DWS, BlackRock, Amundi, JP Morgan AM, and State Street Global dominate the top spots in the second edition of the ETF Issuer Power Rankings, compiled by ETF Stream. This study, covering asset managers with a total of $2.23 trillion in assets under management, employs a proprietary methodology based on the analysis of four key parameters over 12 months: asset flows, revenue, activity (number of ETP launches and firsts in Europe), and thematic presence.
As shown in the final ranking, DWS retained the top position, adopting a more measured approach to new launches while benefiting from $39 billion in inflows, up from $22.5 billion in 2023. Much of this momentum came from higher-fee, non-core exposures, including the Xtrackers S&P 500 Equal Weight UCITS ETF (XDEW).
BlackRock maintained second place after a prolific year of product launches, adding 76 new strategies. Meanwhile, Amundi, in third place, scored highest in “thematic presence,” ranking among the top three in several product categories and among the top five issuers with inflows across all categories except thematic, where it recorded $805 million in outflows. Notably, the study highlights that Amundi jumped from eighth to second place year-over-year in “activity” after launching 37 new products. It also improved its ranking in “asset flows”, with inflows more than doubling from $12.1 billion in 2023 to $30.4 billion in 2024.
The year 2024 was a turning point for active ETFs, with JP Morgan Asset Management taking center stage. By the end of the year, its market share in this $55.5 billion segment exceeded 56%. According to the study’s publisher, the emerging history of active ETFs in Europe has seen established asset managers such as Janus Henderson, Robeco, and American Century Investments enter the UCITS ETF space. With Jupiter Asset Management joining the market earlier this year—and Schroders, Nordea, and Dimensional Fund Advisors exploring distribution opportunities—the growth of active ETFs seems poised to drive further product innovation.
On the other end of the spectrum, Legal & General Investment Management and Ossiam dropped more than 10 places year-over-year, as both firms slowed their pace of new launches and experienced outflows exceeding $2 billion.
“Fund selectors tend to favor a few issuers with well-established brands that operate at a significant scale. The ETF Issuer Power Rankings is designed to highlight the dynamic nature of the European ETF market and the asset managers bringing timely product innovation,” said Jamie Gordon, editor of ETF Stream.
Meanwhile, Pawel Janus, co-founder and head of analysis at ETFbook, commented: “The European ETF market has grown significantly, with rising assets, new issuers entering the market, product launches, and increasing adoption from a diverse buy-side client base. In response to this expansion, ETF issuers must continuously evolve, specialize, and showcase their strongest capabilities. The ETF Issuer Power Rankings provides a valuable metric for the buy-side community in the ever-evolving European ETF market.”
