Indexing Revenues Reach $7.2B in 2025 on ETF Growth
Indexing revenues hit a record $7.2 billion in 2025 as ETF fees and demand for custom and white-label indices drove growth, led by S&P Dow Jones, MSCI and FTSE Russell.
Burton-Taylor, a New York-based consultancy, reported indexing revenues reached $7.2 billion in 2025, a 13.4% increase from 2024. The firm linked the rise to fees tied to assets in passive ETFs and growing demand for custom and white-label indices.
S&P Dow Jones Indices recorded $1.85 billion in indexing revenues in 2025, MSCI posted $1.79 billion and FTSE Russell reported $1.29 billion. The three firms accounted for more than two-thirds of the industry’s total revenues. Other providers including Nasdaq, ISS STOXX, Bloomberg, Morningstar and TMX VettaFi also reported revenue gains. Burton-Taylor’s analysis excluded bank-owned index units, where standalone figures are not available.
Strong global equity markets, including multiple new highs for the S&P 500 in 2025, increased fee income and trading volumes for major index providers. Elevated market volatility related to geopolitical tensions, shifting interest rate expectations and trade policy uncertainty also supported demand for index-linked products.
Brad Bailey, research director at Burton-Taylor International Consulting, noted, “Volatility tends to increase demand for benchmarks, derivatives, structured products and real-time data tied to indices.”
Large asset managers pushed to lower index licensing costs and launched proprietary indices developed in-house to reduce fees. At the same time, investors increased demand for customized benchmarks focused on factors, themes, ESG and outcome-oriented strategies.
Alex Matturri, former CEO at S&P Dow Jones Indices, observed that indexing has become a two-tier market, with the largest providers concentrating on established benchmarks while smaller firms prioritize new product development and distribution.
Index providers expanded services to include index calculation, customization and white-label solutions. Advances in data platforms and calculation technology have made it easier to design, test and distribute indices at scale and to support intraday and real-time calculations.
Burton-Taylor’s report identified ETF fee income and customized index offerings as the main contributors to the sector’s revenue growth in 2025.
