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Wednesday, August 19, 2026The Morning Brief →Sign in
The Tape

UK ETF ownership nears one in five as investment trusts fall to 9%

Boring Money's latest report finds UK retail investors leaving trusts for cheaper, simpler ETFs.

UK investment trust ownership has fallen to 9%, the lowest level Boring Money has recorded since it began tracking adoption in 2021. A year earlier the figure stood at 12%. The firm's Investment Trust Report 2026 counts an estimated 2.18 million trust holders.

ETFs have gone the other way. Six years ago one in 20 UK investors held an ETF. Now nearly one in five does. Open-ended funds slipped to 19%. They were at 23% a year earlier. The DIY boom is not lifting every fund type equally; ETFs are getting the share.

The steepest drain is in the 35-54 age band. A year ago 12% of them owned trusts. Now 7% do. That is a drop of more than 40%. This group is usually at its peak earning and investing years, so the percentage understates the loss. The only gain is among investors under 35. Trust ownership there rose by two percentage points. It now sits at 9%. Modest, but it is the one group where the pitch still lands.

Boring Money's chief executive, Holly Mackay, ties the retreat to the upheaval Saba created in the sector, which put the retail investor vote in the spotlight. Her prescription is direct: trusts need 'simple, compelling messaging and competitive price points' for a broader investor base.

The report is framed as a call to action for boards, but the numbers point to a simpler verdict. UK DIY investors are choosing fund types on price and clarity. ETFs offer an expense ratio and a ticker; trusts offer discounts, boards, and a story that needs explaining. Saba may have speeded the exit, but trusts cannot rely on inertia. The 35-54 group has already made its choice. The under-35 uptick is a slim foundation for a comeback. For ETF issuers, the UK retail channel has stopped being a sideshow and become a central distribution route.

SHARE OF UK INVESTORS HOLDING EACH FUND TYPE
ETFs20%
Open-ended funds19%
Investment trusts9%
BORING MONEY INVESTMENT TRUST REPORT 2026 VIA ETF EXPRESS · AUG 2026
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