Global ETF Assets Hit Record USD 19.44 Trillion in November, Reports ETFGI

During the month, the global ETFs industry gathered USD 218.24 billion in net ETF inflows, taking year-to-date net inflows to an all-time high of USD 2.04 trillion, according to ETFGI’s November 2025 Global ETFs Industry Landscape Insights report.

The latest ETF asset milestone surpasses the previous record of USD 19.25 trillion set in October 2025 and represents a 31.0% increase since the end of 2024, when global ETF assets under management stood at USD 14.85 trillion. November also marked the 78th consecutive month of net inflows for the global ETF industry.

Broad-based ETF asset growth

At the end of November, the global ETFs industry comprised 15,610 ETF products with 30,395 listings and total assets of USD 19.44 trillion from 949 providers on 83 exchanges in 65 countries. Equity ETFs collected USD 111.84 billion in net inflows during November, bringing year-to-date equity ETF inflows to USD 928.13 billion, slightly below the USD 960.76 billion recorded at the same point in 2024.

Fixed income ETFs saw USD 41.39 billion of inflows in November, lifting year-to-date net new assets in bond ETFs to USD 407.68 billion, compared with USD 299.02 billion by November 2024. Commodities ETFs gathered USD 7.57 billion in November, pushing year-to-date inflows to USD 90.33 billion, far above the USD 5.02 billion seen in 2024, while active ETFs attracted USD 57.74 billion during the month, with year-to-date inflows reaching USD 581.25 billion versus USD 331.83 billion a year earlier.

Record ETF launches and expanding provider base

New ETF product development remained robust, with 295 ETFs launched in November alone. This activity brought the year-to-date total to 2,759 new ETF launches, setting a new record and surpassing previous highs of 1,795 in 2024 and 1,616 in 2021.

The ETF provider landscape also continued to broaden, as 173 new ETF providers have launched products so far in 2025, the highest number on record. This compares with the second-highest tally of 107 new providers in 2022 and 100 in 2024, underlining sustained competitive and structural growth in the global ETF ecosystem.

Leading ETF providers retain their edge

The three largest ETF providers continue to dominate global ETF assets under management. iShares is the biggest ETF provider with USD 5.45 trillion in assets and a 28.1% market share, followed by Vanguard with USD 4.19 trillion and 21.6%, and State Street SPDR ETFs with USD 1.96 trillion and 10.1%.

Combined, these three ETF groups account for 59.7% of global ETF industry AUM, while the remaining 946 providers each hold less than 5% market share. Despite this concentration, the record number of new ETF entrants in 2025 suggests investors have an increasingly wide choice of issuers, strategies and ETF exposures.

Market backdrop and ETF performance context

“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

This performance backdrop has helped sustain demand for equity ETF exposures while also supporting flows into fixed income ETFs, commodities ETFs and active ETFs as investors rebalance across regions and asset classes.

ETF flows concentrated in flagship products

ETF flows in November were heavily concentrated in a handful of large, liquid ETFs. The top 20 ETFs by net new assets collected USD 80.79 billion during the month, led by the Vanguard S&P 500 ETF (VOO US), which alone gathered USD 20.98 billion in net ETF inflows.

Other major ETF recipients included the iShares Core S&P 500 ETF (IVV US), the iShares 0–3 Month Treasury Bond ETF (SGOV US), the iShares 7–10 Year Treasury Bond ETF (IEF US) and the iShares Core MSCI Emerging Markets ETF (IEMG US), each adding several billion dollars in net new ETF assets in November.

Gold ETPs and crypto-linked products stand out

Among exchange-traded products, the top 10 ETPs by net new assets attracted a combined USD 2.07 billion in November. The Japan Physical Gold ETF (1540 JP) led with USD 496.57 million of inflows, followed by the Invesco Physical Gold ETC – Acc (SGLD LN), iShares Physical Silver ETC (SSLN LN), iShares Physical Gold ETC (SGLN LN) and AMUNDI PHYSICAL GOLD ETC (C) – Acc (GOLD FP).

Other notable ETP inflow winners included WisdomTree Physical Gold – EUR Daily Hedged (GBSE GY), iShares Bitcoin ETP (IB1T GY), ProShares UltraShort DJ-UBS Natural Gas (KOLD US) and WisdomTree Physical Bitcoin (BTCW SW). These flows highlight continued investor interest in precious metals and digital assets within the wider ETF and ETP ecosystem.

Investor preference for equity ETFs remains clear

Overall, investors tended to invest in equity ETFs during November, reaffirming the asset class as the primary ETF channel for gaining broad and targeted market exposure. Against a backdrop of record ETF assets, record ETF inflows and unprecedented ETF product launches, ETFs remain at the centre of global portfolio construction in 2025.