ETF explainers: plain answers with live numbers

The basics

• What is an ETF? As of Nov 4, 2026, 5,068 ETFs trade in the US with $15.9 trillion in net assets, and the median fund charges 0.55% a year.
• How many new ETFs launch each month? As of Nov 4, 2026, 55 new ETFs launched in October 2026, and 1,687 have launched since Jan 1, 2025.
• What is an ETF issuer? As of Nov 4, 2026, 402 companies issue US ETFs, and iShares alone runs 461 of them with 29.2% of all net assets.
• What are ETF net assets? As of Nov 4, 2026, US ETFs have $15.9 trillion in net assets, and the median fund has $110 million; 38% of funds have under $50 million.
• Why do ETFs close? As of Nov 4, 2026, 38% of US ETFs have under $50 million in net assets, and 38 funds launched since Jan 1, 2025 have already closed.
• What is an actively managed ETF? As of Nov 4, 2026, 1,200 ETFs are actively managed and 1,422 follow an index, among the core stock, bond and commodity funds ETFIQ covers.
• What is an ETF benchmark? As of Nov 4, 2026, ETFIQ measures 651 ETFs against a named benchmark, including 130 against the S&P 500 and 56 against the Bloomberg US Aggregate Bond index.
• How old are ETFs? As of Nov 4, 2026, the median ETF is 3.2 years old, and 19% of ETFs began trading in the last year.

Costs

• What is an ETF expense ratio? As of Nov 4, 2026, the median US ETF charges 0.55% a year, and 8.2% of 5,057 funds charge 0.10% or less.
• How much does a leveraged ETF cost? As of Nov 4, 2026, the median leveraged or inverse ETF charges 0.97% a year, against 0.55% for all ETFs and 0.45% for stock ETFs.
• How much does a buffer ETF cost? As of Nov 4, 2026, the median buffer ETF charges 0.79% a year, against 0.55% for all ETFs, across 431 single-period funds.
• How much does a crypto ETF cost? As of Nov 4, 2026, the median spot crypto ETF charges 0.25% a year across 56 funds, and 25 of them have a fee waiver on record.
• What is an ETF fee waiver? As of Nov 4, 2026, 25 of 56 spot crypto ETFs have a fee waiver on record, which cuts or removes the sponsor fee until a stated date.

Trading

• What is an ETF bid-ask spread? As of Nov 4, 2026, the median ETF trades at a spread of 0.15% across 1,977 funds, and 162 funds have a spread of 0.50% or more.
• What is an ETF premium or discount? As of Nov 4, 2026, the median ETF closed 0.09% from its net asset value, and 467 of 3,211 funds closed over 1% away on a day.
• How do ETF creation and redemption work? As of Sep 23, 2026, 75 firms are named as authorized participants in the latest filings of 3,941 ETFs, and 51 of them were active in the latest year.
• What is an ETF authorized participant? As of Sep 23, 2026, ETFIQ counts 75 authorized participant firms across 3,941 ETFs, and 227 funds had just one firm active in the latest year.
• How do you measure ETF liquidity? As of Nov 4, 2026, ETFIQ scores 1,150 ETFs on liquidity from 0 to 100, with a median of 75, using spread, premium, capacity and market makers.
• How much of an ETF can you trade at once? As of Nov 4, 2026, the median ETF can absorb about $476 million of new shares a day through its holdings, across 2,562 funds.
• What is ETF net asset value? As of Nov 4, 2026, the median ETF closed 0.09% from its net asset value across 3,211 funds, and 467 closed over 1% away on a day.
• What is a limit order for an ETF? As of Nov 4, 2026, the median ETF trades at a spread of 0.15%, and 162 funds have 0.50% or more, where a limit order matters most.

Income and yield

• What is the 12-month yield of an ETF? As of Nov 4, 2026, the median income ETF has a 12-month yield of 16.5%, against 1.6% for stock ETFs and 4.4% for bond ETFs.
• What is a weekly dividend ETF? As of Nov 4, 2026, 108 ETFs pay weekly and 929 pay monthly, judged from the past year of payments.
• What is the difference between price return and total return? As of Nov 4, 2026, the median income ETF paid 16.5% in cash over a year but its price moved -9.6%, for a total return of 6.4%.
• What is a Section 1256 ETF? As of Aug 31, 2026, 73 income ETFs write options on an index, which are Section 1256 contracts, out of 353 whose options ETFIQ has read.
• What is a single-stock income ETF? As of Nov 4, 2026, 105 income ETFs write options on single stocks, and the median GraniteShares fund has 95% of its latest payout labelled return of capital.
• What is a swap-based ETF? As of Aug 31, 2026, 58 income ETFs get their exposure through swaps rather than options on listed shares, out of 353 read.
• How high can an income ETF yield go? As of Nov 4, 2026, the highest 12-month yield among 377 income ETFs is 125.5%, while the median is 16.5%.

