Considerable Runway in the Active to Passive Switch
Index Funds Have Grown as a Share of the Fund Market
(dollars in trillions; percentage of total net assets, year end)
Source: Investment Company Institute
Note:Totals may not sum to 100% due to rounding
Index Fund Share of U.S. Stock Market Is Small
(percentage of U.S. stock market capitalization year-end)
The Active-Passive Shift Continues in Equities, with Passive Fixed Income Products Gaining Flows (vs Active) in Recent Years
Cumulative flows to U.S. equity funds
(dollars in billions) (January 2013–December 2022)
Source: Investment Company Institute. 2023 Investment Company Fact Book: A Review of Trends and Activities in the Investment Company Industry
Note:Mutual fund data include net new cash flow and reinvested dividends; ETF data for net share issuance include reinvested dividends
Rapid Global ETF AUM Growth Expected to Continue
(dollars in trillions)
Source:PwC 2022 Global ETF Survey, “ETFs 2027:A World of New Possibilities”
Exchange-Traded Derivatives / Usage-based
From product creation to risk transference and liquidity, S&P Dow Jones Indices contributes to more liquid, efficient, and transparent markets.
S&P Dow Jones Indices’ Key Exchange Partnerships
GCME Group
Partner since 1982
CME Group, part owner of S&P Dow Jones Indices through a joint venture with S&P Global, offers futures and options on futures on a range of S&P Dow Jones Indices
Cboe
Partner since 1983
Cboe lists options on S&P Dow Jones Indices, including options on the S&P 500, which it uses to create VIX®
MXTMX Group
Partner since 1998
S&P Dow Jones Indices and TMX Group together offer Canada’s premier market benchmarks
S&P/TSX 60
Equity and strategy indices
ASX
Partner since 1999
S&P Dow Jones Indices and ASX offer leading measures of the Australian markets, including equity indices and fixed interest indices
S&P/ASX 200
Equity, fixed income, and strategy indices
Note: Illustrative Example
S&P Dow Jones Indices offers independent, rules-based, transparent, and trusted market benchmarks that power an expanding, diverse, and liquid ecosystem of global financial products