Newly Minted ETFs Buck Vanguard Effect as Fees Hit Record High

Jack Bogle may have envisioned a world of rock-bottom fees and sleepy index funds — but the ETF market in 2025 looks more like a speculative arcade than a cost-cutting utopia.

The average fee of an exchange-traded fund launched this year has surged to a record 65 basis points, with leveraged trades, cryptocurrency, and active management among the slew of nearly 350 new offerings, according to a Bloomberg Intelligence analysis.