# ETF Industry Statistics 2026

Source: https://www.vistashares.com/etf-statistics/
Published: 2026-11-13 | Updated: 2026-11-13

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

U.S. exchange-traded funds (ETFs) held $16.24 trillion at the end of September 2026, and ETFs worldwide held $23.91 trillion, according to ETFGI. This page collects 70 dated statistics on the ETF market: its size, the money flowing in, launches and closures, active, buffer, option income and thematic ETFs, what ETFs cost, who owns them and how they trade. Each figure gives its as-of date and is linked in the notes to the publisher's own report or data page. Data providers count slightly different sets of funds, so their totals can differ; where they do, we name the source of each number.

## How big is the ETF market?

U.S. ETFs held $16.24 trillion in assets at the end of September 2026, up 21.0% from $13.43 trillion at the end of 2025, according to ETFGI.[1]

The Investment Company Institute (ICI), which counts a slightly different set of funds, put combined U.S. ETF assets at $16.15 trillion in September 2026, up $3.52 trillion, or 27.8%, over 12 months.[2]

ETFs worldwide held $23.91 trillion at the end of September 2026, up 20.7% for the year and just below the record $24.03 trillion reached at the end of August 2026, according to ETFGI.[3]

There were 17,989 ETFs worldwide at the end of September 2026, with 34,573 listings from 1,076 providers on 83 exchanges in 65 countries.[3]

ETFGI counted 5,780 U.S. ETFs from 511 providers at the end of September 2026.[1]

The three largest ETF providers managed 58.3% of global ETF assets and 70.0% of U.S. ETF assets at the end of September 2026.[3, 1]

At year-end 2025, the U.S. had 4,495 ETFs with $13.4 trillion in total net assets, 70% of the $19.2 trillion held in ETFs worldwide, according to ICI.[4]

U.S. ETF assets grew from $151 billion at year-end 2003 to $13.4 trillion at year-end 2025, and their share of all assets managed by U.S. investment companies rose from 2% to 30%.[5]

Index mutual funds and index ETFs together held 52% of long-term mutual fund and ETF assets at year-end 2025, up from 19% at year-end 2010.[5]

## How much money flows into ETFs?

Net inflows are the money investors put into ETFs minus the money they take out; ICI calls the same measure net issuance.

U.S. ETFs took in $1.56 trillion of net inflows in the first nine months of 2026, already above the full-year record of $1.50 trillion set in 2025, according to ETFGI.[1]

U.S. ETFs gathered $152.93 billion of net inflows in September 2026, their 53rd consecutive month of net inflows.[1]

ETFs worldwide gathered a record $2.24 trillion of net inflows in the first nine months of 2026, including $276.06 billion in September.[3]

September 2026 was the 88th consecutive month of net inflows into ETFs worldwide.[3]

ETFs worldwide took in a record $2.37 trillion of net inflows in 2025, up from $1.88 trillion in 2024.[6]

U.S. ETF net issuance reached a record $1.5 trillion in 2025, up from $1.1 trillion in 2024, according to ICI.[4]

Bond ETF net issuance rose from $295 billion in 2024 to $443 billion in 2025, according to ICI.[4]

ICI estimated U.S. ETF net issuance of $49.83 billion for the week ended November 4, 2026.[7]

Investors added a net $24.2 billion to U.S. ETFs in the week to November 10, 2026, across the 2,393 funds ETFIQ tracks daily.[8]

## How many ETFs launch and close each year?

Sponsors launched 1,099 U.S. ETFs in 2025, up from 758 in 2024, according to ICI.[4]

224 U.S. ETFs were liquidated or merged in 2025, up from 174 in 2024.[4]

From 2016 to 2025, 4,576 new U.S. ETFs were offered to investors and 1,425 were liquidated or merged.[4]

A record 2,141 ETFs and other exchange-traded products launched worldwide in the first seven months of 2026, against 1,587 in the same period of 2025, while 353 closed, according to ETFGI.[9]

The U.S. accounted for 889 launches and 186 closures in the first seven months of 2026.[9]

In the seven weeks from September 21 to November 6, 2026, 89 U.S. funds began trading while ETFIQ recorded 124 closures or closing notices.[10]

From the start of 2021 through 2025, 191 mutual funds holding $113 billion converted to ETFs, according to ICI.[4]

## How big are active ETFs?

An active ETF is run by managers who choose its holdings, rather than tracking an index.

