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 Canada reached a new record of US$563.08 billion at the end of November. During November the ETFs industry in Canada gathered net inflows of US$11.79 billion, bringing year-to-date net inflows to US$95.10 billion, according to ETFGI's November 2025 Canadian 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
- Canadian ETF assets reached a record $563.08 billion at the end of November, surpassing the previous record of $545.09 billion set in October 2025.
- Assets grew 41.8% year-to-date, rising from $397.15 billion at the end of 2024 to $563.08 billion.
- Net inflows of $11.79 billion in November 2025.
- Year-to-date net inflows of $95.10 billion—the highest on record, compared to $55.37 billion in 2024 and $42.57 billion in 2021.
- 41st 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 Canada as of the end of November
The Canadian ETF industry had 1,482 ETFs, with 1,861 listings, assets of US$563.08 Bn, from 49 providers on 2 exchanges at the end of November.
RBC iShares is the largest provider in terms of assets with $151.10 Bn, reflecting 26.8% market share; BMO Asset Management is second with $116.90 Bn and 20.8% market share, followed by Vanguard with $91.71 Bn and 16.3% market share. The top three providers, out of 49, account for 63.9% of the assets invested in the ETF industry in Canada, while the remaining 46 providers each have less than 7% market share.
ETF Highlights
- Overall:
- Net inflows of $11.79 billion in November.
- Equity ETFs:
- $5.20 billion in November.
- YTD inflows: $35.41 billion (+46.3% vs. $24.19 billion in 2024).
- Fixed Income ETFs:
- $2.25 billion in November.
- YTD inflows: $14.62 billion (+64.6% vs. $8.88 billion in 2024).
- Active ETFs:
- $3.76 billion in November.
- YTD inflows: $41.21 billion (+95.1% vs. $21.12 billion in 2024).
- Crypto ETFs:
- $53.60 million in November.
- YTD inflows: $681.92 million (reversal from $439.11 million in net outflows in 2024).
Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $5.40 Bn during November. iShares S&P/TSX 60 Index Fund (XIU CN) gathered $576.33 Mn, the largest individual net inflow.
Top 20 ETFs by net new assets November 2025: Canada
|
Name |
Ticker |
Assets |
NNA |
NNA |
|
XIU CN |
13,737.45 |
(673.25) |
576.33 |
|
|
Mackenzie Canadian Equity Index ETF |
QCN CN |
3,178.52 |
1,560.34 |
544.05 |
|
BMO Aggregate Bond Index ETF |
ZAG CN |
8,836.17 |
1,699.55 |
471.22 |
|
BMO Corporate Bond Index ETF |
ZCB CN |
1,213.63 |
1,097.12 |
338.41 |
|
iShares Core S&P/TSX Capped Composite Index ETF |
XIC CN |
15,009.51 |
1,523.37 |
323.92 |
|
BMO Equal Weight Banks Index ETF |
ZEB CN |
3,819.71 |
(273.43) |
319.82 |
|
BMO Broad Commodity ETF |
ZCOM CN |
329.69 |
321.84 |
314.41 |
|
Fidelity All-in-One Balanced ETF |
FBAL CN |
4,202.20 |
2,373.83 |
301.58 |
|
iShares MSCI EAFE IMI Index Fund |
XEF CN |
11,397.56 |
3,055.96 |
301.54 |
|
iShares Core Equity ETF Portfolio |
XEQT CN |
8,404.60 |
3,035.91 |
291.45 |
|
Scotia US Equity Index Tracker ETF |
SITU CN |
2,517.14 |
888.39 |
214.72 |
|
Vanguard Global Aggregate Bond Index ETF - CAD Hdg - Acc |
VGAB CN |
370.89 |
262.68 |
190.77 |
|
BMO Money Market Fund |
ZMMK CN |
3,801.85 |
1,494.32 |
174.81 |
|
BMO US Aggregate Bond Index ETF |
ZUAG CN |
978.81 |
621.36 |
170.45 |
|
Mackenzie US Large Cap Equity Index ETF |
QUU CN |
3,563.64 |
663.87 |
156.47 |
|
Fidelity Systematic Canadian Bond Index ETF |
FCCB CN |
2,050.31 |
1,167.84 |
148.47 |
|
Vanguard All-Equity ETF Portfolio |
VEQT CN |
7,147.81 |
1,845.13 |
146.25 |
|
Fidelity All-in-One Equity ETF |
FEQT CN |
2,198.19 |
1,469.80 |
143.56 |
|
Vanguard S&P 500 Index ETF |
VFV CN |
19,857.81 |
2,744.26 |
136.34 |
|
iShares Core Canadian Universe Bond Index ETF |
XBB CN |
6,449.33 |
557.14 |
135.92 |
Investors have tended to invest in Equity ETFs during November.
