Indexing Industry Revenues Hit Record $7.2bn as ETFs Power Growth in 2025

• S&P Dow Jones Indices led with $1.85bn in revenues, followed by MSCI at $1.79bn and FTSE Russell at $1.29bn, with the S&P 500 reaching multiple record highs in 2025
• Large asset managers are increasingly developing proprietary in-house indices to reduce licensing costs, creating pressure on established providers to offer customization and white-label solutions
• Customized indexing for factors, themes, ESG, and outcome-oriented strategies has become a key growth area, enabled by technology advances that support real-time index calculation and distribution at scale

Summary: Indexing Industry Revenues Hit Record $7.2bn

The indexing industry reached record revenues of $7.2 billion in 2025, representing 13.4% annual growth, according to Burton-Taylor International Consulting. Strong equity market performance and surging demand for passive ETFs were primary growth drivers, with fees from ETF-linked assets remaining crucial to overall revenues.

Market Leaders:

• S&P Dow Jones Indices: $1.85bn (first place)
• MSCI: $1.79bn (second place)
• FTSE Russell: $1.29bn (third place)

The top three firms captured over two-thirds of total industry revenues. Other significant players including Nasdaq, ISS STOXX, Bloomberg, Morningstar, and TMX VettaFi also posted robust growth.

Market Dynamics:

Elevated volatility in 2025—driven by geopolitical tensions, interest rate shifts, and trade policy uncertainty—increased demand for benchmarks, derivatives, structured products, and real-time index data. The S&P 500 hit multiple record highs during the year, boosting provider revenues.

Competitive Landscape Shifts:

The industry is evolving into a two-tier market. Large players focus on capturing asset flows and trading volumes from established benchmarks, while smaller providers emphasize new product development. Competitive pressures include:

• Large asset managers developing proprietary in-house indices to reduce licensing costs
• Rising demand for customized indexing solutions covering factors, themes, ESG, and outcome-oriented strategies
• Index providers expanding into calculation, customization, and white-label services

Technology Impact:

Advanced data platforms and technology enable providers to design, test, and distribute indices at scale while supporting real-time calculations, making customization increasingly feasible and profitable.

The indexing sector remains one of finance's most profitable segments despite emerging pricing pressures.