China has joined the global craze over exchange-traded funds, the investment product that lets traders buy and sell a basket of stocks.

Better known as ETFs, the funds surged in popularity in the U.S. after the financial crisis, and built $3 trillion businesses like BlackRock’s iShares ETF brand.

In mainland China, ETFs have multiplied faster than the stock market. In five years, the number of ETFs more than quadrupled to 645, while the number of stocks rose by a mere 53% to 4,615.

That’s according to official data and a report from Hong Kong Exchanges and Clearing, which also stated the mainland ETF market has become a 1.4 trillion yuan ($209 billion) business, more than tripling in just five years.

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