After President Donald Trump’s election day victory, one year has passed and led to an equity market rally that fueled a surge in ETF investment demand.

Ever since the contentious presidential election day victory, assets under management for mutual funds and ETFs jumped 16%, or $2.9 trillion, to $21.1 trillion, reports Jeff Cox for CNBC.

The rising demand for fund investments has been attributed to the robust performance in U.S. equities and the Dow Jones Industrial Average gained 29% over the past 12 months while the S&P 500 is 21.6% higher, with both hitting upon new record highs.

In response to the ongoing rally, investors funneled billions of dollars into funds of all kinds since Trump’s election victory, with the majority of assets finding their way to passive funds. While mutual funds still enjoy the lion’s share of assets in the passive investment industry, assets in passive index-based ETFs are quickly gaining.

Related: 3 ETFs with Value Tilt to Best Access Current Markets

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