A long-established duopoly of the New York Stock Exchange and Nasdaq in hosting exchange traded funds is under attack, as newcomers seize a growing share of new listings. Chicago-based Cboe has secured 561 exchange-traded product launches so far in 2026, nearly half of all US launches, up from 340 in all of 2025. The fledgling Texas Stock Exchange, which began operating in July, has been picking up primary ETF listings, including some funds poached from NYSE Arca.
While NYSE and Nasdaq still dominate total ETF listings, the growing strength of challengers for new launches highlights how hosting the fast-growing $16 trillion US ETF sector has become big business. Derivatives-based ETFs have grown quickly, with buffer ETFs and synthetic income ETFs ballooning to $337 billion of assets from $104 billion at the end of 2023. Leveraged and inverse ETFs, which use swaps and futures to magnify short-term performance, hold $183 billion, a near doubling from the end of 2023.
Such products have taken ETFs into territory often seen as akin to gambling. The accelerating pace of ETF launches more broadly increases the pot of money to fight over, with 1,187 launched in the first nine months of 2026, ahead of 2025's full-year record of 1,117. NYSE and Nasdaq's share of new listings has fallen to 47.7 percent this year, the lowest figure on record and well below the two-thirds they have seen in recent years, as Cboe and others have gained share.
Source: Financial Times Companies · Summarized by HeadlinesBriefing