13 Nov 2026
Active vs. Passive ETFs by the Numbers: Assets, Fees and Growth
Index-tracking ETFs still hold most ETF money, but actively managed ETFs are growing faster than any other part of the market. They took a much larger share of new money in 2026 and made up more than half of new launches worldwide. Passive funds still cost far less on average. This page lays out the key numbers on both, with the date and source for each figure.
| Figure | Active ETFs | Passive and all ETFs |
|---|---|---|
| Share of U.S. ETF assets, year-end 2025 (ICI) | 11.1% | Most of the remainder is index-based |
| Assets worldwide (ETFGI) | $2.72 trillion (Aug 31, 2026) | $23.91 trillion in all ETFs (Sep 30, 2026) |
| Number of funds worldwide (ETFGI) | 5,797 active ETFs (Aug 31, 2026) | 17,989 ETFs of all kinds (Sep 30, 2026) |
| U.S. net inflows, first nine months of 2026 (ETFGI) | $590.23 billion | $1.56 trillion into all U.S. ETFs |
| U.S. net inflows, first nine months of 2025 (ETFGI) | $362.74 billion | Not used here |
| Launches worldwide, January to July 2026 (ETFGI) | 1,212 | 2,141 exchange-traded products in all |
| Asset-weighted average fee, all U.S. funds, 2025 (Morningstar) | 0.57% for active funds | 0.10% for passive funds |
| Index equity ETF expense ratio, 2025 (ICI) | Not applicable | 0.14% asset-weighted; 0.45% simple average |
Sources: ICI 2026 Investment Company Fact Book and Trends in the Expenses and Fees of Funds, 2025; ETFGI press releases for August and September 2026; Morningstar 2026 US Fund Fee Study. Dates are shown in each row; full citations are in the notes.
What is the difference between active and passive ETFs?
A passive ETF tracks an index, such as the S&P 500, and holds the securities in that index in the same or similar weights. An active ETF is run by a manager who chooses what to buy and sell to pursue a stated objective. Some active ETFs stay close to a benchmark, while others look nothing like one, and many option-based funds, such as buffer and option income ETFs, are actively managed.
Our article on active vs. passive ETFs covers the concepts in detail. This page focuses on the numbers.
How much money is in each?
Actively managed ETFs held 11.1% of U.S. ETF total net assets at year-end 2025, according to ICI.1 Index-based funds held most of the rest. Across mutual funds and ETFs together, index funds held 52% of long-term fund assets at year-end 2025, up from 19% at year-end 2010.2
Worldwide, active ETFs held a record $2.72 trillion at the end of August 2026, up 42.6% from $1.91 trillion at the end of 2025, according to ETFGI.3 All ETFs worldwide held $23.91 trillion at the end of September 2026.4 The two dates differ by a month, so the share they imply is approximate.
How many active ETFs are there?
ETFGI counted 5,797 active ETFs from 736 providers worldwide at the end of August 2026.3 At the end of September 2026, there were 17,989 ETFs of all kinds worldwide.4 Active funds are a much larger share of the fund count than of assets, because many are new and still small.
Where is new money going?
U.S. active ETFs gathered a record $590.23 billion of net inflows in the first nine months of 2026, up from $362.74 billion in the same period of 2025, according to ETFGI.5 All U.S. ETFs took in $1.56 trillion over the same nine months.5 Active funds drew a share of new money far above their 11.1% share of U.S. ETF assets at the end of 2025.
Worldwide, active ETFs took in $733.95 billion in the first nine months of 2026, out of $2.24 trillion for all ETFs.4 Conversions add to the total: from the start of 2021 through 2025, 191 mutual funds holding $113 billion converted to ETFs, according to ICI.1
How many new funds are active?
Active ETFs made up 1,212 of the 2,141 exchange-traded products launched worldwide in the first seven months of 2026, more than half, according to ETFGI.6 Our article on how a new ETF comes to market explains the launch process.
How do fees compare?
Morningstar found that passive U.S. funds charged an asset-weighted average of 0.10% in 2025, against 0.57% for actively managed funds. Across all U.S. mutual funds and ETFs, the asset-weighted average was 0.32%, down from 0.34% in 2024.7
ICI reported that index equity ETFs had an asset-weighted average expense ratio of 0.14% in 2025. Their simple average, which counts every fund equally, was 0.45%, which shows that most ETF money sits in the lowest-cost funds.8 Asset-weighted averages describe where money is invested; simple averages describe the typical fund on the shelf.
