ETFs have been the fastest-growing segment of the asset- management business, benefiting money managers such as BlackRock, Vanguard and State Street Corp. In the 12 months ended Feb. 28, ETF assets in the U.S. increased 19 percent to $1.4 trillion, compared with about 0.5 percent for mutual funds, which hold $13.5 trillion, according to data from the Washington-based Investment Company Institute.

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