Research

ETFs in Asset Owner
Portfolios
Q1 2024
Contributors
Raghu Ramachandran
Senior Director
S&P Dow Jones Indicesraghu.ramachandran@spglobal.com
Tom Mason
Senior Research Analyst
S&P Global Market Intelligencethomas.mason@spglobal.com
Marcus Friedman
Head of Asset Owner Channel
S&P Dow Jones Indicesmarcus.friedman@spglobal.com

1

Introduction
For more than a decade, pensions, endowments, foundations andsovereign wealth funds1—collectively “asset owners”—have invested
in exchange-traded funds (ETFs). Initially, they invested only
minimal amounts. However, starting in 2017, plans began to slowly
increase their ETF usage. Then, in Q4 2019, these plans suddenly
increased their use of ETFs. The onset of COVID-19 and theresulting financial crisis resulted in asset owners greatly increasing
their ETF usage.
In our initial analysis of U.S. and Canadian asset owners, we used
13F filings to analyze ETF holdings and trends in these investments.
In 2023, asset owner ETF AUM increased 22%, to USD 56 billion.
Over the past 10 years, ETF usage has increased 4x, with most ofthat growth coming in the past three years. During the same period,
the number of asset owners using ETFs nearly doubled and thenumber of ETFs used increased more than 3.5x.

S&P Dow Jones Indices separately publishes a report on ETF usage by insurance companies, so insurance companies are not included inthis report. See Appendix 1 for more details on which plans we included in this report.

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ETFs in Asset Owner Portfolios – 2024

Q1 2024

Holding Analysis
As of year-end 2023, asset owners had USD 56 billion invested in ETFs. Exhibit 1 shows thegrowth of ETFs over the past 10 years. ETF usage began increasing in December 2016.
Then, between Q3 and Q4 2019, ETF AUM doubled.
Exhibit 1: ETF AUM Growth80

AUM (USD Billions)

70
60
50

40
30
20
10

Dec. 2023

Dec. 2022

Dec. 2021

Dec. 2020

Dec. 2019

Dec. 2018

Dec. 2017

Dec. 2016

Dec. 2015

Dec. 2014

Dec. 2013

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

After peaking at the end of 2021, AUM dropped, mostly on valuation. However, in 2023, ETF
usage again increased, and AUM grew by 22% (see Exhibit 2). Since 2018, when plans
began to use ETFs in a material way, the compound annual growth rate (CAGR) has averaged
28%, implying a doubling of AUM every 2.85 years (see Exhibit 3).
Exhibit 2: CAGR of ETF AUM
30%
25%

CAGR

20%
15%
10%
5%
0%
1-Year

3-Year

5-Year

10-Year

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

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ETFs in Asset Owner Portfolios – 2024

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Exhibit 3: ETF AUM Doubling Period
Metric1-Year

3-Year

5-Year

10-Year

CAGR (%)

21.6

3.5

27.5

14.8

Doubling Period (Years)

3.54

20.18

2.85

5.03

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Table is provided for illustrative purposes.

To quantify the impact of valuation on AUM, we used the number of shares owned toapproximate if the change in AUM was due to net flows or purely valuation. In Exhibit 4, we
see that even though valuation decreased in 2022, the number of shares owned actually
increased. This suggests the bear market in 2022 caused the decline in AUM. Shares owned
moved mostly sideways in 2023, implying AUM grew in 2023 due to valuation.
Exhibit 4: ETF Share Growth
800

700

Shares (Millions)

600

500

400

300

200

100

Dec. 2023

Dec. 2022

Dec. 2021

Dec. 2020

Dec. 2019

Dec. 2018

Dec. 2017

Dec. 2016

Dec. 2015

Dec. 2014

Dec. 2013

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

In December 2013, 45 plans used ETFs. By September 2019, the number had increased only
to 51. Since then, the number jumped to 86. Similarly, the number of ETFs used remained
relatively the same between December 2013 and September 2019. Since then, the number
increased almost 4x, to 541 ETFs (see Exhibit 5).

