Index Investing:
Exchange Traded Funds (ETFs), Index Mutual Funds, & Indexed Separate Accounts

Recently Released!!!
Date Published: April 23, 2019
Summary PowerPoint Deck: 78 Slides

Reference PowerPoint Deck: 850 Slides

The purpose of this research is to provide readers with a comprehensive understanding of the index investing market, including exchange traded funds (ETFs), index mutual funds, & indexed separate accounts. The index investing market is growing rapidly, driven by many factors. BlackRock, The Vanguard Group, & State Street Global Advisors dominate the market. Other firms including Invesco, WisdomTree, & ProShares are developing alternative products. Still other firms including The Charles Schwab Corporation, PIMCO, & Fidelity Investments are challenging the leaders. This research summarizes the highlights of Tiburon's underlying research on exchange traded funds (ETFs), index mutual funds, & indexed separate accounts. This research fits within Tiburon's wealth management series, which includes a wide variety of trending topics.

This research starts by highlighting the index investing trend versus that of active investing, including:
  • Companies by Investment Type
  • Products by Investment Type
  • Clients by Investment Type
  • Accounts by Investment Type
  • Net New Accounts by Investment Type
  • Assets Under Management by Investment Type
  • Net Flows by Investment Type
  • Revenues by Investment Type
  • Net Profits by Investment Type

This research then summarizes the key drivers behind the rapid growth in index investing, including: 

  • Difficulty in Beating Market Returns
  • Lower Expense Ratios
  • Better Tax Efficiency

This research addresses the key historical phases of index investing, including:

  • Indexed Separate Accounts Emergence Phase
  • Index Mutual Funds Emergence Phase
  • Exchange Traded Funds (ETFs) Emergence Phase
  • Exchange Traded Funds (ETFs) Dominance Phase

This research defines the core product markets in indexing, including:

  • Exchange Traded Funds (ETFs)
  • Index Mutual Funds
  • Indexed Separate Accounts

And this research makes several future predictions for index investing, including:

  • Substantial Growth in Index Investing
  • Substantial Growth in Factor Investing & Smart Beta Products
  • Moderate Growth in Leveraged & Inverse Funds
  • Reemergence of Personalized Indexing
  • Increased Focus on Cost in Actively Managed Products Market
  • Growth in Actively Managed Concentrated Managers

Client Access

Tiburon CEO Summit Sponsors, Tiburon Members, and individual research subscribers may click on any of the icons below to access any part of this research. The most widely utilized parts are the Key Findings (think factoids), Podcast Presentation, and Summary PowerPoint deck.

Table of Contents Summary
PowerPoint Deck
Key Findings Reference
PowerPoint Deck
Podcast Presentation Excel Data Sheet
Public Access

Please click on the Table of Contents icon below to see more details of this research.

Table of Contents

Media Access

Members of the media who would like further access to the components of this research may click on the icon below or send an email to Sarah Sage.

Media Access

Tiburon Research Subscriptions


If you are having difficulties subscribing to Tiburon research online please contact Sarah Sage at
SSage@TiburonAdvisors.Com or 415-789-2540.