Global ETF Survey 2026 ETFs’ Next Act: From Access to Selection 

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CalamosS&P Dow Jones

Key insights about survey respondents

620 RespondentsLocations MapAuM
Jean-Pierre ANE

Jean-Pierre ANE

Kepler Cheuvreux Deputy CEO, in charge of Business Development

"The continued growth of ETFs is transforming how institutional investors approach portfolio construction. With more strategies available, the challenge lies in selecting the right exposures, understanding their interactions and implementing them efficiently. Selection, portfolio construction, liquidity and execution are increasingly interconnected. This evolution highlights the importance of combining high-quality data and research with market expertise and execution capabilities, particularly as ETFs become more specialised and sophisticated."

Philippe MALAISE

Philippe MALAISE

Trackinsight CEO

"Innovation continues to expand the appeal of ETFs, with active management, options-based strategies and outcome-oriented solutions opening up new possibilities for investors. But greater choice also brings greater complexity. Our survey highlights the growing importance of understanding what sits beneath each strategy, how it behaves across market conditions and what role it can play in a portfolio. Reliable, independent and comparable data is becoming essential to informed ETF selection."

Survey report

  1. Executive SummaryChapter 1

    Executive Summary

  2. The New DefaultChapter 2

    The New Default

    For issuers, the challenge has shifted from launching products to building funds that reach scale, in a market where nearly half of share classes hold less than $50 million.

  3. How Allocators ChooseChapter 3

    How Allocators Choose

    ETF selection is increasingly driven by what a product contributes to an existing portfolio, rather than by fees or standalone performance alone.

  4. Active at ScaleChapter 4

    Active at Scale

    Active strategies, including option-based ones, now drive much of product development and new allocations, while passive still holds most assets.

  5. Fixed IncomeChapter 5

    Fixed Income

    Investors are using fixed income ETFs not only to gain bond exposure, but also to manage liquidity, credit quality and duration more precisely.

  6. Beyond BetaChapter 6

    Beyond Beta

    Income generation, downside protection and structured payoffs are expanding the role of ETFs, but require investors to understand increasingly complex risk-return trade-offs.

  7. Themes, ESG and ConvictionChapter 7

    Themes, ESG & Conviction

    Investors are increasingly distinguishing between broad investment labels and strategies supported by specific themes, objectives and convictions.

  8. Digital Assets & TokenizationChapter 8

    Digital Assets & Tokenization

    The expansion of regulated crypto investment products is outpacing investor conviction, while tokenization may offer more immediate opportunities in financial infrastructure.

  9. The Personal InvestorChapter 9

    The Personal Investor: When Access Becomes Frictionless

    As ETF access becomes increasingly frictionless, the ability to navigate a growing range of products, assess their characteristics and make informed allocation decisions becomes a key differentiator for individual investors.

  10. What it meansChapter 10

    What It Means for Allocators and Issuers

Partners

With the support of:

Calamos

Calamos' history traces back to the challenging markets of the 1970s, when John P. Calamos, Sr. began his investment career using convertible securities to help clients build wealth and manage risk. The hallmarks of those early days—innovation, risk management and client focus—continue to define the organization today. Calamos' investment solutions include alternative, equity, sustainable, multi-asset, fixed income and convertible strategies.

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S&P Dow Jones

At S&P Dow Jones Indices, we provide iconic and innovative index solutions backed by unparalleled expertise across the asset-class spectrum. We’re the largest global resource for index-based concepts, data and research and home to iconic financial market benchmarks such as the S&P 500®, Dow Jones Industrial Average® and iBoxx® index series. More assets are invested in products based upon our indices than any other index provider in the world. Our solutions bring transparency to global capital markets and are widely considered essential in tracking market performance, evaluating portfolios and developing investment strategies.  S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI). S&P Global enables businesses, governments and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape.

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Special thanks

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Trackinsight

About Trackinsight

Since our founding in 2016, we have been at the forefront of the industry, delivering accessible, comprehensive, and reliable tools to support the evolving needs of investors.

Over the past decade, Trackinsight has expanded its operations across six countries, serving thousands of professional investors. We’ve consistently innovated to provide cutting-edge solutions that meet the changing demands of the ETF market.

In 2024, Kepler Cheuvreux, a leading independent European financial services firm, acquired a majority stake in Trackinsight, becoming the company's principal shareholder.

This strategic partnership solidifies Trackinsight's position as a premier provider of ETF selection and analysis tools, while strengthening Kepler Cheuvreux’s commitment to becoming a leading player in the ETF sector.

Together, we are committed to offering advanced services that empower professional investors, advisors, institutions, and issuers. This new step enables us to deliver even more comprehensive and innovative technological solutions, driving ETF investing to new heights.

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