Cboe Added 394 ETF Listings in 2025 Amid Expansion of Derivatives Products
Key Facts
Cboe added 394 new ETF listings in 2025, its strongest year for listings on record, according to its annual review of U.S. equity markets. The company said the total included 351 new listings and 43 funds that moved to the exchange from other venues. The expansion came in a U.S. market that saw about 1,100 new ETF launches in the same year, according to Nasdaq’s estimate. The figures point to broad product-launch activity, but count listings and do not alone measure the assets managed by the funds. Products based on derivatives were a prominent feature of Cboe’s listing growth.
Cboe said about 50% of U.S. ETF launches in 2025 included options, futures or other derivatives strategies. On its platform, about 60% of new listings were derivatives-based products, a share that applies to the exchange’s portfolio of new listings and does not represent these products’ share of assets across the entire ETF market. The figures highlight the distinction between the prevalence of derivatives strategies in launches and the amount of money invested in them. Nasdaq estimated that about 25% of U.S. launches in 2025 used options as a core element of their strategy. That figure differs from Cboe’s, which includes options, futures and other derivatives; one figure describes U.S. launches and the other exchange listings.
Defined-outcome funds led Cboe’s new listing categories in 2025, with 128 listings, followed by single-stock funds with 117. The exchange said it listed 85% of all defined-outcome funds, and that these products accounted for 94% of the category’s assets. The figures show Cboe’s strong position in a particular category, but do not mean it commands the same share of assets across the ETF market as a whole. The U.S. market had about 5,000 ETFs after 2025 launches, according to Nasdaq’s estimate, exceeding the number of individually listed companies. The breadth of the fund universe provides context for the scale of activity over which exchanges competed, while Cboe’s figures remain tied to its own listings and specific classifications.
The wave of listings came in a strong year for U.S. equity trading: average daily trading volume in 2025 rose 44.6% year over year to 17.6 billion shares. Average daily notional value also increased 43.3% to $1.1 trillion, according to Cboe. The market hit a daily peak on April 9, 2025, at 30.98 billion shares and $1.86 trillion in traded notional value. The exchange linked the peak to a sharp rise in stocks after the announcement that most tariffs would be suspended for 90 days. In another sign of a changing trading structure, off-exchange trading’s share of total volume rose 361 basis points to 50.6% in 2025.
New product launches continued in 2026, with the United States recording 505 new ETF products in the first five months of the year, according to ETFGI. In the firm’s comparison, global launches totaled 1,063 in the corresponding period of 2025, while total new products worldwide reached a record 1,397 through the end of May 2026. After accounting for 208 product closures, the global net increase was 1,189 funds. The figures reflect continued expansion in product supply, with differing scopes between U.S. launches and the global total. They also show that Cboe’s listing activity sits within a broader market in which product counts are changing in the United States and worldwide.
On trading, Cboe said changes to trading volumes and access fees approved by the U.S. Securities and Exchange Commission are expected to take effect on the first business day of November 2026. The step sets a near-term date for the market-rule changes the exchange cited in its annual review. The company also expects extended-hours trading to launch in December 2026. It said it is preparing to lead the transition to trading U.S. equities 23 hours a day, five days a week. These dates set out upcoming operational and regulatory developments for the market, without the company providing an estimate in its statement of their effect on listings or trading volumes.
In the equity market, Cboe shares closed at $340.42 on October 23, 2026, according to EL7 data. The stock closed at $306.47 on October 19, before the later price of $340.42 on October 23. That move puts the stock at a higher closing level at the end of the period shown. The available data do not include the trading-session range on October 23. These prices show the stock’s movement on specific days, while the listing and derivatives figures relate to the exchange’s business performance in 2025.