ETFs and similar exchange-traded products now account for more than 17 percent of the U.S. mutual fund industry, by AUM. (Though given that the biggest ETFs tend to be low-cost index funds, the ratio probably looks very different if you look at revenue or earnings instead of AUM.)

U.S. ETF and ETP AUM ended November at a record $4.28 trillion, the ETFGI team estimates. That's a 3.1 percent month-over-month increase, thanks in part to $50.94 billion in net November inflows. (The ETFGI team also estimates that worldwide ETF and ETP AUM ended November at a record $6.12 trillion.)

On the traditional mutual fund side of the U.S. asset management industry, ICI's most recent data is their Trends in Mutual Fund Investing report last month, which shows industry AUM ending October at $20.4657 trillion. (ICI's November report has not yet been released.) That includes $3.5184 trillion in money market AUM (meaning that the ETF industry is now about 22 percent bigger in the U.S. than the money fund one) and $16.9473 trillion in long-term AUM. (Funds of funds are excluded from ICI's totals.) 

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