Fueled by robust demand for exchange-traded funds (ETFs), the German fund industry has surpassed €5 trillion (US$5.8 trillion) in assets under management for the first time in history.

According to a Tuesday announcement from the German fund industry association BVI, total assets under management rose by €348 billion in the first half of this year, reaching €5.2 trillion. The increase was largely driven by market value gains, while ETF investments also contributed significantly to the growth.

Of the total net inflows of €740 billion across the industry, ETFs attracted nearly €40 billion in new funds.