Pace of Investor Demand for ETFs Accelerates, Closing the Gap with Other Investment Products

2022 Global ETF Investor Survey

In our ninth annual ETF survey, we examine how investors are selecting and utilizing ETFs in their portfolios.

On the back of yet another record-breaking year in the exchange-traded fund (ETF) industry, Brown Brothers Harriman (BBH) publishes its global survey capturing how investors are selecting and utilizing ETFs in their portfolios. As we examine findings from our ninth annual survey of ETF trends in the U.S., Europe and Greater China, the tailwinds pushing growth in the ETF market have never been stronger. Through year-end 2021, ETFs broke through $10 trillion in assets under management (AUM) and collected $1.2 trillion in flows, setting new records yet again.1 Much of that was driven by U.S. investors who invested $3 into ETFs for every $1 in mutual funds.2

This year BBH captured responses from 386 ETF investors from the U.S., Europe (including the U.K.) and Greater China to identify key trends and areas of innovation for ETF managers.3 In exploring the findings, it’s evident that ETFs are the tool of choice in portfolio construction for all types of investors.

We have compiled our key findings below, but we encourage readers to download the complete results.

Who We Surveyed:

  • 386

    global respondents

  • 45 %

    manage more than $1 billion in assets

  • 59 %

    have more than 25% of their portfolio invested in ETFs


Global

U.S.

Europe

Greater  China

33%
Institutional Investors
21%
Institutional Investors
31%
Institutional Investors
42%
Institutional Investors
34%
Financial Advisors
51%
Financial Advisors
43%
Financial Advisors
15%
Financial Advisors
33%
Fund Managers
27%
Fund Managers
26%
Fund Managers
43%
Fund Managers

Big Changes

  • Investments keep growing: 45% of respondents hold at least $1 billion AUM invested in ETFs
  • Trading Volumes identified as biggest concern in Europe when investing in Active ETFs
  • Investors may be looking for ETFs with larger AUM, as we saw an increase in investors stating that they need at least $250 million in AUM.
  • Demand for defined outcome ETF product development is growing, with the U.S. leading the way.

Key Findings

  • ETF allocations reach new highs: With emerging ETF trends expected to accelerate in 2022,4 84% of global ETF investors plan to increase their ETF allocations, a 12% increase from our 2021 findings and the highest in our nine years of publishing this survey.
  • Active strategies are in demand: Active strategies represented about 10% of net inflows in 2021,5 driven mostly by U.S. investors. Globally interest is growing: 78% of respondents plan to increase their exposure to active ETFs this year (up from 65% in 2021).
  • Large jump in fixed income ETF interest from U.S. investors year-over-year. Nearly all U.S. investors (86%) plan to increase fixed income ETF allocations over the next 12 months, jumping significantly from 67% in 2021.
  • Thematic ETFs’ position in the portfolio set to increase: 38% of respondents plan to allocate 11-20% of their portfolio to thematic ETFs over the next five years, with Internet & Technology strategies generating the most interest in all jurisdictions.
  • Digital assets and cryptocurrency-themed ETFs on the rise: Given the growing interest in digital assets, 54% of investors plan to add digital asset and cryptocurrency thematic strategies to their portfolio in 2022.
  • Investors looking for ETF models: Approximately one third of respondents use model portfolios provided by ETF issuers, and another 20% rely on model portfolios from third-party providers.
  • ESG tailwinds: 89% of investors plan to add ESG investments to their portfolios, including 56% who will access ESG exposure through thematic ETFs. In Europe specifically, 90% of investors plan to increase allocation to ESG in 2022 and 47% prefer Article 8 funds under the newly available Sustainable Finance Disclosure Regulation (SFDR) classifications.



ETF Marketplace

2021 was a record-shattering year for ETFs as assets held in these products surpassed $10 trillion globally and attracted over $1 trillion in new assets. This surge in ETF assets, coupled with our survey findings, may point to another record year on the horizon: 84% of respondents expect to allocate even more of their portfolios to ETFs, the largest percentage in our survey’s history. While the mutual fund market still dwarfs ETFs, the difference in assets shrinks every year.

