• ETF assets under management remain highly concentrated in five firms: iShares, Vanguard, State Street Global Advisors, Invesco, and Schwab
• While 88% of assets are managed by the top five providers, only 12% are under control of the other 173 firms in the universe
• While the assumption may be that market share has been gained in large part due to low fees, it’s interesting to note that only two of the top five firms (Vanguard and Schwab), also fall in the top five in terms of lowest average net expense ratio

Source: FUSE/Morningstar