The U.S. exchange-traded fund (ETF) industry reached a major milestone in May, setting a new record with $15.69 trillion in total assets under management, surpassing the previous high of $14.87 trillion recorded a month earlier, according to the latest report from ETFGI. The new record was driven by a wave of capital allocations during the month, with investors contributing a record $837.35 billion in cumulative net inflows year to date.
In May alone, the U.S. ETF market experienced robust asset growth, attracting $189.01 billion in net new capital. This monthly inflow pushed year-to-date net inflows to an unprecedented level. The $837.35 billion gathered during the first five months of 2026 surpassed all previous records, far exceeding the $443.32 billion recorded over the same period in 2025.
This momentum underscores the sustained investor appetite for ETFs. The U.S. industry has now recorded 49 consecutive months of positive net inflows, highlighting investors’ continued preference for the liquidity, transparency and tax efficiency that exchange-traded funds inherently provide. Total industry assets have increased 16.8% since the start of the year, rising from $13.43 trillion at the end of 2025.
This growth has unfolded against a supportive backdrop for global equities. International stock markets demonstrated notable resilience during the volatile first half of the year, with the S&P 500 advancing 5.26% in May, bringing its year-to-date gain to an impressive 11.27%.
At the end of May, the U.S. ETF market comprised 5,283 individual products, managed by 488 asset managers and listed across three national exchanges. iShares and Vanguard remain locked in a virtual tie for leadership of the passive investment market. iShares retained the top spot with a 28.9% market share, while Vanguard followed closely at 28.6%. State Street Global Advisors remained in third place with a 13.2% share of the overall market.
Vanguard stood out in attracting new organic capital, gathering $54.4 billion in net inflows during May and increasing its year-to-date total to $233.8 billion. Both figures place Vanguard ahead of iShares, which attracted $34.3 billion in May and $155.9 billion year to date. State Street SPDR recorded an average daily trading volume of $59.8 billion. However, its net inflows were more modest, with $10.7 billion in May and $54.3 billion year to date.
Strong equity market performance led equity ETFs to attract the vast majority of new capital, with $78.62 billion in net inflows during May. This pushed year-to-date equity ETF inflows to $378.22 billion, significantly higher than the $148.51 billion recorded during the same period a year earlier.
Fixed income strategies also saw robust demand as investors sought income and diversification. Bond ETFs attracted $41.50 billion in net inflows during May, bringing year-to-date fixed income inflows to $151.55 billion, well above the $93.67 billion recorded by the same point in 2025.
Commodity ETFs, meanwhile, posted modest net inflows of $47.9 million during the month. Despite this slight gain, the category remains in negative territory for the year, with cumulative net outflows of $2.99 billion. This marks a sharp contrast with the $14.18 billion in net inflows recorded over the same period in 2025.
Finally, actively managed ETFs attracted $75.95 billion in net inflows during May. This strong pace lifted year-to-date inflows into active strategies to a record $329.09 billion, compared with $177.01 billion during the corresponding period in 2025.
