After another year of rapid growth, the U.S. ETF industry is evolving into price-based segments, each with distinct product offerings and market leaders. Net inflows into U.S. listed ETFs year-to-date in 2025 have already exceeded 2024’s annual inflow record of $1.2 trillion and are going into different price categories. Most assets in the low-cost (0%-0.25% net expense ratio) segment are currently in traditional beta ETFs (see Figure 1), while the medium- (0.26%-0.75%) and high-cost (>0.75%) segments are n ...