##  [# Inside the ETF Industry’s March Toward $30 Trillion](/sections/features/inside-etf-industrys-march-toward-30-trillion) 

 

# Inside the ETF Industry’s March Toward $30 Trillion

 

 

Vanguard’s Okigbo breaks down how ETF adoption differs around the world, and why active strategies are taking off.



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Sep 16, 2025

 Edited by: ETF.com Staff

 

 

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The ETF industry is on track for another record year, with assets recently topping $17 trillion worldwide and inflows piling up at a historic pace. For Carole Okigbo, Global Head of ETF Capital Markets and Broker/Index Relations at Vanguard, the boom reflects the enduring appeal of the ETF wrapper.  
  
“It’s been really impressive how much the global ETF industry just continues to surge,” Okigbo said in an [interview](https://www.etf.com/sections/features/global-etf-growth-active-boom) with ETF.com. “A trillion in net inflows we’ve seen already this year is putting the market at a growth rate of nearly 17%, building on what was already a banner 2024.”  
  
That growth has been broad-based, but not uniform. The U.S. remains the epicenter with close to $12 trillion of the $17 trillion total.  
  
“Europe is following suit with around $2.8 trillion, adapting U.S. trends to its own regulatory and investor landscape. Australia is almost converging on that $300 billion mark. And then Canada, while it only stands at around $66 billion, it's really earned its keep in terms of innovation and has a unique retail driven dynamic going on,” Okigbo explained.   
  
She emphasized that the ETF value proposition remains strong across markets, though investor use cases vary. In Australia, investors are drawn to franking credits that enhance tax outcomes. In Canada, more than half of Vanguard’s ETFs are held by do-it-yourself investors through online platforms. In Europe, online savings plans are fueling retail demand.  
  
“The wrapper remains a vehicle of choice for both tactical and strategic allocations,” Okigbo said.

## Active ETFs Gain Ground

One of the most striking shifts has been the rise of active ETFs, which now make up nearly half of all listed products in the U.S. and have seen their assets double in just the past 18 months.

“Across equities and fixed income, we’re seeing the flows go into areas like large blend, large value, thematic, covered calls. And in fixed income, ultra-short, core, and core plus,” Okigbo said.   
  
In contrast, Australia remains almost entirely passive, with 95% of flows still going into index products. Europe and Canada are somewhere in between, with regulatory shifts and new manager entrants supporting growth, but adoption still lagging the U.S.  
  
Okigbo noted that Vanguard has leaned into the trend, launching more than 10 active fixed income ETFs this year and recently filing for three new active equity products in partnership with Wellington. “They’re designed to offer low-cost, transparency, tax efficiency, and access to world-class active management in the ETF structure,” she said.

 
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## The Capital Markets Role

Okigbo, who is approaching her one-year anniversary leading Vanguard’s ETF capital markets team, reflected on the evolution of the group’s work and what lies ahead.

“Our capital markets team really seeks to ensure that investors benefit from efficient trading, tight spreads, and low transaction costs when they’re buying or selling our ETFs,” she said. “Our role has evolved over the years as products have become more complex. We serve as the bridge between product development, distribution, and the whole ecosystem, ensuring that as new products come on, they are not just operationally sound, but executable in the market and lead to great investor outcomes.”  
  
Looking ahead, Okigbo sees the global ETF market expanding rapidly, from $17 trillion today to $30 trillion by 2029.   
  
“This kind of momentum requires deep thinking, but it also requires disciplined execution,” she said. “I’m really thrilled to be part of a team that’s helping lead the way in a prudent, measured way that ultimately puts investors’ best interests at the center of it.”



 

 

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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


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