Global ETF assets ended September 2026 at $21.35tn. The 20 largest issuers took in $150bn of net new money, and the only ETF in our data above $1tn had a $13.3bn net outflow.
Key takeaways
- Global ETF assets ended September 2026 at $21.35tn across 13,487 share classes, up 27.8% like-for-like in 12 months.
- The 20 largest ETF issuers took in $150bn of net inflows. iShares ($58.3bn), Vanguard ($27.8bn) and SPDR ($18.0bn) accounted for $104bn of that.
- VOO, the only ETF above $1tn in our data, saw a $13.3bn outflow. In the same month, VTI, SPYM and short-dated Treasury ETFs had large inflows.
- Active ETFs grew 50.2% in a year, almost twice as fast as the market overall, and rose in September while ETF assets as a whole fell.
- Leveraged ETFs: 2x in, 3x out. Over 12 months, long 2x products had $25.5bn of net inflows and long 3x products $26.1bn of net outflows.
- Crypto ETF flows recovered. iShares took $7.0bn into crypto ETFs across August and September, its best two-month run of the past year.
Where ETF flows went in September 2026
ETF flows in September 2026 stayed strongly positive. The 20 largest issuers took in $150bn of net new money, and every one of them had net inflows. Global ETF assets still fell 0.9% like-for-like over the month: net flows added 0.8 percentage points, and market moves took off 1.7.
Summary: In September 2026, ETFs worldwide held $21.35tn. The 20 largest issuers took $150bn of net inflows, led by iShares with $58.3bn, while Vanguard's S&P 500 ETF (VOO) had a $13.3bn net outflow, the largest among the world's 20 biggest ETFs.
Over 12 months, global ETF assets grew 27.8% like-for-like. Net flows contributed 15.7 points of that and market moves 12.1 points.
What we mean by $Flow. Ultumus calculates net flows from daily shares outstanding multiplied by NAV, adjusted for stock splits. Like-for-like asset changes compare only share classes present in both periods, so newly covered products and share classes created by mergers don't inflate growth.
Global ETF assets by region and asset class
| Region | ETF AUM | Share classes |
|---|---|---|
| United States | $16.24tn | 5,798 |
| Europe | $3.72tn | 5,282 |
| Asia | $704.28bn | 1,502 |
| Global | $21.35tn | 13,487 |
| Segment | Global ETF AUM |
|---|---|
| Equity | $17.08tn |
| Fixed income | $3.45tn |
| Commodities | $442.69bn |
| Crypto | $156.68bn |
| Active (all asset classes) | $2.34tn |
| Leveraged & inverse | $228.61bn |
The issuers: concentration at the top
The three largest issuers hold 65% of global ETF assets: iShares $6.41tn, Vanguard $5.13tn and SPDR $2.29tn. They also took 69% of September's top-20 inflows.
| Issuer | ETF AUM | September net $Flow |
|---|---|---|
| iShares | $6.41tn | $58.26bn |
| Vanguard | $5.13tn | $27.78bn |
| SPDR | $2.29tn | $18.03bn |
| JPMorgan | $411.74bn | $8.15bn |
| Schwab | $606.69bn | $4.64bn |
| American Century | $163.60bn | $4.46bn |
| Fidelity | $206.01bn | $4.41bn |
iShares vs Vanguard: a 12-month dead heat
Over the 12 months to September, iShares took in $648bn of net flows and Vanguard $642bn. Leadership changed hands month by month. Vanguard led in eight of the twelve months. iShares had the two biggest single months: $92.9bn in June and $87.9bn in December.
September went to iShares. Vanguard's $27.8bn was its weakest month since March. Its largest ETF, VOO, had a $13.3bn net outflow.
Story 1: The $1tn ETF had a $13.3bn outflow
Vanguard's S&P 500 ETF (VOO) holds $1.03tn, making it the only ETF in our coverage above the trillion-dollar mark. In September it had a $13.3bn net outflow, the largest among the world's 20 biggest ETFs. Invesco's QQQ lost a further $5.3bn.
The other big S&P 500 ETFs had net inflows: SPY (+$2.38bn), IVV (+$2.32bn) and the low-cost SPYM (+$3.39bn). SPYM has now had nine straight months of net inflows. Vanguard's own Total Stock Market ETF (VTI) took $5.90bn.
Short-dated Treasury and core bond ETFs also had large inflows:
- SGOV (iShares 0-3 Month Treasury Bond): +$6.61bn
- IUSB (iShares Core Universal USD Bond): +$5.36bn
- VTEB (Vanguard Tax-Exempt Bond): +$3.23bn
- BIL (SPDR Bloomberg 1-3 Month T-Bill): +$3.03bn
Two large bond ETFs had outflows: iShares MBS ETF (MBB, -$1.75bn) and Vanguard Intermediate-Term Corporate Bond ETF (VCIT, -$1.14bn). Globally, iShares took $23.4bn and Vanguard $12.8bn into fixed income ETFs in September.
Story 2: All-world ETFs led Europe's inflows
Among Europe's 20 largest ETFs, global equity trackers had some of September's biggest inflows. S&P 500 UCITS ETFs were mixed: the two largest, CSP1 and VUSD, had net outflows, while VUAA and SPXS took in money.
| UCITS ETF | Exposure | September net $Flow |
|---|---|---|
| VWRA (Vanguard FTSE All-World) | Global | +$2.91bn |
| SPYY (SPDR MSCI ACWI) | Global | +$1.26bn |
| SSAC (iShares MSCI ACWI) | Global | +$1.03bn |
| IWDA (iShares Core MSCI World) | Developed world | +$588m |
| VUAA (Vanguard S&P 500, USD) | US | +$652m |
| SPXS (Invesco S&P 500) | US | +$444m |
| CSP1 (iShares Core S&P 500) | US | -$656m |
| VUSD (Vanguard S&P 500) | US | -$276m |
| IUSA (iShares S&P 500) | US | -$61m |
CSP1 is still Europe's largest ETF at $154.85bn. Invesco Physical Gold (SGLD) also took in $1.03bn.
Story 3: Active ETFs are growing almost twice as fast
Active ETFs now hold $2.34tn across 4,619 share classes, about 11% of global ETF assets. Over 12 months they grew 50.2% like-for-like, compared to 27.8% for ETFs overall. Net flows accounted for 44.0 points of that and market moves 6.3 points.
In September, active ETF assets rose 1.4% like-for-like while ETF assets overall fell 0.9%. All eight of the largest active issuers have had net inflows in every month of the past year.
| Active issuer | Active ETF AUM | September net $Flow |
|---|---|---|
| JPMorgan | $308.85bn | $7.13bn |
| Dimensional | $297.39bn | $3.41bn |
| iShares | $171.08bn | $11.79bn |
| Capital Group | $161.14bn | $3.45bn |
| American Century | $158.48bn | $4.27bn |
JPMorgan is the largest active ETF issuer, but iShares is growing fastest. Its $11.79bn of active inflows in September was 7.4% of its August active assets, and its 14th straight month of net inflows. Over the year, iShares' active net flows equalled 78% of its starting active assets.
The largest active ETFs are Dimensional U.S. Core Equity 2 (DFAC, $48.66bn) and JPMorgan Equity Premium Income (JEPI, $45.50bn). The month's notable exception was Roundhill Memory ETF (DRAM), which lost $1.62bn.
Story 4: Leveraged ETFs: money into 2x, out of 3x
Leveraged and inverse ETFs hold $228.61bn across 1,300 share classes. Over 12 months, long 2x products had $25.53bn of net inflows and long 3x products $26.08bn of net outflows.
| Leverage profile | AUM | Share | September net $Flow | 12-month net $Flow |
|---|---|---|---|---|
| Long 2x | $107.45bn | 47% | -$1.98bn | +$25.53bn |
| Long 3x | $101.11bn | 44% | -$2.32bn | -$26.08bn |
| Inverse 1x | $6.72bn | 3% | +$180m | +$335m |
| Inverse 2x | $5.78bn | 3% | +$729m | +$1.35bn |
| Inverse 3x | $6.65bn | 3% | +$1.47bn | +$6.62bn |
| Other leverage levels | $907m | 0% | -$24m | -$83m |
| Total | $228.61bn | 100% | -$1.94bn | +$7.66bn |
Long and inverse flows have mostly moved in opposite directions. In September, long products had $4.31bn of net outflows and inverse products $2.38bn of net inflows. The two have gone opposite ways in 11 of the last 12 months.
Leveraged and inverse assets still grew 5.3% like-for-like in September despite net outflows, with market moves adding 6.2 points. Over the year they grew 17.7%. Inverse 3x products took in 25.1% of their prior-month assets in September alone.
Story 5: Crypto ETF inflows are back
Global crypto ETF assets stood at $156.68bn at the end of September. Over 12 months they are down 29.3% like-for-like, with February the worst month (-22.0%) and August the best (+27.0%).
iShares took $4.4bn into crypto ETFs in August and $2.6bn in September, its best two-month run of the past year.
In the US in September:
- IBIT (iShares Bitcoin Trust): $66.88bn AUM, +$1.93bn
- FBTC (Fidelity Wise Origin Bitcoin): +$823m
- ETHA (iShares Ethereum Trust): +$635m
- MSBT (Morgan Stanley Bitcoin Trust): +$255m, taking it to $872m
- GBTC (Grayscale Bitcoin Trust): -$259m, its outflows continuing
Beyond bitcoin and ether, Grayscale's Zcash Trust (+$285m) and Bitwise's Solana ETF (+$212m) also took notable inflows.
Also worth watching
JPMorgan: inflows every month. JPMorgan has had net inflows for 14 months in a row. Over the past year its net flows equalled 28% of its starting assets, the fastest organic growth among the eight largest issuers.
Commodities fell in September. Global commodity ETF assets stand at $442.69bn, up 22.7% like-for-like over 12 months. January was the best month (+28.6%) and March the worst (-12.7%). Like-for-like assets fell 7.6% at SPDR and 8.6% at iShares in September. Gold ETFs still had inflows: SPDR Gold Shares (GLD) took $1.74bn.
Wider Asia coverage. Ultumus now tracks $704.28bn of Asian ETF assets across 1,502 share classes, including Daiwa ($148.83bn), Samsung KODEX ($118.56bn) and Mirae Asset ($108.14bn).
FAQs
How much money is in ETFs globally?
At the end of September 2026, global ETF assets were $21.35tn across 13,487 share classes, according to Ultumus data. US-listed ETFs held $16.24tn, Europe $3.72tn and Asia $704.28bn.
Which ETF issuer had the largest inflows in September 2026?
iShares, with $58.26bn of net inflows, followed by Vanguard ($27.78bn) and SPDR ($18.03bn).
What is the largest ETF in the world?
Vanguard's S&P 500 ETF (VOO), with $1.03tn in assets. It is the only ETF above $1tn in Ultumus coverage.
How fast are active ETFs growing?
Active ETF assets reached $2.34tn in September 2026, up 50.2% like-for-like over 12 months, compared to 27.8% for all ETFs. JPMorgan is the largest active issuer with $308.85bn.
Are investors buying or selling leveraged ETFs?
Both, in different products. Over 12 months, long 3x ETFs had $26.08bn of net outflows while long 2x ETFs took in $25.53bn. Inverse products took in $8.2bn in the same period.
Are crypto ETFs seeing inflows again?
Yes. Global crypto ETF assets reached $156.68bn in September, and iShares took $7.0bn into crypto ETFs across August and September.
How does Ultumus calculate ETF flows?
Net flows are calculated from daily shares outstanding multiplied by NAV and adjusted for stock splits. Like-for-like asset growth compares only share classes present in both periods.
Get the full picture
These findings come from our monthly ETF $AUM & $Flow reports, covering all ETFs, active ETFs, and leveraged and inverse ETFs, by region, asset class and issuer.
Talk to us about Ultumus ETF data, contact us below.
Source: Ultumus. Data for the month ending 30 September 2026. Flows inferred from daily shares outstanding × NAV, adjusted for stock splits.
Comments