Active ETFs worldwide 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.[11]

There were 5,797 active ETFs from 736 providers worldwide at the end of August 2026.[11]

Active ETFs worldwide took in $733.95 billion of net inflows in the first nine months of 2026.[3]

U.S. active ETFs gathered a record $590.23 billion of net inflows in the first nine months of 2026, against $362.74 billion in the same period of 2025.[1]

Actively managed ETFs registered under the Investment Company Act of 1940 held 11.1% of U.S. ETF total net assets at year-end 2025, according to ICI.[4]

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.[9]

## How big are buffer and defined outcome ETFs?

A buffer ETF uses options to absorb a set amount of an index's loss over a fixed outcome period, often one year, in exchange for a cap on gains. Morningstar places these funds in its Defined Outcome category.

The 420 ETFs in Morningstar's Defined Outcome category held $78 billion at the end of 2025 and had collected a combined $57 billion of inflows since 2020.[12]

Defined outcome ETFs charged an average fee of 0.75% at the end of 2025, according to Morningstar.[12]

Only 19 of the 420 defined outcome ETFs held more than $1 billion at the end of 2025, while 191 held less than $50 million.[13]

The first outcome-based ETFs launched in 2018, and by August 2025, 98% of outcome-based ETF assets were in buffer strategies, according to Cboe.[14]

65 defined outcome ETFs launched in the U.S. in the first half of 2026, the second most of any Morningstar category.[15]

ETFIQ counted $94.5 billion in U.S. buffer ETF net assets on November 11, 2026, across the 459 funds with a published asset figure.[16]

## How big are option income and covered call ETFs?

Option income ETFs, including covered call ETFs, sell options on stocks or indexes and pay out the premiums they collect, usually giving up some upside in return. Morningstar calls this category Derivative Income.

Morningstar's Derivative Income ETF category held $127 billion on September 30, 2025, up from under $1 billion at the end of 2020.[17]

Derivative Income drew more inflows than any other Morningstar category in the first nine months of 2025, with 72 new listings.[17]

46 derivative income ETFs launched in the U.S. in the first half of 2026, the third most of any Morningstar category.[15]

ETFs built with options, such as outcome-based and option income funds, made up more than 40% of new U.S. ETF listings in 2025 through early August, according to Cboe.[18]

ETFIQ counted 396 U.S. covered call and option income ETFs with $215.2 billion in net assets on November 11, 2026, based on the 383 that reported assets.[19]

## How big are thematic ETFs?

Thematic funds invest around a long-term trend, such as artificial intelligence, robotics or clean energy, rather than a traditional sector or region. Morningstar's thematic figures include both ETFs and mutual funds.

Thematic fund assets worldwide reached $779 billion at the end of September 2025, a three-year high but still 15% below the 2021 peak, according to Morningstar.[20]

A record 3,198 thematic funds were open worldwide at the end of September 2025, up from 2,897 three years earlier.[20]

Europe held 44% of global thematic fund assets on September 30, 2025, below half for the first time in a decade, while the rest of the world held 32% and the U.S. held 23%.[20]

332 U.S. thematic funds held $180 billion at the end of September 2025, up 50% over three years.[20]

European thematic funds lost a further EUR 4.1 billion to outflows in the first quarter of 2026, bringing outflows since their mid-2023 peak to EUR 114 billion.[21]

ETFIQ tracked 428 U.S. thematic ETFs across 55 themes on November 11, 2026; 67 had more than $1 billion in net assets and 225 had less than $100 million.[22]

## What do ETFs cost?

An expense ratio is the yearly fee a fund charges, as a percentage of assets. An asset-weighted average counts large funds more than small ones, so it shows what the typical invested dollar paid.

