Managed vehicles gathered net inflows of $512.0 billion in Q1 2025, according to data from ISS MI MarketPulse powered by Simfund Total Market. This was the lowest quarter of inflows over the past year and a sizable drop from the $1.0 trillion gathered over the fourth quarter. ETFs led net inflows for the quarter, supported by CITs and retail SMAs.
Industry Overview
ETFs accounted for the largest portion of Q1 inflows by a wide margin. Net deposits totaled $396.1 billion, a slight decline from the $555.8 billion seen in Q4 2024. Passive ETFs continued as the largest contributor to net flows at $276.5 billion, having gathered $452.8 billion the prior quarter. Active ETFs meanwhile grew net inflows from $103.0 billion in Q4 2024 to $119.6 billion in Q1 2025. (For more information on the expansion of active ETFs within the United States, see ISS Market Intelligence’s latest report on Active ETFs and the Expanding Product Shelf.)
By Alan Hess, Vice President, U.S. Fund Research, ISS Market Intelligence
