Q2 2026 best quarter for UCITS ETFs, Fidelity reports

Fidelity International reported the second quarter of 2026 was the strongest quarter on record for UCITS exchange-traded funds distributed in Europe. Net inflows in June totalled $44.9 billion, above both the three-month and 12-month averages, the firm reported.

US equity ETFs attracted $14.6 billion in June, the largest inflow by equity region and a continuation of a trend through Q2. Fidelity pointed to strong corporate earnings and new record highs in major US indices; the S&P 500 reached new highs during the quarter.

European equity ETFs recorded net outflows for a third consecutive month, reflecting subdued short-term growth expectations in the region.

Commodity ETFs posted outflows in June as gold prices fell following a partial easing of geopolitical tensions in the Middle East. Fidelity noted that a reduced geopolitical premium and expectations that central banks will keep interest rates higher for longer made non-yielding assets such as gold less attractive. Oil prices eased in recent months, while energy-related inflation and its implications for monetary policy remained a focus for markets.

Active ETFs reached record net inflows for the quarter and increased their share of the overall ETF market. Fidelity attributed demand to investors seeking to differentiate between regions, sectors and individual companies and to use active security selection amid widening dispersion of returns.

Stefan Kuhn, Head of ETF & Index Distribution, Europe at Fidelity International, commented: ‘The story of the second quarter was the return of the United States.’ He added that strong demand for active ETFs reflected investor interest in selecting winners and avoiding losers through stock selection.