ETFGI reports Global ETFs industry Reached a Record US$23.08 trillion with record US$1.07 trillion YTD Inflows at end of May — Strongest Year on Record

Press Release

LONDON — June 22, 2026 — ETFGI reports Global ETFs Reach Record US$23.08 trillion with record US$1.07 trillion YTD Inflows at end of May — Strongest Year on Record. During May, the ETFs industry globally gathered net inflows of US$216.03 billion, bringing year-to-date net inflows to a record US$1.07 trillion, according to ETFGI's May 2026 Global ETFs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends. (All dollar values in USD unless otherwise noted.)

 

Key Highlights

  • Assets invested in the global ETF industry reached a new record of $23.08 trillion at the end of May, surpassing the previous high of $21.91 trillion in April 2026.

  • Assets have increased 16.3% year-to-date, rising from $19.84 trillion at the end of 2025.

  • ETFs gathered net inflows of $216.03 billion during May, reflecting continued strong investor demand.

  • Year-to-date net inflows of $1.07 trillion are the highest on record, exceeding the previous record of $738.87 billion in 2025, with $594.01 billion in 2024 representing the third-highest level.

  • The industry has recorded its 84th consecutive month of net inflows, underscoring the sustained structural shift toward ETFs globally.

  • The ETF industry continues to exhibit a highly concentrated and competitive landscape, where large-scale providers benefit from persistent demand for low-cost beta exposures, while incremental growth is increasingly driven by pricing, distribution strength, and product innovation.

“The S&P 500 rose 5.26% in May and is up 11.27% year‑to‑date in 2026. Developed markets excluding the U.S. gained 5.20% during May and are up 15.33% year‑to‑date, with Korea (+28.71%) and Luxembourg (+20.50%) delivering the strongest returns among developed markets for the month. Emerging markets increased by 3.77% in May and are up 11.44% year‑to‑date, led by Taiwan (+16.95%) and Peru (+11.75%), which recorded the highest gains among emerging markets in May.” According to Deborah Fuhr, Managing Partner and founder of ETFGI.


Growth in assets in the Global ETFs industry as of the end of May

Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: “ETFs” are typically open-end index funds that provide daily portfolio transparency, are listed and traded on exchanges like stocks on a secondary basis as well as utilising a unique creation and redemption process for primary transactions. “ETPs” refers to other products that have similarities to ETFs in the way they trade and settle but they do not use a mutual fund structure. The use of other structures including grantor trusts, partnerships, notes and depositary receipts by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds.

 

The Global ETF industry had 17,075 ETFs, with 33,094 listings, assets of $23.08 Tn, from 1,014 providers on 85 exchanges in 66 countries at the end of May.

ETF Providers

The global ETF market is highly concentrated and competitive landscape, where scale providers continue to benefit from structural demand for low-cost beta, while incremental growth is increasingly driven by pricing, distribution strength, and product innovation. 

A small number of dominant providers: with iShares, Vanguard, and State Street maintaining their leadership positions both in assets and flows.

  • iShares remains the clear market leader, with $6.34 trillion in assets and a 27.5% market share. While it delivered strong net inflows of $245 billion year-to-date, its growth is more measured relative to peers, reflecting its already significant scale.

  • Vanguard is the standout in terms of flow momentum, attracting the highest net inflows both in May ($63.5 billion) and year-to-date ($272.6 billion). This positions Vanguard as the primary driver of industry growth in 2026, continuing to gain share through its low-cost, core exposures. Notably, Vanguard’s S&P 500 ETF has become the first ETF globally to surpass $1 trillion in assets under management, marking a significant milestone for the industry and underscoring the continued dominance of broad beta strategies.

  • State Street SPDR, while a distant third in total assets, shows a notable recovery in flows, with $73 billion in YTD inflows compared to minimal flows in 2025, highlighting a rebound in demand for its product suite.

Net inflows 

During May, ETFs gathered net inflows of $216.03 billion, reflecting continued strong investor demand across asset classes.

  • Equity ETFs attracted net inflows of $56.51 billion during the month, bringing year-to-date inflows to $418.88 billion, significantly ahead of the $329.75 billion recorded over the same period in 2025.
  • Fixed income ETFs saw net inflows of $62.23 billion in May, with year-to-date inflows reaching $218.41 billion, well above the $141.11 billion gathered by this point last year, underscoring sustained demand for income and diversification.
  • Commodities ETFs recorded more modest activity, with $601 million in net inflows during May, bringing year-to-date totals to $21.44 billion, below the $31.16 billion seen in May 2025.
  • Active ETFs continued to gain traction, attracting $100.08 billion in net inflows during the month and $411.75 billion year-to-date—almost double the $220.53 billion gathered over the same period in 2025.

Overall, the data highlights broad-based strength in ETF flows, with particularly strong momentum in equity, fixed income, and active strategies, while commodities have seen comparatively softer demand year-to-date.

Substantial inflows can be attributed to the top 20 ETF's by net new assets, which collectively gathered $112.87 Bn in May, the Vanguard S&P 500 ETF (VOO US) gathered $18.69 Bn alone.
 

Top 20 ETFs by net new assets May 2026: Global

Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available.

 

Substantial inflows can be attributed to the top 10 ETP's by net new assets, which collectively gathered $2.62 Bn in May, the WisdomTree Agriculture (AIGA LN) gathered $736.70 Mn alone.

Top 20 ETPs by net new assets May 2026: Global

Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available.


Investors have tended to invest in Active ETFs during May.


Contact deborah.fuhr@etfgi.com if you are interested in subscribing to ETFGI’s subscription research services, have any questions on this press release or on ETFGI’s consulting services, 6 annual ETFGI Global ETFs Insights Summits, or ETF TV.

 

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ETFGI is a leading independent research and consultancy firm with 14 years of experience, recognized for its expertise in subscription research, consulting services, 6 annual regional in person ETFGI Global ETFs Insights Summit events that cover all ETFs listed global on 81 exchanges in 63 countries, and ETF TV, covering global ETF industry trends. Interested in subscribing to ETFGI’s research email: contact@etfgi.com

ETF TV (www.ETFtv.net) is an on-demand program that highlights newly launched exchange-traded funds, products, and notes, while exploring the most pressing topics shaping the ETF landscape. Each episode brings together leading voices from across the industry—including issuers, investors, benchmark providers, and traders—to discuss the trends and developments influencing the use and management of exchange-traded products.

Every show features insightful interviews with key market participants, offering expert perspectives on the issues that matter most to the ETF community. ETF TV also offers the opportunity to create sponsored episodes, allowing partners to collaborate with us in producing custom content tailored to their brand and messaging.

If you’re interested in sponsoring or speaking at one of our upcoming ETFGI Global ETFs Insights Summits, subscribing to any of ETFGI’s annual research services (www.ETFGI.com), sponsoring an episode of ETF TV (www.ETFtv.net), exploring our consulting offerings, or if you have any questions, please reach out to us at  deborah.fuhr@etfgi.com and margareta.hricova@etfgi.com.

Contact: 
Deborah Fuhr 
Managing Partner, Founder 
ETFGI 
Mobile: +44 777 5823 111 
Email: deborah.fuhr@etfgi.com 
Web: www.etfgi.com 

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Disclaimer: 

This press release is published by, and remains the copyright of, ETFGI LLP ("ETFGI") or its licensors. The information and data in this press release is for information purposes only. ETFGI makes no warranties or representations regarding the accuracy or completeness of the information contained on this press release.

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