US active ETF issuances had a historic 2025: The number of US active ETF launches jumped +71% YoY, to a record 997 in 2025. This marks the 3rd consecutive annual increase. These new launches represent ~36% of the total 2,800 active ETFs in the US market. Short-term, trading-oriented ETFs drove the surge, soaring +366% YoY to a record 345, or ~34% of all active launches. Most of these products targeted leveraged or inverse equity strategies. By comparison, only ~150 passive ETFs launched last year, bringing the total number of US-domiciled passive ETFs to a record ~3,500. Active ETF issuance is booming.(The Kobeissi Letter)