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  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan Asset Management",
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  "notes": "The chart uses a stacked area format to show the composition of the ETF market (Market-cap weighted, Factor, Active).",
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      "text": "Growth in AUM of U.S. ETFs",
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      "text": "AUM: $14.3tn",
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      "text": "Source: Bloomberg, J.P. Morgan Asset Management. *Market-cap weighted* ETFs are index-linked passive investment vehicles. \"Factor\" ETFs are ETFs that focus on specific factors or characteristics and are passively linked to a custom index. *The \"ETF Rule,\" officially SEC Rule 6c-11, went into effect in December 2019 and modernized regulation of ETFs as open-ended funds by establishing a clear and consistent framework for most ETFs across both index and actively managed strategies, enabling ETF issuers to bring new strategies to market, and permitting \"custom in-kind\" creation and redemption baskets to be available for all types of covered ETFs under the new regulation. Data are as of the latest available month, typically with a one-month lag. This slide comes from our Guide to ETFs. Guide to the Markets – U.S. Data are as of March 30, 2026.",
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      "text": "AUM (USD trillion) Dec 2019 Latest Ann. growth since '19 Market-cap weighted 3.2 10.1 20% Factor 0.9 2.5 18% Active 0.1 1.7 57% Total 4.2 14.3 22%",
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      "text": "Growth and evolution of the ETF market",
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