Chart below is an update of one in MFO article You Too Can Start an ETF, published in January 2025.

 

At this year’s Morningstar Investment Conference, Bryan Armour discussed the industry wide rotation at a session called The ETF Takeover. He was kind enough to share the session’s definitive chart deck.

 

Will update regularly until the overtake occurs …

 

As of 18 September 2026:

 

Mutual Funds vs ETFs:  6,051 vs 5,507.

 

As of 21 August 2026:

 

Mutual Funds vs ETFs:  6,055 vs 5,408.

 

As of 14 August 2026:

 

Mutual Funds vs ETFs:  6,059 vs 5,398.

 

As of 7 August 2026:

 

Almost there, like 100 ETFs per week lately.

 

Kind of a joke … CorgiFunds, main culprit, mostly mindless levered products, hoping to attract quick AUM.

 

Then Leverage Shares by Themes. More of same. Example: SPCH – Leverage Shares 2X Long SPCX Daily ETF.

 

Then Definance. Same. I believe these issued as “white label” via Tidal. Which I’m starting to find akin to the pop-up corner used car or camper or boat salesman. Here today, gone tomorrow. Yep, you have the car (ETF), but does the salesperson (advisor) have any agency? Have any interest in car owner (shareholder)? Need to dig further.

 

Mutual Funds vs ETFs:  6,058 vs 5,395.

 

As of 31 July 2026:

 

As of 24 July 2026:

 

Original chart from January 2025 article: