Global ETF Assets in Overdrive, Surpass $14T: Trackinsight

The global exchange-traded fund industry has entered a new phase of expansion, with assets reaching $14.5 trillion as of February 2025, according to the latest Global ETF Survey from Trackinsight.

This record growth shows how ETFs have become essential investment tools. In 2024, investors poured $1.6 trillion into ETFs—the highest annual inflow ever—changing how people invest in both traditional markets and newer areas like crypto and thematic strategies.

The ETF “revolution didn't slow down in 2024. It shifted into overdrive," said Philippe Malaise, CEO at Trackinsight, in the annual report powered by data from more than 12,000 ETPs and insights from over 600 investors overseeing $1.1 trillion in ETF assets. The report was produced in partnership with J.P. Morgan Asset Management and S&P Dow Jones Indices.

The U.S. remains the primary growth engine, with assets reaching $10.8 trillion—up 32% from year-end 2023. Europe and Asia-Pacific also saw sharp expansions, with assets rising to $2.4 trillion and $957 billion, respectively, according to the report.

Beyond asset growth, the ETF product landscape continues to transform. By early 2025, “The global ETF count exceeded 11,775, fueled by a historic 1,712 new launches in 2024—the most ever in a single year,” the report revealed.

Thematic ETFs Find New Focus Areas

While crypto-related ETFs dominated thematic ETF flows in 2024, several other themes gained traction, reflecting evolving investor priorities. According to the survey, global infrastructure ETFs attracted $5.4 billion in inflows, benefiting from public spending initiatives and reshoring trends.

Artificial intelligence and big data themes pulled in $2 billion, driven by enterprise demand and ongoing innovation, while nuclear energy ETFs gained $2 billion on the back of increased AI energy demand and uranium supply constraints.

However, the report reveals a shift away from previously popular themes. Clean energy and climate-focused ETFs suffered from higher interest rates, oversupply concerns and policy reversals. Niche themes like metaverse, blockchain (outside of crypto assets), cannabis and psychedelics struggled with performance issues and market relevance.

Crypto ETFs Break Through Barriers

The crypto ETF landscape transformed in 2024, particularly in the U.S. market, following the landmark launch of spot Bitcoin and Ethereum ETFs. By February 2025, total U.S. crypto ETF assets reached $108 billion, with cumulative net inflows of $85 billion across 55 products.

"Political dynamics added fuel," the report notes, with expectations of a more favorable regulatory climate boosting investor sentiment around digital assets. The late-2024 approval of options on spot Bitcoin ETFs sparked product innovation, with issuers launching new buffered, covered-call, leveraged and inverse strategies.

With regulatory barriers easing, product development expanded beyond Bitcoin and Ethereum. By March 2025, the first U.S.-listed XRP ETF had launched, with additional filings following for Solana, Litecoin, Dogecoin and even meme-token-themed ETFs.

ESG ETFs Navigate Complex Landscape

Despite facing both investor interest and regulatory challenges, environmental, social and governance ETFs continued to grow globally. However, the story varied by region.

In the U.S., where ESG ETF assets reached $135 billion, product launches cooled with just 24 new ESG ETFs in 2024, down from 83 in 2021. Yet these funds still attracted $5.5 billion in inflows, reversing the outflows seen in 2023.

Europe maintained its ESG leadership position, with assets surpassing $500 billion by February 2025. While inflows slowed to $45 billion in 2024—the lowest since 2019—the region saw a record 288 new launches and continued to drive global ESG innovation and standards.

"In 2024, 17 Republican-led states passed anti-ESG laws, while Democratic states pushed forward ESG-friendly policies," the report highlights, illustrating the politicized nature of sustainable investing in the U.S. market.