ETFs Post Record $176B Inflows in October

Investors poured an unprecedented $175.6 billion into U.S.-listed ETFs in October, the largest monthly haul in history, according to FactSet. That pushed 2025’s total inflows to $1.12 trillion—just $4 billion shy of the full-year 2024 record. 

With two months left in the year, inflows are on track to finish between $1.3 and $1.5 trillion, easily eclipsing last year’s milestone.

Flows Spread Across the Market

October’s buying spree touched nearly every asset class. U.S. equity ETFs drew $73.1 billion, while U.S. fixed income ETFs added $42.5 billion. International equity ETFs took in $35.4 billion, international fixed income funds pulled $9.4 billion, and both commodities and currency ETFs attracted about $5.8 billion each.

The breadth of inflows underscores how widespread ETF adoption has become. 

VOO Leads Another Record Month

At the fund level, the Vanguard S&P 500 ETF (VOO) led the pack with $17.7 billion of inflows, lifting its assets to just under $800 billion. The fund has taken in nearly $104 billion so far this year and is on pace for a second straight year of more than $100 billion in inflows—something no other ETF has ever come close to achieving. Last year, it pulled in $117 billion.

The SPDR Portfolio S&P 500 ETF (SPLG) followed with $6.7 billion, while the Invesco QQQ Trust (QQQ) added $6.3 billion. The tech-heavy QQQ has surged about 24% year to date, outpacing broader stock funds as AI-driven enthusiasm keeps lifting large-cap tech stocks.

Crypto and commodities were also in demand. The iShares Bitcoin Trust ETF (IBIT) brought in $4.3 billion as bitcoin briefly hit a record near $125,000 before sliding back toward $100,000. The SPDR Gold Shares (GLD) saw $3.6 billion of inflows as gold prices spiked above $4,300 an ounce, up roughly 63% year to date before easing slightly below $4,000.

International flows were led by the JPMorgan BetaBuilders Europe ETF (BBEU), which attracted $4 billion in October and is up about 25% for the year, outpacing U.S. peers. 

The iShares U.S. Treasury Bond ETF (GOVT) was the only fixed income fund in the top ten, taking in $4.1 billion as the 10-year Treasury yield briefly touched a low of 3.94% before rebounding to 4.09% after comments from Fed Chair Jerome Powell tempered expectations for a December rate cut.

Outflows Center on Small Caps and Semis

On the other side, the iShares Russell 2000 ETF (IWM) led October’s outflows with $4.1 billion as investors continued to rotate out of small caps, which have lagged larger stocks. 

The Direxion Daily Semiconductor Bull 3X Shares (SOXL) lost $2.7 billion as traders took profits following a blistering run in semiconductor names such as Nvidia.

For a full list of the top inflows and outflows for October and 2025 as a whole, see the tables below: