ETFGI Reports That Assets Invested In The ETFs Industry In The United States Reached A New Record Of US$13.22 Trillion At The End Of November

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 the United States reached a new record of US$13.22 trillion at the end of November. During November, the ETFs industry in the United States gathered net inflows of US$143.72 billion, bringing year-to-date net inflows to a record US$1.28 trillion, according to ETFGI's November 2025 US 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

• Assets invested in the ETFs industry in the United States reached a record $13.22 trillion at the end of November, surpassing the previous record of $13.08 trillion set in October 2025.
• Assets have grown 27.8% year-to-date, rising from $10.35 trillion at the end of 2024 to $13.22 trillion.
• Net inflows of $143.72 billion in November.
• Year-to-date net inflows of $1.28 trillion—the highest on record, ahead of $1.03 trillion in 2024 and $803.40 billion in 2021.
• 43rd 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 the United States as of the end of November

The ETFs industry in the United States has 4,773 products, assets of US$13.22 Tn, from 449 providers listed on 3 exchanges at the end of November.

iShares is the largest provider in terms of assets with $3.92 Tn, reflecting 29.7% market share; Vanguard is second with $3.81 Tn and 28.8% market share, followed by State Street SPDR ETFs with $1.81 Tn and 13.7% market share. The top three providers, out of 449, account for 72.2% of assets invested in the ETF industry in the United States, while the remaining 446 providers each have less than 7% market share.

November Highlights

• Total net inflows: $143.72 billion in November.
• Equity ETFs:
  • $71.18 billion in November.
  • YTD inflows: $507.93 billion (+0.35% vs. $506.17 billion in 2024).
• Fixed Income ETFs:
  • $27.48 billion in November.
  • YTD inflows: $234.35 billion (+33.4% vs. $175.60 billion in 2024).
• Commodities ETFs:
  • $2.01 billion in November.
  • YTD inflows: $47.03 billion (+1,515% vs. $2.91 billion in 2024).
• Active ETFs:
  • $45.35 billion in November.
  • YTD inflows: $470.77 billion (+70% vs. $276.92 billion in 2024).

Substantial inflows can be attributed to the top 20 ETF‘s by net new assets, which collectively gathered $79.24 Bn in November. Vanguard S&P 500 ETF (VOO US) gathered $20.98 Bn, the largest individual net inflow.

Top 20 ETFs by net new assets November 2025: US

The top 10 ETPs by net assets collectively gathered $200.62 Mn during November. ProShares UltraShort DJ-UBS Natural Gas (KOLD US) gathered $85.21 Mn, the largest individual net inflow.

Top 10 ETPs by net new assets November 2025: US

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