ETFGI report on ETFs and ETPs listed globally – May 2026

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Article created by the editorial staff of ETFWorld.co.uk

Deborah Fuhr, Managing Partner, Founder and Owner of ETFGI

In the first five months of 2026, net inflows reached $1.07 trillion, the highest figure ever recorded for a comparable period. In May alone, net inflows amounted to $216.03 billion.

Assets under management in the global ETF industry reached a new all-time high of $23.08 trillion at the end of May, surpassing the previous record of $21.91 trillion set in April 2026. This is according to ETFGI, an independent research and consultancy firm based in London, in the May edition of its monthly report on the global ETF industry (Global ETFs Industry Landscape Insights Report).

Since the start of the year, assets have grown by 16.3 per cent, rising from $19.84 trillion at the end of 2025. In May alone, the sector recorded net inflows of $216.03 billion, bringing the total since the start of 2026 to $1.07 trillion. This is the highest level ever recorded for a comparable period: it exceeds the previous record of 738.87 billion in 2025 and the 594.01 billion recorded in 2024, the third-highest figure in the series. With May, the industry also recorded its 84th consecutive month of net inflows, confirming the structural shift by investors towards ETFs.

“The S&P 500 rose 5.26% in May and is up 11.27% year‑to‑date in 2026. Developed markets excluding the U.S. gained 5.20% during May and are up 15.33% year‑to‑date, with Korea (+28.71%) and Luxembourg (+20.50%) delivering the strongest returns among developed markets for the month. Emerging markets increased by 3.77% in May and are up 11.44% year‑to‑date, led by Taiwan (+16.95%) and Peru (+11.75%), which recorded the highest gains among emerging markets in May.” said Deborah Fuhr, Managing Partner and founder of ETFGI.

Market structure

At the end of May, the global industry comprised 17,075 ETFs, with 33,094 listings, representing total assets of 23.08 trillion dollars, issued by 1,014 issuers across 85 stock exchanges in 66 countries.

The market remains concentrated and competitive. Larger operators continue to benefit from structural demand for low-cost beta exposures, whilst incremental growth is increasingly linked to pricing, distribution capacity and product innovation.

The three largest issuers

iShares, Vanguard and State Street maintain their leading positions in terms of both assets under management and inflows.

iShares remains the market leader, with $6.34 trillion in assets and a 27.5% market share. Net inflows since the start of the year have totalled $245 billion; growth appears more subdued compared with competitors, reflecting the already substantial scale the firm has reached.

Vanguard is the operator with the strongest flow momentum, having attracted the highest net inflows both in May ($63.5 billion) and year-to-date ($272.6 billion). The company thus remains the main driver of sector growth in 2026, thanks to its low-cost core exposures.

Against this backdrop, a significant milestone for the entire sector has been reached: the Vanguard S&P 500 ETF (VOO) has become the world’s first ETF to exceed one thousand billion dollars in assets under management. According to Morningstar, the fund crossed this threshold on 2 June 2026, the first product of its kind to do so. On the same date, the iShares Core S&P 500 ETF (IVV) stood at just under 861 billion dollars and State Street’s SPDR S&P 500 ETF Trust (SPY) at around 786 billion. The VOO, which charges an annual fee of 0.03 per cent, had overtaken the SPY as the world’s largest ETF less than eighteen months earlier; five years ago, it managed around $225 billion. Between June 2021 and May 2026, it attracted over $400 billion in net new capital.

State Street SPDR, whilst still lagging behind in terms of total assets under management, has shown a marked recovery in terms of inflows, with $73 billion in net inflows year-to-date, compared with minimal inflows in 2025.

Inflows by asset class

In May, total net inflows amounted to $216.03 billion, spread across all major asset classes.

Equity ETFs attracted $56.51 billion during the month, bringing the year-to-date total to $418.88 billion, a sharp increase compared with the $329.75 billion recorded in the same period of 2025. Bond ETFs raised $62.23 billion in May, with year-to-date inflows of $218.41 billion, well above the $141.11 billion recorded a year earlier, reflecting demand for income and diversification. Commodity ETFs saw more subdued activity, with net inflows of $601 million for the month and $21.44 billion year-to-date, down from $31.16 billion in the corresponding period of 2025. Actively managed ETFs attracted $100.08 billion during the month and $411.75 billion year-to-date, almost double the $220.53 billion recorded in the same period of 2025.

Overall, the figures point to solid and widespread inflows, with the strongest performance seen in equity, bond and actively managed funds, whilst commodities remain the sector with the weakest demand since the start of the year.

Products with the highest inflows

The top 20 ETFs by net inflows attracted a total of $112.87 billion in May; of this, $18.69 billion flowed into the Vanguard S&P 500 ETF (VOO) alone. Among ETPs, the products with the highest net inflows totalled $2.62 billion for the month, with the WisdomTree Agriculture (AIGA LN) attracting $736.70 million.

The growing importance of actively managed funds

In May, investors favoured actively managed ETFs, a segment that is constantly expanding.

More generally, the growth of ETFs reflects a long-term structural shift. Assets under management in the sector have risen from around $6.4 trillion at the start of 2020 to over $23 trillion today, with uninterrupted monthly net inflows for years, largely at the expense of traditional mutual funds.

