Axa Investment Managers is the most recent player to leave the exchange traded funds business, but industry experts say it probably will not be the last.

Axa IM’s withdrawal from EasyETF, its joint venture with BNP Paribas Asset Management, announced last month, comes as others are looking to increase their share of the ETF market. The reasoning behind Axa IM’s decision, however, may have a familiar ring for some existing ETF shops.