
Investors, market observers, and regulators always raise questions about the competitiveness of the European exchange-traded fund industry since the assets under management seem to be highly concentrated on promoter level. Generally speaking, I would agree with the statement that one needs to be concerned if a few players are dominating a market, but not with regard to the European ETF industry. Graph 1 depicts the fact that the European ETF industry is highly concentrated at the promoter level since the 10-top promoters in Europe held between 92.85% (June 30, 2018) and 94.09% (June 30, 2022) of the overall assets under