  • U.S. reached new record of

    $7.2 trillion AUM

  • Europe reached

    $1.6 trillion AUM

  • Greater China reached over

    $270 billion AUM

The path investors take in selecting ETFs may be shifting as well. Over 50% of respondents use model portfolios created by ETF issuers and third-parties. The model portfolio manufacturers rely heavily on ETFs as their underlying building blocks and perform their own due diligence of ETFs, a key distribution consideration for managers bringing new ETFs to market. Investors also appear to be slightly more selective in terms of minimum AUM of ETFs they may use. 41% of investors globally seek at least $100 million in ETF AUM tracks with 43% in 2021, however we saw an uptick in respondents looking for at least $250 million (11% in 2022 vs. 7% in 2021). 

Do you expect your use of ETFs to increase, decrease, or stay the same over the next 12 months?

 


 

U.S. Europe Greater China

 

2022 2021 2022 2021 2022 2021

Increase

88%  76% 80% 62% 84% 76%

Decrease

1% 5% 10% 17% 1% 6%

Stay the
same

11% 19% 10% 21% 15% 18%

Total

100% 100% 100% 100% 100% 100%

When selecting ETFs, please select and rank your top three of the following in terms of importance.


U.S. 2021
Rank

Europe 2021
Rank
Greater
China
2021
Rank
ETF Issuer
3
Trading Volume 6
Trading Volume 2
Expense Ratio
1
ETF Issuer 2
ETF Issuer 6
Trading Volume
6 Tax Efficiency 4 Historical Performance 1
Tax Efficiency 4 Expense Ratio 3 Tax Efficiency 7
Trading Spreads 7 Trading Spreads 5 Expense Ratio 4
Index Methodology
5 Historical Performance 1 Index Methodology 5
Historical Performance
2 Index Methodology 8 Tracking Error 8
Tracking Error
8
Tracking Error 7
Trading Spreads 3

What is your “Rule of Thumb” for minimum AUM for a new ETF before you’ll invest?


  Total (YoY) U.S. Europe Greater China
(USD) 2022 2021 2022 2021 2022 2021 2022
2021
Under $25 million
15% 15% 17%
17%
25%
26%
7%
8%
$25 million -$100 million
30% 30% 28%
36%
34%
27%
29%
27%
$100 million -$250 million
41% 43% 38%
35%
27%
31%
54%
58%
More than $250 million
11% 7% 13% 8% 9% 6% 10% 6%
I don't have a 'rule of thumb'
2% 5% 3% 4% 5% 10% 0% 1%
Total
100% 100% 100% 100% 100% 100% 100% 100%


 

Net

U.S.

Europe

Greater China

Institutional
Investor

RIA/
Financial Advisor

Fund
Manager

Bottom-up research of each ETF based on client plan

 

28%        

26%        

27%        

31%        

31%        

24%        

31%        

Use a proprietary/affiliated model

16%        

19%        

15%        

15%        

12%        

20%        

15%        

Use a third-party model (e.g. Morningstar)

22%        

17%        

26%        

23%        

25%        

20%        

23%        

Use ETF Issuer model (e.g. BlackRock)

34%        

39%        

32%        

31%        

32%        

36%        

31%        

NET

100%        

100%        

100%        

100%        

100%        

100%        

100%        

Active ETFs

Interest in active ETFs shows no sign of abating. They represented about 10% of global net inflows in 2021, driven mainly by U.S. investors. Our survey shows a pronounced uptick in investors’ planned allocation to active ETFs globally, with 78% of respondents planning to increase their exposure to active ETFs this year (up from 65% in 2021).

This year’s findings regarding the usage of active strategies highlight how portfolio construction is evolving. Defined outcome ETFs topped our respondents list when asked in which categories they want to see more active strategies. This suggests investors are looking for low cost, liquid hedging tools in their portfolios in 2022. Meanwhile, defined outcome strategies are yet to be adopted in Europe. Global equity also ranked highly, highlighting that specialization in foreign markets could be a differentiator for active ETF managers. 

Managers need to be patient in growing these strategies, however, as investors cite trading volumes, manager tenure and performance track record as key concerns when investing in active ETFs. While markets like the U.S. have seen growth in active ETFs over the past decade, these products are nascent in other geographies such as Greater China, where regulators are evaluating the opportunity to expand product strategies in actively managed ETFs.

