Big investors doubled ETF use in 5 years, reaching $337B

A study by Invesco and Cerulli reveals that North American institutional investors nearly doubled their ETF adoption over the past five years, with assets reaching approximately $337 billion in 2025. This growth, at a 14.4% CAGR, significantly outpaced the broader U.S. institutional market, driven by factors like liquidity, operational efficiency, and an expanded range of ETF products. Nearly half of current institutional ETF users plan to increase their allocations, and 16% of non-users expect to begin using ETFs within the next two years.