Canada’s ETF market gathered USD$28 billion in flows in 2020—a new record—and represented USD$189 billion in assets as key growth catalysts took shape. Canada’s ETF market has grown at a compound annual growth rate (CAGR) of 25% over the last five years.

Cerulli sizes Canada’s ETF market using a proprietary methodology that divides the universe into non-fund-of-fund ETFs, fund-of-fund ETFs that hold Canadian-domiciled ETFs, and fund-of-fund ETFs that hold U.S.-domiciled ETFs. Cerulli believes that the size of Canada’s ETF market should be measured by excluding only those funds of funds with Canadian-domiciled holdings, as only these would reflect double counting, while the USD$13 billion of funds of funds with U.S.-domiciled holdings reflect unique Canadian market assets.