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The Big Take

Wall Street Has Surrendered to the $500 Billion ETF Rush

Vanguard leads the way as industry prepares to shatter annual record with months to go

Skyscrapers in Manhattan Downtown, low angle view, New York, USA

Photographer: Alexander Spatari/Moment/Getty Images

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U.S. money managers couldn’t stop the march toward exchange-traded funds, so they decided to join it instead. Now it’s more like a stampede.

ETFs are on the brink of luring more money in seven months than in any calendar year on record. At $488.5 billion and counting, they’ll likely break the $497 billion full-year record set in 2020 in weeks, possibly days.