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ETFs in Asset Owner Portfolios – 2024

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Exhibit 5: Plan and ETF Count
100

1,000

90

900

300

20

200

10

100

0

0

Dec. 2023

30

Dec. 2022

400

Dec. 2021

40

Dec. 2020

500

Dec. 201950

Dec. 2018

600

Dec. 201760

Dec. 2016

700

Dec. 201570

Dec. 2014

800

Ticker Count

Ticker Count80

Dec. 2013

Plan Count

Plan Count

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

Among asset owners, as of Dec. 31, 2023, public pension plans had the most ETF AUM,
accounting for two-thirds of all ETF AUM held by asset owners (see Exhibit 6). However, in
recent years, endowments have shown a faster growth rate (see Exhibit 7).
Exhibit 6: ETF AUM by Plan Type60

CorporatePension50

Endowment

Foundation

AUM (USD Billions)

Sovereign
WealthCorporate Pension
Endowment
Foundation
Government Pension
Sovereign Wealth

40

30

20
Government
Pension10

Dec. 2023

Dec. 2022

Dec. 2021

Dec. 2020

Dec. 2019

Dec. 2018

Dec. 2017

Dec. 2016

Dec. 2015

Dec. 2014

Dec. 2013

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Charts are provided for illustrative purposes.
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ETFs in Asset Owner Portfolios – 2024

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Exhibit 7: ETF AUM CAGR by Plan Type60%
50%
1-Year

3-Year

5-Year

10-Year

CAGR

40%
30%
20%
10%
0%

Sovereign Wealth

Government Pension

Foundation

Corporate Pension

Endowment-10%

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

Analysis by Asset ClassAs expected, plans have mostly invested in Equity ETFs—78% Equity and 21% Fixed Income(see Exhibit 8). However, Fixed Income ETF usage has grown steadily since 2019 (seeExhibit 9).
Exhibit 8: Asset Allocation
Other

Fixed Income

EquitySource: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.
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ETFs in Asset Owner Portfolios – 2024

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Exhibit 9: Asset Allocation
70
60

AUM (USD Billions)

EquityFixed Income

Other

50
40
30
20
10

Dec. 2023

Dec. 2022

Dec. 2021

Dec. 2020

Dec. 2019

Dec. 2018

Dec. 2017

Dec. 2016

Dec. 2015

Dec. 2014

Dec. 2013

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

Equity Analysis
Asset owners have shown a preference for Large Cap Equity ETFs, with approximately 50%
invested in Large Cap and 25% in Blended Capitalization. Small Cap Equity ETFs have shown
some growth in recent years (see Exhibit 10).
Exhibit 10: Equity ETF Usage by Capitalization
35

AUM (USD Billions)30

25
Blended Cap

Large CapMid Cap

Small Cap

20

15

10

5

Dec. 2023

Dec. 2022

Dec. 2021

Dec. 2020

Dec. 2019

Dec. 2018

Dec. 2017

Dec. 2016

Dec. 2015

Dec. 2014

Dec. 2013

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.
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ETFs in Asset Owner Portfolios – 2024

Q1 2024

Approximately 15% of Equity ETFs were in sector ETFs as of Dec. 31, 2023. The allocation
between sectors has varied considerably over time (see Exhibit 11); at year-end 2023, assets
owners showed a relative overweight to Financials and an underweight to Information
Technology versus the overall ETF industry (see Exhibit 12).
Exhibit 11: Sector ETF Allocation
100%

90%
80%

Allocation

70%
60%
50%
40%
30%
20%

10%

Communication Services
Financials
Real EstateConsumer Discretionary
Health Care
Information Technology

Consumer Staples
Industrials
Utilities

Dec. 2023

Dec. 2022

Dec. 2021

Dec. 2020

Dec. 2019

Dec. 2018

Dec. 2017

Dec. 2016

Dec. 2015

Dec. 2014

Dec. 2013

0%EnergyMaterials

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

Exhibit 12: Sector ETF Allocation
Communication Services
35%
Utilities
Consumer Discretionary
30%
25%
20%
Information Technology
Consumer Staples
15%
10%
5%
0%
Real Estate

EnergyMaterials

Financials
Industrials

Health CareETF AUM

Asset Owners AUM

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.
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ETFs in Asset Owner Portfolios – 2024

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Fixed Income Analysis
Although a smaller allocation, asset owners have increased their Fixed Income ETF usage 4x
in the past five years. Corporate ETFs comprised 45% of holdings as of Dec. 31, 2023, but
Treasury and Broad Market ETFs have seen significant inflows recently (see Exhibit 13).
Exhibit 13: ETF AUM by Bond Type
7

