The United States ETF market achieved a historic “triple crown” in 2025, setting records for inflows, launches and trading volume.
Total net inflows reached about $1.4 trillion during the year.
More than 1,100 new ETFs were launched, the highest annual figure on record.
Trading volume across US ETFs climbed to roughly $57.9 trillion.
This marked the first time all three milestones were reached in the same year since 2021.
The rally was supported by three consecutive years of double-digit gains in the S&P 500.
Strong equity performance fuelled demand for both passive and thematic ETF products.However, market participants are increasingly questioning what comes next.
The previous triple crown in 2021 was followed by a sharp reversal in 2022.
In that year, the S&P 500 fell 19% as interest rates rose aggressively.
ETF inflows and new launches slowed as risk appetite faded.
Some investors see parallels between the current environment and that earlier cycle.
Technology and artificial intelligence spending have dominated market narratives in 2025.
Since October, the S&P 500 has largely traded sideways.