Retail doesn’t care about your logo

We’re starting to see a quiet shift in how ETF issuers are trying to capture the retail wave, at least in Europe.

This week’s news that State Street Investment Management will launch an ETF with German online broker Comdirect, under the Comdirect brand, fits a growing pattern. Amundi and DWS have done similar deals with major online platforms recently.

Why? Simple: The retail investor doesn’t know State Street. They know Comdirect. So rather than spend millions on brand building that probably won’t work, issuers are partnering with the brands retail investors already trust.
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It’s smart. Issuers get access to the fastest-growing segment of the ETF market and build stronger ties with today’s modern day distribution gatekeepers – the online platforms.
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It’s common sense and for sure we are going to start seeing a lot more of this going forward.

October Ends with Tricks, Treats and Big Tech Beats

Halloween came early and was full of investor treats- central bank meetings, earnings and ATHs

October ended with a few tricks but a whole lot of treats for investors. From the Fed’s rate cut to a blowout tech earnings week, the market rode strong momentum into November. And yes, legendary investor Warren Buffett is stepping down later this year, but global bulls are still very much on the rise.

Here’s how markets moved last week:

• US: The S&P 500 posted a sixth-straight monthly gain, its best win streak since 2021.
  -The Nasdaq gained for seven straight months, hitting a fresh all-time high (ATH) mid-week.
  -Strong tech earnings and a 25bps Fed rate cut (to 3.75%–4%) helped extend the rally, despite Fed Chair J. Powell’s hawkish comments on the US economy.
• UK: The FTSE 100 notched its fifth-straight ATH on Wednesday.
• EU: The ECB held rates at 2% for the third meeting in a row.
• Asia & EMs: MSCI EM stocks are amid a ten-month win streak, its best since 1993.
  -Japan’s Nikkei 225 surged +14% for its best month in 35 years.
  -South Korea: KOSPI is on a tear, +71% YTD and sitting at fresh ATH.
  -Saudi Arabia: The Saudi Tadawul ended the week -1% on reform delays.
  -South Africa: The JSE is on a roll with a eight-month win streak.
• Commodities: Copper surged to a record high. Gold edged higher last week, following four straight weekly losses.
• Currenties: The US Dollar logged its second-best month of 2025. GBP hit lowest vs the Euro since 2023.

Launches this week

Flows & performance

European ETP Market Surpasses US$3 Trillion

According to data from HANetf, Europe’s ETP market grew nearly 11% quarter-over-quarter in Q3, slightly behind the 18% growth rate seen globally. The increase reflected both strong market performance and robust inflows, with roughly US$113 billion entering European products during the period.

HANetf’s tally shows that Europe now accounts for just over one-sixth of the US$17.9 trillion invested globally in ETFs and ETPs. Of the European total, US$2.87 trillion sits in ETFs, US$143.4 billion in exchange-traded commodities (ETCs), and US$23.2 billion in crypto ETPs. (Source: ETF.com)

(Source: HANetf)

The Dan Ives Wedbush AI Revolution ETF (IVES) has rocketed past a major milestone

IVES is surpassing US$1 billion in assets under management less than five months after its June debut.

The milestone comes just two months after IVES crossed the US$500 million mark, underscoring the fund’s rapid ascent amid surging investor enthusiasm for all things artificial intelligence. According to FactSet data, IVES has attracted more than US$665 million of net inflows since launch.

Performance has also been a key draw. The ETF has gained 38% since inception, nearly double the 20% rise of the Invesco QQQ Trust (QQQ) over the same period. By comparison, the Technology Select Sector SPDR Fund (XLK) is up 28.7%, while the Vanguard S&P 500 ETF (VOO) has climbed 15.5%.  (Source: ETF.com)

Battle of the Bands – How the big five face off YTD

(Source: Trackinsight)

The ETF market on the Singapore Exchange (SGX) hit a record high S$16.3 billion in assets under management (AUM) as at end-September

This marked a 40% year-on-year increase, the local bourse’s third-quarter ETF Market Highlights report indicated.

The market recorded robust net inflows of S$736 million in Q3. Together with the S$700 million recorded in the first half of 2025, this brought the net inflows in the year to date to S$1.4 billion.

Trading activity in the quarter surged, with the average daily turnover for ETFs climbing 68% year-on-year to S$31 million. Fixed income and gold ETFs recorded the most significant jumps in trading, with increases of 204% and 112%, respectively. (Source: Business Times).

