Markets
Visualizing the Expanse of the ETF Universe
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Visualizing the Expanse of the ETF Universe
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Under the right circumstances, an innovation can scale and flourish.
Within the financial realm, there is perhaps no better example of this than the introduction of exchange-traded funds (ETFs), a new financial technology that emerged out of the index investing phenomenon of the early 1990s.
Since the establishment of the first U.S. ETF in 1993, the financial instrument has gained broad traction — and today, the ETF universe has an astonishing $5.75 trillion in assets under management (AUM), covering almost every niche imaginable.
Navigating the ETF Universe
Today’s data visualization comes to us from iShares by BlackRock, and it visualizes the wide scope of assets covered by the ETF universe.
To start, let’s look at a macro breakdown of the “galaxies” that can be found in the universe:
Global ETFs (AUM, $USD) | Share of Global Total | |
---|---|---|
Equities | $4.39 trillion | 76.4% |
Bonds | $1.12 trillion | 19.5% |
Alternative | $0.20 trillion | 3.5% |
Money market | $0.04 trillion | 0.6% |
All ETFs | $5.75 trillion | 100.00% |
As you can see, equities are by far the largest galaxy in the ETF universe, making up 76.4% of all assets. These clusters likely comprise the ETFs you are most familiar with — for example, funds that track the S&P 500 index or foreign markets.
That said, it’s worth noting that the fastest expanding galaxy is bond ETFs, tracking indices related to the debt issued by governments and corporations. The first bond ETFs were introduced in 2002, and since then the category has grown into a market that exceeds $1 trillion in AUM. Bond ETFs are expected to surpass the $2 trillion mark by 2024.
Everything Under the Sun
While the sheer scale of the ETF universe is captivating, it’s the variety that shows you how ubiquitous the instrument has become.
Today, there are over 8,000 ETFs globally, covering nearly every asset class imaginable. Here are some of the lesser-known and more peculiar corners in the ETF universe:
Thematic ETFs: Gaining popularity in recent years, thematic ETFs are built around long-term trends such as climate change or rapid urbanization. By having more tangible focus points, these funds can also appeal to younger generations of investors.
Contrarian ETFs: In a healthy market, there can be a variety of different positions being taken by investors. Contrarian ETFs help to make this possible, allowing investors to bet against the “herd”.
Factor-based ETFs: This approach uses a rules-based system for selecting investments in the fund portfolio, based on factors typically associated with higher returns such as value, small-caps, momentum, low volatility, quality, or yield.
Global Macro ETFs: Some ETFs are designed to mimic strategies used by hedge fund managers. One example of such a strategy is global macro, which aims to analyze the macroeconomic environment, while taking corresponding long and short positions in various equity, fixed income, currency, commodities, and futures markets.
Commodity ETFs: There are ETFs that track gold or oil, sometimes even storing physical inventories. Interestingly, however, there are commodity ETFs for even more obscure metals and agricultural products, such as zinc, lean hogs, tin, or cocoa beans.
Whether your investments track popular market indices or you are more surgical about your portfolio exposure, the ETF universe is impressively vast — and it’s projected to keep expanding in size and diversity for years to come.
Markets
Mapped: GDP Growth Forecasts by Country, in 2023
The global economy faces an uncertain future in 2023. This year, GDP growth is projected to be 2.9%—down from 3.2% in 2022.

Mapped: GDP Growth Forecasts by Country, in 2023
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Since Russia’s invasion of Ukraine early last year, talk of global recession has dominated the outlook for 2023.
High inflation, spurred by rising energy costs, has tested GDP growth. Tightening monetary policy in the U.S., with interest rates jumping from roughly 0% to over 4% in 2022, has historically preceded a downturn about one to two years later.
For European economies, energy prices are critical. The good news is that prices have fallen recently since March highs, but the continent remains on shaky ground.
