Cboe Global Markets has quietly pulled off something it has never done before: outpacing both the New York Stock Exchange and NASDAQ in new ETF listings. The exchange now accounts for 44% of all new ETF launches in 2026, making it the top destination for fund issuers looking to bring fresh products to market.

The numbers behind Cboe’s rise

Cboe is winning the race for new listings, but NYSE still dominates the overall landscape by a wide margin. The Big Board holds 52% of all ETF listings and commands a staggering 66% of ETF trading volume.

Cboe’s momentum didn’t materialize overnight. The exchange hit a significant milestone in August 2025 when it listed its 1,000th US ETF. That represented growth of over 70% since early 2023. Over 115 unique issuers brought products to the Cboe platform during 2025 alone.

Derivatives and crypto are doing the heavy lifting

Derivative-based ETFs account for over 40% of the surge in new listings across the entire industry. And Cboe, whose DNA is rooted in options and derivatives trading, is the natural home for these products.

Cboe has also built a strong track record with cryptocurrency-related ETFs, including multiple spot Bitcoin and Ethereum products. The exchange was early to the crypto ETF game, and that first-mover positioning continues to pay dividends as the category expands.

Actively managed ETFs are another growth vector feeding Cboe’s numbers. Many of these active products incorporate derivatives overlays or alternative asset exposure, which again plays to Cboe’s strengths.

What this means for investors and the competitive landscape

NYSE’s 66% grip on trading volume means that liquidity still flows disproportionately through its infrastructure. If Cboe’s new listings don’t generate meaningful trading activity over time, the headline market share numbers become less impressive than they appear today.

The derivative-based products fueling Cboe’s growth operate in a regulatory environment that could tighten. Any changes to how leveraged, buffered, or crypto-linked ETFs are approved or supervised would disproportionately affect the exchange that has leaned hardest into those categories.