ETF Deathwatch: Fourth quarter 2025

In the fourth quarter of 2025, 190 exchange-traded products (“ETPs”) were added to the ETF Deathwatch list, and 102 were removed, bringing the total up to 717.  

Among the additions this quarter, all were due to low trading volume. The low volume may be related to the nature of their investment products. Our system takes into account both AUM and volume. If both remain low, these funds could be considered for closure.

Among the removals for the quarter, 39 were due to delisting and 63 were due to improved health.

The average age of products on the list decreased from 51.52 months to 45.94 months, while the number of products at least 5 years old increased to 137. Seventy-one ETPs on Deathwatch this quarter have been in the market for at least 10 years, including many short ETPs.

The average asset level of the threatened ETPs on ETF Deathwatch decreased from $10.81 million to $10.21 million, and 62 products had assets of less than $2 million. The largest ETP on the list had an AUM of $24.70 million, while the smallest had assets of just $400,000.

Here is the complete list of 717 ETPs on ETF Deathwatch for Q4 2025, compiled using the objective ETF Deathwatch Criteria.

ETPs added to ETF Deathwatch in Q4 2025 due to low trading volume:

1. LEVERAGE SHARES 2X AAL (AALG)
2. Alpha Architect Global Factor Equity ETF (AAVM)
3. ABACUS FCF SMALL CAP LDRS (ABLS)
4. THE FRONTIER ECONOMIC FUND (AKAF)
5. ARGENT FOCUSED SMALL CAP ETF (ALIL)
6. ALLSPRING LT LARGE CORE ETF (ALRG)
7. STKD 100 MSTR & 100 COIN ETF (APED)
8. FT VEST US EQ MAX BUF APR (APXM)
9. T-REX 2X LNG ARM DLY TRG ETF (ARMU)
10. AVANTIS CREDIT ETF (AVGB)
11. AMPLIFY BITCOIN MAX INC ETF (BAGY)
12. GLOBAL X BITCOIN CC ETF (BCCC)
13. GMO BEYOND CHINA ETF (BCHI)
14. GS BITCOIN ADOPTERS ETF (BCOR)
15. RRVW 2X BLL CRYPT&PRC MTLS (BEGS)
16. FT VEST BTC FLOOR 15 ETF-APR (BFAP)
17. FT VEST BTC FLOOR15 ETF-JUL (BFJL)
18. AMPLIFY BITCOIN 24% PREM INC (BITY)
19. MICROSECTORS BB 3X I LEV ETN (BNKD)
20. DIREXION DLY BA BEAR 1X SHR (BOED)
21. LEVERAGE SHARES 2X BA (BOEG)
22. BP P.L.C. ADRHEDGED (BPH)
23. GRAYSCALE BTC PREM INC ETF (BPI)
24. INVESCO BULLETSHARES 2033 HY (BSJX)
25. FT VEST LA EN & MODE BUF ETF (BUFX)
26. SIMPLIFY CHINA A SP INC ETF (CAS)
27. CALAMOS BITCOIN SA PROT APR (CBOA)
28. CLMS BTC STR ALT PRT ETF-JUL (CBOY)
29. CAL BICN 80 S S AL PRT ETF-A (CBTA)
30. CLMS BTC 80S S A P ETF - JUL (CBTY)
31. CALAMOS BC 90 SS AP ETF -APL (CBXA)
32. CALAMOS BITCOIN 90 P ETF JAN (CBXJ)
33. CAL BIT 90 S S ALT PRO ETF J (CBXY)
34. Calvert US Large-Cap Diversity Equity And Inclusion Index ETF (CDEI)
35. TRADR 2X LONG CEG DAILY ETF (CEGX)
36. REX COIN GROWTH & INCOME ETF (COII)
37. CL ND 100 ST AT PR ETF - MAR (CPNM)
38. CLMS RSL 2000 S A P ETF -APR (CPRA)
39. CALMS S&P 500 S PR ETF - FEB (CPSF)
40. CALAMOS S&P 500 STR ALT APR (CPSP)
41. CAL S&P 500 ST ALT P ETF - M (CPSR)
42. CALAMOS SP500 SA PRO ETF JUN (CPSU)
43. CALAMOS S&P 500 SAP ETF JAN (CPSY)
