"a $3T industry" Not. $3T is the value of the assets held by the funds, the value of the industry is the expense fees. Its probably lower than that, if ETFs

"a $3T industry" Not. $3T is the value of the assets held by the funds, the value of the industry is the expense fees. Its probably lower than that, if ETFs didn't exist some portion of that $3T would instead be held in mutual funds.