The Gotham Giant kept the passive inflows lead last month as overall passive inflows climbed by another 15.7 percent, according to the latest data from the folks at a publicly traded investment research company.

Laurence D. "Larry" Fink BlackRock Chairman, CEO

This article draws from Morningstar Direct data on June 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 CITs and separate accounts.*) More specifically, this article focuses on the 150 firms (up by two month-over-month from May 2025 but down by one year-over-year from June 2024) that offer passively managed, long-term mutual funds or ETFs.

BlackRock (including iShares) led the pack for a second month in a row, thanks to an estimated $36.461 billion in net June 2025 passive inflows, up by $17.536 billion M/M from May 2025 but down by $4.67 billion Y/Y from June 2024. Other big June 2025 passive inflows winners included:

Fidelity, $10.971 billion (up by $1.419 billion M/M, up by $2.515 billion Y/Y);

State Street Investment Management (SSIM, fka SSGA), $10.805 billion (up by $13.094 billion M/M, up by $13.113 billion Y/Y);

Vanguard, $7.802 billion (down by $9.364 billion M/M, up by $431 million Y/Y); and

Schwab, $1.505 billion (up by $116 million M/M, down by $1.617 billion Y/Y).

On the flip side, Rafferty's Direxion took the outflows lead last month, thanks to an estimated $1.971 billion in net June 2025 passive outflows, up by $1.823 billion M/M from May 2025 and up by $823 million Y/Y from June 2024. Other big June 2025 passive outflows sufferers included:

Pacer, $935 million (up by $363 million M/M, a $1.317-billion net flows drop Y/Y);

ProShares and ProFunds, $711 million (down by $339 million M/M, down by $1.168 billion Y/Y);

Jackson, $646 million (up by $238 million M/M, up by $100 million Y/Y); and

Guggenheim (including Rydex), $395 million (a $581-million net flows drop M/M, up by $82 million Y/Y).

Overall, passive funds brought in a combined $69.685 billion in net inflows in June 2025, up by $9.479 billion M/M and up by $7.815 billion Y/Y. 53.3 percent of passive fund families (80 of 150) brougth in net passive inflows in June 2025, up from 51.4 percent in May 2025 and up from 42.4 percent in June 2024.

*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 institutional separately accounts are commonly used alternatives to traditional mutual funds. 

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