Assets invested in the exchange-traded fund and exchange-traded product industry in Canada and the US hit a record high at the end of June, according to ETF consultancy ETFGI. Canada saw assets rise to $79.42bn at the end of last month, while in the US they hit $2.256tn.

Year to the end of June, US and Canada ETF/ETP assets hit a record high, according ETFGI.

The news will be a boon to the ETF industry, which is predicted to hit assets of $7tn by 2021, according to a recent report from PWC. The firm expects the North American ETF market to grow to $5.9 trillion in AUM by 2021 (a 23% cumulative annual growth).

Canada gathered net inflows of $8.33 in the first six months of the year. This surpassed the previous record of $7.08bn in 2012. Equity ETFs/ETPs saw assets hit $4.23bn, followed by fixed income ETFs/ETPs which have gathered $3.52bn in net new assets, and commodity ETFs/ETPs which saw $139m in net inflows. All figures for the three assets classes were record highs.

The US gathered net inflows of $66.3bn in the first six months of the year, which was significantly below the $102.97bn over the same time period last year. Despite this fixed income ETFs/ETPs gathered a record high $44.55bn in net inflows YTD and commodity ETFs/ETPs which have gathered a record level of $18.05bn. However, this was offset by equity ETFs/ETPs experiencing net outflows of $2.66bn during the timeframe.

The US now has 1,931 ETFs/ETPs, assets of $2.256 trillion, from 97 providers listed on three exchanges. Vanguard has gathered the largest net ETF/ETP inflows with $39.15bn, followed by iShares with $26.64bn and Schwab ETFs with $6.94bn.

This compares with the smaller Canadian ETF industry, which had 422 ETFs, 574 listings, assets of $79.42bn, from 16 providers on two exchanges, at the end of June.  YTD, BMO AM gathered the largest net ETF/ETP inflows YTD with $4.14bn, followed by Vanguard with $1.39bnn and iShares with $1.39bn.