US equity ETF inflows fall to lowest level since March
US equity exchange-traded funds saw their average daily inflows fall to about US$3.3 billion in September, marking the third consecutive monthly decline and the weakest reading since March, according to data from Baird Strategas and Bloomberg.
The September figure compares with an average of about US$7.0 billion a day in June, when US equity ETF buying reached its highest level in the data shown. Average daily inflows then fell to US$6.0 billion in July and US$4.7 billion in August before reaching US$3.3 billion in September.
The figures suggest that the pace of buying has cooled considerably from the middle of the year. However, September’s average remains above the levels recorded in 2022 and 2023, when average daily flows were about US$1.6 billion and US$1.6 billion respectively.
September’s figure was also below the roughly US$3.7 billion daily average recorded during 2025.
The slowdown comes despite continued demand for US-listed ETFs more broadly. Investors added US$150.6 billion to US-listed ETFs during September, according to Bloomberg data reported by ETF.com. US equity ETFs accounted for US$41.2 billion of that monthly total, while fixed-income ETFs attracted US$42.4 billion.
The broader equity market has also seen periods of strong buying during September. US equity funds recorded US$37.6 billion of net inflows in the week ending 25 September, their first weekly inflow after five consecutive weeks of withdrawals, according to LSEG Lipper data reported by Reuters. Large-cap technology funds accounted for much of the renewed demand.
That makes the monthly ETF data less straightforward than a simple pullback from US shares. Investors continued to put money into equity funds during parts of September, while the overall daily pace of ETF inflows remained below the levels seen earlier in the year.
There are also signs that investor demand has become more selective. Earlier in September, US equity funds recorded US$32.27 billion in weekly outflows as rising oil prices and concerns about inflation affected sentiment. Technology funds, however, continued to attract money during that period.
The September slowdown therefore points to a change in the pace of ETF buying rather than evidence that investors have stopped purchasing US equities. With the S&P 500 remaining close to record levels and US-listed ETFs attracting substantial inflows overall, the latest figures show that the strength of demand has varied considerably across the year.
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