• Assets under management in actively managed ETFs globally reached a record US$1.73 trillion at the end of September, surpassing the previous high of US$1.63 trillion set in August 2025. ​
• Year-to-date asset growth stands at 47.8%, rising from US$1.17 trillion at the end of 2024 to US$1.73 trillion. ​
• Net inflows in September totalled US$70.59 billion. ​
• YTD net inflows of US$447.72 billion mark the highest on record, ahead of US$239.15 billion in 2024 and US$113.61 billion in 2023. ​
• September marked the 66th consecutive month of net inflows into actively managed ETFs. ​
• Actively managed equity ETFs and ETPs attracted US$43.73 billion in net inflows during September. 

(Source: ETFGI)

Best Performers US & EU

Graph of the Week

In China, poor performance has dampened investor confidence in actively managed funds and passive investing in the form of ETFs has now become favoured by individuals for flexible asset allocation and by institutions for efficient capital operation. (Source: Ignites Asia)

Things of interest

With over 500 active ETFs launched in the US so far this year, investors might seem spoiled for choice

But looking more closely at the web of ETF launches reveals that over half of these newcomers sit in categories outside of a primary, traditional asset allocation. (Source: Dimensional Fund Advisors)

Amundi wins landmark ETF deal with a major institution in the Middle East

A leading public institution in the Middle East has invested nearly US$5 billion with Amundi fixed income ETFs highlighting growing adoption of ETFs by major institutions worldwide.

This institution, which oversees total reserves of several hundred billion US$, selected Amundi as one of the few external asset managers to manage part of those reserves.

State Street Investment Management is set to launch an ETF with German online broker Comdirect

As asset managers increasingly look to partner with digital distribution partners, the two companies are working on launching the Ireland-domiciled Comdirect S&P All World State Street ETF, a legal entity register shows.

Comdirect’s parent company, German banking and asset management group Commerzbank, previously had an exchange traded product business until selling it off in 2018. (Source: Ignites Europe)

The most striking feature of China’s ETF market isn’t its growth, it’s who owns it

Unlike the US or Europe, where global giants like BlackRock, Vanguard, and State Street dominate, China’s ETF market remains a fortress for domestic managers. Even iShares, which leads almost every other region, hasn’t been able to crack it. (Source: Ignites Asia)

October was supposed to be the month when long-awaited crypto ETFs finally hit U.S. markets

Deadlines for the SEC to approve or deny several spot crypto ETF applications were lined up throughout the month. But when the U.S. government shut down, the process froze — and deadlines stopped mattering.

Now November could take October’s place. Several issuers are using a procedural route that doesn’t require an active SEC sign-off. It’s the same approach that allowed four crypto ETFs — two from Canary Capital, one from Bitwise and one from Grayscale — to start trading earlier this week despite the regulatory paralysis.

Issuers are filing updated S-1 registration statements that include “no delaying amendment” language. Under U.S. securities law, those filings automatically become effective after 20 days unless the SEC steps in to issue a stay or request changes. For the four ETFs that listed this week, the SEC didn’t act, allowing them to go live by default. (Source: CoinDesk)

ETFs 101

Career corner

Movers and Shakers

• Benjamin Becker has joined Pictet Asset Management as head of ETF Distribution in the US. He joins from Goldman Sachs.
• Thomas Taw has joined Fidelity International in Hong Kong as Head of ETF Distribution, APAC ex Japan. He joins from BlackRock.
• Wes Mathews has joined NEOS Investments in Chicago as Head of Investment Strategy. He joins form Venture Partner.

On the Move

Looking to take the next step in your ETF career?

ETFcareer.com connects top talent with the industry’s leading firms. Whether you’re just starting out or seeking a senior-level role, our curated job board features opportunities tailored to your expertise.

Tip of the week

Find Your Sweet Spot

Your career feels best and performs best when three things line up:

1. What you’re great at
2. What you enjoy doing
3. What your company truly values

Take a few minutes to list your skills, interests, and employer priorities. Where they overlap is your career sweet spot, the work that energizes you and delivers the most value.

Example: You’re skilled in data analysis, love storytelling, and your firm values clear insights, focus on creating visual reports or dashboards.

Why it matters: working in your sweet spot improves engagement, reduces burnout, and helps you grow faster. Managers notice the results, and you spend more time doing work that actually matters.

Start small: identify one task this week that hits all three areas, and do more of that.

Quote of the Week

“Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are” ​– John Wooden

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