2025 Midyear Review of Global ETF Megatrends

This document is a midyear review report focusing on global ETF megatrends in 2025. It outlines the significant growth in ETF flows, which have exceeded US$0.9 trillion, marking a 25 percent increase compared to the midpoint of 2024. The report identifies four key themes driving ETF growth: the global expansion of active management, the adoption of digital asset strategies, regulatory changes facilitating ETF adoption, and the rise of retail trading in ETFs. The review details specific developments in active ETFs, including the filing of 68 investment managers for actively managed share class ETFs in the U.S. and the launch of various digital asset ETFs. It also discusses regulatory changes in Ireland and Canada that enhance ETF adoption. The report presents a scorecard evaluating the predictions made at the beginning of the year, assessing their current status and implications for the ETF market. Overall, it provides a comprehensive analysis of the evolving landscape of ETFs in 2025.