MutualFundWire.com: More Than $2T In 11 Months
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Tuesday, December 23, 2025

More Than $2T In 11 Months


The ETF side of the asset management industry has grown at a record pace this year and continues to reach new milestones, both across the world and in the U.S. in particular, despite a slight slowdown last month, according to the latest data from the folks at an ETF-focused research firm.

This month, Debbie Fuhr, managing partner of ETFGI, revealed that a record $1.28 trillion net flowed into U.S. exchange-traded funds and exchange-traded products in the first 11 months of 2025, up by $250 billion (24.2 percent) from the prior record in the first 11 months of 2024. The U.S. accounted for 62.7 percent of the year-to-date worldwide ETF and ETP inflows of $2.04 trillion as of November 30, 2025 (also a new record, up by $370 billion from the prior record in the first 11 months of 2024). Meanwhile, active ETFs worldwide brought in a record $581.25 billion in net inflows in the first 11 months of 2025, accounting for 28.5 percent of worldwide inflows and up by $249.42 billion (75.2 percent) year-over-year from the prior record.

The ETFGI team reports that the U.S. ETF and ETP industry reached a record $13.22 trillion in AUM on November 30, 2025, up by $140 billion (1.1 percent) month-over-month from the prior record on October 31, 2025 and up by $2.62 trillion (24.7 percent) Y/Y from November 30, 2024. As of the end of last month, the U.S. now accounts for 68 percent of worldwide ETF and ETP AUM of $19.44 trillion. (Worldwide ETF and ETP AUM also reached a new peak last month, up by $190 billion from the prior record on October 31, 2025 and up by $4.24 trillion Y/Y.) Meanwhile, active ETFs worldwide reached a record $1.86 trillion in AUM on November 31, 2025, accounting for 9.6 percent of total worldwide ETF and ETP AUM, up by $40 billion M/M from the prior record, and up by 59.4 percent year-to-date.

Last month, per ETFGI's data, the U.S. ETF and ETP industry brought in $143.72 billion in net inflows, down by $42.47 billion (22.8 percent) M/M and down by $20.71 billion (12.6 percent) Y/Y. The U.S. accounted for 65.9 percent of the $218.24 billion in worldwide ETF and ETP inflows in November 2025 (which were down by $60.8 billion M/M and by $1.71 billion W/W). Meanwhile, active ETFs worldwide brought in $57.74 billion in net November 2025 inflows, accounting for 26.5 percent of total worldwide ETF and ETP inflows.

November 2025 extended the U.S. ETF and ETP inflows streak to 43 months and counting. Last month also extended the worldwide inflows streak to 78 months and the worldwide active inflows streak to 68 months.

As of November 31, 2025, the ETFGI team reports, the U.S. asset management industry offered 4,773 ETFs and ETPs, up by 109 (2.3 percent) M/M and up by 919 (23.8 percent) Y/Y. The U.S. now accounts for 30.6 percent of the 15,610 ETFs and ETPs worldwide. (The global count is up by 263 M/M and up by 2,543 Y/Y.) Meanwhile, at the end of November 2025 there were 4,495 active ETFs worldwide, accounting for 28.8 percent of total worldwide ETFs and ETPs.

Worldwide, there were 295 new ETF and ETP launches last month. That boosts YTD launches to 2,759, up by 964 (53.7 percent) from the prior record in the first 11 months of 2024.

Per ETFGI's data, 449 ETF and ETP providers operated in the U.S. as of November 31, 2025, up by 10 (2.3 percent) M/M and up by 101 (29 percent) Y/Y. U.S. ETF and ETP providers now account for 47.3 percent of the 949 ETF and ETP providers worldwide. (The worldwide count is up by 21 M/M and up by 156 Y/Y.) Meanwhile, at the end of November 2025 there were 646 active ETF providers worldwide, meaning that 68.1 percent of all ETF and ETP providers now offer active ETFs.

In 2025, 173 new providers have entered the ETF and ETP space worldwide, as of November 30. That's a record, up by 73 Y/Y from the first 11 months of 2024 and up by 66 from the prior record in the first 11 months of 2022.


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