U.S. ETF industry surpasses US$12.70 Trillion at the end of September according to new research from ETFGI
Press Release
LONDON — October 14, 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, reports the U.S. ETF industry surpasses US$12.70 Trillion at the end of September according to new research from ETFGI. During September, the ETFs industry in the United States gathered net inflows of US$152.50 billion, bringing year-to-date net inflows to a record US$951.27 billion, according to ETFGI's September 2025 US ETFs 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.)
US ETF industry highlights end of September
- U.S. ETF industry assets reached a record $12.70 trillion at the end of September, surpassing the previous high of $12.19 trillion set in August 2025.
- Year-to-date (YTD) asset growth of 22.7%, rising from $10.35 trillion at the end of 2024 to $12.70 trillion.
- Net inflows of $152.50 billion recorded are second highest on the record, with highest monthly net inflows of US$164.42 Bn recorded in November 2024.
- YTD net inflows of $951.27 billion mark the highest on record, exceeding $740.78 billion in 2024 and $650.04 billion in 2021.
- $1.38 trillion in net inflows gathered over the past 12 months.
- 41 consecutive months of net inflows, underscoring sustained investor demand.
“The S&P 500 rose 3.65% in September, bringing its year-to-date gain to 14.83. Developed markets excluding the US increased by 2.50% during the month and are up 27.67% in 2025. The Netherlands and Korea led the gains among developed markets in September, rising 13.27% and 9.04%, respectively. Emerging markets advanced 5.49% in September and have gained 22.41% year-to-date, with Peru (up 12.80%) and South Africa (up 9.47%) posting the strongest monthly performance among emerging markets,” said 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 September
The ETFs industry in the United States had 4,554 products, assets of US$12.70 Tn, from 428 providers listed on 3 exchanges at the end of September.
iShares remains the largest ETF provider in the United States, managing $3.80 trillion in assets and commanding a 29.9% market share. Vanguard follows closely with $3.65 trillion and a 28.7% share, while SPDR ETFs ranks third with $1.74 trillion and 13.7%. Collectively, these top three providers account for 72.3% of total US ETF industry assets under management (AUM), out of 428 providers. The remaining 425 providers each hold less than 7% market share.
September US ETF industry net flows – U.S. Market Highlights
- Total net inflows: $152.50 billion in September.
- Equity ETFs/ETPs:
- Net inflows of $61.59 billion in September.
- YTD net inflows reached $353.25 billion, exceeding $337.81 billion at the same point in 2024.
- Fixed Income ETFs/ETPs:
- Net inflows of $22.52 billion in September.
- YTD net inflows rose to $174.31 billion, up from $145.00 billion in 2024.
- Commodities ETFs/ETPs:
- Net inflows of $11.21 billion in September.
- YTD net inflows totaled $38.99 billion, reversing the $9.17 million in net outflows reported YTD in 2024.
- Active ETFs/ETPs:
- Net inflows of $56.05 billion in September.
- YTD net inflows surged to $363.22 billion, significantly higher than the $206.87 billion reported YTD in 2024.
Substantial inflows can be attributed to the top 20 ETF‘s by net new assets, which collectively gathered $73.71 Bn in September. iShares Core S&P 500 ETF (IVV US) gathered $18.67 Bn, the largest individual net inflow.
Top 20 ETFs by net new assets September 2025: US
|
Name |
Ticker |
Assets |
NNA |
NNA |
|
iShares Core S&P 500 ETF |
IVV US |
692,785.73 |
35,299.82 |
18,673.60 |
|
Vanguard S&P 500 ETF |
VOO US |
764,003.43 |
85,737.48 |
4,692.65 |
|
iShares S&P 100 ETF |
OEF US |
27,544.49 |
9,728.30 |
4,584.08 |
|
SPDR Gold Shares |
GLD US |
122,075.21 |
15,161.73 |
4,212.73 |
|
iShares U.S. Equity Factor Rotation Active ETF |
DYNF US |
27,196.37 |
10,577.33 |
3,739.06 |
|
iShares AI Innovation and Tech Active ETF |
BAI US |
6,099.32 |
5,446.35 |
3,384.76 |
|
Vanguard Total Stock Market ETF |
VTI US |
543,586.67 |
27,235.95 |
3,291.37 |
|
Invesco QQQ Trust |
QQQ US |
385,274.83 |
10,102.93 |
2,987.73 |
|
iShares Gold Trust |
IAU US |
59,153.33 |
9,378.24 |
2,934.83 |
|
Vanguard Information Technology ETF |
VGT US |
110,467.40 |
7,569.59 |
2,723.69 |
|
iShares Bitcoin Trust |
IBIT US |
87,828.95 |
23,722.91 |
2,664.69 |
|
iShares 7-10 Year Treasury Bond ETF |
IEF US |
38,520.49 |
5,756.12 |
2,655.95 |
|
iShares Core MSCI EAFE ETF |
IEFA US |
155,523.73 |
8,531.85 |
2,454.57 |
|
Vanguard Total Bond Market ETF |
BND US |
139,225.66 |
13,915.10 |
2,394.08 |
|
Vanguard FTSE Developed Markets ETF |
VEA US |
178,890.86 |
10,556.29 |
2,387.27 |
|
iShares Core MSCI Emerging Markets ETF |
IEMG US |
109,970.05 |
10,826.04 |
2,218.12 |
|
iShares Dynamic Equity Active ETF |
BDYN US |
2,143.41 |
2,134.90 |
2,134.90 |
|
iShares U.S. Aerospace & Defense ETF |
ITA US |
11,836.08 |
2,797.07 |
2,025.15 |
|
iShares 0-3 Month Treasury Bond ETF |
SGOV US |
57,131.25 |
27,188.44 |
1,820.35 |
|
SPDR Gold MiniShares Trust |
GLDM US |
20,854.27 |
6,262.79 |
1,732.16 |
The top 10 ETPs by net assets collectively gathered $803.43 Mn during September. iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX US) gathered $272.99 Mn, the largest individual net inflow.
Top 10 ETPs by net new assets September 2025: US
|
Name |
Ticker |
Assets |
NNA |
NNA |
|
iPath Series B S&P 500 VIX Short-Term Futures ETN |
VXX US |
1,011.98 |
978.07 |
272.99 |
|
Grayscale Bitcoin Mini Trust ETF |
BTC US |
5,461.01 |
1,047.72 |
140.66 |
|
VanEck Merk Gold ETF |
OUNZ US |
2,168.59 |
355.05 |
101.66 |
|
Grayscale Ethereum Mini Trust ETF |
ETH US |
3,002.24 |
873.41 |
78.54 |
|
United States Copper Index Fund |
CPER US |
278.32 |
105.75 |
45.63 |
|
ProShares Ultra VIX Short-Term Futures |
UVXY US |
648.13 |
615.75 |
45.09 |
|
ProShares Ultra DJ-UBS Natural Gas |
BOIL US |
578.00 |
232.78 |
37.55 |
|
MicroSectors Gold Miners -3X Inverse Leveraged ETN |
GDXD US |
48.43 |
146.85 |
37.39 |
|
ProShares UltraShort Gold |
GLL US |
64.02 |
0.47 |
25.91 |
|
ProShares VIX Short-Term Futures ETF |
VIXY US |
329.58 |
233.85 |
18.00 |
Investors have tended to invest in Equity ETFs/ETPs during September.
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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The summit is designed as an educational event to foster deep, insightful discussions on the use, due diligence and selection and best trading practices for ETFs by financial advisors and institutional investors in the United States. Explore how regulatory changes are impacting product development including ETF and mutual fund share classes, Active ETFs, conversions Crypto, digital assets and tokenisation and market structure.
Speakers will include:
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- Thomas Bonville, Managing Director - Head of Derivative Sales, Clear Street
- Deborah Fuhr, Managing Partner, Founder, ETFGI
- Leah J. Miller, Vice President, Model Portfolio Strategy, BlackRock
- Amrita Nandakumar, President, Vident Asset Management
- Tara O’Reilly, Partner, Asset Management and Investment Funds, Arthur Cox LLP
- David Pennella, Managing Director, GTS
- Alex Poukchanski, Director, Index Analytics, CRSP
- Trace Rakestraw, Senior Special Counsel, U.S. Securities and Exchange Commission
- Cullen Rogers, CIO, Wedbush
- Jeffrey Sardinha, Senior Vice President - Head of ETF Solutions – Americas, State Street
- Paul Schroeder, CMT, QQQ Equity Product Strategist, Invesco
- Peter Shea, Partner, Seward & Kissel LLP
- Kim Tilley, Managing Director, Head of Investment Solutions, Lazard Asset Management
- Richard Vagnoni, Senior Economist, FINRA
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- Trends in the ETFs Industry - ETFGI Research
- Global Macro Outlook
- Innovation, Growth and Changing Demographics: The ETF Story in US
- The Rise of Active ETFs in the US
- The Rise of Alternative Strategies in the ETF Wrapper
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- Opportunities for Virtual Assets and Tokenization in US
- Outlook for ETFs and the Asset Management Industry – What's Next?
- Networking drinks hosted by Waystone
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