Asset managers cut ETF promotion in North America

Asset managers dedicated less of their North American advertising to ETF promotion in Q4 2025, data by Fundamental Monitor shows

Key points:

• The promotion of ETFs decreased from 68% in Q3 to 49% in Q4 2025.
• Brand campaigns made up 40% of all asset management advertising in North America.
• 48 advertisers promoted ETFs during the quarter, up from 44 in Q3 and back at the highest level since Q4 2024.

Asset managers in North America reduced ETF promotion in Q4 2025, according to Fundamental Monitor data. The promotion of equities also saw a decrease, down from 51% in Q3 to 17% in Q4 2025. Meanwhile, the promotion of fixed income increased from 7% to 13%, and multi asset remained at 0%.

Brand campaigns made up 40% of all asset management advertising, up from 18% in Q3. Insights were up from 5% to 7% in Q4, meanwhile, fund promotion dropped from 75% to 52% in Q4.

Whilst the promotion of ETFs decreased in Q4 2025, the number of asset managers promoting the asset class increased from 44 in Q3, to 48 in Q4 2025, returning to its highest number since Q4 2024. The number of fixed income advertisers increased by only one to 24 in Q4, and multi asset remained at 2 advertisers. Equities dropped by one, from 17 advertisers to 16.

Data from Alphix Solutions shows that, despite a decline in ETF promotion, ETF-related content on asset managers’ websites remained the topic of greatest interest to investors in North America, gaining momentum in the latter part of the quarter before easing slightly.

Below are some examples of the type of campaigns that were in market in North America during Q4 2025:

Brand – Vanguard

Equities – Invesco

Fixed income – MFS Investment Management