Index equity ETFs had an asset-weighted average expense ratio of 0.14% in 2025, unchanged from 2024, according to ICI.[5]

Index bond ETFs had an asset-weighted average expense ratio of 0.09% in 2025, down 1 basis point (0.01 percentage point).[5]

The simple average expense ratio of index equity ETFs, which counts every fund equally, was 0.45% in 2025, which shows that most ETF money sits in the lower-cost funds.[5]

Since 2009, average expense ratios have fallen 59% for index equity ETFs, from 0.34% to 0.14%, and 64% for index bond ETFs, from 0.25% to 0.09%, through 2025.[23]

The asset-weighted average expense ratio across all U.S. mutual funds and ETFs was 0.32% in 2025, down from 0.34% in 2024 and 0.80% in 2006, according to Morningstar.[24]

Passive funds charged an asset-weighted average of 0.10% in 2025, against 0.57% for actively managed funds.[24]

Morningstar estimates that investors saved nearly $6.8 billion in fund expenses in 2025 as fees fell.[24]

## Who owns ETFs?

About 15% of U.S. households, an estimated 19.8 million, held ETFs in 2025, according to ICI.[4]

86% of ETF-owning households also owned mutual funds in 2025, while 23% of mutual fund-owning households also owned ETFs.[4]

The median ETF-owning household had $150,000 in income, against $87,000 for all U.S. households.[4]

The median ETF-owning household had $500,000 in financial assets outside its home, against $115,000 for all U.S. households.[4]

In 2025, 81% of ETF-owning households had individual retirement accounts (IRAs), and 59% held ETFs in an IRA.[4]

54% of ETF-owning households were willing to take substantial or above-average investment risk in 2025, compared with 25% of all U.S. households.[4]

Index domestic equity mutual funds and ETFs together held 19% of the value of U.S. stocks at year-end 2025.[25]

## How are ETFs traded?

Most ETF trading happens on stock exchanges between investors (the secondary market). Large brokers called authorized participants also create and redeem ETF shares directly with the fund (the primary market).

ETF trading averaged 28% of daily U.S. stock market trading volume in 2025, down from 32% in 2022, according to ICI.[4]

ETF trading reached 42% of total U.S. stock market trading in April 2025, after revised U.S. tariff policies unsettled markets.[4]

On average, 88% of all ETF activity in 2025 took place on the secondary market rather than through creations and redemptions.[4]

Domestic equity ETFs had $8.3 trillion of creations and redemptions in 2025, only 5.6% of the $148.1 trillion traded in U.S. company stocks.[4]

54 authorized participants had agreements with ETF sponsors in 2024, and 37 of them actively created and redeemed shares.[26]

Most U.S. securities trades, including ETF trades, have settled one business day after the trade date (T+1), instead of two, since May 28, 2024, the compliance date the SEC set.[27]

The SEC adopted Rule 6c-11, known as the ETF rule, on September 26, 2019; it lets ETFs that meet its conditions operate under the Investment Company Act of 1940.[28]

The first U.S. ETF, a broad-based domestic equity fund, launched in 1993.[26]

## Frequently asked questions

### How much money is invested in ETFs?

U.S. ETFs held $16.24 trillion at the end of September 2026, according to ETFGI, and $16.15 trillion according to ICI, which counts a slightly different set of funds. ETFs worldwide held $23.91 trillion at the same date. U.S. ETF assets rose 21.0% in the first nine months of 2026, helped by a record $1.56 trillion of net inflows.

### How many ETFs are there?

ETFGI counted 5,780 U.S. ETFs and 17,989 ETFs worldwide at the end of September 2026. ICI counted 5,368 U.S. ETFs in September 2026 and 4,495 at year-end 2025. Counts differ because each provider decides which exchange-traded products to include, for example commodity funds and funds not registered under the Investment Company Act of 1940.

### Are ETFs cheaper than mutual funds?

On average, yes. Morningstar found that the average ETF fee was around half the average mutual fund fee in 2025. The comparison depends on the type of fund, though: ICI reports that index equity mutual funds had a lower asset-weighted average expense ratio than index equity ETFs in 2025, at 0.05% against 0.14%. Trading costs, such as the bid-ask spread (the gap between the prices to buy and to sell), also matter for ETFs.

