Aug 11, 2026
An Interview with AllianzGI on Active ETFs and Market Trends
Claudia Celani, Head of Product Development EU, Allianz Global Investors
You recently had your products listed on Xetra. Why was Xetra chosen?
The listing on Xetra was an important step for us in building our European Active ETF platform. Xetra is one of the leading ETF trading venues in Germany and Europe. The European market is of strategic importance to us, as we are seeing strong and continuously growing demand for ETFs from both institutional and retail investors.
The market environment also supports this step. According to Morningstar, assets under management in European active ETFs have nearly tripled since the end of 2023 and amounted to more than EUR 108 billion by mid-2026. At the same time, the importance of digital distribution platforms is growing, and regulatory developments such as the retirement savings account could further support ETF demand in the future.
In addition to reach and visibility, Xetra offers an established ETF ecosystem in which the exchange, Authorised Participants and Market Makers work together to support efficient price formation and liquid trading conditions. Particularly for active ETFs, where tradability and execution quality play an important role for investors, this market infrastructure was a key factor.
In short: reach, liquidity and market infrastructure were key reasons behind the decision to list our Active ETF range on Xetra. The listing on Xetra was the first step of our European roll-out, which has since been followed by a listing on Borsa Italiana.
What characterizes your newly listed products? What distinguishes them from other ETF issuers?
Our new active ETFs combine AllianzGI’s active investment expertise with the advantages of the ETF structure: efficiency, transparency and tradability. Unlike traditional index funds, these strategies aim to generate alpha through systematic and research-based investment processes.
Our first Equity Active ETF range is built on AllianzGI’s long-established Systematic Equity platform. The investment strategies use four proprietary, AI-supported signals that analyse different data sources, ranging from investor positioning and earnings sentiment to broader market patterns. These are complemented by additional information sources and so-called alternative data, meaning data beyond traditional financial market data, in order to gain more differentiated insights.
Artificial intelligence helps us analyse information more efficiently and identify investment opportunities more systematically. However, investment decisions remain at all times the responsibility of the portfolio managers. Human oversight ensures that investment objectives, risk parameters and governance standards are adhered to.
Another distinguishing feature is the combination of active management and a competitive cost structure. Our active ETFs are designed as core building blocks for portfolios and combine a broadly diversified portfolio with transparent, rules-based processes and attractive fees.
We are convinced that our offering combines three elements: AllianzGI’s active investment expertise, technology-enabled investment capabilities, and the advantages of the ETF structure with daily transparency, intraday liquidity and cost efficiency.
In your opinion, which major trends will shape the ETF landscape in the coming years?
In my view, four trends will shape the next growth phase of the European ETF market.
First, the rise of active ETFs will continue. Investors are increasingly looking for strategies that combine the transparency, liquidity and efficiency of an ETF with the benefits of active management. Interest is particularly strong in actively and systematically managed equity and fixed income strategies. This is precisely why we have added the term “Smart” to our product range: it stands for a disciplined and repeatable investment process aimed at generating long-term alpha.
Second, digital distribution will continue to grow in importance. Digital investment solutions, neo-brokers and ETF savings plans are making ETFs accessible to ever broader groups of investors. This development is further supported by regulatory initiatives designed to facilitate private investing.
Third, product innovation and specialised investment solutions will become increasingly important. Investors are increasingly seeking solutions for specific portfolio objectives, for example in active fixed income investing, thematic investments, risk management or sustainability.
Fourth, liquidity, trading quality and total investment costs will receive greater attention. Investors today no longer focus solely on the management fee, but are increasingly paying attention to factors such as execution quality, market liquidity and trading costs.
Overall, ETFs are increasingly evolving into a highly popular investment vehicle for a broad range of investment strategies. Those asset managers that combine strong investment expertise with innovative products, competitive costs and a high degree of client focus will be the ones that succeed.
Thank you very much for the interview!