Skip to content
Friday, October 23, 2026 · Today’s edition, 6:30 a.m. ETFri, Oct 23 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

All 20 largest ETF issuers posted net inflows in September; VOO lost $13.3bn

Ultumus put global ETF assets at $21.35tn, down 0.9% like-for-like as market moves outweighed $150bn of net inflows.

At a glance

  1. Vanguard’s S&P 500 ETF (VOO) lost $13.3bn net in September, the largest outflow among the world’s 20 biggest ETFs.
  2. The three largest issuers hold 65% of global ETF assets: iShares $6.41tn, Vanguard $5.13tn and SPDR $2.29tn.
  3. Global ETF assets ended September at $21.35tn, down 0.9% like-for-like as market moves subtracted 1.7 points against 0.8 points of net flows.

The 20 largest ETF issuers each took net inflows in September 2026, $150bn between them, according to Ultumus. iShares led the group with $58.3bn.

Vanguard’s S&P 500 ETF (VOO) lost $13.3bn net in September, the largest outflow among the world’s 20 biggest ETFs. Vanguard, the issuer, took in $27.8bn, which Ultumus described as Vanguard’s weakest month since March. VOO holds $1.03tn and is the only ETF in Ultumus’s coverage above the trillion-dollar mark.

The three largest issuers hold 65% of global ETF assets: iShares $6.41tn, Vanguard $5.13tn and SPDR $2.29tn. The same three took 69% of September’s top-20 inflows.

Global ETF assets ended September at $21.35tn, down 0.9% like-for-like as market moves subtracted 1.7 points against 0.8 points of net flows. Over the twelve months to September, assets grew 27.8% on the same basis, 15.7 points from flows and 12.1 from markets.

The other big S&P 500 ETFs all took money in September: SPY added $2.38bn, IVV $2.32bn and low-cost SPYM $3.39bn. Ultumus said SPYM has now had nine straight months of net inflows. Vanguard’s Total Stock Market ETF (VTI) added $5.90bn. Invesco’s QQQ lost $5.3bn, so the two largest outflows in the dataset came from broad index vehicles rather than niche ones.

Fixed income fund flows were mixed: iShares MBS ETF (MBB) lost $1.75bn and Vanguard Intermediate-Term Corporate Bond ETF (VCIT) $1.14bn. At issuer level, global fixed income stayed positive, with iShares taking $23.4bn and Vanguard $12.8bn.

For the twelve months to September, iShares took $648bn of net flows and Vanguard $642bn, a gap under 1%. Vanguard led in eight of those months; iShares owns the two biggest single months, $92.9bn in June and $87.9bn in December. September went to iShares.

Three issuers hold 65% of the $21.35tn global ETF market

Assets at end-September 2026

  • All other issuers$7.52TN
  • iShares$6.41TN
  • Vanguard$5.13TN
  • SPDR$2.29TN
Source: Ultumus · September 2026 ETF flows
Show as table
ItemValue ($tn)
iShares$6.41TN
Vanguard$5.13TN
SPDR$2.29TN
All other issuers$7.52TN

VOO and QQQ bled in September while other big index ETFs added money

September 2026 net flows, $bn

  • Inflow / above zero
  • Outflow / below zero
−$13.3BNVOO−$5.3BNQQQ+$2.38BNSPY+$2.32BNIVV+$3.39BNSPYM+$5.9BNVTI−$13.3BNVOO−$5.3BNQQQ+$2.38BNSPY+$2.32BNIVV+$3.39BNSPYM+$5.9BNVTI−$13.3BNVOOQQQSPYIVVSPYM+$5.9BNVTI
Source: Ultumus · September 2026 ETF flows
Show as table
LabelValue ($bn)
VOO−$13.3BN
QQQ−$5.3BN
SPY$2.38BN
IVV$2.32BN
SPYM$3.39BN
VTI$5.9BN

Reported by The Tape desk from Ultumus. Published . Corrections

Related

ETFs

Global ETF flows passed $1 trillion for the year as VOO and IVV diverged

Ultumus's July report, published Aug. 4, put VOO at $19.36 billion of net inflows for the month and IVV at a $17.8 billion outflow.

ETFs

Vanguard's VOO flips from $19.36 billion July inflow to $13.3 billion September outflow

Ultumus data show iShares Core S&P 500 ETF (IVV) took the opposite side in July, while all 20 largest ETF issuers still posted net inflows in September.

ETFs

AI infrastructure debt pushes tech past banks in major investment-grade bond indexes

Alphabet, Amazon, Meta, Microsoft and Oracle issued more than $132 billion of bonds through the first half of 2026, lifting tech weight in pure corporate bond ETFs by about 300 basis points, according to ETF Trends.

ETFs

xETFs Samsung Group ETF (SMNG) lists Oct. 23 on Nasdaq

GTS Securities is the designated liquidity provider and daily valuations begin the same day

ETFs

Options-based ETFs near $400bn as derivative income takes two-thirds of flows

Schwab's SCIN is expected to list Oct. 21 and Calamos's CAYN is set to launch Oct. 26; iShares data show high-yield flows turned negative for the first time since March.

ETF Dailyfrom Private Wealth Daily

Flows, launches, fee moves and the funds advisors are adding to models. Weekdays at 6:55 a.m. ET.

Free. Weekday mornings. Unsubscribe from any edition in one click.

From other sections