In the same 12 months, 21 new products were launched by nine different providers.
The insights revealed by Rainmaker Information are "certainly a win for investors", according to Rainmaker head of investment research, John Dyall.
"The traditionally concentrated market has seen a shift in recent years with over one fifth of all products having only been introduced in the last 24 months."
Of the 21 products launched since December 2018, International equities - the fastest growing asset class saw eight new products enter the space. Fixed interest, multi-asset and Australian equities asset classes each saw four new products introduced.
"It is commonly accepted that competition is a good thing in a market. A highly concentrated market means that consumers have less choice and may be paying too much for the product offered." Said Dyall.
"ETPs which provide exposure to multiple securities or indexes offer a great alternative within investor's portfolios. Providers in the space are capitalising on the excitement."
The dynamic market is seeing a changing of the guard. In 2012 the two largest managers by FUM, BlackRock and State Street, controlled just over 68% of total investment in the market. In 2019 the market share of the same providers has since dropped to 35.6%.
In the same time, the number of providers operating in the space expanded from just eight at end December 2012 to 26 providers at end December 2019, that offer 209 products.
Rainmaker analysis, using the Herfindahl-Hirschman Index, a popular metric exploring market share division within a market and indicative of the concentration and competitiveness market confirms this shift.
Analysing market share based on FUM, the market has moved from being highly concentrated in 2012 to being of moderate concentration in 2019. Yet, assessing market share based on fee revenue of the 26 providers, the market becomes diluted and highly competitive.
Ord Minnett, Count Financial and Industry Fund Services achieved the largest net growth in their number of financial advisers in 2022.
Investors may make more money if they invest in managed investment products that are in net outflows.