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ETF Investors Navigate a Changing Economy

Nasdaq's 2025 ETF Retail Investor Survey

Generational comparisons and other economic and social trends driving ETF opportunities.

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Nasdaq conducted a survey of over 2,000 retail investors — from Gen Z to Baby Boomers — to discover the latest trends in the investment decision-making process. From economic attitudes to risk preferences and asset classes to advice, the results create an interesting landscape for market participants.

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As the ETF wrapper evolves and new cohorts of investors enter the marketplace, it’s vital that ETF providers and financial advisors adapt their unique product development, distribution, and promotional strategies to stay ahead.

Giang Bui, Head of U.S. Equities and ETFs, Nasdaq

2025 ETF Retail Investor Survey


The results are in and the retail market looks vastly different from generation to generation. 

Dive deeper into the retail investor perspective by exploring:

  • Economic concerns
  • Trade frequency
  • Investment research: time spent and information sources leveraged
  • Financial advisor usage ETF preferences: familiarity, research, thematics and management strategies


The results are in and the retail market looks vastly different from generation to generation. 

Dive deeper into the retail investor perspective by exploring:

  • Economic concerns
  • Trade frequency
  • Investment research: time spent and information sources leveraged
  • Financial advisor usage ETF preferences: familiarity, research, thematics and management strategies
ETF Investors Navigate a Changing Economy

LEARN HOW RETAIL INVESTOR PROFILES ARE SHIFTING

Key Findings

70%
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Economic Outlook

Baby Boomers rank national debt as their second highest concern, echoing a broader fiscal conservatism. Almost two-thirds of Millennials are concerned about trade tariffs at 64%, the highest proportion across generations. Gen Z stands out for being anxious about student loan debt. It’s the cohort’s single most pressing economic issue, with some 29% saying this is a concern, up 8% from 2024.

50%
ETF Thematics

Cryptocurrency, financial technology, and artificial intelligence remain the top ETF themes across all demographics, with half of Millennials (50%) and nearly half of Gen Zers (46%) holding cryptocurrency-themed ETFs. ETF holders cited high growth potential, long-term investment opportunity and technological innovation as their main reasons for investing in crypto, fintech and AI ETFs.

28%
Media Trends

28% of ETF holders spend at least 1 hour researching ETFs. Compared with 2024, ETF retail investors are expressing greater confidence in how media sources convey ETF information. Since the previous survey, infographics (+11%), webinars (+7%), online discussion boards (+6%) and blogs/newsletters (+6%) have attracted more traffic.

Investor Insights

Unlock Insights Into Each Generation

Our 2025 investor profiles provide full detail on each generation of investors, including:

  • Economic concerns
  • Trade frequency
  • Investment research: time spent and information sources leveraged
  • Financial advisor usage
  • ETF preferences: familiarity, research, thematics and management strategies
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Gen Z Profile

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Millennials Profile

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Gen X Profile

baby boomer generation investor profile

Baby Boomers Profile

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