Client view: John Harrington, Executive Director, Head of International Beta & ETF Product, J.P. Morgan Asset Management

Where will the growth of active ETFs come from?
 
We are aligned with what the survey is showing. In a complex world, investors are often looking for active or outcome-focused capabilities to build better portfolios. We think this bodes well for the future of the Active ETF market, where we saw flows increasing across both the U.S. and Europe. While this growth was strongest in the U.S., there are signs that a similar trend is commencing in Europe. What was seen in the U.S. five years ago is not that dissimilar to what we are seeing in Europe today for Active ETFs. In certain areas of ETF growth, Europe has followed in the U.S.’s foot-steps and we believe Active ETFs may be one of those areas.  

What impact will volatility have on ETFs?


Rather than deterring investors, volatility in the markets has often coincided with positive flow momentum for ETFs. Given ETFs are available for almost all asset classes, investors have the ability to navigate volatile markets while using the ETF technology in a way that helps them adapt their portfolios. We also see strong potential for active management to help clients take a long-term view, while still managing the complex risks in the current evolving market.

Do you expect your exposure to actively managed ETFs to increase, decrease, or stay the same over the next 12 months?

 


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022

2021

Increase

78%

65%

83%

71%

71%

50%

79%

71%

Stay the same

18%

26%

16%

21%

19%

35%

19%

24%

Decrease

4%

9%

1%

8%

10%

15%

2%

5%

Total

100%

100%

100%

100%

100%

100%

100%

100%

In what asset class would you be most likely to look for in an actively managed ETF?

 


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022

2021

Global equity

20%

17%

17%

16%

19%

21%

25%

16%

Buffered ETFs (e.g. Defined Outcome ETFs)

20%

15%

22%

13%

10%

8%

25%

21%

Fixed Income

16%

18%

21%

16%

17%

16%

12%

21%

Asset Allocation

12%

15%

11%

13%

10%

12%

15%

18%

Alternatives

9%

7%

7%

7%

15%

10%

6%

5%

Domestic Equity

8%

10%

11%

12%

6%

8%

7%

10%

Currency

8%

11%

10%

16%

11%

14%

5%

5%

Commodities

6%

7%

2%

7%

13%

10%

4%

4%

Total

100%

100%

100%

100%

100%

100%

100%

100%

What concerns you most when investing in active ETFs?


 

Total


U.S.

Europe

Greater China

Performance

23%        

27%        

24%        

20%        

Manager Tenure/Experience

25%        

21%        

19%        

33%        

Trading Volume

27%        

27%        

33%        

23%        

Expense Ratio

24%        

25%        

24%        

23%        

Other (please specify)

0%        

0%        

0%        

0%        

I don’t invest in active ETFs

1%        

0%        

0%        

1%        

Total

100%        

100%        

100%        

100%        

Will you buy a semi-transparent, active ETF in the next 12 months?


 U.S.

2022

Definitely

50%

Possibly

36%

No

7%

Not sure what a semi-transparent, active ETF is

7%

Total

100%

Thematic ETFs

Investors continue to pivot to thematic ETF investing following significant interest over the last few years. Global thematic ETFs saw net inflows of $80.5 billion last year, according to ETFGI. Last year, BBH noted that thematic ETFs were no longer a fad and we see that notion continuing this year: 85% of global ETF investors said they plan on increasing exposure to thematic ETFs and 38% of investors plan to allocate 11-20% of their portfolio to thematics, an increase of 4% from 2021.

Technology-focused thematic ETFs, including cloud computing and cybersecurity products, continue to command the most interest across investors, with 64% planning to add technology/internet strategies to their portfolios this year. Other areas worth noting include robotics/AI, healthcare, and autonomous and electric vehicles. Notably, cannabis-themed demand appears muted against other themes, while ESG continues to attract attention, with 56% of respondents planning to add ESG exposures this year.

Finally, given the considerable gains in the value of digital assets throughout 2021, perhaps it is not surprising that 54% of global investors plan to add cryptocurrencies and digital asset-themed ETFs to their portfolio. With regulatory questions in this category still open – currently not permissible within regulated fund structures such as UCITS – and volatility to start 2022, this will be a thematic segment to watch closely.

