In most asset classes, the percentage of issuers planning launches is slightly higher than the percentage of investors planning purchases in the next 12 months. But overall, supply and demand appear relatively well-aligned. US equity is by far the dominant asset class for both groups, 50% higher than the next highest asset class. Issuers then cited international developed market equity, high yield ifxed income and ESG as their next highest priorities, while investors ranked smart beta, emerging market equity and corporate ifxed income as their next most likely purchases. What ETF products do you intend to launch or invest in over the next 12 months? US Equity 65% 67% Smart Beta 32% 29% Emerging 30% Market Equity 27% Corporate 24% Fixed Income 27% ESG 35% 25% Equity Blend 16% 25% Developed Market 41% International Equity 25% High Yield 35% Fixed Income 23% Fixed Income Blend 27% 19% Municipal 27% Fixed Income 19% Government 14% Fixed Income 17% None 8% 2% 0% 10%20% 30%40% 50%60% 70%80% Issuer Investor 4