Global ETF November Report

November 2025 marked a turning point for global ETF flows as investors responded to shifting interest-rate expectations and mixed economic signals. Rather than taking on broad market risk, investors adopted a balanced approach: adding to simple, low-cost equity funds while also favouring high-quality bonds and selected active strategies. In the U.S., large-cap equity ETFs led inflows as markets anticipated another Federal Reserve rate cut. Europe remained steady but cautious as policy decisions continued to hinge on inflation and growth data, while Asia saw a mix of optimism and caution depending on the market and asset class.

Despite ongoing market volatility, global ETFs gathered $185B in November, pushing year-to-date flows above $1.2T. Equity and fixed income ETFs attracted most of the new money, while crypto-related ETFs weighed on the totals with notable outflows, with Bitcoin and Ethereum funds seeing significant outflows of $2.1B and $0.9B respectively. Still, traditional asset classes remained the clear preference as investors positioned portfolios for potential central bank easing in early 2026. The strong momentum and the balanced approach reflect the sophisticated portfolio construction strategies that are becoming increasingly important in today's market environment.

US: Core Equity And Short Treasuries Lead As Tech Volatility Spurs Rotation

US investors focused on a "risk reset" strategy, balancing technology market swings with broader market recovery. Low-cost S&P 500 ETFs (VOO and IVV) were the month’s biggest winners, attracting over $33B as investors moved back into broad equity exposure after mid-month tech volatility. Demand for government bond ETFs also remained strong, especially in the short-to-intermediate part of the curve, supported by falling yields and expectations of further rate cuts in 2026.

Outflows were concentrated in more specialised or rate-sensitive areas such as quality factor ETFs, long-duration Treasuries, agency MBS, and financials. Meanwhile, more tactical investors used market swings to add exposure to semiconductors and biotech, which recovered later in the month.

Despite mixed economic data and rising volatility, U.S. equity indices finished November higher, helping solidify inflows into broad, diversified exposures.

Top 5 US ETF Net Inflows November 2025

Source: S&P Global Market Intelligence Exchange Traded Fund Data
© 2025 S&P Global Market Intelligence

Top 5 US ETF Net Outflows November 2025

Source: S&P Global Market Intelligence Exchange Traded Fund Data
© 2025 S&P Global Market Intelligence

Europe: Policy Steadiness, Credit Tailwinds and UK Fiscal-Sentiment Risks Drive Investor Rotation

European ETF flows in November showed investors gravitating toward stability and quality. Broad Eurozone equity funds and investment-grade corporate bond ETFs attracted strong inflows as confidence improved around inflation, interest rates, and overall market conditions. The EURO STOXX 50 and core credit ETFs were among the month’s biggest winners.

The UK moved in the opposite direction, with investors pulling money from gilt ETFs amid concerns about fiscal uncertainty and the pace of inflation improvement. Short-dated government bonds were hit hardest. Many investors instead held cash-like ETFs to stay defensive while still earning yield. Overall, Europe’s flows reflected a clear preference for liquid, diversified, higher-quality exposures, while country-specific and thematic risk was reduced.

 
Top Europe ETF Net Inflows November 2025

Source: S&P Global Market Intelligence Exchange Traded Fund Data. © 2025 S&P Global Market Intelligence.

Top Europe ETF Net Outflows November 2025

Source: S&P Global Market Intelligence Exchange Traded Fund Data. © 2025 S&P Global Market Intelligence.

APAC: Profit-Taking in Japan and Rotation into Tech Shape November Flows

Asian markets saw a major shift as investors took profits from Japan's strong 2025 performance, pulling out about $6.6B from Japanese stock funds. At the same time, there was renewed interest in technology companies, particularly in China, Hong Kong, and Taiwan. AI-related technology funds attracted $3.1B in new investments.

Mainland China showed a mix of optimism for tech and caution elsewhere. While technology ETFs attracted inflows, broad market, energy, and financials ETFs saw redemptions. Money-market and short-term bond ETFs drew more than $3B, reflecting preference for liquidity even as China’s growth outlook improved.

Across APAC, investors balanced exposure to long-term themes with a desire to stay flexible amid ongoing uncertainty.

Top 5 APAC ETF Net Inflows November 2025

Top APAC ETF Net Outflows November 2025

 
Summary of Monthly Flows

November's activity showed that investors are using ETFs as precise tools to navigate an uncertain economic environment. Rather than taking broad risks, investors made careful, targeted moves: maintaining exposure to broad stock markets in the US and Europe, favouring quality bonds, and continuing to invest in technology themes, particularly AI-related companies in Asia.

The month demonstrated how different regions are responding to their unique economic conditions while maintaining flexibility for expected interest rate changes in early 2026. Despite some volatility in cryptocurrency funds, traditional investments continued to attract strong, diverse demand, reinforcing ETFs' central role in modern portfolio management.