Client view: John Harrington, Executive Director, Head of International Beta & ETF Product, J.P. Morgan Asset Management

How does the expected increase in thematic ETF investing align with what you are seeing?
 
Thematic Investing is a fast-growing area of the market, and we expect ETFs to play an important part in this growth. The targeted and transparent nature of ETFs helps investors to understand what they own, while gaining specific exposures they are looking for in their portfolio.

Do you plan on increasing your exposure to thematic ETFs?


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022

2021

Yes

85%

80%        

88%

81%        

82%

69%

84%

84%

No

5%

5%        

4%

7%        

7%

9%        

5%

3%

Keep the same

10%

15%        

7%

12%        

10%

22%        

11%

13%

Other (please specify)

0%

0%        

0%

0%        

0%

0%        

0%

0%

Total

100%

100%

100%7

100%

100%

100%

100%

100%

Which thematic strategies do you plan to add to your portfolio in 2022?*


 

Total

U.S.

Europe

Greater China

Internet/Technology

64%

61%       

56%        

72%        

Robotics & Artificial Intelligence

 46%

35%

36%

62%


Cannabis

10%

13%  

19%

3%        

Healthcare

37%

36%

30%

43%

Autonomous & Electric Vehicles

42%

34%

32%

54%

Digital Assets/Cryptocurrency

54%

51%        

40%

66%

Environment/Sustainability/Governance

56%

51%

46%

66%

Other (please specify)

0%

0%        

0%        

0%        

In five years, what percentage of your portfolio will be in thematic ETFs?


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022

2021

0%

0%

0%        

0%

1%        

0%

0%        

0%

0%

1-5%

6%

9%        

7%

5%        

 11%

17%

3%

6%

6-10%

26%

30%        

21%

26%        

32%

40%        

25%

27%

11-20%

38%

34%        

36%

35%        

30%

24%        

46%

40%

21-50%

23%

23%        

29%

25%        

21%

15%        

20%

26%

Above 50%

6%

4%        

8%

8%        

6%

4%        

6%

1%

Total

100%

100%

100%

100%

100%

100%

100%

100%

Fixed Income

Given an outlook of rising inflation, central bank policy divergences and the potential for increased market volatility8 we expect fixed income will be an area to watch in 2022. In a sign of the strong structural performance of fixed income ETFs during the pandemic, 78% of global investors appear poised to increase fixed income allocations. European investors appear to have the lowest weighting to fixed income, with 75% of respondents allocating 40% or less to bond ETFs.

In Greater China, an increasing number of institutional investors are turning to fixed income ETFs given the flexibility of the wrapper for different strategic or tactical use cases. In 2021, Greater China accounted for 65% of net new flows into bond ETFs across APAC, excluding Japan. 60% of all investors surveyed in Greater China have allocated more than 30% of their portfolio to fixed income, with the greatest commitment coming from institutional investors (almost 80% of institutions have allocated more than 30% of their portfolio to fixed income ETFs).

Growing investor demand for fixed income ETFs calls for more varied and precise choices to help manage risk."



Joanna Gallegos, Co-Founder, BondBloxx

Client view: John Harrington, Executive Director, Head of International Beta & ETF Product, J.P. Morgan Asset Management

What will drive the growth of fixed income ETFs?
 
Most industry participants expect that a major growth driver for ETFs will be fixed income. The fixed income ETF offering available to clients is so far less than that of equities, and flows have reflected that. This continued during 2021 as certain trends such as ESG and thematics tend to be focused on equity rather than fixed income. But fixed income will have its time, and the broadening of fixed income ETF offerings to include active management is an important step in that evolution.

What is your current portfolio weight to fixed income ETFs?    


% Total U.S. Europe Greater China

1-10%

7%        

4%        

15% ↑

4%        

11-20%

16%        

17%        

23%        

10%        

21-30%

23%        

20%        

22%        

26%        

31-40%

23%        

18%        

15%        

32%        

41-50%

19%        

27%        

14%        

16%        

51-60%

10%        

9%        

8%        

11%        

More than 60%

3%        

5%        

3%        

1%        

Do you expect your exposure to fixed income ETFs to increase, decrease, or stay the same over the next 12 months?


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022 

2021

Increase

78%

66%        

86%

67%        

69%

52%

79%

76%

Decrease

6%

10%        

3%

9%        

11%

17%

6%

5%

Stay the same

15%

24%        

11%

24%        

19%

31%     

15%

19%

Total

100%

100%

100%

100%

100%

100%

100%

100%

Do you expect your exposure to fixed income ETFs to increase, decrease, or stay the same over the next 12 months?


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022

2021

Increase

78%

66%  

86%

67%   

69%

52%

79%

76%

Decrease

6%

10%  

3%

9%  

11%

17%

6%

5%

Stay the same

15%

24%   

11%

24%   

19%

31%    

15%

19%

Total

100%

100%

100%

100%

100%

100%

100%

100%


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022

2021

U.S. Treasury ETF

42%

40%        

54%        

47%        

31%        

27%        

40%        

41%        

Corporate Bond – Investment Grade ETF

40%

32%        

44%        

34%        

37%        

34%        

38%        

29%        

Mortgage-Backed or Asset Backed Securities (MBS/ABS) ETF

37%

38%        

38%        

41%        

24%        

34%        

44%        

37%        

Emerging Market Bond ETF

35%

34%        

28%        

40%        

32%        

27%        

42%        

33%        

Corporate Bond – “High Yield” ETF

34%

30%        

38%        

35%        

21%        

25%        

38%        

30%        

Treasury Inflation-Protected Securities (TIPS) ETF

33%

36%        

36%        

34%        

27%        

30%        

35%        

40%        

Short-duration bond ETF

27%

25%        

26%

24%

28%

21%

27%

28%

Municipal Bond ETF

31%

NA

31%        

NA

24%        

NA

35%        

NA

China Treasury ETF

30%

31%        

20%        

21%        

15%        

23%        

48%        

42%        

Sovereign Debt

27%

28%        

16%        

26%        

11%        

27%        

45%        

31%        

What concerns you most when investing in fixed income ETFs?


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022

2021

Liquidity of underlying bonds

28%

34%

22%

29%

29%

34%

32%

40%

Tracking error

17%

13%

9%

12%

19%

15%

22%

12%

Trading volume

27%

23%

31%

26%

25%

23%

25%

21%

Expense ratio

27%  

27%

37%

30%

25%  

23%

20%

26%

I don’t invest in fixed income ETFs

1%

3%

1%

3%

3%

5%

1%

1%

Total

100%

100%

100%

100%

100%

100%

100%

100%

ESG ETFs

ESG-oriented ETFs took part in the growth of the ETF market last year, where they pulled in close to $120 billion. Europe continues to be the engine for global ESG growth, where 51%9 of the region’s aggregate ETF flows went into ESG ETFs last year.

Europe also continues to lead the way in the regulation of the ESG market. Increasingly, respondents have highlighted the lack of consistent methodologies in ESG as a concern (19% in 2022, up from 13% in 2021). In 2021, the EU implemented the Sustainable Finance Disclosure Regulation (SFDR), which includes classifications seeking to make it easier for investors to compare different funds along consistent criteria. For our 2022 survey, we sought to see if these regulations make an impact in ETF selection. 

SFDR classifications rated the highest ESG screening tool for European respondents. For those who use these classifications, 74% of respondents stated that they select either funds classified under Article 8 (which promote ‘environmental and social and good governance characteristics) or Article 9 (financial products with sustainable investment) as its objective. While the regulations are relatively new, the interest should be noted by managers offering ETFs in the European marketplace.    

While there are headwinds and regional nuances, the ESG segment is clearly gaining momentum. With the Biden administration re-joining the Paris Agreement, the implementation of initiatives such as the “Green Deal” in Europe and China’s objective of carbon neutrality, ESG is likely to firmly stay in the political spotlight, potentially pointing to a very green future for ESG ETFs.

Client view: Dr. Valerio Schmitz-Esser, Head of Index Solutions for Credit Suisse Asset Management

What trends/developments will drive ESG tailwinds and how are ETF investors accessing ESG?    

For most institutional and for many private investors, ESG has become an essential element in their objective functions, alongside the traditional objectives of investment management such as return, risk, and liquidity. This trend is partly driven by deeply felt responsibility towards sustainability goals and partly by numerous regulatory initiatives such as the Sustainable Finance Disclosure Regulation (SFDR). Asset managers have responded to investors‘ demand by reshaping their offerings of ETFs and mutual funds. We see a vast array of ETFs with different degrees of ESG focus reaching from exclusions-only to ESG thematics.

