The global head of BlackRock’s iShares business said the European market is the “most promising” market in the long term for exchange-traded products outside of the US.

Mark Wiedman, the global head of iShares, said exchange-traded fund penetration in Europe, which currently stands at slightly less than 1% of investable assets, had the potential to double over the next five years. Weidman was speaking at a media briefing on growth of the global ETP market on Wednesday.