The structure of the market is experiencing a historic shift: The number of US-listed ETFs is up to ~4,900, an all-time high, up +95% since 2020. Over the same period, the number of US publicly listed companies has declined -1,000, or -20%, to ~3,900, the lowest this century. As a result, there are now ~1,000 more ETFs than stocks to trade in the US market, the widest gap in history. Meanwhile, US ETF assets under management (AUM) jumped +10% in April, to a record $14.9 trillion. Over the last 4 years, US ETF AUM has surged +140% and now accounts for ~69% of the global ETF market. ETFs are reshaping the foundation of financial markets.(The Kobeissi Letter)