Active ETFs set for further growth as advisers sharpen focus on value and fit

MSCI’s 2026 ETF Intelligence Survey suggests active ETFs will keep growing, often replacing mutual funds where the structure adds better value and liquidity.

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MSCI (MSCI) reports survey findings that 71% of financial advisers plan to increase their use of active ETFs.

The ETF Intelligence Survey 2026, covering 450 advisers in the U.S. and Europe, shows 87% already use active ETFs, while 62% plan to raise passive ETF allocations as well. A new active ETF from an existing manager would most likely replace a mutual fund or UCITS holding for 58% of respondents, and half would switch to an active ETF version of a strategy they already own. Thematic and megatrend ETFs draw the strongest demand at 47%, and 45% of advisers expect to broaden equity allocations beyond home markets, with more focus on emerging (39%) than developed markets (24%). Liquidity and trading efficiency are priorities for 68% of respondents, and 58% would pay more for difficult-to-access strategies, but only 16% see private markets as a good ETF fit.

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• MSCI survey finds 71% of advisers plan to increase their use of active ETFs over the next two years
• 58% say a new active ETF allocation would most likely displace an existing mutual fund
• 45% of respondents expect to broaden their equity allocations beyond their home markets over the next two years
• Nearly half are open to accessing less liquid assets through an ETF, but only 16% think private markets are a good fit for the structure

NEW YORK, Sept. 14, 2026 /PRNewswire/ -- Active ETFs are firmly in the mainstream and set for further growth, but advisers are putting greater emphasis on value, liquidity and structural fit when deciding which products earn a place in portfolios, according to a survey of 450 advisers across the U.S. and Europe by MSCI Inc. (NYSE: MSCI).

The vast majority of respondents (87%) to the ETF Intelligence Survey 2026 already invest in active ETFs and 71% expect to increase their use over the next two years. Passive ETF use is also set to grow, with 62% of advisers planning to increase their allocation. More significantly for asset managers, 58% say a new active ETF allocation from a manager they already use would most likely displace an existing mutual fund or UCITS holding.

A change in structure doesn't necessarily mean a change in manager, however, with half of respondents likely to switch to an active ETF version of a strategy they already hold and 85% of those involved in fund selection open to an ETF share class of the same strategy.

Looking ahead, advisers want greater choice across strategies and exposures with thematic and megatrend ETFs drawing the strongest demand (47%). At the same time, 45% of respondents expect to broaden their equity allocations beyond their home markets over the next two years. Among these respondents, 39% expect a greater focus on emerging markets compared with 24% on developed markets.

The majority (58%) of respondents would pay more for a difficult-to-access strategy whereas only 12% would pay a higher fee for core beta. Liquidity and the ability to trade efficiently also rank among the top priorities for 68% of respondents, a sign that advisers are weighing what an ETF costs to use alongside what it costs to own.

As ETFs stretch across more strategies and asset classes, the question of fit becomes more important. While nearly half (49%) of responding advisers are open to accessing private or less liquid assets through an ETF, only 16% consider private markets a good fit for the structure. Nearly two-thirds (62%) point to a mismatch between the liquidity of the ETF and its underlying assets as the main reason, ahead of valuation transparency (50%) and a lack of track record (44%).

"Passive ETFs remain the foundation of most adviser portfolios, but active ETFs are increasingly becoming mainstream. What we are seeing is a shift from whether advisers will use active ETFs to where the structure delivers the most value," said Jana Haines, Global Head of Index at MSCI. "As the ETF market enters a more mature phase, advisers are also asking harder questions about the product's fit. The opportunity lies not just in providing more choice, but in knowing where the structure adds value, where its limits lie and what it takes to earn a place in the portfolio."

For more information about the MSCI ETF Intelligence Survey 2026, please visit msci.com.

About MSCI

MSCI Inc. (NYSE: MSCI) strengthens global markets by connecting participants across the financial ecosystem with a common language. Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities so they can make better decisions and unlock innovation. We serve asset managers and owners, private-market sponsors and investors, hedge funds, wealth managers, banks, insurers and corporates. To learn more, please visit www.msci.com.

The process for submitting a formal index complaint can be found on the index regulation page of MSCI's website at: https://www.msci.com/index-regulation.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or performance and involve risks that may cause actual results or performance to differ materially, and you should not place undue reliance on them. Risks that could affect results or performance are in MSCI's Annual Report on Form 10-K for the most recent fiscal year ended on December 31 that is filed with the SEC. MSCI does not undertake to update any forward-looking statements. No information herein constitutes investment advice or should be relied on as such. MSCI grants no right or license to use its products or services without an appropriate license. MSCI MAKES NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE WITH RESPECT TO THE INFORMATION HEREIN AND DISCLAIMS ALL LIABILITY TO THE MAXIMUM EXTENT PERMITTED BY LAW.

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SOURCE MSCI

FAQ

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How large and geographically diverse was MSCI’s ETF Intelligence Survey 2026?

The ETF Intelligence Survey 2026 covered 450 financial advisers across the U.S. and Europe, capturing views on current and future ETF usage, portfolio construction and preferred strategies.

Which ETF strategies and exposures are seeing the most adviser interest?

Advisers express the strongest demand for thematic and megatrend ETFs, cited by 47% of respondents. In equity allocation, 45% expect to broaden beyond home markets over the next two years, with 39% emphasizing emerging markets and 24% focusing more on developed markets.

What are advisers’ main concerns about using ETFs for private or less liquid assets?

While 49% of advisers are open to accessing private or less liquid assets via ETFs, only 16% view private markets as a good structural fit. Among the concerns, 62% highlight a liquidity mismatch between the ETF and its underlying assets, 50% point to valuation transparency issues, and 44% cite a lack of track record.

How do advisers think about fees for different ETF strategies?

58% of respondents would pay higher fees for a difficult-to-access strategy, while only 12% would accept higher fees for core beta. In addition, 68% rank liquidity and trading efficiency among their top priorities, indicating they weigh what an ETF costs to use as well as to own.