Just a decade old, exchange-traded products have now garnered more than $102 billion in assets, according to Morgan Stanley data.

ETF assets grew by 21% last year, even as mutual funds saw net outflows. And their average daily trading volume rose to $6.3 billion from $3.2 billion a year earlier, according to Morgan. Meanwhile, their number has grown to well over 100 in the United States, with most being traded on the American Stock Exchange.

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