U.S. ETF Industry Surpasses US$12.70 Trillion At The End Of September According To New Research From ETFGI

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

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

Investors have tended to invest in Equity ETFs/ETPs during September.