Performance

• What is tracking difference in an ETF? As of Nov 4, 2026, the median stock ETF finished 4.3 points from its ETFIQ benchmark over a year, and the median bond ETF finished 0.60 points away.
• Do ETFs deliver what they promise? As of Nov 4, 2026, 68.0% of 1,755 measured US ETFs delivered on their own category’s promise, and they cover 98.0% of measured net assets.
• What is an ETFIQ IQ Score? As of Nov 4, 2026, ETFIQ gives an IQ Score to 1,625 ETFs, each a percentile from 0 to 100 inside one of 23 named sets of comparable funds.
• What is ETF holdings overlap? As of Nov 5, 2026, ETFIQ compares 37,717 pairs of ETFs, and 7.5% of them share more than half of their weight in the same companies.
• How are ETF flows measured? As of Nov 3, 2026, ETFIQ has a one-month flow for 694 of 5,068 ETFs, covering 43% of net assets, and every flow carries its own dates.
• How much do ETFs return in a year? As of Nov 4, 2026, the median stock ETF returned 16.7% over the past year, the median bond ETF 1.5% and the median theme ETF 9.9%.
• Do theme ETFs beat the S&P 500? As of Nov 4, 2026, 127 of 329 theme ETFs beat the S&P 500 over a full year, and 32% of the median theme fund is already in it.

Holdings

• How do you read an ETF holdings file? As of Nov 4, 2026, the median ETF lists 94 positions, and the top ten are 36% of a stock fund and 50% of a theme fund.
• How current are ETF holdings? As of Nov 4, 2026, the median ETF’s holdings on ETFIQ are dated 65 days earlier, and 56% of funds have holdings more than 60 days old.
• How do you see what an ETF really owns? As of Nov 4, 2026, ETFIQ lists the holdings of 3,495 ETFs, a median of 94 positions, with 50% in the top ten of a theme fund.
• What is ETF concentration? As of Nov 4, 2026, the top ten holdings are a median 50% of a theme ETF and 36% of a stock ETF.
• What is Form N-PORT? As of Nov 4, 2026, the median ETF’s latest holdings list on ETFIQ is 65 days old, and 56% of 3,495 funds have a list older than 60 days.
• What is Form N-CEN? As of Sep 23, 2026, ETFIQ reads Form N-CEN for 3,941 ETFs and finds 75 authorized participant firms, with 227 funds served by one active firm.

