ETFGI report on ETFs and ETPs listed globally – September 2025

Global ETFs Soar to $18.81 Trillion: All-Time High Reached in September 2025
This figure surpasses the previous record of $17.85 trillion set in August.

September alone saw net inflows of $267.66 billion, bringing year-to-date (YTD) net inflows to an unprecedented $1.54 trillion—well ahead of the $1.24 trillion recorded in the same period of 2024 and the $923.10 billion seen in 2021. This marks the 76th consecutive month of net inflows, underscoring investors’ sustained confidence in this investment vehicle.

Market Performance and Commentary from Deborah Fuhr

Strong market performance also fueled investor interest. Deborah Fuhr, Managing Partner, Founder, and Owner of ETFGI, commented on September’s market dynamics as follows:

“The S&P 500 rose 3.65% in September, bringing its year-to-date gain to 14.83%. Developed markets excluding the U.S. increased by 2.50% during the month and are up 27.67% in 2025. The Netherlands and Korea led 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.”

Dominance of the Largest Providers

The global ETF market remains highly concentrated: among 915 providers, the top three control nearly 60% of total assets. iShares remains the undisputed leader with $5.28 trillion in assets under management (AUM), representing 28.3% of the market, followed by Vanguard with $4.01 trillion (21.5%) and SPDR ETFs with $1.89 trillion (10.1%). Together, these three giants account for 59.8% of global ETF assets.

Overall, the industry comprises 15,125 products, with 29,677 listings across 81 exchanges in 63 countries.

Where the Money Is Flowing: Equities, Fixed Income, Commodities, and Active ETFs

Equity ETFs were the clear favorite in September, attracting $124.32 billion in net inflows and bringing YTD inflows to $677.37 billion. Fixed income ETFs recorded $49.36 billion in monthly inflows, with YTD totals reaching $314.23 billion—already surpassing the full amount gathered by the same point in 2024.

Commodities ETFs saw a dramatic surge, with $20.50 billion in September inflows alone and $73.14 billion YTD—compared to just $1.07 billion over the same period in 2024. This signals a renewed investor appetite for gold, silver, and other commodities.

Even more striking is the growth of active ETFs, which gathered $70.59 billion in September and $447.72 billion YTD—nearly double the $239.15 billion recorded during the same period last year. This trend confirms growing investor acceptance of active strategies within the ETF structure.

The Most Popular Funds

The top 20 ETFs alone attracted $77.05 billion in September. Leading the pack was the iShares Core S&P 500 ETF (IVV US) with $18.67 billion in new assets. It was followed by the SPDR Bloomberg 1-5 Year U.S. Corporate Bond UCITS ETF (+$4.98 billion) and the Vanguard S&P 500 ETF (VOO US) (+$4.69 billion).

Among ETPs (Exchange Traded Products), the iShares Physical Gold ETC (SGLN LN) stood out, gathering $1.44 billion in September, trailed by other gold-backed and crypto-related products such as WisdomTree Physical Solana (+$479.8 million).

Conclusion

2025 is shaping up to be a landmark year for the ETF industry, with growth rates unmatched in its history. Behind this success lie not only strong market returns but also structural evolution: greater product diversification, thematic innovation (from artificial intelligence to cryptocurrencies), and increasing integration of passive and active strategies.

As Deborah Fuhr emphasized, the current macroeconomic and market environment continues to favor ETF investments—vehicles prized for their transparency, liquidity, and flexibility. With over $2.18 trillion in inflows over the past 12 months, this momentum shows no signs of slowing.