The New York Stock Exchange | Best US Exchange for Listing ETFs
Bilal Little, Director, Exchange Traded Products, talks us through the extraordinary growth of ETFs on NYSE
What is the size and scale of your business at the moment?
The US ETF market has grown to an extraordinary scale, now exceeding USD13.5 trillion in assets under management (AUM) across nearly 4,600 listed ETFs. This represents a year-over-year increase of roughly 27 per cent, driven by strong investor adoption and product innovation. Equity ETFs continue to dominate flows in 2025, while fixed income and alternatives have also seen significant growth. This scale underscores the ETF industry’s position as a core component of modern portfolio construction. Investor demand and risk adjusted returns seem to be the key drivers
What trends have you seen over the past year?
Several key trends have defined the past year. Active ETFs have crossed the USD1 trillion AUM mark, capturing nearly 30 per cent of industry flows and accounting for most new launches. Thematic ETFs tied to AI, data centres, and sustainability have surged in popularity, reflecting investor interest in innovation and long-term growth themes. Income-focused strategies, particularly those using options overlays like covered calls, have become mainstream as investors seek yield in a volatile rate environment. Additionally, spot crypto ETFs have gained traction, signalling growing acceptance of digital assets in traditional portfolios.
What plans do you have for growing your business over the coming year?
Our growth strategy focuses on innovation, service, and education. We will continue to enhance our ETF listing platform to support next-generation products, including active, thematic, and alternative strategies. NYSE Arca has the greatest market share of traded volume and greatest depth of liquidity across all US ETFs. We will continue to leverage our comprehensive trading programs, where our market makers are incentivised to provide additional liquidity resulting in better trading for your ETPs. Additionally, we’re streamlining our service capabilities to support ETF issuers, helping them capitalise on business opportunities. We’re also investing in education, market insights, tools through resources like ETF Central, where issuers, advisers, and retail investors intersect in a rapidly evolving market.
Where do you see the ETF industry going in terms of products over the coming year?
The ETF industry is moving toward greater specialisation and innovation. We expect continued growth in active management, tactical income strategies, and thematic exposures such as AI, cybersecurity, and climate solutions. Fixed income ETFs will remain in demand, particularly short-duration and municipal strategies, while crypto and alternative ETFs will expand as investor interest grows. NYSE is committed to providing the infrastructure and support needed for these products to thrive.
How will your firm be able to support them?
NYSE has best-in-class market structure, issuer services, and educational resources and this will continue to be the case. Our platform ensures efficient trading, deep liquidity, and transparency for all listed ETFs. We also provide hands-on guidance for new launches and conversions, along with data-driven insights through NYSE Connect. To support distribution and sale efforts, we’ve continued to invest in ETF Central to help issuers and advisers navigate emerging trends.
Why do you think you won this award?
This award reflects NYSE’s leadership in driving ETF innovation and growth. We’ve consistently delivered superior listing services, supported issuers through product evolution and conversions, and invested in education and technology to strengthen the ETF ecosystem. By anticipating market needs and providing unmatched service, NYSE continues to be the exchange of choice for ETF listings.