What do the numbers mean for investors?
Cost: passive funds remain far cheaper on average, and cost is one of the few things an investor knows in advance.
Choice: more than half of new launches are active, so the range of strategies is widening quickly.
Age: many active ETFs are young and small. Checking a fund’s size and history is part of comparing it. Our guide on how to compare two ETFs lists what to look at.
More basics articles are in the ETF Basics Guide.
Frequently asked questions
What share of ETF assets is actively managed?
Actively managed ETFs held 11.1% of U.S. ETF total net assets at year-end 2025, according to ICI.
Are active ETFs growing faster than passive ETFs?
By flows, yes. U.S. active ETFs took in $590.23 billion in the first nine months of 2026, far above their share of assets, according to ETFGI.
Do active ETFs cost more?
On average, yes. Morningstar found an asset-weighted average of 0.57% for active U.S. funds in 2025, against 0.10% for passive funds. Individual funds vary widely.
How many new ETFs are active?
More than half. ETFGI counted 1,212 active launches among 2,141 exchange-traded products launched worldwide from January to July 2026.
Why are simple and asset-weighted fee averages so different?
Most ETF money sits in a small number of large, low-cost funds. An asset-weighted average reflects that money; a simple average gives every fund equal weight, including many small, higher-cost funds.
Are option-based ETFs active or passive?
Many are actively managed, including many buffer and option income ETFs, although some track option strategy indexes. The prospectus states which.
- Investment Company Institute, “2026 Investment Company Fact Book, Chapter 4: US Exchange-Traded Funds,” actively managed ETFs at 11.1% of U.S. ETF total net assets, year-end 2025, and 191 mutual funds holding $113 billion converted to ETFs from 2021 through 2025, https://www.icifactbook.org/pdf/2026-factbook-ch4.pdf.
- Investment Company Institute, “Trends in the Expenses and Fees of Funds, 2025,” index mutual funds and index ETFs at 52% of long-term fund assets, year-end 2025, https://www.ici.org/system/files/2026-03/per32-01.pdf.
- ETFGI, “Global Actively Managed ETFs Industry Reaches Record $2.72 Trillion in Assets as Year-to-Date Net Inflows Hit All-Time High of $663.6 Billion,” data as of August 31, 2026, https://etfgi.com/news/press-releases/2026/09/global-actively-managed-etfs-industry-reaches-record-272-trillion.
- ETFGI, “ETFGI Reports Global ETF Industry Records US$2.24 Trillion in YTD Net Inflows Through September 2026,” data as of September 30, 2026, https://etfgi.com/news/press-releases/2026/10/etfgi-reports-global-etf-industry-records-us224-trillion-ytd-net.
- ETFGI, “ETFGI reports ETFs Industry in the US Breaks Full-Year Net Inflow Record with $1.56 Trillion Gathered Through end of September,” data as of September 30, 2026, https://etfgi.com/news/press-releases/2026/10/etfgi-reports-etfs-industry-us-breaks-full-year-net-inflow-record-156.
- ETFGI, “New ETF launches surge to all-time high as innovation accelerates across active, AI-driven, income, and thematic strategies,” data as of July 31, 2026, https://etfgi.com/news/press-releases/2026/08/new-etf-launches-surge-all-time-high-innovation-accelerates-across.
- Morningstar Manager Research, “2026 US Fund Fee Study,” asset-weighted average expense ratios for 2025, https://www.morningstar.com/content/cs-assets/v3/assets/blt9415ea4cc4157833/bltceffe0d68d048b0a/6a076fcbc9bda1fb11c9f0a6/US_Fund_Fee_Study_2026.pdf.
- Investment Company Institute, “Trends in the Expenses and Fees of Funds, 2025,” index equity ETF expense ratios for 2025, https://www.ici.org/system/files/2026-03/per32-01.pdf.
Cite this page: Adam Patti, "Active vs. Passive ETFs by the Numbers: Assets, Fees and Growth," VistaShares, updated November 13, 2026, https://www.vistashares.com/active-vs-passive-etfs-by-the-numbers/. Plain-text version.
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