Breaking Down America’s $13 Trillion ETF Market
Key Takeaways
- ETFs have become a cornerstone of U.S. investing, with the market totaling $13.4 trillion in assets.
- Equities dominate the ETF market, with roughly $10.5 trillion—nearly 80% of total ETF assets.
- Bond ETFs hold a distant but significant $2.2 trillion, while hundreds of billions more are allocated to commodities, currencies, real estate, and other specialized strategies.
Exchange-traded funds (ETFs) have become one of the most popular investment vehicles in the United States. They have given investors low-cost, diversified access to nearly every corner of global markets.
This visualization, created in partnership with Terzo, breaks down America’s $13.4 trillion ETF market by asset class. It offers a clear view of how capital is distributed across equities, bonds, and other investment categories—and how that allocation shapes portfolio risk and returns.
What Is an ETF?
An ETF is an investment fund that trades on stock exchanges, much like an individual stock. Most ETFs are designed to track an index, sector, commodity, or asset class. This allows investors to gain broad exposure without having to pick individual securities.
Compared to mutual funds, ETFs typically offer lower fees, greater transparency, and the flexibility to trade intraday. This has fueled their rapid adoption among both retail and institutional investors.
ETF Assets by Class
Equities dominate the ETF landscape by a wide margin. U.S. equity ETFs hold roughly $10.5 trillion in assets under management (AUM), accounting for nearly 80% of all ETF assets. Bond ETFs follow with just over $2.2 trillion, reflecting growing demand for fixed income exposure in a more liquid and accessible format.
| Asset Class | Assets Under Management (AUM) |
|---|---|
| Equities | $10.5T |
| Bonds | $2.2T |
| Commodities | $318B |
| Currencies | $160B |
| Real Estate | $77B |
| Other* | $102B |
| Total | $13.4T |
Beyond stocks and bonds, ETFs have expanded into a wide range of asset classes. Commodity ETFs manage about $318 billion AUM, while currency ETFs hold roughly $160 billion. Real estate ETFs account for $77 billion AUM, and a collection of other specialized strategies, including alternatives and niche exposures, add another $102 billion.
Understanding the Financial Landscape
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