European Banks Have Launched In-House ETFs
Financial institutions are increasingly manufacturing their own branded funds to capture management fee revenue.
Updated on Sept. 29, 2026 in Investing
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Major European lenders including UniCredit, Commerzbank, and Santander have launched or filed for their own exchange traded funds (ETFs) since January 2026. This shift allows banks to replace third-party products with in-house alternatives to retain management fees from their retail customer base.
Why it matters
By manufacturing their own funds through partnerships with white-label asset managers, banks can leverage their vast digital platforms and captive customer pools to increase profitability. This strategy captures annual fee income that previously flowed to external asset managers.
European ETF assets hit $4 trillion in 2026, having tripled in value since 2020. Banks now target a portion of the €40 billion expected to flow annually into the German fund market due to pension system reforms.
The players
UniCredit
This major Italian banking group is among the institutions that have moved to launch or file for in-house exchange traded funds.
Revolut
This fintech company has registered a specialized funds platform to offer both exchange traded funds and mutual funds.
Commerzbank
A German bank that has partnered with State Street Investment Management to facilitate the creation of its own branded funds.
Santander
A global financial services provider that has initiated the launch of its own exchange traded fund offerings.
ING
This multinational banking corporation is utilizing the white-labelling services of Amundi to construct its proprietary investment products.
The details
Financial groups are partnering with white-label providers, such as Amundi for ING and State Street for Commerzbank, to build these branded investment products. By controlling product placement within their proprietary apps and savings plans, these banks aim to capture greater share from their 100 million combined retail customers.
Timeline
European ETF assets began their rapid growth in 2020.
Banks began launching in-house ETFs or submitting regulatory filings in January 2026.
A major report on the banking industry's ETF expansion was published in September 2026.
Market Dynamics
This strategic pivot toward in-house product manufacturing follows the trajectory set by Germany's pension system overhaul, which is expected to inject significant liquidity into investment markets. Banks are aggressively positioning themselves to capture these projected €40 billion annual inflows by replacing third-party products with proprietary offerings.
Retail customers may see a shift in investment options within their banking apps as providers prioritize their own branded products over external funds. This change could impact how investors select assets within digital savings plans and affect the overall fee structure of their portfolios.
The takeaway
The transition toward bank-managed ETFs reflects a broader effort by financial institutions to secure long-term revenue through vertical integration. Retail investors should remain aware of potential limitations in fund variety as banks increasingly prioritize proprietary products in their digital ecosystems.
Further reading
Explore broader trends in the Investing section for more context on fund market shifts.
Source note: This article includes information reported by Financial Times News.
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