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$11.81 trillion at the end of July.  During July, the ETFs industry in the United States gathered net inflows of US$124.16 billion, bringing YTD net inflows to a record US$678.14 billion, according to ETFGI’s July 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.)

U.S. ETF Industry Sets New Records in July 2025

• The U.S. ETF industry continues its remarkable growth trajectory, reaching a record $11.81 trillion in assets under management at the end of July—surpassing the previous high of $11.54 trillion set just a month earlier. This marks a 14.1% increase year-to-date, up from $10.35 trillion at the close of 2024.
• Investor appetite remains strong, with $124.16 billion in net inflows during July alone, contributing to a record-breaking $678.14 billion in YTD net inflows—the highest ever recorded. This surpasses the previous YTD records of $577.19 billion in 2024 and $523.91 billion in 2021.
• 39^th month of consecutive net inflows.
• Equity ETFs remained a key driver, gathering $58.17 billion in net inflows in July, reflecting continued investor confidence in equity markets and the utility of ETFs for tactical and strategic exposure.
• The ETFs industry in the United States has 4,428 products, assets of US$11.81 Tn, from 411 providers listed on 3 exchanges at the end of July.

The S&P 500 Index rose by 2.24% in July, bringing its year-to-date gain to 8.59%. In contrast, developed markets excluding the US declined by 0.71% during the month, though they remain up 19.44% for the year. Denmark and the Netherlands experienced the largest monthly drops among developed markets, falling by 13.90% and 5.78%, respectively. Emerging markets posted a 1.63% increase in July and are up 13.22% year-to-date, with Thailand and the United Arab Emirates leading the gains, rising by 14.13% and 8.41%, 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 July

The U.S. ETF industry continued to attract strong investor interest in July, recording $124.16 billion in net inflows across all product categories.

Equity ETFs led the charge with $58.17 billion in net inflows for the month. However, year-to-date equity inflows totaled $249.65 billion, slightly below the $269.88 billion gathered by the same point in 2024, suggesting a modest shift in investor allocation preferences.

Fixed income ETFs saw $9.23 billion in net inflows during July, bringing YTD inflows to $120.13 billion—a notable increase over the $103.93 billion recorded by the end of July 2024. This reflects growing demand for yield and defensive positioning amid evolving macro conditions.

Commodity ETFs reversed last year’s trend, attracting $2.17 billion in net inflows in July and $22.79 billion YTD, compared to $2.26 billion in net outflows over the same period in 2024. This shift may signal renewed interest in inflation hedges and diversification.

Active ETFs continued their rapid ascent, gathering $45.84 billion in net inflows in July alone. YTD inflows reached $263.76 billion, far surpassing the $159.56 billion recorded in 2024, underscoring the growing appeal of active strategies in a dynamic market environment.

Substantial inflows can be attributed to the top 20 ETF‘s by net new assets, which collectively gathered $71.75 Bn in July. Vanguard S&P 500 ETF (VOO US) gathered $12.53 Bn, the largest individual net inflow.

Source: ETFGI