According to Eric Balchunas, 2025 "basically" broke every ETF record by a wide margin, as stated in his X post on Dec 11, 2025. Source: Eric Balchunas on X, Dec 11, 2025. He added that 2026 may not match 2025 if the stock market cools, yet two charts make a repeat possible: many mutual fund firms still do not offer ETFs, and an equity-related trend he cites supports continued strength. Source: Eric Balchunas on X, Dec 11, 2025. He framed these as structural drivers that could sustain ETF launches and flows into 2026 while urging caution if equities weaken. Source: Eric Balchunas on X, Dec 11, 2025. For traders, the actionable takeaway is to watch mutual-fund-to-ETF expansion and the equity-related ETF trend he highlighted as signals for whether 2026 can maintain 2025’s momentum. Source: Eric Balchunas on X, Dec 11, 2025.