S&P Dow Jones Indices 表示，人工智慧与私募市场正为指数供应商带来新业务机会，同时也加剧竞争。AI 热潮不仅成为全球股市的重要投资主题，也推动指数编制方式出现「重大转变」，例如以机器学习、自然语言处理等方法建构指数，并用 AI 生成分析报告以提升透明度。随著更多指数供应商、主动基金与避险基金都运用 AI，市场效率可能提高，取得超额报酬（alpha）将更困难。
在私募市场方面，S&P 指出公私市场界线正变得模糊，市场对「透明基准」的需求上升；但要进一步推出追踪这类指数的投资产品，流动性仍是核心挑战。整体趋势上，被动投资预期将持续成长：Morningstar 指出，美国被动共同基金与 ETF 的总资产在 2024 年首次超过主动型，且差距于 2025 年进一步扩大。
截至 2025 年 10 月，被动管理资产已逾 19 兆美元，而主动管理约 16 兆美元。DJI 2025 年中报告显示，2025 年上半年有 54% 的主动管理美国大型股基金落后 S&P 500，且自 2010 年以来每年落后比例都高于 50%。股息策略在亚洲也吸引资金：LSEG 称 2024 年底全球股息型 ETF 管理资产接近 6,000 亿美元，较四年前翻倍以上；中国 ETF 市场快速成长并于今夏超越日本成为亚洲最大市场，而中国与日本合计占亚洲 ETF 市场逾半。
S&P Dow Jones Indices says artificial intelligence and private markets are opening new avenues for index providers while intensifying competition. AI is not only a major equity theme but is also driving a “big shift” in index construction, including using machine learning and natural language processing to build indexes and using AI to produce analysis that improves transparency. As index firms, active managers, and hedge funds adopt similar tools, markets may become more efficient and generating alpha (excess returns) may get harder.
Private markets are another growth focus as the boundary between public and private assets blurs, increasing demand for transparent benchmarks. A key next step is creating investable products that track such benchmarks, but liquidity remains a challenge. More broadly, passive investing is expected to keep expanding: Morningstar says U.S. passive mutual-fund and ETF assets exceeded active assets for the first time in 2024, and the gap widened further in 2025.
As of October 2025, passive assets were above $19 trillion versus about $16 trillion in active assets. DJI’s mid-year 2025 report found 54% of actively managed U.S. large-cap equity funds underperformed the S&P 500 in the first half of 2025, and the underperforming share has been above 50% every year since 2010. Dividend strategies are also drawing flows in Asia: LSEG puts global dividend-ETF AUM near $600 billion at end-2024, more than double four years earlier; China’s ETF market surpassed Japan this summer, and China plus Japan account for over half of Asia’s ETF market.