Arguments have been made for both “big is beautiful” and “less is more” over the years. In the European exchange-traded world, it is clear that scale is everything and the large players dominate the market. Yet small and niche providers maintain they have a role to play.

Between them, the top three providers account for more than two thirds (68.5%) of assets in European-listed ETFS. For the top five, it is more than three quarters (78.3%), according to research and consulting firm ETFGI.