The above infographic maps GDP growth forecasts by country for the year ahead, based on projections from the International Monetary Fund (IMF) October 2022 Outlook and January 2023 update.
2023 GDP Growth Outlook
The world economy is projected to see just 2.9% GDP growth in 2023, down from 3.2% projected for 2022.
This is a 0.2% increase since the October 2022 Outlook thanks in part to China’s reopening, higher global demand, and slowing inflation projected across certain countries in the year ahead.
With this in mind, we show GDP growth forecasts for 191 jurisdictions given multiple economic headwinds—and a few emerging bright spots in 2023.
Country / Region | 2023 Real GDP % Change (Projected) |
---|---|
🇦🇱 Albania | 2.5% |
🇩🇿 Algeria | 2.6% |
🇦🇴 Angola | 3.4% |
🇦🇬 Antigua and Barbuda | 5.6% |
🇦🇷 Argentina* | 2.0% |
🇦🇲 Armenia | 3.5% |
🇦🇼 Aruba | 2.0% |
🇦🇺 Australia* | 1.6% |
🇦🇹 Austria | 1.0% |
🇦🇿 Azerbaijan | 2.5% |
🇧🇭 Bahrain | 3.0% |
🇧🇩 Bangladesh | 6.0% |
🇧🇧 Barbados | 5.0% |
🇧🇾 Belarus | 0.2% |
🇧🇪 Belgium | 0.4% |
🇧🇿 Belize | 2.0% |
🇧🇯 Benin | 6.2% |
🇧🇹 Bhutan | 4.3% |
🇧🇴 Bolivia | 3.2% |
🇧🇦 Bosnia and Herzegovina | 2.0% |
🇧🇼 Botswana | 4.0% |
🇧🇷 Brazil* | 1.2% |
🇧🇳 Brunei Darussalam | 3.3% |
🇧🇬 Bulgaria | 3.0% |
🇧🇫 Burkina Faso | 4.8% |
🇧🇮 Burundi | 4.1% |
🇨🇻 Cabo Verde | 4.8% |
🇨🇲 Cameroon | 4.6% |
🇰🇭 Cambodia | 6.2% |
🇨🇦 Canada* | 1.5% |
🇨🇫 Central African Republic | 3.0% |
🇹🇩 Chad | 3.4% |
🇨🇱 Chile | -1.0% |
🇨🇳 China* | 5.3% |
🇨🇴 Colombia | 2.2% |
🇰🇲 Comoros | 3.4% |
🇨🇷 Costa Rica | 2.9% |
🇨🇮 Côte d'Ivoire | 6.5% |
🇭🇷 Croatia | 3.5% |
🇨🇾 Cyprus | 2.5% |
🇨🇿 Czech Republic | 1.5% |
🇨🇩 Democratic Republic of the Congo | 6.7% |
🇩🇰 Denmark | 0.6% |
🇩🇯 Djibouti | 5.0% |
🇩🇲 Dominica | 4.9% |
🇩🇴 Dominican Republic | 4.5% |
🇪🇨 Ecuador | 2.7% |
🇪🇬 Egypt* | 4.0% |
🇸🇻 El Salvador | 1.7% |
🇬🇶 Equatorial Guinea | -3.1% |
🇪🇷 Eritrea | 2.9% |
🇪🇪 Estonia | 1.8% |
🇸🇿 Eswatini | 1.8% |
🇪🇹 Ethiopia | 5.3% |
🇫🇯 Fiji | 6.9% |
🇫🇮 Finland | 0.5% |
🇫🇷 France* | 0.7% |
🇲🇰 North Macedonia | 3.0% |
🇬🇦 Gabon | 3.7% |
Georgia | 4.0% |
Germany* | 0.1% |
Ghana | 2.8% |
Greece | 1.8% |
Grenada | 3.6% |
Guatemala | 3.2% |
Guinea | 5.1% |
Guinea-Bissau | 4.5% |
Guyana | 25.2% |
Haiti | 0.5% |
Honduras | 3.5% |
Hong Kong SAR | 3.9% |
Hungary | 1.8% |
Iceland | 2.9% |
India* | 6.1% |
Indonesia* | 4.8% |
Iraq | 4.0% |
Ireland | 4.0% |
Iran* | 2.0% |
Israel | 3.0% |
Italy* | 0.6% |
Jamaica | 3.0% |
Japan* | 1.8% |
