ETFGI, a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends, reported that assets invested in the ETFs industry in the United States reached a new record of US$11.04 trillion at the end of May.

During May, the ETFs industry in the United States gathered net inflows of US$82.44 billion, bringing year-to-date net inflows to a record US$443.34 billion, according to ETFGI’s May 2025 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)

Highlights

• Assets invested in the ETFs industry in the United States reached a record of $11.04 Tn at the end of May, beating the previous record of $10.73 Tn in January 2025.
• Net inflows of $82.44 Bn in May.
• YTD net inflows of $443.34 Bn are the highest on record, followed by YTD net inflows of $399.10 Bn in 2021 and the third highest recorded YTD net inflows are of $358.17 Bn in 2024.
• 37^th month of consecutive net inflows.

“The S&P 500 Index rose by 6.29% in May, bringing its year-to-date (YTD) gain to 1.06% in 2025. The Developed Markets ex-U.S. Index increased by 5.12% in May and is up 16.52% YTD. Among developed markets, Austria and the Netherlands led with gains of 11.40% and 9.12%, respectively. The Emerging Markets Index climbed 4.42% in May, with a 6.30% YTD increase. Taiwan and Greece posted the strongest monthly performances among emerging markets, rising 12.57% and 10.99%, respectively,” according to Deborah Fuhr, managing partner, founder, and owner of ETFGI.

Growth in assets in the ETFs industry in the United States as of the end of May

The ETFs industry in the United States has 4,234 products, assets of US$11.04 Tn, from 391 providers listed on 3 exchanges at the end of May.

During May, ETFs gathered net inflows of $82.44 Bn. Equity ETFs gathered net inflows of $24.49 Bn in May, bringing YTD net inflows to $148.47 Bn, lower than the $160.17 Bn in net inflows YTD in 2024. Fixed income ETFs reported net inflows of $25.58 Bn during May, bringing YTD net inflows to $93.67 Bn, higher than the $58.01 Bn in net inflows YTD in 2024. Commodities ETFs reported net outflows of $1.57 Bn during May, bringing YTD net inflows to $14.18 Bn, higher than the $4.99 Bn in net outflows YTD in 2024. Active ETFs attracted net inflows of $33.77 Bn in May, gathering YTD net inflows of $176.73 Bn, much higher than the $108.52 Bn in net inflows YTD in 2024.

Substantial inflows can be attributed to the top 20 ETF‘s by net new assets, which collectively gathered $61.64 Bn in May. Vanguard S&P 500 ETF (VOO US) gathered $10.49 Bn, the largest individual net inflow.

Source: ETFGI