Standard & Poor’s (S&P) indices accounted for 13.8% of the company's total $1.6bn revenue in Q1 2019, according to the firm’s latest global quarterly report.

S&P's Q1 revenue from indices is up $5m year-over-year, from $212m in Q1 2018 to $217m in Q1 2019. This was the firm’s smallest revenue maker for the quarter with other segments such as its ratings and market intelligence pulling in $696m and $482m, respectively.

Despite the $5m rise in revenue from the previous year’s Q1 performance, S&P’s expenses for its indices also grew $5m. This means its operating profits of $149m for Q1 this year remained the same as last year.

In April, S&P Dow Jones Indices debuted an environment, social and governance (ESG) version of its famous S&P 500 index. Shortly after the launch, UBS listed an ETF tracking the index with an expense ratio of 0.12%.

Revenue from ETFs is S&P’s largest component of asset-linked fees and the average ETF assets under management associated with the company’s indices increased 2% year-over-year.