UCITS
UCITS (Undertakings for Collective Investment in Transferable Securities) refers to the EU framework for harmonising the creation, management and marketing of collective investment schemes in the EU (and EEA) Member States. It places a strong focus on investors’ protection and product regulation. Owing to this harmonised framework, once UCITS funds are registered in one Member State, they can be freely marketed across the European Union. Initially adopted in 1985, the UCITS Directive has since been modified repeatedly, to take into account developments in financial markets.
EFAMA is adamant to protect the competitiveness and international appeal of UCITS.
Policy Recommendations for the Next European Commission
EFAMA responds to ESMA Consultation on Liquidity Stress Testing in UCITS and AIFs
EFAMA response to ESMA's CP on integrating sustainability risks & factors in the UCITS Direcive & AIFMD
UCITS Net Returns in 2024 and So Far in 2025
This article was published in the 23rd edition of the Fact Book on 24 June 2025.
The rise of active ETFs in Europe – A short overview
EFAMA is pleased to launch the first edition of its new Industry Perspective research series, entitled “The rise of active ETFs in Europe – A short overview”.
This publication gives a brief summary of the active ETF market in Europe, including its characteristics, growth over time, and comparison to the active ETF market in the US.
Key trends in active ETFs:
Fund consolidation would have a limited impact on fund costs
Increasing fund assets is seen as a more realistic and effective avenue
Today, the European Fund and Asset Management Association (EFAMA) published the 20th issue of its Market Insights series, titled “Beyond fund consolidation: a more promising strategy for bigger funds and faster cost declines in Europe”. This publication compares the size and number of equity UCITS with that of US equity mutual funds and challenges the commonly held belief that fund consolidation will significantly lower the cost of funds in Europe.
The rise of active ETFs in Europe – A short overview
EFAMA is pleased to launch the first edition of its new Industry Perspective research series, entitled “The rise of active ETFs in Europe – A short overview”.
This publication gives a brief summary of the active ETF market in Europe, including its characteristics, growth over time, and comparison to the active ETF market in the US.
Key trends in active ETFs:
Market Insights #18 - Sustainable Equity UCITS
This report looks specifically at the evolving trends of the equity asset class of sustainable UCITS, whose share is the highest (53%) in total sustainable UCITS funds. It highlights their role as investment vehicles in facilitating the green transition. The universe of sustainable equity UCITS funds is defined based on Morningstar’s classification of sustainable financial instruments1. This means funds must claim to have a sustainability objective, and/or use binding ESG criteria for their investment selection.
Open-ended funds and resilient capital markets - the perspective of the European asset management industry
For the best part of this decade, macro-prudential supervisors have argued that investment funds contribute to the build-up of systemic risks. Today, EFAMA has published an ambitious report that provides a comprehensive overview of the contribution of the European investment fund sector to the diversity and resilience of capital markets.
Some key findings include:
