Passive Inflows Mirror Active Outflows
Cumulative flows to and net share issuance of domestic equity mutual funds and index ETFs
(dollars in billions) (January 2009–December 2019)
Note: Mutual fund data includes net new cash flow and reinvested dividends; ETF data for net share issuance includes reinvested dividends
Sources: Morningstar and S&P Dow Jones Indices
Passive Investing: 21% CAGR Globally
ETF & ETN Growth Across Regions
AUM by Listing Region (dollars in billions)
Equity Flows Remain Basically Flat
Record Inflows into Fixed-Income Funds Despite Low Interest Rates
Fixed Income ETP Flows
Global Cumulative Flows (dollars in billions)
The Strategic Beta ETP Market Is Maturing
Strategic Beta Equity ETP Flows
Global Cumulative Flows (dollars in billions)
Attracting New ESG Assets at a Record Pace
ESG ETP Flows
Global Cumulative Flows (dollars in billions)
Sources: Morningstar and S&P Dow Jones Indices
Note: The ETP (or exchange-traded product) category encompasses any portfolio exposure security that trades intra-day on an exchange
Indices can be used as the basis for liquid, investable products and as benchmarks for actively managed fund performance