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.
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.
| 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 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 |
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.
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:
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.
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.
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.
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.
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:
Beyond bitcoin and ether, Grayscale's Zcash Trust (+$285m) and Bitwise's Solana ETF (+$212m) also took notable inflows.
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).
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.
iShares, with $58.26bn of net inflows, followed by Vanguard ($27.78bn) and SPDR ($18.03bn).
Vanguard's S&P 500 ETF (VOO), with $1.03tn in assets. It is the only ETF above $1tn in Ultumus coverage.
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.
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.
Yes. Global crypto ETF assets reached $156.68bn in September, and iShares took $7.0bn into crypto ETFs across August and September.
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.
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.
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Source: Ultumus. Data for the month ending 30 September 2026. Flows inferred from daily shares outstanding × NAV, adjusted for stock splits.