It's been another strong first half for the U.S. ETF industry, with overall flows set to challenge or surpass historic records.

This year in the six months through June 2023, ETF expenses fell just 0.001%, one-fifth of what we would have expected based on the drops over the previous five years, when asset-weighted ETF expense ratios fell by over 0.01% per year, on average, as depicted in the chart below.