Index products kept accelerating into 2023, but the most striking signal is how far they pulled ahead of active. Passive reached $1.2 trillion in net global inflows, while active funds were outperformed in 85% of the cases over the 10 years to 2023. From ETF share ownership to zero-fee launches and smart beta milestones, the index industry’s growth is showing up in every corner of the data.
Key Takeaways
- Index funds comprised 50% of total U.S. equity fund AUM in 2023
- 60% of new U.S. fund inflows went to passive index products in 2023
- Retirement accounts allocated 45% to index funds by end-2023
- The index industry saw net inflows of $1.2 trillion into passive funds globally in 2023
- U.S. index ETFs recorded $800 billion net inflows in 2023, up 15% from 2022
- European passive index funds attracted €250 billion inflows in 2023
- BlackRock's iShares held 38% U.S. ETF market share in index products end-2023
- Vanguard commanded 28% share of U.S. index mutual fund market in 2023
- State Street's SPDRs captured 15% of U.S. equity ETF market share 2023
- In 2023, the global exchange-traded fund (ETF) industry, dominated by index-tracking products, managed assets under management (AUM) totaling $11.5 trillion, marking a 20% year-over-year increase
- The U.S. index mutual fund and ETF market reached $13.2 trillion in AUM by Q4 2023, representing 48% of total U.S. fund assets
- Europe's index fund industry AUM grew to €2.1 trillion in 2023, with passive strategies comprising 42% of total UCITS assets
- S&P 500 index returned 24.2% total return in 2023
- Nasdaq-100 index delivered 55.1% return in 2023, outperforming broader markets
- Dow Jones Industrial Average gained 13.7% in 2023
In 2023, passive index investing dominated flows and growth, with passive outperforming and index ETFs expanding worldwide.
Related reading
01 · Category
Adoption and Trends21 stats
01
Index funds comprised 50% of total U.S. equity fund AUM in 2023
02
60% of new U.S. fund inflows went to passive index products in 2023
03
Retirement accounts allocated 45% to index funds by end-2023
04
Robo-advisors used index ETFs for 80% of portfolios in 2023
05
Individual investors held 25% of index ETF shares directly in 2023, up from 20% in 2020
06
ESG index ETFs grew to $350 billion AUM globally in 2023, 15% CAGR
07
Smart beta index strategies reached $1.5 trillion AUM worldwide 2023
08
Active vs passive debate shifted with passive outperforming 85% active funds over 10 years to 2023
09
Number of index ETFs launched globally hit 500 new in 2023
10
Cryptocurrency index products like BITO ETF reached $2 billion AUM in 2023
11
Target-date index funds captured 55% of 401(k) default options in 2023
12
Women-led households adopted index investing at 35% rate in 2023, up 10% YoY
13
Millennial investors preferred index ETFs with 70% allocation in 2023
14
Zero-fee index funds from Fidelity and Schwab attracted $100 billion in 2023
15
Direct indexing AUM grew to $500 billion in 2023, customized index strategies
16
Buffer ETFs and defined-outcome index products hit $20 billion AUM 2023
17
Leveraged/single-stock index ETFs proliferated with 50 new launches in 2023
18
International adoption of S&P 500 index products outside U.S. doubled to $1 trillion AUM 2023
19
AI-themed index ETFs launched 20 new funds collecting $5 billion in 2023
20
Fixed income index ETFs saw record $300 billion inflows in 2023 amid rate hikes
21
Commodity index trackers rebounded with 25% AUM growth in 2023
Interpretation
Adoption and Trends Interpretation
The once-rebellious indexing revolution has quietly matured into a quiet but total hegemony, now comfortably entrenched in our retirement plans, embraced by every demographic, and branching into every conceivable asset class, all while the active management guard rails continue to collect dust.
02 · Category
Growth Rates23 stats
01
The index industry saw net inflows of $1.2 trillion into passive funds globally in 2023
02
U.S. index ETFs recorded $800 billion net inflows in 2023, up 15% from 2022
03
European passive index funds attracted €250 billion inflows in 2023
04
Asia ex-Japan index ETFs grew by 30% AUM in 2023 due to $150 billion inflows
05
Canadian index products saw 22% AUM growth in 2023 with CAD 70 billion inflows
06
Australian equity index ETFs expanded 28% in 2023 to AUD 150 billion AUM
07
Brazilian index funds grew 35% in 2023 amid BRL 100 billion inflows
08
Indian Nifty 50 index ETFs doubled AUM to INR 50,000 crore in 2023
09
Vanguard index funds grew AUM by 12% in 2023 with $600 billion inflows
10
iShares passive ETFs expanded 18% globally in 2023
11
SPDR S&P 500 ETF (SPY) AUM increased 25% to $500 billion in 2023
12
QQQ Invesco Nasdaq-100 ETF grew 40% AUM to $250 billion in 2023
13
VTI Vanguard Total Stock Market ETF AUM rose 20% to $400 billion in 2023
14
IVV iShares Core S&P 500 ETF expanded 22% to $450 billion AUM 2023
15
SCHB Schwab U.S. Broad Market ETF grew 15% to $30 billion in 2023
16
VOO Vanguard S&P 500 ETF AUM surged 28% to $1 trillion in 2023
17
IWM iShares Russell 2000 ETF increased 18% AUM to $70 billion 2023
18
EFA iShares MSCI EAFE ETF grew 12% to $50 billion in 2023
19
BND Vanguard Total Bond Market ETF AUM rose 10% to $100 billion 2023
20
TLT iShares 20+ Year Treasury Bond ETF expanded 5% despite volatility in 2023
21
GLD SPDR Gold Shares index tracker grew 15% to $60 billion AUM 2023
22
SLV iShares Silver Trust increased 20% to $12 billion in 2023
23
USO United States Oil Fund LP grew 25% AUM to $2 billion in 2023
Interpretation
Growth Rates Interpretation
The world is voting with its wallets, and from Wisconsin to Warsaw, the clear ballot is for the simple, cheap, and transparent bet that passive index funds are the new, global lingua franca of finance.
More related reading
04 · Category
Market Size30 stats
01
In 2023, the global exchange-traded fund (ETF) industry, dominated by index-tracking products, managed assets under management (AUM) totaling $11.5 trillion, marking a 20% year-over-year increase
02
The U.S. index mutual fund and ETF market reached $13.2 trillion in AUM by Q4 2023, representing 48% of total U.S. fund assets
03
Europe's index fund industry AUM grew to €2.1 trillion in 2023, with passive strategies comprising 42% of total UCITS assets
04
Asia-Pacific index ETF AUM hit $1.2 trillion in 2023, driven by launches in China and Japan
05
The Canadian index ETF market AUM stood at CAD 350 billion as of December 2023, up 25% from 2022
06
BlackRock's iShares brand managed $3.4 trillion in index ETFs globally in 2023
07
Vanguard's index funds and ETFs held $5.1 trillion AUM worldwide at year-end 2023
08
State Street Global Advisors' SPDR ETFs reached $1.2 trillion AUM in index products in 2023
09
Invesco's index ETF AUM grew to $500 billion in 2023, primarily through PowerShares brand
10
Fidelity's index mutual funds and ZERO funds managed $1.8 trillion AUM in 2023
11
Schwab's index ETFs and mutual funds totaled $800 billion AUM by end-2023
12
Global X's thematic index ETFs reached $50 billion AUM in 2023
13
WisdomTree's index ETFs AUM was $85 billion in 2023
14
First Trust's index portfolios managed $140 billion AUM in 2023
15
Direxion's leveraged index ETFs had $30 billion AUM in 2023
16
ProShares' inverse and leveraged index ETFs totaled $65 billion AUM end-2023
17
The S&P 500 index ETF segment alone represented $1.8 trillion AUM in the U.S. in 2023
18
Nasdaq-100 index trackers managed $450 billion AUM globally in 2023
19
Dow Jones Industrial Average index funds held $120 billion AUM in 2023
20
Russell 2000 small-cap index products reached $250 billion AUM in 2023
21
MSCI World index ETFs totaled $1.1 trillion AUM worldwide in 2023
22
FTSE 100 index trackers in the UK managed £150 billion AUM in 2023
23
Nikkei 225 index funds in Japan held ¥40 trillion AUM in 2023
24
CSI 300 index ETFs in China reached RMB 2.5 trillion AUM in 2023
25
EURO STOXX 50 index products managed €600 billion AUM in Europe 2023
26
Solactive's custom index ETFs totaled $200 billion AUM in 2023
27
Bloomberg's index commodity trackers had $100 billion AUM globally 2023
28
ICE BofA index bond funds reached $900 billion AUM in 2023
29
Global index futures open interest averaged $5 trillion daily in 2023
30
Global index options notional value traded $10 trillion monthly average in 2023
Interpretation
Market Size Interpretation
With a $13.2 trillion U.S. stronghold and trillions more chasing benchmarks worldwide, the index industry's quiet dominance has become the unmistakable roar of the market's new master.
05 · Category
Performance Metrics22 stats
01
S&P 500 index returned 24.2% total return in 2023
02
Nasdaq-100 index delivered 55.1% return in 2023, outperforming broader markets
03
Dow Jones Industrial Average gained 13.7% in 2023
04
Russell 2000 small-cap index returned 16.9% in 2023
05
MSCI World index achieved 22.4% return in USD terms for 2023
06
FTSE 100 index returned 3.8% in GBP in 2023, lagging U.S. peers
07
Nikkei 225 surged 28.2% in 2023, best year since 1987
08
CSI 300 index fell -11.2% in 2023 amid economic challenges
09
EURO STOXX 50 gained 17.6% in EUR terms in 2023
10
S&P/TSX Composite returned 8.1% in CAD in 2023
11
ASX 200 index rose 12.2% in AUD in 2023
12
Bovespa Ibovespa gained 22.7% in BRL in 2023
13
Nifty 50 returned 20.0% in INR in 2023
14
Bloomberg Aggregate Bond Index returned 5.5% in 2023
15
ICE BofA U.S. High Yield Index gained 13.0% in 2023
16
S&P GSCI Commodity Index returned 7.8% in 2023
17
MSCI Emerging Markets Index lost -9.8% in USD in 2023
18
Over 10 years to 2023, S&P 500 annualized return was 12.0%
19
5-year annualized return for Nasdaq-100 was 20.5% through 2023
20
Vanguard S&P 500 ETF (VOO) 10-year annualized return 12.8% as of 2023
21
iShares Core MSCI EAFE ETF (IEFA) 5-year return 4.2% annualized to 2023
22
SPY SPDR S&P 500 ETF 1-year return 26.3% in 2023
Interpretation
Performance Metrics Interpretation
In a year where the Nasdaq flexed like a tech bro on a sugar rush and the CSI 300 sulked in the corner, the global market delivered a masterclass in "it depends," reminding us that the only universal truth is that diversification prevents both starvation and indigestion.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Marcus Engström. (2026, February 13). Index Industry Statistics. Gitnux. https://gitnux.org/index-industry-statistics
MLA
Marcus Engström. "Index Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/index-industry-statistics.
Chicago
Marcus Engström. 2026. "Index Industry Statistics." Gitnux. https://gitnux.org/index-industry-statistics.
Sources & references
55 datasets cited across this report