Treasury

Inflation Protected

Corporate

Broad Market

Municipal

Other

AUM (USD Billions)

6
5
4

3
2
1

Dec. 2023

Dec. 2022

Dec. 2021

Dec. 2020

Dec. 2019

Dec. 2018

Dec. 2017

Dec. 2016

Dec. 2015

Dec. 2014

Dec. 2013

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

In terms of quality, 71% of these assets were in Investment Grade ETFs, 23% in High Yield
ETFs and the remaining 6% in Blended ETFs (see Exhibit 14).
Exhibit 14: ETF AUM by Credit Quality
Quality BlendHigh Yield

Investment Grade

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

As of year-end 2023, approximately half of Fixed Income assets were invested in ETFs that
hold a broad blend of maturities, with the remainder split between Short, Intermediate, andLong maturity ETFs. In the last half of 2023, plans shifted away from Short maturity ETFs tolonger durations (see Exhibit 15).
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ETFs in Asset Owner Portfolios – 2024

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Exhibit 15: ETF AUM by Maturity
AUM (USD Billions)87

Ultra Short

Short

IntermediateLong

Maturity Blended

Specific Maturity Year

6
5
4
3
2
1

Dec. 2023

Dec. 2022

Dec. 2021

Dec. 2020

Dec. 2019

Dec. 2018

Dec. 2017

Dec. 2016

Dec. 2015

Dec. 2014

Dec. 2013

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

Analysis of Smart Beta and Active ETFs
Most of the asset owner ETF allocations were passive ETFs as of Dec. 31, 2023. However,
7% were invested in Smart Beta and 4% in Active Beta.
Asset owners had minimal investments in Smart Beta until 2021, when they began using MultiFactor ETFs, and in 2023, there was an increase in Low Volatility ETFs (see Exhibit 16). Assetowners have not materially invested in Fixed Income Smart Beta ETFs.
Exhibit 16: Equity Smart Beta ETF AUM
5.0

AUM (USD Billions)

4.5

4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5

Defined Outcome
High/Low Beta
Options Overlay
Thematic
Mid Cap

Dividend
Low Volatility
Quality
VIX/Risk Control
Small Cap

Equal Weighted Size
Momentum
Revenue Weighted
Blended Cap

Dec. 2023

Jun. 2023

Dec. 2022

Jun. 2022

Dec. 2021

Jun. 2021

Dec. 2020

0.0

Growth/Value - Factor Weighted
Multi Factor Equity
Strategy - Other
Large Cap

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.
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ETFs in Asset Owner Portfolios – 2024

Q1 2024

Of their Active Beta allocation, asset owners invested 64% in Active Equity and 32% in Active
Fixed Income as of Dec. 31, 2023. Historically, most of the Active Equity investments had
been in Mid Cap equities, but recently, plans have diversified to Small Cap and Blended Cap
ETFs (see Exhibit 17).
Exhibit 17: Equity Active Beta ETF AUM
1.8
1.6
Blended Cap

Large CapMid Cap

Small CapAUM (USD Billions)

1.4
1.2
1.0
0.8
0.6
0.4
0.2

Dec. 2023

Jun. 2023

Dec. 2022

Jun. 2022

Dec. 2021

Jun. 2021

Dec. 2020

0.0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

Plans have been more dynamic in their use of Active Fixed Income. In terms of bond types,
they started in Corporate bonds but have shifted to Treasury bonds (see Exhibit 18). Thisvaries from the overall ETF market, where Broad Market ETFs have the largest share and both
Corporate and Treasury bonds have small active allocations.
Exhibit 18: Fixed Income Active Beta ETF AUM by Bond Type800

Inflation Protected

Corporate

Dec. 2021

AUM (USD Millions)

TreasuryJun. 2021

700
Broad Market

Municipal

Other

600
500
400

300
200
100

Dec. 2023

Jun. 2023

Dec. 2022

Jun. 2022

Dec. 2020

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.
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ETFs in Asset Owner Portfolios – 2024

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In terms of credit, plans have rotated from Active High Yield to Active Investment Grade (seeExhibit 19). This resembles the broader market, where Active Investment Grade has a 70%
market share.
Exhibit 19: Fixed Income Active Beta ETF AUM by Credit Quality
800

