Global assets in exchange traded funds could rocket to nearly $5 trillion within four years, according to a report released Tuesday by McKinsey & Co.

ETF assets under management may grow from approximately $1.5 trillion today to between $3.1 trillion and $4.7 trillion by the end of 2015, according to the study.

“Not since the advent of index funds, hedge funds or possibly the mutual fund itself, has the asset management industry witnessed an innovation as profound as ETFs,” McKinsey & Co. says. [ETFs Alter the Landscape]

“Over the past decade, no other significant segment of the U.S. asset management industry has grown as quickly and consistently as ETFs,” according to the report.  “From 2000 to 2010, exchange traded product assets under management grew over 30% annually, compared to 5% to 6% for U.S. mutual funds.” [How ETFs are Changing Markets, Investing]