Xtrackers outlook: These ETF trends will shape the investment year 2026

• Michael Mohr from Xtrackers/DWS expects further growth in active ETFs
• Early start pensions and retirement savings accounts could provide an additional boost to the ETF market
• Potential in European stocks and the German market

In an interview with extraETF on December 25, 2025, Michael Mohr, global head of Xtrackers products at DWS, gives an outlook on the ETF landscape in 2026. The market for actively managed ETFs will continue to grow. In addition to traditional ETF providers, pure active managers, US asset managers and even completely new companies are increasingly entering the segment. Mohr expects that, in addition to professional fund investors and asset managers, private investors and self-decision makers will increasingly be interested in active ETFs.

However, with the influx of new providers, the responsibility of the established market participants also increases. Mohr emphasizes that the challenge in 2026 will be to ensure that the mass of new providers does not endanger the good reputation of the ETF. Providers like Xtrackers rely on clear transparency and carefully thought-out products. Over time, there will be a clear focus on those providers who sustainably fulfill their promises in terms of value development and quality.

Regions and sectors with potential

With the regional focus, Mohr sees potential for European stocks and especially the German market. But there would also still be good price opportunities for US stocks in 2026 thanks to possible further interest rate cuts, especially in the technology and communications sectors. The relative valuation of emerging markets compared to developed countries remains attractive with superior earnings growth in the emerging markets for 2026 and 2027. For diversification reasons, the healthcare sector and value stocks are also interesting as a counterweight to the expensive technology sector.

According to BlackRock’s People & Money study, 1.6 million new ETF investors are expected to be added in Germany alone in the next twelve months. As a statement from Deutsche Börse shows, Frank Mohr, head of ETF trading at Société Générale, also expects an additional boost from the planned pension reform and the early start pension in Germany. ETFs are likely to play a key role in this. Michael Mohr from DWS welcomes every step towards encouraging the population to make private provisions, as this would allow more money to flow from bank accounts into companies and thus support positive economic developments.

New product categories and AI integration

In addition to active ETFs, other product innovations are becoming increasingly important. According to a statement from Deutsche Börse, ETFs with a security buffer, so-called buffer ETFs, are also on the rise. These reflect the development of a stock index up to an upper limit and at the same time offer a buffer against downward losses, implemented via options. Frank Mohr from Société Générale describes this type of product as extremely successful in the USA and also expects further new products for Europe.

Artificial intelligence is also increasingly finding its way into the ETF industry. As Mohr explains in the extraETF interview, AI is already in many ETFs via individual data points that are incorporated into the construction of indices. In addition, AI is increasingly being used to make processes, data usage and asset management processes more efficient. The introduction of AI into asset management is more of a gradual process than a major upheaval. However, when used correctly and in a controlled manner, the technology opens up great opportunities. Xtrackers already offers one of the largest artificial intelligence and big data ETFs on the market.

D. Maier / editorial team finanzen.net

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