As a number of wealth managers launch exchange-traded funds, PwC’s latest global ETF report and data suggests a structural shift in how the next $15 trillion in assets will be managed. It highlights how well-placed ETFs are to benefit from rapid technological advances.

A PwC survey of global executives reveals a 33 per cent jump in global exchange-traded funds (ETF) assets under management to $19.5 trillion at the end of 2025, from $14.6 trillion the previous year. This has been fuelled by a strong performance of stock and bond markets.

More than a third of survey respondents also expect global ETF AuM to reach $35 trillion or even higher by June 2030, more than doubling global ETF AuM over the next five-year period.

A notable takeaway is the rapid rise of active management and digital assets within the ETF wrapper. Eighty per cent of managers expect artificial intelligence to significantly impact operations, using automation to lower fees and stay competitive.

The report â€“ ETFs 2030: Capitalising on disruptive innovation â€“ draws on the findings from a survey of 72 executives. It explores the latest trends and future outlook in a fast expanding and evolving ETF market, covering the US, Canada, Europe and Asia-Pacific. ETFs, which started out by tracking major indices of stocks and bonds, have proliferated in type and complexity, tracking indices of economic sectors, commodities, and more, and can capture drivers of returns - so called "active ETFs". Increasingly, they've become building blocks of portfolios. Starting out more than two decades ago, these typically low-charge investment entities have squeezed the market for more traditional active investment funds. Exchange-traded particularly flourished when ultra-low interest rates in the period after the financial crash sent bonds and stocks soaring.

The report highlights that active ETFs represent $1.7 trillion of global AuM with 83 per cent of new US launches in 2025 classified as active. Digital asset ETFs rank among the top three most in-demand products globally, with equity and fixed income. More than 90 per cent of executives global also expect significant retail demand in the next two to three years, fuelled by the intergenerational wealth transfer, the report shows.

Survey respondents see no let-up in demand for global equity, fixed income and domestic equity ETFs. The gap in demand with other types of products, including active and digital asset ETFs is also narrowing. 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, the firm said. Sixty per cent of respondents expect global active ETF AuM to more than double to reach at least $4 trillion by June 2030.

A number of managers are also seeking to tokenize their ETFs. Tokenization has the potential to make ETFs more efficient and accessible, as well as providing more opportunities for product innovation, the firm continued. 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, PwC said.

US and Canada
Following record net inflows in 2025, ETF AuM in the US climbed to $13.4 trillion in 2025, a 30 per cent annual growth rate. And this rapid expansion shows no signs of abating. More than a third of US respondents expect US ETF AuM to more than double and reach $25 trillion or more by June 2030, up from $11.6 trillion in June 2025. In a fast-evolving US market, spearheads for growth include active ETFs. While US active ETFs make up 11 per cent of the US ETF market, 83 per cent of new ETF launches in the US in 2025 were active ETFs.

Nearly three quarters of US respondents expect demand for active ETFs to climb over the next two to three years. The combination of rapidly increasing investor demand and a favourable regulatory environment have in turn led to a record 110 digital asset ETF launches in 2025. More than a third of US respondents plan further digital asset ETF launches over the next 18 months.

Meanwhile, the Canadian ETF market recorded a 47 per cent growth rate in 2025, bringing ETF AuM to $546.1 billion at the end of the year. Nearly 70 per cent of Canadian respondents think that Canada’s ETF AuM will reach at least $1 trillion by June 2030. Nearly a quarter expect Canadian ETF AuM to reach $1.5 trillion by June 2030.

Europe
2025 marked 25 years since the launch of the first European ETF was launched in 2000. The European ETF market closed 2025 with an all-time high AuM of $3.2 trillion, up from $2.2 trillion in 2024. This additional $1 trillion of AuM represents a growth rate of 42 per cent. The strong growth of ETFs in Europe is expected to continue, with more than a third of European respondents anticipating that European ETF AuM will more than double and reach at least $5.5 trillion by June 2030, up from $2.6 trillion as of June 2025. More than three quarters of European respondents anticipate significant demand from retail investors and savings plans over the next two to three years.

Nearly half of European respondents plan to launch a digital asset ETF over the next 12 to 18 months, if permitted by regulation. European investors can currently gain access to digital assets via exchange-traded notes and products. However, it remains to be seen whether the European regulators will follow the US lead in opening up access to digital assets in regulated products

Asia-Pacific
Asia-Pacific (APAC) ETF AuM increased by 42 per cent in 2025 reaching $2.4 trillion. A third of APAC respondents believe that APAC ETF AuM will climb to at least $5 trillion by June 2030. The Chinese mainland market especially has seen fast growth, rising from $160 billion of ETF AuM in 2020 to $821 billion in 2025. In 2025, Chinese mainland ETFs registered an annual growth of 65 per cent, largely fuelled by domestic demand and the government encouraging medium and long-term funds to invest in domestic ETFs to stabilise the Chinese mainland stock market. At 35 per cent of total APAC AuM, China has overtaken Japan (29 per cent of total APAC AuM) to become the region’s largest ETF market. However, it should be noted that there were redemptions of at least $25 billion from Chinese mainland ETFs in January 2026.

The majority of the Chinese mainland and Japanese ETFs follow passive investment strategies. For active ETFs, Australia continued to lead the way in 2025, accounting for more than 57 per cent of APAC active ETF AuM. More than 70 per cent of APAC respondents expect significant demand for domestic equity and global equity ETFs, as well as digital asset ETFs. Nearly three quarters of APAC respondents see significant opportunities for expansion into retirement accounts. More than 80 per cent believe that investors choosing ETFs over other investment products will have a significant impact on the growth of ETFs in APAC.

A number of firms have been launching ETFs recently, for instance US-headquartered investment managers Franklin Templeton and Invesco. See more here and here.