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A total of 35 exchange-traded funds (ETFs) have been delisted from the stock market so far this year, representing a more than two-fold increase from a year earlier, data showed, Wednesday.

An ETF is a collection of securities that can be bought and sold like individual stocks.

The data, submitted by the Korea Exchange (KRX) to Rep. Kim Hyun-jung of the main opposition Democratic Party of Korea, showed that the number of delisted ETFs this year surged after reaching six in 2022 and then 14 in 2023.

The finding comes as the ETF market is growing fast, with its total net assets having exceeded 160 trillion won ($121.34 billion) for the first time in late September.

"In other words, a higher quantity of ETFs does not necessarily suggest a higher quality of ETFs," the lawmaker said.

In addition to the 35 ETFs already delisted this year, he highlighted a troubling situation with these funds, noting that 67 ETFs have net assets worth less than 5 billion won and are at risk of potential delisting.

The KRX, the country's sole bourse operator, monitors ETFs every three months and puts those with less than 5 billion won in net assets on a watch list.

These ETFs are removed from the stock market if no corresponding measures are taken to improve their value.

The 67 ETFs account for 7.5 percent of all listed peers as of Sept. 27, according to the KRX.

"The financial regulators are urged to closely monitor the ETFs to ensure the quality of the market," the lawmaker said.