US ETF Industry Reaches All-Time AUM High

The end of February saw an all-time high for the U.S. exchange-traded fund industry, with total assets under management reaching $14.31 trillion—2.2% more than January’s total of $13.99 trillion, according to the London Stock Exchange Group PLC.

Data from provider ETFGI showed very similar results through the end of February, reporting that assets invested in U.S. Assets in ETFs reached a new record of $14.28 trillion at the end of February, up from the previous high of $13.96 trillion in January. ETFGI also reported that February marked the 46th consecutive month of net inflows into U.S. ETFs.

The $316 billion increase in AUM for U.S. ETFs in 2026 included $191 billion in February. The best-selling fund, the ProShares GENIUS Money Market ETF, had a net inflow of $18.3 billion, and the 10 best-selling ETFs represented 35.1% of total industry growth for the month, according to LSEG data.

Equity ETFs, which attracted $103.9 billion in net inflows, accounted for more than half of the growth in February and now account for 76.28% of ETF holdings in the U.S., according to LSEG Lipper. Bond ETFs, totaling 16.81% of all ETF AUM, had more than one-quarter of February’s net inflows at $51.3 billion.

ETFGI reported that 2026 flows to equity ETFs by the end of February of $156.83 billion far surpassed the flows to the same asset class in the first two months of 2025, when inflows of $67.02 billion into the same asset class were less than half the amount.

Money market ETFs, which account for only 0.17% of total ETF AUM, made up 9.6% of net inflows ($18.5 billion) in February. Alternatives ETFs, with 3.53% of total AUM, had 4.7% of net inflows ($9 billion). The other major categories of monthly flows were commodities ETFs ($6.9 billion) and mixed assets ETFs ($1.3 billion).

February’s best-performing ETF asset classes, according to LSEG Lipper, were: U.S. equities, with a net inflow of $26.4 billion; equities outside the U.S., with a net inflow of $22.8 billion; and U.S. money market funds, with a net inflow of $18.5 billion.

Vanguard, the best-selling U.S. ETF promoter in February, gained $58.7 billion in AUM, beating out iShares ($40.3 billion) and ProShares ($17.3 billion). BlackRock had the highest AUM as of the end of February ($4.22 trillion), followed by Vanguard ($4.09 trillion), State Street SPDR ($1.92 trillion) and Invesco ($822 billion).

The LSEG Lipper data also show high levels of concentration of ETF assets with a small group of promoters in the U.S. Overall, 124 of the 471 ETF promoters in the U.S. held assets of at least $1 billion, accounting for $14.24 billion of total ETF assets at the end of February.