U.S.-listed ETFs pulled in $138.1 billion in September, the strongest month of the year so far. That total easily surpassed August’s $119.3 billion and lifted year-to-date inflows to $930.7 billion, putting the industry on pace to cross the $1 trillion mark as soon as this month. That would set ETFs up to eventually eclipse last year’s record haul of $1.1 trillion.
U.S. equity ETFs led the way, taking in $65.9 billion during the month, roughly half of total inflows. International equity ETFs added $27.6 billion, while U.S. fixed income ETFs attracted $23.9 billion. Commodities ETFs pulled in $11.2 billion.
September coincided with fresh record highs in U.S. stocks. The S&P 500 extended its year-to-date gains to as much as 15%, while the Nasdaq-100 advanced more than 18%.
Bond yields fell as the Federal Reserve cut rates for the first time this year, offsetting a string of weaker economic data. Investors largely looked past disappointing labor market numbers, focusing instead on the Fed’s policy shift and the continued boom in artificial intelligence.
Among individual ETFs, the iShares Core S&P 500 ETF (IVV) dominated with $18.9 billion of inflows. The Vanguard S&P 500 ETF (VOO) and the iShares S&P 100 ETF (OEF) followed with $4.4 billion and $4.3 billion, respectively. OEF’s assets have nearly doubled this year to almost $28 billion, helped by its 130-basis-point outperformance versus IVV.
The SPDR Gold Shares (GLD) was another big winner, hauling in $4.2 billion as gold prices surged to record highs near $3,900/oz, up 47% year to date. GLD alone has added $15 billion in 2025, while U.S.-listed gold ETFs collectively have brought in around $35 billion.
Two BlackRock active ETFs also cracked the leaderboard. The iShares A.I. Innovation and Tech Active ETF (BAI) and the iShares U.S. Equity Factor Rotation Active ETF (DYNF) each attracted $3.3 billion, potentially tied to model portfolio reallocations. BAI is up 29% year to date, while DYNF has gained 17%.
On the fixed income side, the iShares 7-10 Year Treasury Bond ETF (IEF) stood out with $2.6 billion of inflows. The fund is up 7.5% this year, boosted by falling rates and a roughly 50-basis-point drop in the 10-year Treasury yield.
The iShares MSCI EAFE Growth ETF (EFG) led outflows with $3.8 billion. While international equities have outperformed U.S. stocks this year, EFG’s 20.8% year-to-date return lags the broader iShares MSCI EAFE ETF (EFA), which is up 27%.
Other notable outflows came from leveraged ETFs, including the Direxion Daily Semiconductor Bull 3x Shares (SOXL), the ProShares UltraPro QQQ (TQQQ), and the Direxion Daily TSLA Bull 2x Shares (TSLL). All three surged during September, suggesting traders were taking profits.
For the full list of September’s top inflows and outflows, as well as year-to-date rankings, see the tables below.
finance.yahoo.com
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