Changing market conditions are driving the demand for fixed income indexes, thematic indexing, and digital asset indexing from investors, while increasing focus on customization and responsiveness by index providers.

In Asia-Pacific, FTSE Russell leads index providers with the launch of key developments in equity, digital assets, and fixed income.

The higher-for-longer interest rate environment has resulted in a shift in client demand from equity indexes to fixed income indexes. Two years prior, the trend was towards short-duration and inflation-linked products due to the rate hike cycle. However, more recently, investors are moving towards longer-duration products and, consequently, demanding more long-duration-linked indices, indicating a reverse trend.

Thematic indexes, however, remain relevant, with S&P Dow Jones Indices (S&P DJI) leading the way in areas like electric vehicles (EVs) and autonomous vehicles, although these themes are seen as a continuation of existing trends.

Highly dynamic market conditions are also pushing investors to focus on customized indices that can provide more flexibility, cost-effectiveness, and responsiveness. This indicates that clients value providers who can quickly develop bespoke indices and offer excellent client servicing.

Digital asset indexes are emerging as a significant area of development. FTSE Russell, for instance, has launched a customized Top 20 index for digital assets, which is the first basket digital asset index in Hong Kong. Providers are also innovating with digital asset staking indices that incorporate data directly from blockchain networks. This suggests an increasing focus on providing diversified crypto exposure to investors.

Although interest in sustainability investing has been slowing, both S&P DJI and FTSE Russell are expanding their existing ESG indices, although there are really no new major developments in ESG indexing.

S&P DJI has launched a biodiversity index, while FTSE Russell, which has always been strong in fixed income, has launched an ESG index on fixed income. Certain index providers maintain strong regional dominance, such as Hang Seng in the Hong Kong equity market with its flagship products and CSI in China. China Bond Pricing Center is also dominant in the fixed income indexes in China.

In terms of competition and innovation, the market is seeing new players like Solactive, which is challenging established providers by offering more innovative and cost-effective solutions, particularly in specific regional markets such as Taiwan and Hong Kong, where it has launched multi-asset ETFs.

It is in this context that we are announcing the winners of the Index Provider Awards as part of The Asset Triple A Private Capital Awards for Private Banks, Wealth & Investment Bank Advisers, Solutions and Index Providers 2025.

FTSE Russell

Best Index Provider – Asia

Best Index Provider, Equity – Asia

Best Index Provider, Fixed Income – Asia

Best Index Provider, Digital Assets – Asia

FTSE Russell has launched new developments in equity indexing, digital asset indexing, and fixed income indexing.

In equities, FTSE Russell has continued a growing trend it began last year with the cross-listing of Saudi Arabian ETFs in the mainland China market. FTSE Russell licensed its Saudi Arabia indices to CSOP Asset Management to launch Saudi Arabian ETFs. Two feeder funds, the Huatai-Pinebridge CSOP Saudi Arabia ETF QDII and the China Southern CSOP Saudi Arabia ETF QDII, which mirror the CSOP Saudi ETF in Hong Kong, have been listed in Shanghai and Shenzhen.

In another key development for FTSE Russell in equities, UOB Asset Management switched the index of the United Shanghai Stock Exchange (SSE) 50 China ETF to the FTSE China A50 Index.  The change allows for a more comprehensive coverage of China’s A-share market as the FTSE China A50 Index includes the 50 largest and most liquid A-shares on both the Shanghai and Shenzhen stock exchanges. In comparison, the SSE 50 Index was restricted to tracking the 50 largest and most liquid A‑share companies listed solely on the Shanghai Stock Exchange.

In fixed income, FTSE launched new indices in Japan, Korea, and Taiwan, riding on the shift in client demand for short-duration indices and inflation-linked products at the same time.

FTSE launched three fixed income indices that are being tracked by iShares ETFs in Japan – Bond 7-10 Year ETF, iShares 25+ Year US Treasury Bond Long Duration ETF, and iShares 25+ Year US Treasury Bond Long Duration JPY Hedged ETF.

In Korea, the newly-launched Korea Investment Management ACE FTSE WGBI Korea Fund ETF has the FTSE Korean Government Bond Index as its underlying index, following the inclusion of Korean government bonds in the FTSE Russell World Government Bond Index (WGBI) in October 2024.

In Taiwan, the Taishin FTSE WorldBIG BBB USD Corporate Capped Select 10+ ETF has the FTSE World BIG Index as its underlying index.

In digital indexing, Hong Kong’s Hashkey Capital launched the Hashkey 20 Index Fund in Hong Kong, tracking the FTSE Custom Digital Asset Top 20 Index. This is the first multi-token crypto index fund approved by the Securities and Futures Commission in Hong Kong and is open to institutional and accredited investors. The index aims to capture the top 20 largest tokens in the crypto industry and provide a simple and efficient way for investors to diversify their crypto portfolio and gain exposure to the overall growth of the crypto industry.

Another key development in digital indexing for FTSE is the FTSE Digital Assets Staking Index Series. “Staking” in digital assets refers to the process of actively participating in the validation of transactions on a proof-of-stake (PoS) blockchain. The FTSE Digital Asset Staking Index Series is designed to provide market participants with a mechanism to evaluate the impact of staking on total return.

S&P Dow Jones Indices

Best Index Provider, ESG – Asia

Best Index Provider, Commodities – Asia

Best Index Provider, Multi-asset – Asia

Best Index Provider, Thematic – Asia

S&P DJI continues to expand its wide array ESG indexes, including the launch of biodiversity indexes for small and large caps, particularly the  S&P 500 Biodiversity Index and the S&P Global LargeMidCap Biodiversity Index in February 2024.

