In this second instalment of ETF TV’s in-depth interview series, Frank Koudelka, Senior Vice President, ETF Product Solutions at State Street, joins Deborah Fuhr and Margareta Hricova to explore the forces shaping the global evolution of exchange-traded funds—and what lies ahead for the industry.
The conversation highlights how ETFs have demonstrated resilience across multiple periods of market volatility, supported by their structural advantages, including transparency, liquidity, and intraday tradability. These characteristics have enabled investors to respond dynamically to changing market conditions and reinforce ETFs as a core portfolio building block.
A central theme throughout the discussion is the critical role of regulation in accelerating ETF adoption globally. Koudelka points to reforms such as the elimination of retrocessions and enhanced fee transparency—across markets including Australia, Canada, and Europe—as catalysts that have driven investor demand toward ETFs. These regulatory shifts have reinforced the value proposition of ETFs by highlighting lower costs, transparency, and alignment with investor outcomes.
Looking beyond the U.S., the interview underscores that while the U.S. remains the dominant ETF market, global success requires a far more nuanced, market-by-market approach. Europe and Asia present distinct regulatory frameworks, investor bases, and distribution channels, requiring issuers to tailor strategies to institutional versus retail demand and to navigate fragmented regulatory environments.
Koudelka and Fuhr also examine emerging growth regions, identifying Latin America—where cross-border structures such as UCITS play a key role—and the Middle East, where rising wealth and increasing investor sophistication are expected to drive significant ETF adoption in the coming years.
The discussion further explores how the ETF value chain is evolving, with innovation continuing to expand the use cases for ETFs. Active ETFs, income-generating strategies, downside protection, and access to private markets are reshaping the product landscape, while advances in digital infrastructure—such as tokenisation—have the potential to broaden distribution and, over time, fundamentally transform market structure. These trends are consistent with broader industry shifts toward innovation, digitalisation, and expanding asset class access within the ETF wrapper.
Reflecting on his career, Koudelka emphasises a pivotal insight: the ETF should be viewed not as a passive product, but as a highly efficient delivery vehicle capable of supporting a wide range of investment strategies. This evolution is driving increased competition, greater investor choice, and continued industry growth.
Looking ahead, the interview concludes with a clear message for the next generation of ETF leaders: remain nimble, embrace innovation, and avoid constraining ETFs within traditional definitions. As the industry continues to broaden its applications—from income solutions to alternative assets—ETFs are positioned to play an increasingly central role in global investment portfolios.
Thank you, Frank for your contributions to the ETF industry. Enjoy your retirement!
This episode is essential viewing for ETF leaders, board members, and strategists.
This is part one of a two part interview. 🎥Watch at www.ETFtv.net
You can watch this episode and prior episodes at: ETF TV and on YouTube.
You can listen to this episode of ETF TV and prior episodes as podcasts on:
ETF TV is your insight into the world of exchange-traded funds, issuers and investment. Register to receive updates and watch prior episodes at www.ETFtv.net and make sure to follow us on LinkedIn – ETF TV company page and ETFs Network group.
Register to attend one or more of our upcoming ETFGI Global ETFs Insights Summit events in 2026:
- 7th Annual – Asia Pacific, September 9th in Hong Kong and September 10th virtual. Register now.
- 7th Annual – United States, September 29th in New York City. Register now.
- 7th Annual – Middle East & GCC, October 20th in Dubai. Register now.
- 7th Annual – Europe & Africa, November 19th in London and November 20th virtual. Register now.
- 8th Annual- Canada, December 8th in Toronto at Borden Ladner Gervais LLP (BLG)‘s
🆓 Free Registration: For CFA members, buy-side institutional investors, and financial advisors.
📚 CPD Credits: Earn educational credits.
Disclaimer: ETF TV is a news update and is intended for informational purposes only. ETF TV does not provide investment advice nor recommend products.
If you are interested in sponsoring, being a guest, or have any questions on ETF TV, please email deborah.fuhr@etftv.net
Contact:
Deborah Fuhr
Managing Partner, Founder
ETFGI
Mobile: +44 777 5823 111
Email: deborah.fuhr@etftv.net
Web: www.etftv.net
Connect on:
Deborah Fuhr Twitter | LinkedIn
ETF TV Twitter | LinkedIn | Youtube | Website