According to data from ETFGI, assets in the global ETF industry have reached a new all-time high, hitting $19.85 trillion at the end of December.
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By Deborah Fuhr, Managing Partner at ETFGI
Global ETF Industry Assets Hit $19.85 Trillion, Driven by Record Inflows
This is according to the monthly report from ETFGI, an independent research and consultancy firm specializing in the sector. The figure surpasses the previous record of $19.44 trillion set in November.
During December alone, the global ETF industry recorded net inflows of $330.78 billion. The cumulative net inflows for the entire year of 2025 thus reached the highest level ever, at $2.37 trillion. This represents a significant increase compared to the $1.88 trillion in 2024, which was the second-best year, and the $1.29 trillion in 2021.
December marked the seventy-ninth consecutive month of net inflows for the industry. On an annual basis, assets grew by 33.7%, starting from $14.85 trillion at the end of 2024.
“The S&P 500 index rose 0.06% in December, ending 2025 with a gain of 17.88%. Developed markets outside the United States gained 3.30% for the month and were up 35.10% for the year, with Korea (+10.98%) and Austria (+7.89%) leading among developed countries in December. Emerging markets advanced 1.63% in December and 24.39% in 2025, led by Peru (+9.87%) and South Africa (+9.49%) for monthly gains,” stated Deborah Fuhr, managing partner, founder, and owner of ETFGI.
The global ETF market comprised, as of the end of December, 15,807 products, with 30,634 listings, offered by 967 providers on 83 exchanges in 65 countries.
Analysis of Inflows by Category
During the month, equity ETFs attracted $211.15 billion in net new assets, bringing the annual total to $1.14 trillion, slightly above the $1.11 trillion from the previous year.
Fixed income ETFs gathered $50.95 billion in December, with an annual total of $458.63 billion, significantly higher than the $315.24 billion in 2024.
Commodity ETFs saw inflows of $16.32 billion for the month, reaching $106.65 billion for the year, a sharp increase compared to just $3.91 billion in the same period of 2024.
Active ETFs continued to grow, with $56.23 billion in inflows in December and an annual total of $637.47 billion, well above the $373.54 billion in 2024.
Market Concentration
The market remains highly concentrated among a few large providers. iShares (BlackRock) leads with $5.56 trillion in assets and a 28.0% market share. Followed by Vanguard with $4.25 trillion (21.4%) and State Street SPDR with $1.99 trillion (10.0%). These three players collectively hold 59.5% of global assets. The remaining 964 providers each have a market share below 5%.
Top Products by Inflows in December
The 20 ETFs with the highest net inflows collectively gathered $117.57 billion in December. Topping the list, the iShares Core S&P 500 ETF (IVV US) attracted $29.29 billion.
In the ETP (Exchange Traded Products) category, the top 10 products by inflows gathered $3.18 billion. The iShares Physical Gold ETC (SGLN LN) recorded the largest individual net flow, with $512.20 million.
ETFGI is a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, based in London, England. Deborah Fuhr, Managing Partner, Founder, ETFGI website www.etfgi.com.
Source: ETFWorld
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