Looking at long-term, multi-year performance is important for any client considering a stock or fund investment, but Morningstar notes that shorter-term movements can help shed light as well.

The research giant has released its list of worst-performing equity exchange-traded funds for 2025 after looking at funds with at least $100 million in assets. Morningstar compared each ETF's results to its fund category. Only two funds on the list are passively managed. Some ETFs that significantly underperformed in 2025 were closer to their category's annualized return over the three years.

See the accompanying slideshow for 2025's 10 worst-performing U.S. stock ETFs.

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