“Cash flow has never been a goal for us, it’s more of an outcome,” says Janel Jackson, Vanguard Head of Bank and Institutional, who recently appeared on Bloomberg to discuss the fast growth of Vanguard’s S&P 500 ETF (VOO). VOO officially claimed the top spot for the ETF with the most assets, passing State Street’s SPDR S&P 500 ETF Trust (SPY).

It has been a longstanding claim that firms are staying private for longer, reducing the number of public companies—and investors’ chances of benefiting from early company growth. But is that true? To find out, we analyzed initial public offering (IPO) and public company data from 2003 to 2024.

In this edition of ETF Industry Perspectives, we focus on why Indian equities may appeal to investors, as well as some of the risks associated with this market. We also look at why investors might want to consider bond ETFs in their portfolios as an alternative to cash.

As macroeconomics continue to weigh on dealmaking, secondary markets offer a bright spot.