ETF Launches by Category by the Numbers: Where New Funds Are Coming From

By Adam Patti, Chief Executive Officer, VistaShares | Published November 13, 2026

More new ETFs are reaching the market than ever, and they are not spread evenly. Leveraged funds, buffer funds and option income funds led U.S. launches in the first half of 2026, and active funds made up more than half of new products worldwide. Closures continue alongside launches. This page brings the launch figures from ICI, Morningstar, ETFGI, Cboe and ETFIQ together, with the period and source for each.

Category or market	Launches	Period and source
All U.S. ETFs	1,099 in 2025; 758 in 2024	Calendar years (ICI)
All U.S. ETFs, ETFIQ count	955 new funds and 30 mutual fund conversions in 2026; 865 and 43 in 2025	2026 through Nov 12, 2026; 2025 counted as of Nov 12, 2026 (ETFIQ)
Leveraged equity trading funds	218, the most of any category	First half of 2026, U.S. (Morningstar)
Defined outcome (buffer) funds	65, second most	First half of 2026, U.S. (Morningstar)
Derivative income funds	46, third most; 72 in the first nine months of 2025	U.S. (Morningstar)
Active ETFs worldwide	1,212 of 2,141 exchange-traded products launched	January to July 2026 (ETFGI)
Options-based ETFs	More than 40% of new U.S. listings	2025 through early August (Cboe)
Closures	186 U.S. closures against 889 launches; 224 U.S. ETFs liquidated or merged in 2025	January to July 2026 (ETFGI); 2025 (ICI)

Sources: ICI 2026 Investment Company Fact Book (note 1); ETFIQ new ETFs in 2026 and ETFIQ new ETFs in 2025, as of Nov 12, 2026; Morningstar (notes 2 and 3); ETFGI (notes 4 and 5); Cboe (note 6). Each source counts a slightly different set of funds.

How many ETFs are launching?

Sponsors launched 1,099 U.S. ETFs in 2025, up from 758 in 2024, according to ICI.¹ ETFIQ counted 955 new U.S. ETFs and 30 conversions from mutual funds in 2026 through November 12, 2026, and 865 new ETFs and 43 conversions in 2025.

The two counts differ for a reason ETFIQ states on its launch pages: before October 5, 2026, it read new listings only for the fund trusts it already covered, and it does not count funds that closed before October 3, 2026, so earlier launches can be missing. ICI counts every launch in the year. The busiest month of 2026 on ETFIQ’s count was June, with 167 launches.

Which categories are launching the most funds?

In the first half of 2026, leveraged equity trading funds led U.S. launches with 218, according to Morningstar. Defined outcome funds, which include buffer ETFs, were second with 65, and derivative income funds, which include covered call and other option income ETFs, were third with 46.² In 2025, Morningstar counted 72 new derivative income listings in the first nine months of the year.³

These three categories have something in common: they use derivatives, and they are often built as families of funds. A leveraged lineup can include a separate fund for each stock and each multiple; a buffer lineup usually needs one fund for each start month. That structure multiplies launch counts. Cboe reported that ETFs built with options made up more than 40% of new U.S. ETF listings in 2025 through early August.⁶

Our articles on single-stock ETFs, buffer ETFs and option income ETFs explain each type.

How many new funds are active?

More than half worldwide. ETFGI counted 1,212 active ETFs among the 2,141 exchange-traded products launched globally in the first seven months of 2026, a record pace against 1,587 launches in the same period of 2025.⁴ Active launches include stock and bond strategies, many option-based funds, and conversions of existing mutual funds into ETFs. Our article on active vs. passive ETFs explains the difference.

How many funds are closing?

Launches come with closures. In the first seven months of 2026, ETFGI counted 889 U.S. launches and 186 closures.⁴ ICI counted 224 U.S. ETFs liquidated or merged in 2025, up from 174 in 2024, and 1,425 closed or merged from 2016 through 2025, against 4,576 opened.¹

Funds usually close because they do not gather enough assets to cover their costs. A closing fund announces the date in advance, stops trading and pays shareholders the value of their shares. Our article on what happens when an ETF closes walks through the process.

Why does the launch mix matter for investors?

More choice: new funds bring strategies that were not available as ETFs a few years ago.

Shorter records: a new fund has little history, so investors rely more on the prospectus and the strategy description.

Small funds: many new funds remain small, which can mean wider trading spreads and a higher chance of closure.

Similar products: when many issuers launch similar funds, comparing fees and structure side by side is worth the time. Our guide on how a new ETF comes to market explains the steps from filing to first trade.

More basics articles are in the ETF Basics Guide.

Frequently asked questions

How many ETFs launched in 2025?

ICI counted 1,099 U.S. ETF launches in 2025, up from 758 in 2024. ETFIQ’s count for 2025, which can miss some earlier launches, was 865 new funds plus 43 mutual fund conversions.

Which ETF category launched the most funds in 2026?

Leveraged equity trading funds, with 218 U.S. launches in the first half of 2026, according to Morningstar. Defined outcome funds were second with 65.

Are most new ETFs active?

Worldwide, yes. Active ETFs made up 1,212 of 2,141 exchange-traded products launched from January to July 2026, according to ETFGI.

Why do launch counts differ by source?

Each source defines its universe differently, such as whether it counts mutual fund conversions, exchange-traded notes or funds that later closed, and each counts over its own period.

How many ETFs close each year?

ICI counted 224 U.S. ETFs liquidated or merged in 2025. ETFGI counted 186 U.S. closures in the first seven months of 2026.

What is a mutual fund conversion?

It is an existing mutual fund that reorganizes into an ETF, keeping its portfolio and strategy. ICI counted 191 conversions holding $113 billion from 2021 through 2025.

Adam Patti, Chief Executive Officer of VistaShares, is also the founder of ETFIQ. ETFIQ does not accept payment from ETF issuers, and its figures are calculated from public filings and market data.

Cite this page: Adam Patti, "ETF Launches by Category by the Numbers: Where New Funds Are Coming From," VistaShares, updated November 13, 2026, https://www.vistashares.com/etf-launches-by-category-by-the-numbers/. Plain-text version.

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