EVERYONE is talking about how exchange-traded funds (ETFs) have now overtaken hedge funds in terms of total assets.
That's small change compared with how much ETFs trade nowadays.
In the past 12 months, investors traded US$18.2 trillion worth of ETF shares, according to data from the New York Stock Exchange and Bloomberg. That's a 17 per cent increase from the 12 months prior and more than triple what it was 10 years ago. For perspective, that means the amount of dollars exchanging hands through ETFs is now more than the US gross domestic product, which stands at US$17.4 trillion. (Sadly, both those numbers are less than the United States' US$18.5 trillion in debt.)
But perhaps even more astonishing...
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