- The document discusses the history and evolution of ETFs from their origins in the 1990s to their present state and future trends. - ETFs now offer access to nearly every asset class and have proliferated greatly beyond just broad equity indexes. However, the retail market in Europe remains underdeveloped compared to the US. - For ETFs to further expand at the retail level in Europe, greater investor demand, trading volume/liquidity, transparency, and ease of cross-border transactions are needed. Consolidation around the largest providers is also expected.