MARKET INSIGHTS

ETF and ETP Trends: Summer Flow & Tell Recap 2025

Kristy Akullian, CFA Aug 22, 2025 Global

STRONG STREAK FOR RISK ASSETS

The S&P 500 rose 5% in June, 2% in July, and is tracking for a 3% gain halfway through August.1 Double-digit returns in tech and communication services have continued to drive the index higher. Small caps outperformed, crypto rallied, and value lagged.2 International performance remained firm, supported by the twin tailwinds of dollar weakness and easing policy uncertainty.

The headline number follows a slew of macro and micro catalysts. Q2 earnings bolstered both returns and risk appetites: reported figures have (once again) surprised to the upside, with earnings per share (EPS) tracking a 11% beat relative to consensus expectations.3 But macro data was less supportive, with July’s labor market data underwent sharp revisions from prior reporting (May’s 125k jobs cut to just 19k, June’s total revised down to 14k after printing 147k initially).4

Here's how that backdrop shaped ETF/ETP trends over the summer:

LAUNCHES AND LANDMARKS

ETF/ETPs are on track to record their first-ever consecutive years of over $1tn in inflows. In just the first half of 2025, investors added more than $540bn — surpassing the total from the same period in 2024 and nearly doubling the average of the last five years.5

Equities, fixed income, and alts / commodities each saw H1 flows materially increase:

In H1, equities added $320bn (marking a ~20% year-over-year increase relative to H1 2024).

In H1, fixed income added $177bn (marking a ~50% year-over-year increase relative to H1 2024).

But the standout story is the rapid growth in alts/commodities. The exposure captured $43bn in inflows in the first half of the year, versus $15bn last year — a remarkable 175% year-over-year increase.

H1 ETF/ETP flows on pace to top 2024's record

Bar chart showing H1 of ETF/ETP flows from 2015-2025.

Source: Bloomberg, as of 8/11/25. ETF & ETP groupings are determined by Bloomberg.

Description: Bar chart showing H1 of ETF/ETP flows from 2015-2025.

That growth aligns with the momentum we’ve seen from issuers. Compared to the average monthly launch rate over the past 15 years, 2025 is tracking nearly 4x higher. June and July marked back-to-back record-breaking months, with 108 and 109 ETP/ETF launches, respectively.6

Nearly 90% of launches so far this year have been active — a shift that’s now tipped the balance, with active ETFs now outnumbering indexed ones. That momentum shows up in AUM as well, with assets in active ETFs roughly doubling over the past 18 months.7

The summer also reinforced a key theme of the year: investors increasingly leaned into international allocations. From June through August, non-U.S. ETFs drew nearly a third of total equity flows — up sharply from just 7% over the same period last year.8

FIXED INCOME

Fixed income ETF flows remained firm over the summer — the industry saw $27bn in inflows in June, and $24bn in July. Ultra-short and short duration remain most in favor — SGOV has been the top asset gatherer across all fixed income ETFs year-to-date, over the past three months, past month, and even the past week.9 Notably, trading patterns suggest heavy participation from retail traders, with an average trade size of just $9k (relative to $36k for the iShares Core U.S. Aggregate Bond ETF).10

Longer-dated Treasuries faced outflows: TLT saw strong inflows in May (totaling near $4bn), but momentum reversed, and the fund faced steady outflows in both June and July, pulling YTD totals into negative territory.11

Another clear trend in the fixed income universe was the increased use of active products: in June and July, active fixed income ETFs captured nearly 50% of flows vs. just 27% over the same period last year.12

FEATURED FUNDS

  • iShares ETFs are available to purchase through a brokerage account or with a financial advisor.

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    iShares funds are available through online brokerage firms. All iShares ETFs and ETPs trade commission free online through Fidelity.

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    Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

    Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

    Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

    The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

    ©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

    iCRMH1124U/S-3985892

  • iShares ETFs are available to purchase through a brokerage account or with a financial advisor.

    Buy through your brokerage

    iShares funds are available through online brokerage firms. All iShares ETFs and ETPs trade commission free online through Fidelity.

    By clicking on the button below, you will leave BlackRock’s website.

    Buy now on Fidelity

    Contact your advisor

    Contact a financial professional to discuss how iShares ETFs and ETPs can fit in your investment portfolio.

    Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

    Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

    Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

    The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

    ©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

    iCRMH1124U/S-3985892

EQUITIES

Equity ETFs saw a pickup in flows over the summer, with $147bn of net inflows across June, July, and August-to-date. This lifted YTD inflows to $402bn, surpassing the $380bn recorded in the first eight months of 2024. July stood out as the strongest month of the year, bringing in $77bn alone.13

Investor demand skewed heavily toward large caps14:

  • U.S. large-blend ETFs attracted $68bn over the summer.
  • Small-cap ETFs saw net outflows of $9bn over the same period and are down $18bn since the start of the year.
  • Foreign large-blend ETFs added $23bn, extending the trend of strong demand for developed markets ex-U.S.

