The Exchange-Traded Fund (ETF) Industry in the United States Closed November With a New All-Time High in Assets Under Management, driven by strong capital inflows from both institutional and retail investors, according to ETFGI’s November 2025 report.
According to data from the independent research and consulting firm specializing in global ETF market trends, total assets in the U.S. reached $13.22 trillion at the end of November, surpassing the previous record of $13.08 trillion set at the end of October this year.
Growth Dynamics and Capital Flows
The expansion observed in 2025 has been significant. Since the end of 2024, when total assets stood at $10.35 trillion, the year-over-year growth exceeds 27.8%, reflecting continued investor confidence in this type of instrument.
In November alone, the U.S. ETF market attracted $143.72 billion in net inflows, bringing year-to-date net flows to $1.28 trillion—the highest level recorded in recent history for this segment.
This pattern of positive flows marks 43 consecutive months of net capital inflows, a key indicator of sustained investor appetite for these investment vehicles.
Market Composition and Key Trends
The ETFGI report also highlights the current structure of the U.S. ETF market. A total of 4,773 products are listed across three main exchanges, offered by 449 different providers, reflecting a broad and competitive ecosystem.
Within this universe, the three largest ETF managers—iShares, Vanguard, and State Street SPDR—account for more than 72% of total assets, with iShares leading at approximately 29.7%, followed by Vanguard at 28.8%, and State Street at 13.7%.
By category, equity ETFs and actively managed products continued to attract capital during November, with notable inflows into funds linked to broad market indexes as well as more specialized strategies.
The sustained growth in assets and net flows points to a market that continues to mature and diversify, even amid global financial volatility and shifting macroeconomic conditions. This momentum reaffirms the role of ETFs as a central vehicle for asset allocation—for institutional investors, wealth managers, and individual accounts alike.
