The global value of exchange-traded funds is poised to overtake hedge funds this quarter for the first time, reaching another milestone as billions continue to pour into index-linked strategies.

Data from research firm ETFGI shows ETF assets rose to a record $2.93 trillion at the end of March, up 5.3% in the first quarter. Global hedge fund assets tracked by Hedge Fund Research rose 3.4% to $2.94 trillion in the same period.