44. USCF DLY TGT 2X COPPER INDEX (CPXR)
45. Columbia Research Enhanced Real Estate ETF (CRED)
46. DIREXION DY CSCO BULL 2X ETF (CSCL)
47. DIREXION DY CSCO BEAR 1X ETF (CSCS)
48. COTWO PHYSICAL EUA TRUST (CTWO)
49. DEFIANCE D T 2X LONG CVN ETF (CVNX)
50. FT VEST BTC STRA & TR IN ETF (DFII)
51. THEMES CHINA GEN AI ETF (DRGN)
52. First Trust EIP Carbon Impact ETF (ECLN)
53. MRBL ENHANCED EQUITY ETF (EDGE)
54. GLOBAL X S&P 500 US REV LDS (EGLE)
55. BATTLESHARES TSLA VS F ETF (ELON)
56. HARBOR EMRGING MRKT SLCT ETF (EMES)
57. HARBOR EMERGING MARK EQ ETF (EPEM)
58. HARBOR INTERNAL EQTY ETF (EPIN)
59. HARBOR MID CAP CORE ETF (EPMB)
60. HARBOR MID CAP VALUE ETF (EPMV)
61. HARBOR SMID CAP CORE ETF (EPSB)
62. HARBOR SMID CAP VALUE ETF (EPSV)
63. FRANKLIN CRYPTO INDEX ETF (EZPZ)
64. PROSHARES S&P DYNAMIC BUFFER (FB)
65. FT GROWTH STRE & TAR INC ETF (FGSI)
66. FOLIOBEYOND ENHNCD F PRE ETF (FIXP)
67. GLB X SP 500 US M L T 50 ETF (FLAG)
68. THE FREE MARKETS ETF (FMKT)
69. FIRST TRUST BALANCED INC ETF (FTBI)
70. FT SMALLCAP BUYWRITE INC ETF (FTKI)
71. GOLDMAN SACHS US LC BUFF 1 (GBXA)
72. GDMN SACHS US LG C BUF 2 ETF (GBXB)
73. GOLDMAN SACHS US LCAP B3 ETF (GBXC)
74. GENTER CAPITAL INTER DVD ETF (GENW)
75. WISDOMTREE GEOALPHA OPPT FD (GEOA)
76. Gabelli Global Technology Leaders ETF (GGTL)
77. GSK PLC ADRHEDGED (GSKH)
78. Global X Dorsey Wright Thematic ETF (GXDW)
79. UNLIMITED HFEQ EQUITY LS ETF (HFEQ)
80. UNLMTED HFMF MNGED FTRES ETF (HFMF)
81. ADVISORSHARES HVAC INDUS (HVAC)
82. Vest 2 Year Interest Rate Hedge ETF (HYKE)
83. BITWISE GME INCOME STRAT (IGME)
84. BITWISE MARA INCOME STRAT (IMRA)
85. GMO INVESTMENT GRADE CREDIT (INVG)
86. ALGER RUSSELL INNOVATION ETF (INVN)
87. KRNESHRS 2X LNG BABA DLY ETF (KBAB)
88. INVTR US S CP PR BFR ETF - M (KMAR)
89. INNOVATOR US SC PB ETF - MAY (KMAY)
90. KRNSHRS 2X LONG MELI DLY ETF (KMLI)
91. SMPLFY KYN ANDR EN & INFR CR (KNRG)
92. KRANESHRS 2X LONG PDD DL ETF (KPDD)
93. STKD 100 NVDA & 100 AMD ETF (LAYS)
94. PACER SP 500 Q FCF ARSTCRTS (LCOW)
95. Stone Ridge 2060 Longevity Income ETF (LFAW)
96. STONE RDG 2065 LONGEVITY INC (LFBE)
97. Themes US Cash Flow Champions ETF (LGCF)
98. STONE R 2065 IP LVTY INC ETF (LIBD)
99. SIMPLIFY PPR SNDLR US SM CAP (LITL)
100.  Intelligent Livermore ETF (LIVR)
101.  PEO ALPHAQUEST THEMATIC PE (LQPE)
102.  FT VEST 20 YR TSY & TARG INC (LTTI)
103.  Roundhill China Magnificent Seven ETF (MAGC)
104.  FT VEST US EQ MAX BUF MAY (MAYM)
105.  REGAN FIXED RATE MBS ETF (MBSX)
106.  GRAYSCALE BITCOIN MINERS ETF (MNRS)
107.  MONOPOLY ETF (MPLY)
108.  GRANITE 2X SHORT MSTR ETF (MSDD)
109.  REX MSTR GROWTH & INCOME ETF (MSII)
110.  GRANITE 2X LONG MSTR ETF (MSTP)
111.  INNOVATOR GRW-100 PB ETF MAY (NMAY)
112.  GRANITE 2X LONG NOW ETF (NOWL)
113.  MICROS US BIGOIL -3X INV LEV (NRGD)
114.  Nuveen Small Cap Select ETF (NSCS)
115.  NOVO NORDISK A/S B SHRS ADRH (NVOH)
116.  OBRA DEFENSIVE HIGH (ODHY)
117.  ONE+ONE NASQ 100 BITCOIN ETF (OOQB)
118.  ONE+ONE S&P 500 AND BTC ETF (OOSB)
119.  GRANITE 2X LONG PDD ETF (PDDL)
