ETFGI reports that assets invested in the ETFs industry in the United States reached a new record of US$13.22 trillion at the end of November
Press Release
LONDON — December 12, 2025 — ETFGI, a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends, reported today that assets invested in the ETFs industry in the United States reached a new record of US$13.22 trillion at the end of November. During November, the ETFs industry in the United States gathered net inflows of US$143.72 billion, bringing year-to-date net inflows to a record US$1.28 trillion, according to ETFGI's November 2025 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
- Assets invested in the ETFs industry in the United States reached a record $13.22 trillion at the end of November, surpassing the previous record of $13.08 trillion set in October 2025.
- Assets have grown 27.8% year-to-date, rising from $10.35 trillion at the end of 2024 to $13.22 trillion.
- Net inflows of $143.72 billion in November.
- Year-to-date net inflows of $1.28 trillion—the highest on record, ahead of $1.03 trillion in 2024 and $803.40 billion in 2021.
- 43rd consecutive month of net inflows.
“The S&P 500 rose 0.25% in November and is up 17.81% year-to-date. Developed markets excluding the U.S. gained 0.73% in November and are up 30.79% in 2025, with Luxembourg (+9.82%) and Ireland (+8.05%) posting the largest monthly increases. Emerging markets declined 1.69% in November but remain up 22.40% year-to-date, while Saudi Arabia (-8.57%) and the United Arab Emirates (-6.05%) recorded the largest monthly decreases,” according to Deborah Fuhr, Managing Partner, Founder, and Owner of ETFGI.
Growth in assets in the ETFs industry in the United States as of the end of November
The ETFs industry in the United States has 4,773 products, assets of US$13.22 Tn, from 449 providers listed on 3 exchanges at the end of November.
iShares is the largest provider in terms of assets with $3.92 Tn, reflecting 29.7% market share; Vanguard is second with $3.81 Tn and 28.8% market share, followed by State Street SPDR ETFs with $1.81 Tn and 13.7% market share. The top three providers, out of 449, account for 72.2% of assets invested in the ETF industry in the United States, while the remaining 446 providers each have less than 7% market share.
November Highlights
- Total net inflows: $143.72 billion in November.
- Equity ETFs:
- $71.18 billion in November.
- YTD inflows: $507.93 billion (+0.35% vs. $506.17 billion in 2024).
- Fixed Income ETFs:
- $27.48 billion in November.
- YTD inflows: $234.35 billion (+33.4% vs. $175.60 billion in 2024).
- Commodities ETFs:
- $2.01 billion in November.
- YTD inflows: $47.03 billion (+1,515% vs. $2.91 billion in 2024).
- Active ETFs:
- $45.35 billion in November.
- YTD inflows: $470.77 billion (+70% vs. $276.92 billion in 2024).
Substantial inflows can be attributed to the top 20 ETF‘s by net new assets, which collectively gathered $79.24 Bn in November. Vanguard S&P 500 ETF (VOO US) gathered $20.98 Bn, the largest individual net inflow.
Top 20 ETFs by net new assets November 2025: US
|
Name |
Ticker |
Assets |
NNA |
NNA |
|
Vanguard S&P 500 ETF |
VOO US |
823,203.18 |
124,458.25 |
20,981.16 |
|
iShares Core S&P 500 ETF |
IVV US |
724,085.64 |
48,636.09 |
11,993.14 |
|
iShares 0-3 Month Treasury Bond ETF |
SGOV US |
63,399.99 |
33,457.51 |
5,138.10 |
|
iShares 7-10 Year Treasury Bond ETF |
IEF US |
45,437.27 |
12,233.15 |
4,841.32 |
|
iShares Core MSCI Emerging Markets ETF |
IEMG US |
116,976.58 |
16,060.81 |
4,581.23 |
|
iShares S&P 500 Value ETF |
IVE US |
47,514.14 |
8,204.04 |
4,099.76 |
|
iShares Russell 2000 ETF |
IWM US |
72,369.08 |
(6,557.80) |
2,922.33 |
|
Invesco Nasdaq 100 ETF |
QQQM US |
69,994.61 |
19,949.85 |
2,264.60 |
|
Vanguard Value ETF |
VTV US |
155,581.04 |
10,497.72 |
2,252.75 |
|
Vanguard Short-Term Bond ETF |
BSV US |
41,502.11 |
7,223.46 |
2,240.04 |
|
Vanguard Total International Stock Index Fund ETF |
VXUS US |
113,365.99 |
16,632.91 |
2,198.81 |
|
Vanguard Russell 1000 Growth |
VONG US |
35,609.06 |
5,150.22 |
2,174.74 |
|
ProShares UltraPro QQQ |
TQQQ US |
30,895.61 |
(5,431.43) |
2,155.93 |
|
Vanguard Total Stock Market ETF |
VTI US |
563,121.36 |
33,257.05 |
1,945.36 |
|
iShares Core MSCI EAFE ETF |
IEFA US |
160,027.24 |
10,722.53 |
1,823.53 |
|
Vanguard Total Bond Market ETF |
BND US |
144,834.27 |
18,722.50 |
1,688.08 |
|
Vanguard Growth ETF |
VUG US |
202,876.24 |
13,768.73 |
1,658.36 |
|
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF |
BIL US |
43,183.49 |
6,908.24 |
1,432.61 |
|
Vanguard Total International Bond ETF |
BNDX US |
74,047.00 |
11,294.60 |
1,428.60 |
|
iShares Biotechnology ETF |
IBB US |
8,787.33 |
609.84 |
1,418.16 |
The top 10 ETPs by net assets collectively gathered $200.62 Mn during November. ProShares UltraShort DJ-UBS Natural Gas (KOLD US) gathered $85.21 Mn, the largest individual net inflow.
Top 10 ETPs by net new assets November 2025: US
|
Name |
Ticker |
Assets |
NNA |
NNA |
|
ProShares UltraShort DJ-UBS Natural Gas |
KOLD US |
170.15 |
(120.01) |
85.21 |
|
FPA Global Equity ETF |
FPAG US |
282.14 |
69.19 |
26.95 |
|
ProShares UltraShort Silver |
ZSL US |
44.54 |
61.26 |
19.07 |
|
Grayscale Bitcoin Mini Trust ETF |
BTC US |
4,436.50 |
1,126.45 |
14.77 |
|
UBS AG ETRACS Gold Shares Covered Call ETN |
GLDI US |
138.11 |
17.12 |
13.79 |
|
MicroSectors FANG Innovation -3X Inverse Leveraged ETN |
BERZ US |
20.64 |
19.59 |
13.09 |
|
Teucrium Soybean Fund |
SOYB US |
60.23 |
31.41 |
9.37 |
|
iPath Select MLP ETN |
ATMP US |
529.40 |
36.71 |
6.91 |
|
Bitwise Ethereum ETF |
ETHW US |
360.13 |
(1.76) |
6.71 |
|
Franklin Ethereum ETF |
EZET US |
67.14 |
32.78 |
4.76 |
Investors have tended to invest in Equity ETFs/ETPs during November.
Contact deborah.fuhr@etfgi.com if you have any questions or comments on the press release or ETFGI events, research or consulting services.
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