What impact will regulations have in the ETF selection and will they potentially give Europe an edge on ESG investment in the marketplace?

ESG standards for investments are still emerging. Given that ESG ratings always involve judgement and values, outcomes can differ markedly between different data vendors.  Over time, I would expect some convergence of key metrics such as ESG ratings and CO2 footprints. Regulations may help to define standards and reduce inconsistencies between providers.

Client view: John Harrington, Executive Director, Head of International Beta & ETF Product, J.P. Morgan Asset Management

2022 should be another strong year for ESG ETF investements, as our survey shows. What do you think will drive this?
 
Two areas are driving this growth. One is the integration of ESG into existing strategies, perhaps allowing the fund to qualify as Article 8 or Article 9 under SFDR, and secondly the launch of new funds focused on sustainability. These two trends have resulted in more than 50% of European ETF flows going into ESG, and there are signs this trend may continue.

Do you plan to increase your allocation to environmental, social, and corporate governance (ESG) investments (not limited to ESG ETFs) over the next year?


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022

2021

Yes

89%        

82%

89%        

80%

90%        

67%

88%        

92%

No

5%        

9%

5%        

12%

6%        

14%

6%        

4%

Not sure

6%

9%

6%

8%

5%

19%

6%

4%

Total

100%

100%

100%

100%

100%

100%

100%

100%

When reviewing SFDR classifications, do you weight your allocation to certain articles?


 

Europe

Institutional Investor

RIA/Financial Advisor

Fund  Manager

I select ETFs classified under Article 6

27%        

22%        

20%        

36%        

I select ETFs classified under Article 8

47%        

44%        

50%        

45%        

I select ETFs classified under Article 9

27%        

33%        

30%        

18%        

Total

100%      

100%        

100%        

100%        

What is preventing you from adding ESG to your portfolio?


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022

2021

Lack of consistent methodology and framework

19%

13%

23%

19%        

18%

11%        

16%

0%        

Lack of client interest

23%

28%

15%        

31%        

27%        

31%        

26%        

18%        

Concerned about the performance of ESG ETFs

40%

42%

46%

42%        

36%

41%        

37%

46%        

ESG ETFs are too expensive

19%

17%

15%

8%        

18%

17%        

21%

36%        

Total

100%

100%

100%

100%

100%

100%

100%

100%


How do you evaluate ESG ETFs?


 

Total (YoY)

U.S.

Europe

Greater China

 

2022

2021

2022

2021

2022

2021

2022

2021

Third-party ratings

15%       

18%        

14%  

19%

18%        

25%

13%        

12%

In-house/proprietary ESG ratings criteria

27%

30%

21%

19%

20%

31%

36%

40%

Review company statements/reports for underlying holdings

23%

27%        

20%

28%

20%

23%

28%

28%    

Brand recognition of ETF manager

28%     

25%        

45%

34%

14%

21%

24%        

22%      

Sustainable Finance Disclosure Regulation (SFDR) article classifications
(applicable to EU respondents only)

0%

0%

0%

0%

28%

0%

0%

0%

Total

100%

100%

100%

100%

100%

100%

100%

100%

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Now in its second edition, this guide by BBH and K&L Gates assesses regulatory, business, and operational considerations for converting a mutual fund to an ETF and presents a case study of a recent switch.

1 ETFGI December 31, 2021
2
U.S. Fund Flows Smashed Records in 2021 | Morningstar
3
Some of the numbers in the tables throughout the survey have been rounded off to the nearest percentage point
4
https://www.etf.com/sections/blog/what-watch-etfs-2022
5
ETFGI global report, December 2021
6
Morningstar_Direct_US_Fund_Flows_Commentary_December_2021.pdf (contentstack.io)
7
Some of the numbers in this column have been rounded off to the nearest percentage point
8
https://www.bbh.com/us/en/insights/investor-services-insights/fx-quarterly-for-first-quarter-2022.html
9 https://www.intuition.com/what-is-the-sfdr-sustainable-finance-disclosure-regulation/

*Respondents could choose multiple response options

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