U.S. ETF Monthly Summary: April 2025

Despite a volatile month, U.S. ETF assets under management increased slightly to $10.48 trillion. Inflows continued, albeit at a low level relative to recent history, with $63.7 billion in April for a year-to-date total of $371 billion. A total of 73 ETFs launched, fewer than any month in the previous quarter.

Fund Flows by Asset Class

U.S. listed ETF flows (in millions) as of April 30, 2025

Total inflows for April totaled $63.7 billion, down 28% from March.

• Many asset classes had lower flows, with equities down 28% and fixed income down 48%.

• Currency funds had $4.2 billion of inflows, reversing last month’s $978 million outflow, and alternatives took in $805 million after March outflows of $13 million.

Fund Flows by Sector

Only two sectors in April had positive flows: Utilities and Communication Services. All other segments had outflows, notably Energy, Financials, and Consumer Staples.

ETF Launches

April had the lowest number of launches in 2025 with 73 new ETFs, 18% lower than March but still more than double than the same month last year. Equity continues to be the dominant asset class, comprising 70% of new funds. Cryptocurrency funds, which FactSet classifies under currency, saw 10 launches in April.

Noteworthy observations among April launches include:

• There is a continuing trend of single-stock ETFs becoming available. April saw 17 such launches, most offering leveraged exposure. Technology and Bitcoin-linked companies (e.g., ICOI, IMRA, IMST) are common themes among the launches. Fidelity converted two fixed-income mutual funds to an ETF structure (FMUN and FMUB).

• Many new funds employ options strategies to generate income, including ETFs with exposure to Bitcoin (e.g., BAGY, BITY, PMAP), the Magnificent 7 (MAGY), and single-stock funds (IMRA, IMST).

• 81% of new ETFs are actively managed.

• HFGM launched, seeking to outperform the hedge fund industry’s Global Macro sector.

• SBAR aims to provide an alternative to a fixed income strategy by using two income strategies. The fund holds shorter-term government securities and employs a complex put option strategy.

• ILS launched as the first US-listed ETF that holds a portfolio allocating 100% to catastrophe bonds.

So far in 2025 there have been 318 U.S. ETF launches, compared to 179 in the same period last year.

By the Way

Changes in global trade policy and their impact on the economy seem to have the attention of investors in April. As such, we thought it would be interesting to note flows into alternative asset classes, such as gold and Bitcoin.

Some consider gold to be a safe asset during economic uncertainty and geopolitical tensions. Gold ETFs drew in in $6.23 billion in March and $3.7 billion in April.

Cryptocurrency had a great month in April. In particular, Bitcoin ETFs gained a significant $2.9 billion, rebounding from the previous month’s negative flow of $713 million.

April Gold ETF Performance

Excludes leveraged products 

Source: FactSet

April Bitcoin ETF Performance

Excludes leveraged products

Source: FactSet

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