### How many Americans own ETFs?

About 19.8 million U.S. households, roughly 15% of all households, held ETFs in 2025, according to ICI. Most of them also own mutual funds, and many hold ETFs in retirement accounts: 59% of ETF-owning households held ETFs in an IRA.

### Why do ETF statistics differ between sources?

Providers define the market differently. Some count every exchange-traded product, including notes and commodity pools; others count only funds of a particular legal type. They also differ in timing, in how they treat reinvested distributions and in how they classify categories such as buffer, option income and thematic funds. That is why this page names the source and date of each figure.

### How often is this page updated?

We review the page each quarter, when ICI, ETFGI and Morningstar publish new data, and update annual figures when the ICI Fact Book and the Morningstar fee study are released. Figures from ETFIQ are recalculated from public filings and market data each trading night, so they can change between our reviews.

## NOTES

- ETFGI, "[ETFGI reports ETFs Industry in the US Breaks Full-Year Net Inflow Record with $1.56 Trillion Gathered Through end of September](https://etfgi.com/news/press-releases/2026/10/etfgi-reports-etfs-industry-us-breaks-full-year-net-inflow-record-156)," press release, October 16, 2026; data as of September 30, 2026.
- Investment Company Institute, "[Release: Exchange-Traded Fund Data, September 2026](https://www.ici.org/research/stats/etf/etfs-09-26)," October 29, 2026.
- ETFGI, "[ETFGI Reports Global ETF Industry Records US$2.24 Trillion in YTD Net Inflows Through September 2026](https://etfgi.com/news/press-releases/2026/10/etfgi-reports-global-etf-industry-records-us224-trillion-ytd-net)," press release, October 26, 2026; data as of September 30, 2026.
- Investment Company Institute, "[2026 Investment Company Fact Book, Chapter 4: US Exchange-Traded Funds](https://www.icifactbook.org/pdf/2026-factbook-ch4.pdf)," April 2026; data as of year-end 2025 unless stated.
- Investment Company Institute, "[Trends in the Expenses and Fees of Funds, 2025](https://www.ici.org/system/files/2026-03/per32-01.pdf)," ICI Research Perspective, Vol. 32, No. 1, March 2026.
- ETFGI, "[ETFGI reports assets in the Global ETF industry Hit Record US$19.85 Trillion as Industry Posts Highest-Ever Annual Net Inflows](https://etfgi.com/news/press-releases/2026/01/etfgi-reports-assets-global-etf-industry-hit-record-us1985-trillion)," press release, January 20, 2026; data as of December 31, 2025.
- Investment Company Institute, "[Release: Estimated ETF Net Issuance](https://www.ici.org/research/stats/etf_flows)," November 10, 2026; week ended November 4, 2026.
- ETFIQ, "[ETF fund flows](https://etfiq.com/flows/)," data as of November 10, 2026.
- ETFGI, "[New ETF launches surge to all-time high as innovation accelerates across active, AI-driven, income, and thematic strategies](https://etfgi.com/news/press-releases/2026/08/new-etf-launches-surge-all-time-high-innovation-accelerates-across)," press release, August 31, 2026; data as of July 31, 2026.
- ETFIQ, "[ETF News: Launches, Closures and Filings](https://etfiq.com/news/)," data as of November 10, 2026; VistaShares sum of ETFIQ's weekly counts for the weeks of September 21 to November 2, 2026.
- 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](https://etfgi.com/news/press-releases/2026/09/global-actively-managed-etfs-industry-reaches-record-272-trillion)," press release, September 25, 2026; data as of August 31, 2026.
- Morningstar Manager Research, "[Defined Outcome ETFs: A definitive guide](https://www.morningstar.com/content/cs-assets/v3/assets/blt9415ea4cc4157833/blt2d885fde2895d23f/698cb7d6664b36cdfb8426c5/Defined_Outcome_ETF_Landscape.pdf)," February 2026; data as of December 31, 2025.
- Morningstar, "[How the Largest Buffer ETF Providers Stack Up](https://www.morningstar.com/funds/how-largest-buffer-etf-providers-stack-up)," February 18, 2026; data as of December 31, 2025.
- Cboe Global Markets, "[How Outcome Based ETFs Are Reshaping Investor Demand](https://www.cboe.com/insights/posts/how-outcome-based-etfs-are-reshaping-investor-demand/)," Cboe Insights, August 7, 2025.
- Morningstar Manager Research, "[The State of US ETFs 2026](https://assets.contentstack.io/v3/assets/blt9415ea4cc4157833/blt8c95249d31689228/State_of_US_ETFs_2026_FINAL.pdf)," September 2026; launch counts as of June 30, 2026.
- ETFIQ, "[Buffer ETFs](https://etfiq.com/buffer/)," data as of November 11, 2026.
- Morningstar, "[The Big Winners in the Active ETF Race, So Far](https://www.morningstar.com/funds/big-winners-active-etf-race-so-far)," November 4, 2025; data as of September 30, 2025.
- Cboe Global Markets, "[Cboe Surpasses 1,000 U.S. Listed ETFs as Demand for Innovative Products Drives Market Growth](https://ir.cboe.com/news/news-details/2025/Cboe-Surpasses-1000-U-S--Listed-ETFs-as-Demand-for-Innovative-Products-Drives-Market-Growth/default.aspx)," press release, August 5, 2025, citing Bloomberg data.
- ETFIQ, "[Covered call and option income ETFs](https://etfiq.com/income/)," data as of November 11, 2026.
- Morningstar Manager Research, "[Global Thematic Fund Landscape 2025](https://www.morningstar.com/content/cs-assets/v3/assets/blt9415ea4cc4157833/bltc6f6a4f03788229c/69256facfe773b49d907d5c5/Global_Thematic_Fund_Landscape_2025_Update_Nov24.pdf)," November 2025 update; data as of September 30, 2025.
- Morningstar, "[European Funds Register Positive Quarter Despite Flight to Cash During Iran War](https://global.morningstar.com/en-gb/funds/european-funds-register-positive-quarter-despite-flight-cash-during-iran-war)," April 27, 2026; data as of March 31, 2026.
- ETFIQ, "[Themes: thematic ETFs and what they hold](https://etfiq.com/themes/)," data as of November 11, 2026.
- Investment Company Institute, "[2026 Investment Company Fact Book: Quick Facts Guide](https://www.icifactbook.org/pdf/2026-factbook-quick-facts-guide.pdf)," April 2026.
- Morningstar Manager Research, "[2026 US Fund Fee Study](https://www.morningstar.com/content/cs-assets/v3/assets/blt9415ea4cc4157833/bltceffe0d68d048b0a/6a076fcbc9bda1fb11c9f0a6/US_Fund_Fee_Study_2026.pdf)," May 2026; data as of December 31, 2025.
- Investment Company Institute, "[2026 Investment Company Fact Book, Chapter 2: US Fund Market Developments](https://www.icifactbook.org/pdf/2026-factbook-ch2.pdf)," April 2026.
- Investment Company Institute, "[ETF Basics and Structure: FAQs](https://www.ici.org/faqs/faqs_etfs)," updated April 2026.
- U.S. Securities and Exchange Commission, "[SEC Finalizes Rules to Reduce Risks in Clearance and Settlement](https://www.sec.gov/newsroom/press-releases/2023-29)," press release 2023-29, February 15, 2023.
- U.S. Securities and Exchange Commission, "[SEC Adopts New Rule to Modernize Regulation of Exchange-Traded Funds](https://www.sec.gov/newsroom/press-releases/2019-190)," press release 2019-190, September 26, 2019.

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.

## IMPORTANT INFORMATION

This material is provided for educational purposes only. It is not investment, legal or tax advice, and it is not a recommendation or an offer to buy or sell any security. Information is drawn from sources believed to be reliable as of the date of publication, is not guaranteed as to accuracy or completeness, and may change without notice. Figures attributed to third parties are their estimates. Projections and forecasts are not guarantees of future results. Investors should consult their own financial, legal and tax professionals before making investment decisions. Investments involve risk, including possible loss of principal. Companies in a single industry or theme may be affected by common economic, regulatory or technological developments and may be more volatile than the broad market. References to companies, governments or programs are for illustration only.