120.  PACER PE/VC ETF (PEVC)
121.  PGIM S&P 500 M BU ETF - APR (PMAP)
122.  PGIM S&P 500 MX BF ETF - FEB (PMFB)
123.  PGIM S&P 500 MB ETF - JAN (PMJA)
124.  PGIM S&P 500 MAX BUF - JULY (PMJL)
125.  PGIM SP 500 MX BUF ETF - MAR (PMMR)
126.  PGIM SP 500 MAX BUFF ETF MAY (PMMY)
127.  PGIM NSQ-100 B12 ETF - APRIL (PQAP)
128.  PGIM NDQ-100 BUFR 12 ETF JAN (PQJA)
129.  PGIM NSDQ-100 B 12 ETF - JUL (PQJL)
130.  PGIM NASDAQ-100 B12 ETF OCT (PQOC)
131.  PROSHARES NDX DYNAMIC BUFFER (QB)
132.  INNOVATOR UC BC 20 ETF QRTL (QBF)
133.  TrueShares Quarterly Bull Hedge ETF (QBUL)
134.  DIREXION DY QCOM BEAR 1X ETF (QCMD)
135.  GRANITE 2X LONG QCOM ETF (QCML)
136.  DIREXION DY QCOM BULL 2X ETF (QCMU)
137.  YIELDMAX NSQ100 CC STRA ETF (QDTY)
138.  PROSHARES ULTRASHORT TOP QQQ (QQDN)
139.  INVESCO QQQ HEDGED ATAGE ETF (QQHG)
140.  PCR CSH COWZ 100N 100R (QQWZ)
141.  VS TARGET 15 US QUAL INC ETF (QUSA)
142.  PROSHARES RTY DYNAMIC BUFFER (RB)
143.  YIELDMAX RUS2000 CC STRA ETF (RDTY)
144.  YIELDMAX TAR12 REO INCOM ETF (RNTY)
145.  LEVERAGE SHARES 2X RTX (RTXG)
146.  RAINWATER EQUITY ETF (RW)
147.  SAP SE ADRHEDGED (SAPH)
148.  YLDMX S&P 500 0DTE C C S ETF (SDTY)
149.  Syntax Stratified Total Market Hedged ETF (SHUS)
150.  ETRACS MON PAY 2X LEV -B (SMHB)
151.  Crossingbridge Pre-Merger Spac ETF (SPC)
152.  NEOS S&P 500 HDG EQ INC ETF (SPYH)
153.  INNO EQT DEF PRT ETF - 2 Y A (TAPR)
154.  HARBOR TRANSFORMTIV TECH ETF (TEC)
155.  TOUCHSTONE SANDS EM EXCH GR (TEMX)
156.  ISHARES TX EQUITY ETF (TEXN)
157.  T ROWE PRICE FINANCIALS ETF (TFNS)
158.  T ROWE PRICE GLOBAL EQUI ETF (TGLB)
159.  T ROWE PRICE INTER ER ETF (TIER)
160.  FT VEST EMERGING MAR B JUN (TJUN)
161.  GLOBAL X T BND ENH INC ETF (TLTX)
162.  T ROWE PRICE HEALTH CARE ETF (TMED)
163.  ISHARES S&P 500 3% CAPPED (TOPC)
164.  THORNBURG CORE PLUS BOND ETF (TPLS)
165.  GRANITE YIELDBOOST QQQ (TQQY)
166.  LEVERAGE SHRS 2X L TSM D ETF (TSMG)
167.  ProShares UltraPro Short 20+ Year Treasury (TTT)
168.  T ROWE PRICE NAT RES ETF (TURF)
169.  ISHARES LARGE CAP ACCRTD ETF (TWOX)
170.  THORNBURG INTRNATIN GROW ETF (TXUG)
171.  ETRACS UBS Bloomberg Constant Maturity Commodity Indx CMCI Total Return ETN Se B (UCIB)
172.  AMPLIFY SAMSUNG US NTRL GAS (USNG)
173.  ROUNDHILL URANIUM ETF (UX)
174.  FT VEST US UNCAP ACC ETF APR (UXAP)
175.  FT USEQ UNCPPDACCL ETF - JAN (UXJA)
176.  VONTOBEL INTNATL EQ ACTV ETF (VNIE)
177.  Direxion Daily Dow Jones Internet Bear 3x Shares ETF (WEBS)
178.  VISTASHARES AS DY 2X ST ETF (WILD)
179.  WISDOMTREE INFLATION PLUS (WTIP)
180.  WISDOMTREE CORE LADR MUNI FD (WTMU)
181.  WSDTREE HIGH IN LADRD MUN FU (WTMY)
182.  ISHRS S&P 500 EX S&P 100 ETF (XOEF)
183.  Xtrackers S&P 100 Ex Top 20 ETF (XOEX)
184.  DIREXION DAILY XOM B 2X SHRS (XOMX)
185.  DIREXION DY XOM BEAR 1X SHR (XOMZ)
186.  LEVERAGE SHARES 2X XYZ (XYZG)
187.  INDEXPERTS YIELD FFI ETF (YFFI)
188.  GRANITE YIELDBOOST SPY (YSPY)
189.  F/M HIGH YIELD 100 ETF (ZTOP)
190.  F/m 2-Year Investment Grade Corporate Bond ETF (ZTWO

ETPs removed from ETF Deathwatch in Q4 2025 due to delisting:

1. LeaderShares Activist Leaders ETF (ACTV)
2. FlexShares Real Assets Allocation Index Fund (ASET)
3. Morgan Stanley Etf Trust - Calvert Us Select Equity Etf (CVSE)
4. Direxion Shares ETF Trust - Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares (EVAV)
5. Fidelity Covington Trust - Fidelity Digital Health ETF (FDHT)
6. Fidelity Covington Trust - Fidelity Women's Leadership ETF (FDWM)
7. FIRE Funds Income Target ETF (FIRI)
8. FIRE Funds Wealth Builder ETF (FIRS)
9. Fidelity Sustainability U.S. Equity ETF (FSST)
10. Gabelli Asset ETF (GAST)
11. Goose Hollow Multi-Strategy Income ETF (GHMS)
12. Innovator Premium Income 9 Buffer ETF - October (HOCT)
13. J.P. Morgan Exchange-Traded Fund Trust - JPMorgan Carbon Transition U.S. Equity ETF (JCTR)
14. Professionally Managed Portfolios (OCFS)
15. Innovator Premium Income 10 Barrier ETF - October (OCTD)
16. Innovator Premium Income 40 Barrier ETF - October (OCTQ)
17. Cboe(R) Validus S&P 500(R) Dynamic Putwrite Index ETF (PUTD)
18. Rayliant Quantamental China Equity ETF (RAYC)
19. ATAC US Rotation ETF (RORO)
20. Xtrackers S&P 500 Value ESG ETF (SNPV)
21. Putnam Biorevolution ETF (SYNB)
22. Direxion Work From Home ETF (WFH)
23. Innovator ETFs Trust - Innovator U.S. Equity Accelerated ETF - October (XDOC)
24. Abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF (BCIM)
25. Eventide US Market ETF (EUSM)
26. The Goldman Sachs Future Planet Equity ETF (GSFP)
27. Direxion Shares ETF Trust (XXCH)
28. Touchstone Climate Transition ETF (HEAT)
29. Wisdomtree Cboe S&P 500 Putwrite Strategy Fund (PUTW)
30. DLYDLT Q100 DWN OPTN STR ETF (QDWN)
31. DILYDLT Q100 UP OPTN STR ETF (QUP)
32. Global X Solar ETF (RAYS)
33. 2X DLY SOFTWARE PLATFORM ETF (SOFL)
34. STKD 100% SMCI & 100% NVDA (SPCY)
35. Timothy Plan Large/Mid Cap Core Enhanced ETF (TPLE)
36. Texas Capital Texas Small Cap Equity Index ETF (TXSS)
37. Global X Wind Energy ETF (WNDY)
38. STKD 100% UBER & 100% TSLA (ZIPP)
39. Cyber Hornet S&P 500 and Bitcoin 75/25 Strategy ETF (ZZZ)

ETPs removed from ETF Deathwatch in Q4 2025 due to improved health:

1. Themes Gold Miners ETF (AUMI)
2. Avantis All International Markets Value ETF (AVNV)
3. Virtus LifeSci Biotech Clinical Trials ETF (BBC)
4. JPMorgan BetaBuilders US Treasury Bond 3-10 Year ETF (BBIB)
5. Bancreek International Large Cap ETF (BCIL)
6. Blackrock Large Cap Core Etf (BLCR)
7. Calamos CEF Income & Arbitrage ETF (CCEF)
8. Amplify Cash Flow Dividend Leaders ETF (COWS)
9. Calamos Nasdaq 100 Structured Alt Protection ETF - December (CPNQ)
10. Calamos S&P 500 Structured Alt Protection ETF - November (CPSN)
11. Calamos S&P 500 Structured Alt Protection ETF - October (CPSO)
12. Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM)
13. Global X Funds-Global X Disruptive Materials Etf (DMAT)
14. iShares ESG Aware Growth Allocation ETF (EAOR)
15. ProShares Ultra MSCI EAFE (EFO)
16. iShares ESG Aware MSCI USA Growth ETF (EGUS)
17. Eaton Vance High Yield ETF (EVHY)
18. Global X US Cash Flow Kings 100 ETF (FLOW)
19. First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA)
20. VictoryShares WestEnd Global Equity ETF (GLOW)
21. Goldman Sachs Dynamic New York Municipal Income ETF (GMNY)
22. Themes Global Systemically Important Banks ETF (GSIB)
23. Xtrackers High Beta High Yield Bond ETF (HYUP)
24. iShares iBonds Oct 2032 Term Tips ETF (IBII)
25. VanEck Robotics ETF (IBOT)
26. Innovator International Developed Power Buffer ETF - December (IDEC)
27. Innovator International Developed Power Buffer ETF - November (INOV)
28. JPMorgan Active Developing Markets Equity ETF (JADE)
29. PGIM US Large-Cap Buffer 12 ETF - January (JANP)
30. TrueShares Structured Outcome January ETF (JANZ)
31. AllianzIM US Equity Buffer15 Uncapped Jun ETF (JNEU)
32. Innovator US Small Cap Power Buffer ETF - November (KNOV)
33. iShares iBonds 1-5 Year Corporate Ladder ETF (LDRC)
34. iShares iBonds 1-5 Year Treasury Ladder ETF (LDRT)
35. IQ US Large Cap R&D Leaders ETF (LRND)
36. AllianzIM US Equity Buffer15 Uncapped May ETF (MAYU)
37. Harbor Health Care ETF (MEDI)
38. Direxion Daily MU Bear 1X Shares (MUD)
39. SPDR SSGA My2027 Corporate Bond ETF (MYCG)
40. SPDR SSGA My2030 Corporate Bond ETF (MYCJ)
41. Cambria Micro and SmallCap Shareholder Yield ETF (MYLD)
42. Innovator Growth-100 Power Buffer ETF - November (NNOV)
43. FT Vest US Equity Max Buffer ETF - November (NOVM)
44. TrueShares Structured Outcome October ETF (OCTZ)
45. PGIM US Large-Cap Buffer 20 ETF - December (PBDE)
46. PGIM US Large-Cap Buffer 20 ETF - October (PBOC)
47. Parametric Equity Plus ETF (PEPS)
48. PGIM Jennison Focused Value ETF (PJFV)
49. Pacer Swan SOS Flex October ETF (PSFO)
50. Innovator Growth Accelerated Plus ETF - July (QTJL)
51. North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI)
52. RiverFront Dynamic Flex-Cap ETF (RFFC)
53. Return Stacked Bonds & Merger Arbitrage ETF (RSBA)
54. FT Vest US Equity Equal Weight Buffer ETF - December (RSDE)
55. AllianzIM US Large Cap 6 Month Buffer10 May/Nov ETF (SIXZ)
56. SPDR Ssga US Equity Premium Income ETF (SPIN)
57. FT Vest US Equity Quarterly Max Buffer ETF (SQMX)
58. LAFFER I Tengler Equity Income ETF (TGLR)
59. Amplify Bloomberg US Treasury Target High Income ETF (TLTP)
60. Global X MSCI Vietnam ETF (VNAM)
61. Peerless Option Income Wheel Etf (WEEL)
62. FT Vest US Equity Buffer & Premium Income ETF - June (XIJN)
63. Direxion Daily AVGO Bear 1X Shares (AVS)