The US ETF industry recorded a historic year: US-listed ETF inflows surged +$400 billion YoY in 2025 to +$1.5 trillion, an all-time high. This marks the 3rd-consecutive annual increase of at least +$200 billion. Investors poured more capital in ETFs in 2025 than in 2022 and 2023 COMBINED. As a result, the US ETF industry added over $3 trillion in market value in 2025, posting its largest nominal annual gain in history. This brings its assets under management to a record $13.4 trillion. The ETF boom shows no signs of slowing.(The Kobeissi Letter)