THIRTY YEARS AGO EXCHANGE-TRADED FUNDS did not exist. Today they're worth more than $4 trillion in assets under management. Since the launch of the U.S.'s first ETF in 1993, exchange-traded products have risen to be one of the world's largest asset categories, with retail and institutional investors alike pouring money into the rapidly growing industry. By 2015, ETFs and ETPs had overtaken another industry giant, hedge funds, in assets under management. In the less than two years since, ETFs have amassed an additional $1 trillion as hedge funds have continued to hover around the $3 trillion mark.
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