Despite their much-lauded growth in the past few decades, exchange-traded funds have been slow in attracting the attention of defined contribution pension schemes.

ETFs held $2.9 trillion in assets at the end of February, up from $2.32 trillion a year ago, according to data provider ETFGI. At the same time, consultancy Towers Watson said in its Global Pension Assets Study published in February that savings into DC pension funds accounted for 47% of the $36 trillion in total global pension assets in 2014, up from 38% in 2004, and are set to overtake defined benefit assets within a few years.