The $2.1 trillion global exchange-traded fund industry has been growing at a rapid clip since the SPDR S&P 500 ETF was launched two decades ago as a means for institutional investors to access passive exposure to the S&P 500 Index.

Over the last 10 years, assets in ETFs have grown over 30% annually, compared to a 5% to 6% growth in mutual funds, according to consulting and research shop McKinsey & Company.

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