In commodities, S&P DJI launched the S&P GSCI Minneapolis Wheat and S&P GSCI Composite Wheat indices. S&P DJI recently acquired the rights to futures data from Minneapolis Grain Exchange (MGEX), on which Minneapolis Wheat futures contracts are traded. S&P DJI’s access to MGEX futures data is a critical step towards a more inclusive, diversified, and representative wheat indexing. It enhances the utility of the GSCI framework for both benchmarking performance and building wheat-related investment strategies.

In multi-asset indexing, S&P 500 launched the 10% Daily Premium Covered Call Index in May 2024, an index measuring the performance of a long position in the S&P 500 TR and a short position in a standard S&P 500 weekly call option, initiated daily. The index targets a 10% annual yield from the option premium. Korea’s Mirae Asset launched this product suite following the success of the Dow Jones US Dividend Covered Call Family in 2023. In less than a year since its launch, the ETF has grown to US$220 million in assets under management (AUM).

Still in multi-asset indexing, S&P DJI also launched the S&P 500 10% Buffered Index in March 2025, an index that measures the performance of a strategy targeting fixed downside protection while allowing for upside participation up to a variable level on an annual basis. For investors, this introduces a structured strategy benchmark that combines elements of capital protection and equity market participation, a key innovation in indexing for risk-managed investing.

In thematic indexing, S&P DJI continues to be active in autonomous driving, EV, and AI. Among its recently launched indexes are the S&P Kensho Global Artificial Intelligence Enablers Screened Index, which tracks the global backbone of AI innovation, and the S&P Transatlantic AI-Related Data Center & Power Supply Infrastructure Index, which captures the surge in data centre and power infrastructure development across the United States and Europe.

Solactive

Best Index Provider, Innovation – Asia

Best Index Provider, Equity – Australia

Best Index Provider, Multi Asset – Hong Kong

Best Index Provider, Thematic – Korea

In terms of indexing innovation in Asia, Solactive’s combination of speed, flexibility, cost-efficiency, and deep customization has revolutionized the indexing landscape in the region. Its technology-first approach and collaborative model empower financial institutions to build highly differentiated, timely, and relevant investment products.

In equity indexing in Australia, Solactive’s flagship Australia 200 Index underpins the BetaShares Australia 200 ETF, currently the biggest ETF in Australia with over A$12 billion (US$7.83 billion) in AUM, demonstrating leadership in broad market exposure at a TER (total expense ratio) of just 0.04%. Solactive has emerged as the top-tier partner for equity indexing in Australia by delivering tailored, ESG-aligned, and thematically relevant benchmarks through a client-first, tech-enabled model.

In multi-asset indexing in Hong Kong, Solactive has demonstrated its capabilities through the Fubon Solactive Core Diversified Multi-Asset Index ETF, Hong Kong's first multi-asset ETF, including commodities, which tracks the Solactive Core Diversified Multi-Asset Index. The ETF was built in partnership with Fubon Fund Management.

In terms of thematic indexing in Korea, Solactive supported the launch of 18 ETFs over the past year, including the Kiwoom US Quantum Computing ETF, the KB RISE US Quantum Computing ETF, the KIM ACE Global Big Pharma ETF, the Eli Lilly Value Chain ETF, and the Shinhan SOL US Tech Top 10 series, which offers 1x and -1x exposure to the most prominent tech names on Nasdaq.

Hang Seng Indexes Company

Best Index Provider – Hong Kong

Best Index Provider, Thematic – Hong Kong

Hang Seng Indexes Company (HSIL) wins the Best Index Provider in Hong Kong award for 2024–2025 for its deep market expertise, adaptability to evolving investor needs, and role in shaping Hong Kong’s position as a leading financial centre in Asia. As a trusted local institution with a strong track record, HSIL combines heritage, innovation, and relevance, making it an indispensable force in the indexing ecosystem.

In terms of thematic indexing in Hong Kong, HSIL has actively grown its thematic indexing roster, anchored in technology-driven methodologies (like NLP) and delivered through cross-market frameworks. Through its indices, HSIL is facilitating trading in biotech companies by collaborating with ETF providers who offer biotech funds. HSIL has also partnered with Cyberport on AI and ML (machine learning) processing.

China Securities Index (CSI)

Best Index Provider – China

CSI stands out for its index breadth, innovation, market impact, and credibility. As the dominant index provider in China, CSI plays a central role in both domestic and international access to the country’s capital markets. It offers broad and deep coverage of China’s equity and fixed income markets, including the CSI 300 Index, the leading benchmark for China A-shares, widely used by domestic and global investors, as well as the CSI 500, CSI 1000, and sectoral indices, enabling granular exposure to mid-cap, small-cap, and specific industries.

ChinaBond Pricing Center (CBPC)

Best Index Provider, Fixed Income – China

As a subsidiary of the China Central Depository & Clearing Co (CCDC), CBPC is the official provider of bond pricing and valuation data in China, a trusted source of bond pricing in this market. CBPC’s deep market integration, authoritative pricing, and innovative fixed income indices make it the most impactful and reliable fixed income index provider in the market and essential to the development, efficiency, and global accessibility of China’s bond market.

For the full list of winners, please click here.

The awards dinner will be held on September 5, 2025. Please contact celebrate@TheAsset.com for details.