Since their introduction only two decades ago, Exchange-Traded Funds (ETFs) have been undeniably successful. Growing far beyond their initial function of tracking large liquid indices in developed markets, ETFs now hold over $2.6 trillion of assets globally. In fact, the proliferation of ETFs was identified as one of the six game changers in the asset management (AM) industry in 2013. New investor segments continue to integrate ETFs into their portfolios and fund sponsors continue to introduce new products. As such, financial services firms who do not have an ETF strategy should consider developing one. This may be obvious for firms planning to manage, service, or distribute ETFs, but it is also important for firms that will be competing in an environment that is increasingly shaped by ETFs. This report leverages the results of a recent global survey and shows insights into how the ETF business is likely to evolve globally over the next six years.