward one trillion dollars

Growth is also likely to be reflected in assets under management. According to Fidelity and Morningstar, active ETFs now manage more than 2.4 trillion dollars worldwide. In Europe, assets in active UCITS ETFs could exceed one trillion dollars by 2031.

At the same time, competition among providers is increasing. Since 2023, their number has more than doubled. The number of active ETF products in Europe rose from 95 to more than 400 over the same period.

The results are based on a survey conducted in July and August 2026. Only professional investors who already use active ETFs or are planning to do so were included.