The key takeaways
Global ETF assets under management (AuM) reached US$19.5 trillion at the end of 2025. More than a third of survey respondents are expecting global ETF AuM to reach US$35 trillion or even higher by June 2030.
Product innovation is accelerating, with global active ETF AuM expected to more than double to at least US$4 trillion by 2030, alongside growing demand for digital asset ETFs.
Distribution and operations are being reshaped, as tokenisation and 24/7 trading capabilities open new retail channels and streamline settlement and liquidity.
Drawing on the findings from a survey of 72 executives from around the world, “ETFs 2030: Capitalising on disruptive innovation” explores the latest trends and future outlook in a fast expanding and evolving Exchange-Traded Fund (ETF) market.
What comes through strongly in our survey findings is how well-placed ETFs are to benefit from today’s rapid and far-reaching technological advances. The transformative potential of artificial intelligence (AI), tokenisation and other disruptive technologies spans products, distribution, and operations. Examples range from interactive investment apps and low/no fee trading to hyper-personalised model portfolios and tokenised fractional ownership.
The ETF managers out in front are capitalising on innovation to diversify product ranges, deepen retail penetration, and connect with digital-native millennial and gen Z investors, many of whom already have a strong preference for ETFs.
In an increasingly competitive ETF marketplace, operational modernisation is enabling the front-runners to sharpen differentiation and deliver more for less.
Growth projections: On the path to US$35 trillion AuM
Global ETF assets under management (AuM) hit US$19.5 trillion in 2025, up from US$14.6 trillion at the end of 2024, an annual growth rate of 33%, fuelled by a strong performance of stock and bond markets.
More than a third of survey respondents expect global ETF AuM to reach US$35 trillion or even higher by June 2030, more than doubling global ETF AuM over the next 5-year period. The strong growth in the ETF industry continued with more than 100 new ETF issuers in 2025, helping to drive innovation and expanding opportunities in the market.
Product trends: Ripe for innovation
Survey respondents see no let-up in demand for global equity, fixed income and domestic equity ETFs. But the gap in demand with other types of products, including active and digital asset ETFs is narrowing. Globally, active ETF AuM reached US$1.7 trillion at the end of 2025.
The growth highlights the extent to which active ETFs have evolved from a niche offering to a thriving component of the product suite over the past few years.
In a clear indication of even stronger growth ahead, 60% of respondents expect global active ETF AuM to more than double to reach at least US$4 trillion by June 2030.
Source: PwC Global ETF Survey 2025
The digital asset ETFs’ move into respondents’ top three for expected demand over the next two to three years underlines both the diversification of product ranges and the generational and regulatory shifts that are reshaping the ETF market. For now, the US leads the way in digital asset ETF product launches. But between now and 2030, regulators in a number of other markets are expected to evaluate allowing the sale of digital asset ETFs.
Distribution trends: Opening up the retail market and new channels
More than 90% of survey respondents anticipate significant demand from retail investors in the next two to three years. Digital distribution platforms are expected to have an important part to play in this. They not only offer an easy-to-access channel, but also an opportunity to strengthen investor engagement and insight.
A number of managers are currently seeking to tokenise their ETFs. Tokenisation has the potential to make ETFs more efficient and accessible, as well as providing more opportunities for product innovation. The advantages include the ability to trade ETFs throughout the day, as well as globally, subject to local country rules and regulations. The results would significantly reduce settlement delays, freeing up capital for investors and authorised participants, and enhancing overall market efficiency.
Operational trends: Fit for the future
Operationally, the benefits of tokenisation are expected to include borderless distribution and frictionless real-time trading and settlement, subject to local regulations. Nearly 80% of survey respondents believe that tokenisation will either significantly or moderately increase global reach and 24/7 accessibility within the ETF market over the next two to three years. A similar proportion believe that tokenisation will significantly or moderately expand direct investor access to more asset classes.
Source: PwC Global ETF Survey 2025
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ETFs 2030: Capitalising on disruptive innovation
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