Jordan | 2.7% |
Kazakhstan* | 4.3% |
Kenya | 5.1% |
Kiribati | 2.4% |
South Korea* | 1.7% |
Kosovo | 3.5% |
Kuwait | 2.6% |
Kyrgyz Republic | 3.2% |
Lao P.D.R. | 3.1% |
Latvia | 1.6% |
Lesotho | 1.6% |
Liberia | 4.2% |
Libya | 17.9% |
Lithuania | 1.1% |
Luxembourg | 1.1% |
Macao SAR | 56.7% |
Madagascar | 5.2% |
🇲🇼 Malawi | 2.5% |
🇲🇾 Malaysia* | 4.4% |
🇲🇻 Maldives | 6.1% |
🇲🇱 Mali | 5.3% |
🇲🇹 Malta | 3.3% |
🇲🇭 Marshall Islands | 3.2% |
🇲🇷 Mauritania | 4.8% |
🇲🇺 Mauritius | 5.4% |
🇲🇽 Mexico* | 1.7% |
🇫🇲 Micronesia | 2.9% |
🇲🇩 Moldova | 2.3% |
🇲🇳 Mongolia | 5.0% |
🇲🇪 Montenegro | 2.5% |
🇲🇦 Morocco | 3.1% |
🇲🇿 Mozambique | 4.9% |
🇲🇲 Myanmar | 3.3% |
🇳🇦 Namibia | 3.2% |
🇳🇷 Nauru | 2.0% |
🇳🇵 Nepal | 5.0% |
🇳🇱 Netherlands* | 0.6% |
🇳🇿 New Zealand | 1.9% |
🇳🇮 Nicaragua | 3.0% |
🇳🇪 Niger | 7.3% |
🇳🇬 Nigeria* | 3.2% |
🇳🇴 Norway | 2.6% |
🇴🇲 Oman | 4.1% |
🇵🇰 Pakistan* | 2.0% |
🇵🇼 Palau | 12.3% |
🇵🇦 Panama | 4.0% |
🇵🇬 Papua New Guinea | 5.1% |
🇵🇾 Paraguay | 4.3% |
🇵🇪 Peru | 2.6% |
🇵🇭 Philippines* | 5.0% |
🇵🇱 Poland* | 0.3% |
🇵🇹 Portugal | 0.7% |
🇵🇷 Puerto Rico | 0.4% |
🇶🇦 Qatar | 2.4% |
🇨🇬 Republic of Congo | 4.6% |
🇷🇴 Romania | 3.1% |
🇷🇺 Russia* | 0.3% |
🇷🇼 Rwanda | 6.7% |
🇼🇸 Samoa | 4.0% |
🇸🇲 San Marino | 0.8% |
🇸🇹 São Tomé and Príncipe | 2.6% |
🇸🇦 Saudi Arabia* | 2.6% |
🇸🇳 Senegal | 8.1% |
🇷🇸 Serbia | 2.7% |
🇸🇨 Seychelles | 5.2% |
🇸🇱 Sierra Leone | 3.3% |
🇸🇬 Singapore | 2.3% |
🇸🇰 Slovak Republic | 1.5% |
🇸🇮 Slovenia | 1.7% |
🇸🇧 Solomon Islands | 2.6% |
🇸🇴 Somalia | 3.1% |
🇿🇦 South Africa* | 1.2% |
🇸🇸 South Sudan | 5.6% |
🇪🇸 Spain* | 1.1% |
🇱🇰 Sri Lanka | -3.0% |
🇰🇳 St. Kitts and Nevis | 4.8% |
🇱🇨 St. Lucia | 5.8% |
🇻🇨 St. Vincent and the Grenadines | 6.0% |
🇸🇩 Sudan | 2.6% |
🇸🇷 Suriname | 2.3% |
🇸🇪 Sweden | -0.1% |
🇨🇭 Switzerland | 0.8% |
🇹🇼 Taiwan | 2.8% |
🇹🇯 Tajikistan | 4.0% |
🇹🇿 Tanzania | 5.2% |
🇹🇭 Thailand* | 3.7% |
🇧🇸 The Bahamas | 4.1% |
🇬🇲 The Gambia | 6.0% |
🇹🇱 Timor-Leste | 4.2% |
🇹🇬 Togo | 6.2% |
🇹🇴 Tonga | 2.9% |
🇹🇹 Trinidad and Tobago | 3.5% |
🇹🇳 Tunisia | 1.6% |
🇹🇷 Turkey* | 3.0% |
🇹🇲 Turkmenistan | 2.3% |
🇹🇻 Tuvalu | 3.5% |
🇺🇬 Uganda | 5.9% |
🇺🇦 Ukraine | N/A |
🇦🇪 United Arab Emirates | 4.2% |
🇬🇧 United Kingdom* | -0.6% |
🇺🇲 U.S.* | 1.4% |
🇺🇾 Uruguay | 3.6% |
🇺🇿 Uzbekistan | 4.7% |
🇻🇺 Vanuatu | 3.1% |
🇻🇪 Venezuela | 6.5% |
🇻🇳 Vietnam | 6.2% |
West Bank and Gaza | 3.5% |
🇾🇪 Yemen | 3.3% |
🇿🇲 Zambia | 4.0% |
🇿🇼 Zimbabwe | 2.8% |
*Reflect updated figures from the January 2023 IMF Update.
