Australian Securities Exchange (ASX:ASX) shares rose in morning trade on Friday after welcoming its 400th exchange-traded fund (ETF) with the listing of the Global X S&P Australia GARP ETF (ASX:GRPA) on Thursday.

ASX experienced "significant" growth in the ETF market, as its funds under management surged to over AU$300 billion in September from AU$219 billion in the same month last year, marking an increase of more than AU$80 billion, according to a statement from the financial market exchange.

The number of ETFs on the ASX has almost doubled over the last five years, from 216 ETFs in September 2020, the statement said.