Small caps remained out of favor

Bar graph demonstrating large-cap, mid-cap, and small-cap ETF flows from January to July 2025

Source: Bloomberg, bucketing as determined by Bloomberg. As of 8/12/25.

Chart description: Bar graph demonstrating large-cap, mid-cap, and small-cap ETF flows from January to July 2025.

Sector ETFs captured outsized attention, accounting for nearly 20% of all equity ETF flows this summer — well above the 6% YTD average. Technology (+$5.8bn), Industrials (+$3.0bn), and Communications (+$2.4bn) led the way, while Healthcare (−$2.6bn) and Energy (−$0.9b) saw steep outflows.15

There were also strong regional expressions over the summer: July saw investors move into China-focused ETFs, with the exposure adding its strongest monthly inflow since late 2023, likely underpinned by twin tailwinds of stimulus and regulatory easing.16 South Korea topped single-country flows, led by a standout June following a reform-driven election.17

Active equity ETFs continued their strong run, pulling in $46bn over the summer and $153bn YTD — putting them on pace to exceed 2024’s record of $182bn.18 DYNF led active inflows industry-wide this summer, adding $2.8bn since the start of June.19

FEATURED FUNDS

  • iShares ETFs are available to purchase through a brokerage account or with a financial advisor.

    Buy through your brokerage

    iShares funds are available through online brokerage firms. All iShares ETFs and ETPs trade commission free online through Fidelity.

    By clicking on the button below, you will leave BlackRock’s website.

    Buy now on Fidelity

    Contact your advisor

    Contact a financial professional to discuss how iShares ETFs and ETPs can fit in your investment portfolio.

    Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

    Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

    Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

    The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

    ©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

    iCRMH1124U/S-3985892

  • iShares ETFs are available to purchase through a brokerage account or with a financial advisor.

    Buy through your brokerage

    iShares funds are available through online brokerage firms. All iShares ETFs and ETPs trade commission free online through Fidelity.

    By clicking on the button below, you will leave BlackRock’s website.

    Buy now on Fidelity

    Contact your advisor

    Contact a financial professional to discuss how iShares ETFs and ETPs can fit in your investment portfolio.

    Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

    Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

    Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

    The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

    ©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

    iCRMH1124U/S-3985892

ALTS AND COMMODITIES

Little evidence of a summer slowdown for digital assets: Bitcoin returned 17% since the start of June, and Ether surged 84%.20 Flows tended to mirror that performance, and July marked the exposure’s largest month of inflows on record.

IBIT (+$5.2bn) and ETHA (+$4.2bn) led the way, each recording positive weekly flows every week this summer.21

The iShares Trusts are not investment companies registered under the Investment Company Act of 1940, and therefore are not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. Investments in these products are speculative and involve a high degree of risk.

Cumulative Ethereum ETP flows since launch

Cumulative Ethereum ETP flows from launch to July 2025

Source: Bloomberg, as of 8/12/25. ETP grouping as determined by Bloomberg.

Chart description: Cumulative Ethereum ETP flows from launch to July 2025.

FEATURED FUNDS

  • iShares ETFs are available to purchase through a brokerage account or with a financial advisor.

    Buy through your brokerage

    iShares funds are available through online brokerage firms. All iShares ETFs and ETPs trade commission free online through Fidelity.

    By clicking on the button below, you will leave BlackRock’s website.

    Buy now on Fidelity

    Contact your advisor

    Contact a financial professional to discuss how iShares ETFs and ETPs can fit in your investment portfolio.

    Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

    Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

    Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

    The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

    ©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

    iCRMH1124U/S-3985892

  • iShares ETFs are available to purchase through a brokerage account or with a financial advisor.

    Buy through your brokerage

    iShares funds are available through online brokerage firms. All iShares ETFs and ETPs trade commission free online through Fidelity.

    By clicking on the button below, you will leave BlackRock’s website.

    Buy now on Fidelity

    Contact your advisor

    Contact a financial professional to discuss how iShares ETFs and ETPs can fit in your investment portfolio.

    Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

    Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

    Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

    The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

    ©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

    iCRMH1124U/S-3985892

The iShares Trusts are not investment companies registered under the Investment Company Act of 1940, and therefore are not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. Investments in these products are speculative and involve a high degree of risk.
Photo: Kristy Akullian, CFA

Kristy Akullian, CFA

Head of iShares Investment Strategy for the Americas

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FUND FINDER

You can use BlackRock’s Fund Finder tool to explore the entire universe of U.S. listed ETFs. The tool provides advanced ETF screening and monitoring capabilities to help investors identify which funds may help achieve their goals. Soon you will also be able to view ETF flows data in the tool.