AUM (USD Millions)

700
Investment GradeHigh Yield

Quality Blend

600
500
400
300
200
100

Dec. 2023

Jun. 2023

Dec. 2022

Jun. 2022

Dec. 2021

Jun. 2021

Dec. 2020

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

In terms of Maturity, asset owner usage began in Blended Maturities, but it has recently shifted
to Intermediate Maturity (see Exhibit 20). This again varies from the overall market, where
Ultra Short and Blended Maturities have approximately 40% of market share and Intermediate
has only 6%.
Exhibit 20: Fixed Income Active Beta ETF AUM by Maturity
800

AUM (USD Millions)

700
Ultra Short

Short

IntermediateLong

Maturity Blended

600
500
400
300
200
100

Dec. 2023

Jun. 2023

Dec. 2022

Jun. 2022

Dec. 2021

Jun. 2021

Dec. 2020

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.
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ETFs in Asset Owner Portfolios – 2024

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Miscellaneous Analysis
As of Dec. 31, 2023, asset owners have invested only USD 795 million, or 1.4% of total ETF
AUM, in ESG ETFs. Of this, they invested mostly in Low Carbon ETFs (see Exhibit 21).
Exhibit 21: ESG ETF AUM
Catholic Principles

ESG

Low Carbon Footprint

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

As with other institutional investors, asset owners invested mostly in Institutional and Colossal
size ETFs (see Exhibit 22).
Exhibit 22: ETF AUM by ETF Size
60
SeededMatureInstitutional

Colossal

AUM (USD Billions)

50

40

30

20

10

Dec. 2023

Dec. 2022

Dec. 2021

Dec. 2020

Dec. 2019

Dec. 2018

Dec. 2017

Dec. 2016

Dec. 2015

Dec. 2014

Dec. 2013

0

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.
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ETFs in Asset Owner Portfolios – 2024

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Using information from 13F filings, we can also show the geographic distribution of ETF usage
by asset owners (see Exhibit 23).
Exhibit 23: Geographic Distribution of ETF Usage

Source: S&P Global Market Intelligence. Data as of Dec. 31, 2023. Chart is provided for illustrative purposes.

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ETFs in Asset Owner Portfolios – 2024

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Appendix 1: Methodology
The Securities Exchange Commission (SEC) requires institutional investment managers to filequarterly statements detailing the publicly traded equities they hold. S&P Global Market
Intelligence (Market Intelligence) makes these data available in aggregate form via data feeds,
which we used to perform this analysis. We extracted the quarterly ETF holdings, both current
and historical, of U.S. and Canadian pension plans and sovereign wealth funds from Q1 2013
through Q4 2023. In addition, CFRA ETF Data, which is an ETF data and analytics company,
provided us with a list of U.S. ETFs, as well as characteristics of each ETF, such as asset
class and bond credit quality. We combined CFRA ETF classifications with Market Intelligence
security ownership data to gain insight into how asset owners use ETFs.

Appendix 1.1: S&P Global Market Intelligence Data
For the holdings of U.S. and Canadian pension plans and sovereign wealth funds, we used
Form 13F-HR data, as compiled by Market Intelligence. Each quarter, the SEC publishes a listof the securities that must be reported in these 13F filings. Based on the list from Q4 2023,
93% of the actively traded ETFs with a primary listing on the Nasdaq or NYSE were included.
However, not all institutional investment managers are required to file 13F statements; only
those with investment discretion over at least USD 100 million worth of the securities in the
SEC’s list are required. The companies that do file 13Fs are supposed to file them within 45
days of the period’s end. We performed our analysis on March 1, 2023, more than 45 days
after the end of Q4 2023, by which time all the pension plans that reported ETF holdings in Q3
2023 had reported their Q4 2023 holdings as well.
That said, the accuracy and completeness of the data depend on whether the investment
manager follows the SEC’s guidelines and reports correct values. Our analysis calculates themarket value of an investment manager’s holdings based on the closing price of the security
and the exchange rate as of the period’s end—or, if unavailable, the most recent ones prior tofiling date. However, the market values reported in the filings themselves might use a different
methodology, such as a different trade date.

