Actively managed exchange-traded funds accounted for 84% of new ETF launches in 2025, according to new research from Cerulli Associates. Cerulli data shows 1,132 new ETF launches last year, up from 752 in 2024, with 953 of those launches involving active strategies. Net new ETF flows reached a record $1.5 trillion, and the overall U.S. ETF universe grew to $13.4 trillion in assets by year-end 2025. Looking ahead, 83% of ETF issuers plan to launch at least one active ETF this year, and 94% are developing or plan to develop new transparent active ETF products. However, analysts caution that the rapid buildout of in-demand solutions could lead to a wave of closures, particularly among niche, thematic, and leveraged or inverse strategies with low assets.
Bank of Montreal's BMO InvestorLine Ends Commissions for Self-Directed Clients
Bank of Montreal said its BMO InvestorLine platform will move to $0 commissions on all stocks and ETFs for self-directed clients, a change the bank described as the first by a major Canadian institution to offer zero-commission trading across its digital brokerage platform. BMO also confirmed that administrative fees tied to self-directed InvestorLine accounts will be removed as part of the same change. The bank, which carries a CA$169.1b market cap, is positioning the pricing reset as a way to deepen client engagement and lean further on digital platforms and fee-based services. Cutting trading and account fees pressures one revenue stream and puts more weight on BMO's ability to grow advisory, payments and capital-markets income while managing costs that analysts already flag as a risk. The unresolved question is whether higher client activity and cross-sell from the richer platform will fully offset the foregone charges.
SEC Grants Five-Year Innovation Exemption for Tokenized U.S. Equities, Lifting Robinhood and Coinbase
The SEC announced a five-year conditional Innovation Exemption allowing eligible platforms to trade tokenized U.S. equities without standard exchange registration, sending shares of Robinhood up 7.6% and Coinbase up 10.5%. According to Reuters, the temporary framework lets digital asset brokerages and trading platforms support tokenized equity trading while the agency solicits public comments to shape permanent regulatory policies for on-chain securities. Tokenized equities represent traditional corporate shares as digital tokens on a blockchain, potentially enabling 24/7 trading, fractional ownership, and more efficient settlement. The move reduces compliance hurdles and waives full exchange registration requirements for qualifying participants, opening the door for platforms like Coinbase and Robinhood to launch new asset offerings and capture additional trading volume. The rally was further supported by a rebound in the broader cryptocurrency market, with Bitcoin trading up roughly 2% near $78,000. Coinbase remains down 17.7% since the start of the year and trades at $194.63 per share, 49.7% below its 52-week high of $387.27 from October 2025.
Canary Staked TRX ETF TRXS Offers Wrapped TRX Staking in Brokerage and IRA Accounts
The Canary Staked TRX ETF, trading on Nasdaq under the ticker TRXS, has launched as one of the first U.S.-listed exchange-traded funds designed to hold TRON's TRX token directly and pass through on-chain staking rewards, giving investors a way to gain single-asset crypto exposure inside a brokerage or IRA account without opening a crypto exchange account or managing self-custody. The fund's return engine combines TRX spot price appreciation with a staking reward stream earned by delegating a portion of holdings to validators on the TRON network, though that reward stream is reduced by the fund's expense ratio before reaching shareholders. With only 7 trading days of history and a settled close of $24.75 on September 17, 2026, TRXS is too young for a track record to matter, and the fund is positioned as a satellite holding sized at low single-digit weight at most within a diversified portfolio. Because the fund's operating fee is subtracted from staking rewards, TRXS will structurally deliver slightly less yield than buying and staking TRX directly, a tradeoff the fund offers in exchange for convenience and account eligibility. The fund also carries concentration and governance risk tied to TRON founder Justin Sun, whose active role in the network's development means the token faces headline risk that broader multi-asset crypto ETFs naturally dilute, and its tax treatment of pass-through staking distributions remains unsettled.