The U.S. is forecast to see 1.4% GDP growth in 2023, up from 1.0% seen in the last October projection.
Still, signs of economic weakness can be seen in the growing wave of tech layoffs, foreshadowed as a white-collar or ‘Patagonia-vest’ recession. Last year, 88,000 tech jobs were cut and this trend has continued into 2023. Major financial firms have also followed suit. Still, unemployment remains fairly steadfast, at 3.5% as of December 2022. Going forward, concerns remain around inflation and the path of interest rate hikes, though both show signs of slowing.
Across Europe, the average projected GDP growth rate is 0.7% for 2023, a sharp decline from the 2.1% forecast for last year.
Both Germany and Italy are forecast to see slight growth, at 0.1% and 0.6%, respectively. Growth forecasts were revised upwards since the IMF’s October release. However, an ongoing energy crisis exposes the manufacturing sector to vulnerabilities, with potential spillover effects to consumers and businesses, and overall Euro Area growth.
China remains an open question. In 2023, growth is predicted to rise 5.2%, higher than many large economies. While its real estate sector has shown signs of weakness, the recent opening on January 8th, following 1,016 days of zero-Covid policy, could boost demand and economic activity.
A Long Way to Go
The IMF has stated that 2023 will feel like a recession for much of the global economy. But whether it is headed for a recovery or a sharper decline remains unknown.
Today, two factors propping up the global economy are lower-than-expected energy prices and resilient private sector balance sheets. European natural gas prices have sunk to levels seen before the war in Ukraine. During the height of energy shocks, firms showed a notable ability to withstand astronomical energy prices squeezing their finances. They are also sitting on significant cash reserves.
On the other hand, inflation is far from over. To counter this effect, many central banks will have to use measures to rein in prices. This may in turn have a dampening effect on economic growth and financial markets, with unknown consequences.
As economic data continues to be released over the year, there may be a divergence between consumer sentiment and whether things are actually changing in the economy. Where the economy is heading in 2023 will be anyone’s guess.
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