Assets invested in the exchange-traded funds ( ETFs ) industry globally reached a new record of US$19.85 trillion at the end of December 2025, surpassing the previous record of US$19.44 trillion set in the previous month. That’s a growth of 33.7% from US$14.85 trillion at the end of 2024, according to data from independent research and consultancy firm ETFGI.

Net inflows rose to US$330.78 billion last December, bringing the year-to-date total net inflows to a record US$2.37 trillion. December marked the 79th consecutive month of net inflows into ETFs. The YTD total was the highest ever recorded, exceeding US$1.88 trillion in 2024, the second‑highest, and US$1.29 trillion in 2021, the third‑highest.

Among the global ETF providers, BlackRock’s iShares leads the industry with US$5.56 trillion in assets, a 28% market share, followed by Vanguard with US$4.25 trillion ( 21.4% ) and State Street’s SPDR ETFs with $1.99 trillion ( 10% ). Collectively, the top three providers account for 59.5% of global ETF assets under management, while the remaining 964 providers each hold less than 5%.

Reviewing the broader market, ETFGI managing partner Deborah Fuhr said the S&P 500 rose 0.06% in December, finishing 2025 up 17.88%.

Developed markets outside the United States gained 3.3% in December and increased 35.10% over the full year, with Korea ( +10.98% ) and Austria ( +7.89% ) posting the strongest monthly gains among developed countries, Fuhr says.    

Emerging markets advanced 1.63% in December and were up 24.39% in 2025. Peru ( +9.87% ) and South Africa ( +9.49% ) recorded the largest increases among emerging markets during the month, she adds.