Types of ETF

• What is a thematic ETF? As of Nov 4, 2026, ETFIQ covers 427 thematic ETFs, with a median fee of 0.59% and a median 50% of the fund in its top ten holdings.
• What is a sector ETF? As of Nov 4, 2026, ETFIQ covers 211 sector ETFs across the 11 standard sectors, with the most in Real estate (43) and Energy (32).
• What is a small-cap ETF? As of Nov 4, 2026, ETFIQ places 168 stock ETFs in small-cap segments, with a median fee of 0.44%, against 0.40% for large-cap funds.
• What is a value ETF and a growth ETF? As of Nov 4, 2026, ETFIQ places 395 stock ETFs in value segments, 235 in growth and 716 in blend.
• What is an emerging markets ETF? As of Nov 4, 2026, ETFIQ covers 105 emerging markets stock ETFs, with a median fee of 0.49%, against 0.40% for large-cap U.S. stock funds.
• What is a high-yield bond ETF? As of Nov 4, 2026, ETFIQ covers 100 high-yield bond ETFs at a median fee of 0.40%, and 131 bond funds take half their credit risk below investment grade.
• What is a municipal bond ETF? As of Nov 4, 2026, ETFIQ covers 154 municipal bond ETFs, with a median fee of 0.25%, and 146 bond funds own 90% or more in municipal bonds.
• What is a Treasury ETF? As of Nov 4, 2026, 125 bond ETFs own 90% or more in U.S. Treasuries, and the median bond ETF has a duration of 4.3 years.
• What is bond ETF duration? As of Nov 4, 2026, the median bond ETF has a duration of 4.3 years across 791 funds, and 35 have a duration of ten years or more.
• What is an allocation ETF? As of Nov 4, 2026, ETFIQ covers 60 allocation ETFs that mix stocks and bonds, at a median fee of 0.56%; 29 are moderate.
• What is a commodity ETF? As of Nov 4, 2026, ETFIQ covers 68 commodity ETFs, and 46 get their exposure through futures while 11 own the metal itself.
• What is a spot crypto ETF? As of Nov 4, 2026, ETFIQ covers 56 spot crypto ETFs that own 12 different coins, with a median sponsor fee of 0.25%.
• What is the difference between a 2x and 3x ETF? As of Nov 4, 2026, ETFIQ covers 632 leveraged ETFs at two times and 51 at three times, among 726 leveraged and inverse funds.
• What is the cap on a buffer ETF? As of Nov 4, 2026, the median buffer ETF with a stated cap can gain up to 13.8% over its outcome period, across 401 funds.
• What is a buffer ETF outcome period? As of Nov 4, 2026, 443 buffer ETFs run an annual outcome period and 49 run a quarterly one, and 30 reset soon.
• What is a dividend ETF? As of Nov 4, 2026, 392 of 1,881 stock ETFs have a 12-month yield of 3% or more, and the median stock ETF yields 1.6%.
• What is a mid-cap ETF? As of Nov 4, 2026, ETFIQ places 305 stock ETFs in mid-cap segments, with a median fee of 0.50%, between large-cap at 0.40% and small-cap at 0.44%.
• What is a large-cap ETF? As of Nov 4, 2026, ETFIQ places 897 stock ETFs in large-cap segments, the largest group, with a median fee of 0.40%.
• What is a technology ETF? As of Nov 4, 2026, ETFIQ places 25 stock ETFs in the Technology sector, with a median fee of 0.49%, among 211 sector ETFs.
• What is an energy ETF? As of Nov 4, 2026, ETFIQ places 32 stock ETFs in the Energy sector, second only to real estate, with a median fee of 0.39%.
• What is a health care ETF? As of Nov 4, 2026, ETFIQ places 25 stock ETFs in the Health care sector, with a median fee of 0.38%.
• What is a financials ETF? As of Nov 4, 2026, ETFIQ places 29 stock ETFs in the Financials sector, with a median fee of 0.35%.
• What is a utilities ETF? As of Nov 4, 2026, ETFIQ places 8 stock ETFs in the Utilities sector, among the fewest of the 11 sectors, with a median fee of 0.37%.
• What is a real estate ETF? As of Nov 4, 2026, ETFIQ places 43 stock ETFs in real estate, the most of any sector, counting US and global funds.
• What is an international ETF? As of Nov 4, 2026, ETFIQ places 626 stock ETFs in international segments, with a median fee of 0.50%, and 132 more own global stocks including the US.
• What is a China ETF? As of Nov 4, 2026, ETFIQ places 25 stock ETFs in the China region, with a median fee of 0.65%, against 0.50% for Europe funds.
• What is a Japan ETF? As of Nov 4, 2026, ETFIQ places 20 stock ETFs in Japan, with a median fee of 0.49%.
• What is an India ETF? As of Nov 4, 2026, ETFIQ places 18 stock ETFs in India, with a median fee of 0.74%, the highest of the four single-region groups.
• What is a Europe ETF? As of Nov 4, 2026, ETFIQ places 70 stock ETFs in Europe, the most of any single region, with a median fee of 0.50%.
• What is an inflation-protected bond ETF? As of Nov 4, 2026, ETFIQ covers 16 inflation-protected bond ETFs, with a median fee of 0.10%, the lowest of the bond groups compared here.
• What is a corporate bond ETF? As of Nov 4, 2026, ETFIQ covers 70 corporate bond ETFs, with a median fee of 0.18%, and the median bond fund has a duration of 4.3 years.
• What is a short-term bond ETF? As of Nov 4, 2026, ETFIQ covers 73 short-term bond ETFs and 137 bond funds with a duration under one year, with a median short-term fee of 0.19%.
• What is a preferred stock ETF? As of Nov 4, 2026, ETFIQ covers 23 preferred stock ETFs, with a median fee of 0.50%, and ETFIQ files them with bond funds.
• What is a bank loan ETF? As of Nov 4, 2026, ETFIQ covers 15 bank loan ETFs, with a median fee of 0.61%, higher than the 0.18% for corporate bond funds.
• What is a broad commodity ETF? As of Nov 4, 2026, ETFIQ covers 22 broad commodity ETFs, with a median fee of 0.65%, among 68 commodity ETFs.
• What is a gold ETF? As of Nov 4, 2026, ETFIQ finds 6 gold ETFs that own the metal itself, among 11 physical metal funds and 46 commodity funds that use futures.
• What is a silver ETF? As of Nov 4, 2026, ETFIQ finds 2 silver ETFs that own the metal itself, against 6 for gold, among 68 commodity ETFs.
• What is a managed futures ETF? As of Nov 4, 2026, ETFIQ places 23 alternatives ETFs in systematic trend, the managed futures group, among 90 alternatives ETFs.
• What is a hedged equity ETF? As of Nov 4, 2026, ETFIQ places 26 alternatives ETFs in equity hedged, the largest alternatives group, among 90 alternatives ETFs.
• What is a market neutral ETF? As of Nov 4, 2026, ETFIQ places 4 alternatives ETFs in equity market neutral, against 26 in equity hedged, among 90 alternatives ETFs.
• What is a Bitcoin ETF? As of Nov 4, 2026, ETFIQ covers 13 spot Bitcoin ETFs, with a median sponsor fee of 0.25%, among 56 spot crypto ETFs.
• What is an Ether ETF? As of Nov 4, 2026, ETFIQ covers 11 spot Ether ETFs, with a median sponsor fee of 0.21%, against 0.25% for Bitcoin funds.
• What is a Solana or XRP ETF? As of Nov 4, 2026, ETFIQ covers 10 spot Solana ETFs and 6 spot XRP ETFs, among 56 spot crypto ETFs on 12 coins.
• What is a global stock ETF? As of Nov 4, 2026, ETFIQ places 132 stock ETFs in global segments that include the US, against 626 international funds that leave it out.
• What is a floor buffer ETF? As of Nov 4, 2026, 89 floor ETFs protect against most of an index fall over their outcome period, among 431 single-period buffer ETFs.
• What is a dual directional buffer ETF? As of Nov 4, 2026, 32 buffer ETFs are dual directional, which gain when the index falls a little as well as when it rises, among 431 single-period funds.
• What is an accelerated buffer ETF? As of Nov 4, 2026, 16 buffer ETFs are accelerated, which gain a set multiple of the index rise up to a cap, among 431 single-period funds.
• What is a laddered buffer ETF? As of Nov 4, 2026, 30 buffer ETFs are laddered, which own several outcome periods at once, against 443 annual and 49 quarterly funds.
• What is a volatility ETF? As of Nov 4, 2026, ETFIQ places 9 alternatives ETFs in volatility, among 90 alternatives ETFs, and ETFIQ tracks 26 equity hedged funds beside them.

How to

• How do you compare two ETFs? As of Nov 5, 2026, ETFIQ can compare any two of 5,068 ETFs, and it measures overlap for 37,717 pairs, with 7.5% sharing over half of their weight.
• How do you find an ETF by theme? As of Nov 4, 2026, ETFIQ covers 427 theme ETFs, with a median fee of 0.59%, each placed by what it owns and not by its name.
• How do you find the cheapest ETF? As of Nov 4, 2026, 8.2% of 5,057 ETFs charge 0.10% or less a year, and the median ETF charges 0.55%.
• How do you check an ETF’s trading cost? As of Nov 4, 2026, the median ETF has a 30-day spread of 0.15% and closes 0.09% from its value.
• How do you find an ETF by issuer? As of Nov 4, 2026, 402 companies issue US ETFs, and iShares runs 461 of them, so the issuer list is the quickest route to a fund family.
• How do you find ETFs by yield? As of Nov 4, 2026, the median income ETF has a 12-month yield of 16.5%, against 1.6% for stock ETFs, and 392 stock ETFs yield 3% or more.
• How does an ETF portfolio X-ray work? As of Nov 4, 2026, ETFIQ can look through 3,495 ETFs to their holdings, with a median of 94 positions each, and adds them up across a whole portfolio.

Not investment advice.