For the first time in American financial history, there are more exchange-traded funds than publicly listed companies trading on US exchanges. According to Morningstar data, the count crossed over in late August 2025, with more than 4,300 ETFs against approximately 4,200 stocks.
How we got here
The ETF population has roughly doubled over the past eight years. What was once a niche product category anchored by index trackers like the SPDR S&P 500 ETF (SPY), launched way back in 1993, has ballooned into a sprawling ecosystem of actively managed funds, thematic plays, and crypto-native products.
More than 640 new ETFs launched in 2025 alone through August. That’s nearly three new funds every trading day.
Total assets under management in US ETFs have soared above $13 trillion by late 2025. Fund issuers have leaned heavily into active management strategies, thematic investing, and highly specialized niche products. Meanwhile, the number of publicly listed companies has been on a long, slow decline due to mergers, acquisitions, private equity buyouts, and fewer IPOs.
