Yet for me what sticks out and as highlighted by Bloomberg, is only one in three US asset managers offer ETFs, and in Europe it’s far less than that. That means there’s still plenty of fuel left in the tank.
As mutual funds continue to bleed assets, any asset manager without an ETF strategy is running out of time. Concerns about cannibalization are short sighted. Why worry about your mutual fund assets being cannibalized if there are no longer any assets left to be cannibalized?
The challenge now shifts downstream, to the service providers. Administrators, market makers, custodians, data vendors, etc all need to scale alongside this demand. Launching 900 ETFs in a single year strains every part of the ecosystem.
Speed to market, operational efficiency, and technological readiness will separate those who can keep pace from those who get left behind.
Just 38 business days stand between us and 2026… and that doesn’t count public holidays and the rest of your vacation days.
The race is on to the end of the year, and markets are struggling to keep pace. Last week, mega cap tech stocks took a beating, the US dollar surged, and crypto lost its ground reminding everyone that it’s volatile too. The headlines were anything but boring.
Google’s Ironwood Chip Enters the AI Arms Race: Google unveiled Ironwood, its 7th-gen TPU chip designed to compete with Nvidia. With Microsoft, Amazon, and Meta all rolling out custom silicon, the race to build out the AI infrastructure of the future is fully underway.
Bank of England Split on Rate Cuts: In a narrow 5–4 vote, the BoE decided to hold rates at 4%, but nearly half the committee pushed for a cut. Expect more tension ahead of the next economic policy meeting in December.
Tesla Shareholders Approve Musk’s Jaw Dropping US$1T Pay Package: A wild 75%+ of shareholders approved Elon Musk’s massive US$1 trillion compensation plan, tied to ambitious milestones, including an US$8.5 trillion Tesla valuation. If fully realized, Musk’s stake would jump from 13% to 25%, solidifying his grip on the EV giant.
ETFs took in US$4.9B at the end of the week, pushing their year-to-date inflow total to US$1.152T—surpassing 2024’s record US$1.150T. Based on trends and seasonality, it is projected ETFs to take in US$1.4T by year end.
With assets across the board (stocks, bonds, commodities) all outperforming cash together for the first time since 2019, ETFs are leading the charge with record inflows for:
• Equities: US$675 billion
• Fixed income: US$358 billion
• Alternatives/non-traditional: US$118 billion
Meanwhile, US-listed mutual funds are deep in the red with net outflows of US$479B, led by US$545B from equities and US$44B from the alternatives/non-traditional markets. Only fixed income mutual funds have inflows of US$110B. And while active and indexed ETFs also boast record inflows, with active taking in US$418B and non-active exposures taking in US$730B (led by record-approaching low-cost core inflows of US$540B), active and indexed mutual funds are in net outflows (US$454 billion for active and US$26 billion for indexed).
Plus, ETFs’ winning extends beyond flows:
• Nearly 900 new ETFs have been launched in 2025, compared to just 73 new mutual funds
• 35 new ETF issuers entered the market in 2025, compared to three new issuers in the mutual fund marketplace.
(Source: Matthew Bartolini – Linkedin)
While October inflows slowed compared to the previous month, they remained comfortably above the year-to-date (y-t-d) average of US$7.1bn. Global ETFs are just two months away from recording what looks to be their strongest year on record.
The firm writes that this milestone emphasises the continued rapid growth of the European business, coming just over 18 months after the firm celebrated US$1B in AUM. Congrats all at Global X.
There is now more than $13 TRILLION invested in ETFs across United States, up from $5 trillion in 2020.
60 new issuers have entered the US ETF market in just two years, the most ever. Still, only one in three US asset managers tracked by Bloomberg Intelligence offer ETFs. That means there’s plenty of room for more players to jump in as the rules shift. (Source: Isabelle Lee – Linkedin)
This report examines current trends and the potential for future adoption.
Key findings include:
Nine months after Singapore regulators approved the listing of active exchange traded funds, the city-state has seen just one product launch, with managers waiting for clearer signs of investor interest. The more conservative investing habits of local investors, as well as unresolved gaps in Singapore’s ETF ecosystem and infrastructure, have also damped enthusiasm for the funds, according to industry participants.
Singapore fund house Lion Global Investors subsequently launched the first such product in January in partnership with Japanese manager Nomura Asset Management, raising initial assets of S$37mn ($28.3mn). The Lion Global ETF has seen its assets inch up to S$49.2mn. Since then, however, there have been no further active ETF launches in the city-state. (Source: Financial Times)
MFS Investment Management plans to launch its first ETF as early as next year, the company has confirmed. The move is particularly notable, given that the Boston-based house created the world’s first mutual fund, the Massachusetts Investors Trust, in 1924.
MFS is the largest US mutual fund complex that does not offer ETFs, Morningstar Direct data indicates. (Source: Financial Times)
According to Cerulli’s latest research highlights the unprecedented expansion of the active ETF market is being fuelled by new entrants, traditional mutual fund firms converting products, and existing ETF issuers diversifying beyond passive strategies. Transparent active ETFs remain the focus – 87% of issuers are developing one, and half plan to convert at least one mutual fund into this structure to benefit from lower costs and greater tax efficiency.
Cerulli also notes growing interest in dual-share-class ETFs, pending regulatory approval. However, issuers still face distribution hurdles: 71%struggle for broker/dealer shelf space, and 58% say advisers need more education on how to use active ETFs effectively.
Assets of Fear
BlackRock chief executive Larry Fink has labelled bitcoin and other cryptocurrencies as “assets of fear” that have a similar function to gold when investors face “financial insecurity”.
“There is a role for gold and there’s a role for bitcoin, which I believe are assets of fear,” Fink said at the 2025 Global Financial Leaders’ Investment Summit in Hong Kong on Tuesday.
Fink said that many investors are allocating to digital assets as well as precious metals due to concerns about keeping their money in their local currency or storing it in the country where they live. (Source: Ignites Asia)
The hedge fund database and analytics firm has revealed that the hedge fund share of total crypto ETF AUM is 42.73%, up over three times since June 2024, with a 63% increase in participation since June 2024. (Source: ETF Express)
Securities lending is when a fund temporarily lends its securities (like shares or bonds) to another institution in exchange for a fee. Borrowers post collateral, typically 102–105% of the loan’s value, using AAA-rated bonds or developed-market equities. The income is usually split between the fund, the lending agent and the issuer e.g. 75% to the fund, 15% to the lending agent, and 10% to the manager.
While it can boost returns, securities lending introduces counterparty risk if the borrower fails to return the securities. Many ETF managers now limit lending to around 25% of fund assets to balance the extra income against the added risk.
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.
As we approach year end now is a good time to reflect on how we have grown and developed during the year. Have you actively sought out to learn something new? Have you taken formal training during the year?
As the year winds down, it’s a good moment to take stock of something most professionals overlook: your own development.
How much formal training did you complete this year? If your answer is “none,” you’re not alone. But that’s also a warning sign.
In finance, we rebalance portfolios every quarter. In our careers, we rarely rebalance our knowledge. The ETF industry is evolving fast. Standing still means falling behind.
Don’t let your skills go stale. Continuous training isn’t a perk; it’s maintenance.
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