Two passive titans widened their lead last month, even as overall passive inflows slipped a bit, according to the latest data from the folks at a publicly traded investment research company.

This article draws from Morningstar Direct data on November 2025 open-end mutual fund and ETF flows, excluding money-market funds and funds-of-funds. (The data also excludes other asset management products, like collective trusts and separate accounts.*) More specifically, this article focuses on the 156 firms (up by 1 month-over-month from October 2025 and up by 4 year-over-year from November 2024) that offer passively managed, long-term mutual funds or ETFs.

Vanguard led the way for a second month running, thanks to an estimated $1.976 billion in net November 2025 passive inflows, up by $7.11 billion M/M from October 2025 and up by $13.49 billion Y/Y from November 2024. Other big November 2025 passive inflows winners included:

BlackRock (including iShares), $39.651 billion (up by $11.642 billion M/M, up by $1.08 billion Y/Y);

Fidelity, $6.538 billion (up by $2.381 billion M/M, down by $3.532 billion Y/Y);

Invesco, $3.572 billion (down by $6.277 billion M/M, down by $17.297 billion Y/Y); and

Schwab, $3.097 billion (up by $2.187 billion M/M, down by $2.344 billion Y/Y).

On the flip side, Guggenheim (including Rydex) took the outflows lead last month, thanks to an estimated $728 million in net November 2025 passive outflows, an $843-million net flows drop M/M from October 2025 and up by $318 million Y/Y from November 2024. Other big November 2025 outflows sufferers included:

Jackson, $604 million (down by $224 million M/M, up by $36 million Y/Y);

VanEck, $574 million (a $4.163-billion net flows drop M/M, up by $366 million Y/Y);

Pacer, $538 million (down by $512 million M/M, an $831-million net flows drop Y/Y); and

Grayscale, $526 million (down by $52 million M/M, up by $262 million Y/Y).

Overall, passive funds brought in a combined $97.889 billion in net November 2025 inflows (down by $13.883 billion M/M, down by $31.379 billion Y/Y). 52.6 percent (82) of the passive fund families brought in net passive inflows last month, down M/M from 56.1 percent and down Y/Y from 53 percent.

*This caveat is particularly important for large fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) and separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds. 

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