U.S. ETFs Pull In a Record $1.49 Trillion in 2025

The final ETF flows data for 2025 is in, and it was a doozy.

Nearly $1.5 trillion poured into U.S. listed ETFs during the year, with $1.49 trillion in net inflows shattering the prior annual record set in 2024. It marked the second straight year that ETF inflows topped $1 trillion, following $1.12 trillion in 2024.

The surge reflects a continuation of two powerful trends: the ongoing shift from mutual funds to ETFs, and the fact that ETFs have become the preferred wrapper for gaining exposure to virtually every corner of the investment landscape.

While inflows were strong all year long, December was particularly robust. ETFs hauled in $225.3 billion during the final month of the year, a new monthly record that eclipsed the prior high of $176 billion set in October. 

Total U.S.-listed ETF assets under management now stand at $13.5 trillion.

Where the Money Went

As usual, U.S. equity ETFs led the way, pulling in more than $650 billion in 2025. But notably, more than half of all inflows went elsewhere.

International equity ETFs picked up $270 billion, buoyed by a standout year for overseas stocks. International equities outperformed U.S. stocks by their widest margin in more than two decades. The FTSE Global All Cap ex US Index returned 32% versus roughly 18% for the S&P 500. 

A sharply weaker dollar—down more than 9%, its biggest annual decline since 2017—helped boost returns, alongside improving global equity sentiment.

Another major winner was U.S. fixed income ETFs, which gathered $330.6 billion in inflows. While 2025 was relatively calm for bond markets compared with recent years, returns were solid. The Federal Reserve cut rates three times, supporting the short end of the curve, while longer-term yields remained elevated amid persistent inflation concerns and mounting government debt.

The Bloomberg U.S. Aggregate Bond Index posted its best year since 2020, gaining 7.3%.

Other asset classes also saw meaningful inflows. Commodity ETFs picked up $56.8 billion, with $47.6 billion of that flowing into gold ETFs. Currency ETFs attracted $38.7 billion, including $33.5 billion into U.S.-listed spot crypto ETFs. International fixed income ETFs pulled in $100.5 billion, while alternatives ETFs gathered $25 billion. Even inverse ETFs saw $9.2 billion of inflows.

Issuer Winners and Losers

On the issuer front, Vanguard dominated, taking in $420.8 billion, by far the most of any provider. iShares followed with $373 billion. Other standouts included SPDR with $86.1 billion, Invesco with $69.9 billion, JPMorgan with $69.4 billion, and Capital Group with $47.2 billion.

On the flip side, Direxion lost $11 billion, Pacer shed $9.3 billion, and Grayscale saw $2.6 billion of net outflows.

The Biggest ETF Winners

At the individual fund level, the Vanguard S&P 500 ETF (VOO) was the runaway leader, pulling in $137.7 billion, the largest annual inflow ever recorded for a single ETF. The fund also became the largest ETF by assets, surpassing the SPDR S&P 500 ETF Trust (SPY), and now sits at $839.3 billion in AUM.

The iShares Core S&P 500 ETF (IVV) ranked second with $73 billion of inflows and ended the year with $766.2 billion in assets, making it the world’s second-largest ETF.

The iShares 0–3 Month Treasury Bond ETF (SGOV) took third place, pulling in $38.9 billion as investors continued to use ultra-short-term bond ETFs as money-market alternatives. SGOV now has $68.6 billion in assets.

The iShares Bitcoin Trust (IBIT) was another standout, gathering $24.9 billion despite a difficult year for crypto prices. Bitcoin fell more than 6% in 2025, while ether dropped 11%, after a strong rally through October unraveled in the final quarter as investors took profits and rotated toward precious metals.

Speaking of which, the SPDR Gold Trust (GLD) took in $23 billion, lifting its assets to $150.3 billion. Gold posted its best year since 1979, surging nearly 65%, while silver and platinum also reached record highs.

The Invesco QQQ Trust (QQQ) attracted $21.7 billion. In December, the fund completed its conversion from a unit investment trust to a standard ETF, trimming its expense ratio by two basis points. QQQ returned more than 20% in 2025, outperforming the broader market as mega-cap tech stocks such as Alphabet and Nvidia powered gains.

Rounding out the top inflows were the Vanguard Total International Stock ETF (VXUS) with $23.2 billion, and the Vanguard Total Bond Market ETF (BND) with $21.4 billion.

The Biggest Losers

On the outflows side, SPY led the pack with $9.2 billion in redemptions, as investors continued migrating toward cheaper S&P 500 alternatives.

Next was the Direxion Daily Semiconductor Bull 3x Shares (SOXL), which lost $8.4 billion as investors locked in profits following a massive run in semiconductor stocks. While SOXL gained 53.9% in 2025, that wasn’t dramatically better than the 39.8% return of the unleveraged iShares Semiconductor ETF (SOXX), with volatility decay and financing costs weighing on returns.

The Energy Select Sector SPDR Fund (XLE) shed $8.1 billion as oil prices fell to four-year lows around $55 per barrel. Energy was among the weakest-performing sectors, finishing the year up just 4.4%.

The Pacer US Cash Cows 100 ETF (COWZ) lost $7.9 billion after its strategy struggled, returning only 6.5% and sharply underperforming the broader market. Similarly, the iShares MSCI USA Quality Factor ETF (QUAL) shed $7.2 billion, ending the year up 11.5%.

Other notable decliners included the iShares MSCI Emerging Markets ex China ETF (EMXC), which lost $5.2 billion despite a strong 31.1% return that beat the broader iShares Core MSCI Emerging Markets ETF (IEMG). 

Finally, the iShares Russell 2000 ETF (IWM) saw $4.6 billion in outflows in what was the worst year on record for small-cap ETF redemptions. IWM finished 2025 up 11.4%, continuing to lag large-cap peers.

For a full breakdown of the top inflows and outflows for December 2025 and the full year, see the tables below.