The first edition of a new report highlights how the ETF business is changing in 2025. The report comes from a publicly traded, $483.8-billion-AUM*, 25-office, 2,000-employee, multinational asset manager.

Earlier this month, the Janus Henderson Investors [profile] team released their inaugural ETF Pulse. This Q3 2025 issue is a 16-page report about the ETF space and was authored by Dan Aronson, managing director in the firm's ETF client product specialist group.

The Janus Henderson folks report that, as of September 30, 2025 (i.e. the end of the third quarter of 2025), active ETFs have accounted for 87.1 percent (433) of the 497 total ETF launches in the first three quarter of 2025. That compares with 79.6 percent of 2024's 702 launches, 74.8 percent of 2023's 472 launches, and 66 percent of 2022's 329 launches. Active ETF launches first surpassed passive ETF launches in 2020, and the gap keeps widening.

Yet passive ETFs still dominate the industry by AUM ($11.4 trillion, versus $1.35 trillion for active*). Passive ETFs also still dominate inflows, though their lead there isn't as wide as their AUM lead. In the first three quarters of 2025, passive ETFs accounted for about 60 percent of inflows and about 90 percent of AUM, versus 40 percent of inflows and 10 percent of AUM for active ETFs.

Janus Henderson itself is an active ETF provider, with nearly $40 billion in ETF AUM.

*As of September 30, 2025. 

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