There are now more ETFs than stocks in the US
Recorded: May 26, 2026, 9:01 p.m.
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The provided text presents an excerpt revolving around an analysis of market structure, specifically focusing on the relationship between Exchange Traded Funds (ETFs) and stocks, shared in an article titled More ETFs Than Stocks by Torsten Slok, Partner and Chief Economist at Apollo. The central argument posits that the number of publicly listed companies is decreasing, which results in a scenario where there are now more alternative methods for trading the market than there are actual stocks available. This observation highlights a shift in market dynamics, suggesting that the proliferation of trading vehicles, such as ETFs, is becoming more prevalent relative to the underlying equity market. The surrounding context frames this observation within the broader landscape of private equity investing and evolving market regimes. The text implies that as private equity evolves, advantages within the middle market are becoming less reliable, necessitating a shift in performance drivers. This evolution emphasizes that scale, specialization, and portfolio construction are emerging as critical determinants of performance within a more competitive environment. Furthermore, the overarching framework provided by Apollo touches upon diverse investment strategies including Credit, Equity, Real Assets, Family Office, Retirement, and Wealth Solutions, positioning the discussion within a comprehensive view of sophisticated financial planning and investment products. The material is supported by Apollo's broader focus on insights, news, and research shaping conversations about private markets, further underscoring the importance of deep, analytical perspectives in current financial dynamics. |