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  • Issues & Advocacy

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    Stay informed of the policy priorities ICI champions on behalf of individual investors and the asset management industry.

    • Key Policies
      • Ensuring Tax Fairness and Financial Security
      • Establishing Certainty in Financial Regulations
      • Expanding Access to Private Markets
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      • Retirement Fairness for Educators and Nonprofit Employees
      • Standing Up for Main Street Investors and Retirement Savers
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    ICI Default BG
    Comment Letter

    ICI Comment Letter Supporting the INVEST Act

    December 4, 2025
    ICI Default BG
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    ICI Comment Letter to Support the ERISA Litigation Reform Act

    December 2, 2025
    ICI Default BG
    Comment Letter

    ICI Response to the FCA Regarding Its Consultation on Progressing Fund Tokenisation

    November 21, 2025
  • Research

    Research

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    View all Research

    • Statistics
      • All Statistics
      • Combined ETF and Mutual Funds
        • Weekly Combined Estimated ETF and Long-Term Flows
        • Monthly Active and Index Data
        • Monthly ESG Investing Data
        • Quarterly Worldwide Regulated Open-End Fund Market
      • Exchange Traded Funds
        • Weekly Estimated ETF Net Issuance
        • Monthly Exchange-Traded Fund Data
      • Mutual Funds
        • Weekly Estimated Long-Term Mutual Fund Flows
        • Weekly Money Market Fund Assets
        • Monthly Money Market Fund Portfolio Data
        • Monthly Trends in Mutual Fund Investing
        • Monthly Mutual Fund Complex Assets
        • Quarterly Long-Term Mutual Fund Asset Composition
        • Quarterly Mutual Fund Assets in Retirement Accounts
        • Quarterly Mutual Fund Distributions
        • Annual Institutional Mutual Fund Shareholder Data
      • Closed-End Funds
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        • Monthly Unit Investment Trust Deposits
      • More Statistics
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        • Employee Benefit Research Institute (EBRI) /ICI 401(k) Database
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      • IRA Investors
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    • Global
      • Global Industry Research
    Featured Publication
    Image
    ici-web-photo-2231144916.jpg
    Publication

    A Close Look at Exchange-Traded Funds and Their Investors (pdf)

    October 1, 2025
    Latest Research
    A couple reviewing documents
    Perspective

    Ongoing Charges for UCITS in the European Union, 2024

    December 18, 2025
    Two office workers looking at charts on a screen
    ICI Viewpoints

    Cross-Trading Reform: Unlocking Savings and Efficiency for Funds and Investors

    December 17, 2025
    ICI Default BG
    Perspective

    Supplemental Tables: Ongoing Charges for UCITS in the European Union, 2024 (xlsx)

    December 16, 2025
  • Resource Hubs

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     Explore expert resources, analysis, and opinions on key topics affecting the asset management industry.

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    • Exchange-Traded Funds
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    • Global Retirement
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    Image
    Image of the Japanese parliament building
    News Release

    ICI、日本のNISA拡充案を歓迎

    December 19, 2025
    ICI Default BG
    News Release

    ICI Statement on Mike Selig’s Confirmation as CFTC Chair

    December 18, 2025
    A couple looking at an iPad screen
    News Release

    UCITS Ongoing Charges Decline Across EU

    December 18, 2025
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    Stay informed of the policy priorities ICI champions on behalf of individual investors and the asset management industry.

    • Key Policies
      Key Policies
      • Ensuring Tax Fairness and Financial Security
      • Establishing Certainty in Financial Regulations
      • Expanding Access to Private Markets
      • Modernizing Disclosure for a Digital World
      • Retirement Fairness for Educators and Nonprofit Employees
      • Standing Up for Main Street Investors and Retirement Savers
    • Comment Letters
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  • Research
    Research

    Research

    Explore research from ICI’s experts on industry-related developments, trends, and policy issues.

    View all Research

    • Statistics
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      • All Statistics
      • Combined ETF and Mutual Funds
        Combined ETF and Mutual Funds
        • Weekly Combined Estimated ETF and Long-Term Flows
        • Monthly Active and Index Data
        • Monthly ESG Investing Data
        • Quarterly Worldwide Regulated Open-End Fund Market
      • Exchange Traded Funds
        Exchange Traded Funds
        • Weekly Estimated ETF Net Issuance
        • Monthly Exchange-Traded Fund Data
      • Mutual Funds
        Mutual Funds
        • Weekly Estimated Long-Term Mutual Fund Flows
        • Weekly Money Market Fund Assets
        • Monthly Money Market Fund Portfolio Data
        • Monthly Trends in Mutual Fund Investing
        • Monthly Mutual Fund Complex Assets
        • Quarterly Long-Term Mutual Fund Asset Composition
        • Quarterly Mutual Fund Assets in Retirement Accounts
        • Quarterly Mutual Fund Distributions
        • Annual Institutional Mutual Fund Shareholder Data
      • Closed-End Funds
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        • Quarterly Closed-End Fund Assets
      • UITs
        UITs
        • Monthly Unit Investment Trust Deposits
      • More Statistics
        More Statistics
        • 529 Plan Program Statistics
        • Quarterly Retirement Market Data
    • Closed-End Funds
    • Defined Contribution Plans
      Defined Contribution Plans
      • 401(k)s
        401(k)s
        • Employee Benefit Research Institute (EBRI) /ICI 401(k) Database
        • The ICI/ISS Defined Contribution Plan Profile
        • 401(k) Plan Services, Fees, and Expenses
      • Defined Contribution Plan Investors
      • Defined Contribution Plan Participant Activities
      • Households' Views on Retirement Savings
      • Income from Retirement Plans
      • Retirement Plan Coverage and Participation
    • Exchange-Traded Funds
      Exchange-Traded Funds
      • ETF Owning Households
    • Fees and Expenses
    • IRAs
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      • IRA Investors
      • The IRA Investor Database™
      • The Role of IRAs in US Households’ Saving for Retirement
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    • 401(k)
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    • Cybersecurity
    • Disclosure
    • DOL Fiduciary Duty Rule
    • ESG
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    • Financial Services Regulatory
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    • Fraud Prevention
    • Global Retirement
    • Individual Retirement Account
    • Innovation
    • Liquidity Risk Management Program Rule
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  2. CHRISTOF STAHEL
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Author

Christof Stahel
Christof Stahel is senior economist at ICI.

Areas of Expertise:

Common Ownership Theory
Financial Markets
Financial Stability
Global
Proxy Voting

Christof Stahel is senior economist at ICI.

Viewpoints by this Author

Three Bs or Not Three Bs: Revisiting Claims That Investment Grade Corporate Bond Funds Pose Financial Stability Risks
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