Source: ETFWorld

According to data from ETFGI, the global ETF industry reached a record high of 23.08 trillion dollars at the end of May 2026

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Article created by the editorial staff of ETFWorld.co.uk

Deborah Fuhr, Managing Partner, Founder and Owner of ETFGI

In the first five months of 2026, net inflows reached $1.07 trillion, the highest figure ever recorded for a comparable period. In May alone, net inflows amounted to $216.03 billion.

Assets under management in the global ETF industry reached a new all-time high of $23.08 trillion at the end of May, surpassing the previous record of $21.91 trillion set in April 2026. This is according to ETFGI, an independent research and consultancy firm based in London, in the May edition of its monthly report on the global ETF industry (Global ETFs Industry Landscape Insights Report).

Since the start of the year, assets have grown by 16.3 per cent, rising from $19.84 trillion at the end of 2025. In May alone, the sector recorded net inflows of $216.03 billion, bringing the total since the start of 2026 to $1.07 trillion. This is the highest level ever recorded for a comparable period: it exceeds the previous record of 738.87 billion in 2025 and the 594.01 billion recorded in 2024, the third-highest figure in the series. With May, the industry also recorded its 84th consecutive month of net inflows, confirming the structural shift by investors towards ETFs.

“The S&P 500 rose 5.26% in May and is up 11.27% year‑to‑date in 2026. Developed markets excluding the U.S. gained 5.20% during May and are up 15.33% year‑to‑date, with Korea (+28.71%) and Luxembourg (+20.50%) delivering the strongest returns among developed markets for the month. Emerging markets increased by 3.77% in May and are up 11.44% year‑to‑date, led by Taiwan (+16.95%) and Peru (+11.75%), which recorded the highest gains among emerging markets in May.” said Deborah Fuhr, Managing Partner and founder of ETFGI.

Market structure

At the end of May, the global industry comprised 17,075 ETFs, with 33,094 listings, representing total assets of 23.08 trillion dollars, issued by 1,014 issuers across 85 stock exchanges in 66 countries.

The market remains concentrated and competitive. Larger operators continue to benefit from structural demand for low-cost beta exposures, whilst incremental growth is increasingly linked to pricing, distribution capacity and product innovation.

The three largest issuers

iShares, Vanguard and State Street maintain their leading positions in terms of both assets under management and inflows.

iShares remains the market leader, with $6.34 trillion in assets and a 27.5% market share. Net inflows since the start of the year have totalled $245 billion; growth appears more subdued compared with competitors, reflecting the already substantial scale the firm has reached.

Vanguard is the operator with the strongest flow momentum, having attracted the highest net inflows both in May ($63.5 billion) and year-to-date ($272.6 billion). The company thus remains the main driver of sector growth in 2026, thanks to its low-cost core exposures.

Against this backdrop, a significant milestone for the entire sector has been reached: the Vanguard S&P 500 ETF (VOO) has become the world’s first ETF to exceed one thousand billion dollars in assets under management. According to Morningstar, the fund crossed this threshold on 2 June 2026, the first product of its kind to do so. On the same date, the iShares Core S&P 500 ETF (IVV) stood at just under 861 billion dollars and State Street’s SPDR S&P 500 ETF Trust (SPY) at around 786 billion. The VOO, which charges an annual fee of 0.03 per cent, had overtaken the SPY as the world’s largest ETF less than eighteen months earlier; five years ago, it managed around $225 billion. Between June 2021 and May 2026, it attracted over $400 billion in net new capital.

State Street SPDR, whilst still lagging behind in terms of total assets under management, has shown a marked recovery in terms of inflows, with $73 billion in net inflows year-to-date, compared with minimal inflows in 2025.

Inflows by asset class

In May, total net inflows amounted to $216.03 billion, spread across all major asset classes.

Equity ETFs attracted $56.51 billion during the month, bringing the year-to-date total to $418.88 billion, a sharp increase compared with the $329.75 billion recorded in the same period of 2025. Bond ETFs raised $62.23 billion in May, with year-to-date inflows of $218.41 billion, well above the $141.11 billion recorded a year earlier, reflecting demand for income and diversification. Commodity ETFs saw more subdued activity, with net inflows of $601 million for the month and $21.44 billion year-to-date, down from $31.16 billion in the corresponding period of 2025. Actively managed ETFs attracted $100.08 billion during the month and $411.75 billion year-to-date, almost double the $220.53 billion recorded in the same period of 2025.

Overall, the figures point to solid and widespread inflows, with the strongest performance seen in equity, bond and actively managed funds, whilst commodities remain the sector with the weakest demand since the start of the year.

Products with the highest inflows

The top 20 ETFs by net inflows attracted a total of $112.87 billion in May; of this, $18.69 billion flowed into the Vanguard S&P 500 ETF (VOO) alone. Among ETPs, the products with the highest net inflows totalled $2.62 billion for the month, with the WisdomTree Agriculture (AIGA LN) attracting $736.70 million.

The growing importance of actively managed funds

In May, investors favoured actively managed ETFs, a segment that is constantly expanding.

More generally, the growth of ETFs reflects a long-term structural shift. Assets under management in the sector have risen from around $6.4 trillion at the start of 2020 to over $23 trillion today, with uninterrupted monthly net inflows for years, largely at the expense of traditional mutual funds.

Source: ETFWorld