Three Key Themes from ICI’s Inaugural ETF Conference

More than 700 ETF professionals gathered in Nashville last week for ICI’s inaugural ETF Conference, a four-day program dedicated to the opportunities and challenges shaping one of the fastest-growing segments of the fund industry. The event brought together leaders from across the ETF ecosystem, including asset managers, service providers, and regulators, for candid discussions on product innovation, operational readiness, and the policy landscape ahead.

The decision to launch a conference focused exclusively on ETFs came directly from member demand. As ETFs continue to grow in scale and importance—with global assets now approaching $12 trillion—the need for a forum that connects the industry on its unique issues has never been greater. This new convening adds an important dimension to ICI’s slate of annual conferences, offering space for technical expertise, regulatory dialogue, and forward-looking debate.

Across four days of panels and networking, several themes emerged that will shape the trajectory of the ETF industry in the years ahead.

1. The growth of the ETF ecosystem has led to greater resilience and accessibility.

Multiple panelists noted the proliferation of ETFs over the last 15 years, with the ecosystem growing to approximately $12 trillion in ETF assets and counting. Hammad Qureshi, Senior Economic Adviser at ICI, shared ICI research demonstrating the expansion of the broader ETF industry: “Since 2021, there have been 145 mutual funds that have converted into ETFs. And these funds collectively managed about $90 billion in assets at the time of their conversions...Once ETF share class applications are approved, we could see a significant number of mutual funds adding on ETF share classes.”

He also highlighted the innovativeness and resilience of the ETF ecosystem, even during times of extreme stress. This point was echoed by panelist Noel Archard, Senior Vice President and the Global Head of ETFs and Portfolio Solutions at AllianceBernstein, who said: “Every time there’s sort of a market disruption, you tend to see ETF volume really spike. And that’s because ETFs are accessible to so many types of investors.”

Hammad Qureshi, Senior Economic Adviser at ICI, shared ICI research demonstrating the expansion of the broader ETF industry

2. The industry is largely prepared for the anticipated impacts and operational challenges of ETF share classes.

One of the biggest questions of the conference centered on the industry's readiness for ETF share classes. Panelist Josh Jacobs, Chief Commercial Officer of ETFs at U.S. Bank, said “yes…with lots and lots of caveats. No one can officially say that we’re 100% ready because the rules haven’t been approved by the SEC yet.” Gerard O’Reilly, Co-CEO and Co-CIO of Dimensional, echoed this sentiment, noting: “There’s certain aspects of [dual ETF share class] that the industry is very operationally ready to do today, and certain aspects that are going to take time to get more operational efficiency around.”

The consensus among panelists was optimistic, with many noting that while there may be a couple years of growing pains in terms of ironing out all the operational challenges and ensuring a great client experience, over the long run, ETF share classes will be overwhelmingly positive for clients and the industry.

Paul Cellupica, General Counsel at ICI hosts a fireside chat with Gerard O’Reilly Co-CEO & Co-CIO at Dimensional Fund Advisors 

3. The SEC is inching closer to a decision on dual share class ETFs.

On the last day of the conference, Kaitlin Bottock, Assistant Director at the SEC’s Division of Investment Management, announced: “As for timing [on ETF share class approval], we’re finalizing our process. We’re at the one-yard line.” She added that the regulator has 80 active applications seeking the same kind of relief to launch a fund with an ETF class and a mutual fund class, and that engagement with the industry has helped the SEC refine its thinking on the exemptive process.

The SEC’s imminent approval is poised to reshape the fund landscape.

Kaitlin Bottock, Assistant Director at the SEC’s Division of Investment Management on a panel discussion at the ICI ETF Conference

Looking Ahead to the 2026 ETF Conference

For more insights as well as highlights and photos from the 2025 ETF Conference, check out ICI on LinkedIn and X. If you attended the conference and enjoyed your experience, please share your feedback via video and help us promote next year’s conference.

Stay tuned to the ICI Events page for information about the location and dates of the 2026 ETF Conference.