Appendix 1.2: CFRA ETF Data
We used CFRA ETF Data (CFRA) as the source of ETF data in this analysis. We used thecategorization labels developed by CFRA in this analysis. For example, we used CFRA’s
definition of Smart Beta. We also relied on CFRA to classify every Smart Beta ETF. We
assume consistency and completeness of the data provided by CFRA.
We note that asset owners do not invest in a vast majority of these funds. While we refer tothese funds as ETFs, the funds have varying legal structures. Most of the funds in the list are
open-ended ETFs. However, a few large funds have a Unit Investment Trust or Grantor Trust.
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ETFs in Asset Owner Portfolios – 2024

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The remaining legal structures, including semi-transparent ETFs, do not represent a material
amount of assets. For this reason, we do not analyze ETF usage by legal structure and refer
to all these funds as ETFs.
Often, CFRA classified ETFs in more granular detail than was needed for this analysis. In
these instances, we combined fields to make our analysis more meaningful.
For example, the CFRA field of asset class contained six different categories. We collapsed
these into three.
•••

Equity: Equities
Fixed Income: Bonds
Other: Commodities & Metals, Currency, Target Date/Multi Asset and Other Asset types

The vast majority of U.S. ETFs are Equity ETFs. Fixed Income ETFs have grown considerably
in recent years and comprised 18% of the ETF market as of year-end 2022.
CFRA segregated Equity ETFs into eight buckets by market capitalization. We consolidated
these into four buckets.
••••

Blend: Broad Market/Multi Cap
Large Cap: Large Cap and Mega Cap
Mid Cap: Mid Cap, Large & Mid Cap and Small & Mid Cap
Small Cap: Small Cap and Micro Cap

Large Cap ETFs had the most assets, with Blend ETFs close behind.
CFRA classified Fixed Income ETFs into eight types. We narrowed this into the following six
bond types.
•
•
•
•
•
•

Broad Market: Broad Market
Corporate: Corporate
Treasury: Treasury & Government
Municipal: Municipal
Inflation-Protected: Inflation-Protected
Other: Convertible, Mortgages and Not Applicable

Broad Market ETFs had the largest allocation.
In terms of credit quality, CFRA classified Fixed Income ETFs as Investment Grade, High
Yield, Blend or Not Applicable. Investment Grade ETFs comprised the majority of Fixed
Income ETFs.
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ETFs in Asset Owner Portfolios – 2024

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In terms of average maturity, CFRA classified Fixed Income ETFs into six buckets: < 1 Year, 13 Years, 3-10 Years, 10+ Years, Blend and Specific Year. We labeled these duration buckets
Ultra Short, Short, Intermediate and Long, respectively.
Most ETF AUM and shares had market capitalization weights. Index providers and ETF
sponsors have created new indices and ETFs that have different weighting methodologies.
CFRA classified portfolio weighting in six ways: Traditional Beta, Smart Beta, Active Beta,
Leveraged/Inverse and Proprietary Model.
Of those ETFs classified as Smart Beta, 97% were Equity ETFs. For these ETFs, First Bridge
had 15 classifications of Smart Beta factors. We condensed these into the following sevenfactors.
•
•
•
•
•
•
•

Dividend: Dividend
Low Volatility: Low Volatility
Multi-Factor: Multi-Factor
Thematic: Thematic
Low Volatility: VIX/Risk Control
Growth/Value: Factor Weighted Growth/Value, Cap Weighted Growth/Value
Other: Hedge Fund Replication, High/Low Beta, Options Overlay, Revenue Weighted,
Strategy, Quality, Momentum and Equal Weighted

Dividend ETFs have the most assets.
Approximately 6% of all U.S. ETFs were Active Beta ETFs. Historically, most of the Active
Beta ETFs were Fixed Income. However, use of Active Beta Equity ETFs increased over the
past five years.
We classified the size of the ETF in four different ways by amount of AUM.
••••

Seeded: AUM < USD 100 million
Mature: USD 100 million <= AUM < USD 1 billon
Institutional: USD 1 billion <= AUM < USD 10 billion
Colossal: AUM >= USD 10 billion

Investors invested a little over 75% of the AUM in Colossal ETFs.

Appendix 1.3: Data Extraction Methodology
We used S&P Global Market Intelligence's Marketplace Workbench and Ownership API toquery the data. These delivery channels allow the user to download all holdings at once andto filter down to the periods, securities, institutions and filing types desired.
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