U.S.-listed ETFs concluded June with $15.7 trillion in total assets under management. This represents little change from the end of May. Monthly fund flows slowed in June to $195.9 billion. However, U.S. ETFs took in over $1 trillion in assets during the first half of 2026.
Investors poured money into equities, which attracted 73% of the month’s net inflows. Of the remaining flows, 28% went to fixed income, 4% to alternatives, and 0.5% to asset allocation ETFs. The inflows, however, were offset by outflows experienced in commodity and currency ETFs.
June also saw a record number of new ETFs come to market: 228. The bulk of the new products are in the equity and fixed income spaces. There was a decline in the number of currency and alternative ETF launches.
U.S.-listed ETF assets under management (in trillions) and fund flows as of June 30, 2026:
Looking at June ETF flows by asset class:
The bulk of new equity assets went into U.S. size and style funds, with increased flows to semiconductor ETFs.
Fixed income inflows went towards U.S. broad duration investment grade products issued by both government and corporations.
iShares Systematic Alternatives Active ETF (IALT) came to life in June, attracting $4.3 billion in new assets, and this represents half of the monthly fund flows to the alternatives space.
Commodities and currency products combined experienced outflows of $11.1 billion in assets. The largest outflows occurred in bitcoin, gold, and oil ETFs.
Asset allocation ETFs experienced a small inflow, attracting less than 1% of the monthly flows.
Sector flows in June seem to be more defensive with assets going towards Industrials, Materials, and Utilities. However, there were outflows from Consumer Staples, Communication Services, and Energy.
June marked a milestone with a record 228 ETF launches. A significant contributor was newcomer Corgi Insurance Services, which accounted for 81 of those launches. The firm has quickly established itself in the market, building a lineup of 120 ETFs in just over six months and closing out June with $742 million in total assets under management.
Seven mutual funds converted to the ETF structure.
Baillie Gifford International Concentrated Growth ETF (BGCG)
Baillie Gifford Long Term Global Growth ETF (BGGG)
Thrivent International Large Cap ETF (TILC)
JPMorgan California Tax Free Bond ETF (JCAL)
JPMorgan New York Tax Free Bond ETF (JTNY)
Cohen & Steers Future of Energy Active ETF (CSEN)
Guggenheim Ultra Short Income ETF (GCSH)
Alpha Architect launched another ETF through a 351 exchange, with Cambria Global EW 2 ETF (GEQ).
After Vanguard’s patent on the approach expired, Fidelity became the first Issuer to offer an ETF share class of an existing mutual fund with the following June launches:
Fidelity Real Estate Income ETF (FREI)
Fidelity Short-term Bond ETF (FSTB)
Fidelity Intermediate Municipal Income ETF (FIMU)
Fund flows indicate increased interest in semiconductor and memory companies, especially those tied to the buildout of AI infrastructure. Below is a high-level overview of the ETFs available in the space.
In terms of assets and liquidity, the VanEck Semiconductor ETF (SMH) was the first to market in this space and is positioned as the dominant leader with $74 billion in assets. However, Roundhill Memory ETF (DRAM), which launched in April of this year, has quickly accumulated $25.5 billion in assets with fewer underlying holdings. That suggests investors are comfortable with the fund’s targeted exposure to memory chips and its derivative use, which may leverage the fund’s bets. iShares Semiconductor ETF (SOXX) has maintained a formidable second-place ranking in both total assets and yearly fund flows.
First Trust Nasdaq Semiconductor ETF (FTXL) is the only ETF in the space with outflows this year. Compared to ETFs with a similar strategy and despite performance, this may indicate fee sensitivity or competition from lower-cost alternatives.
In terms of lowest expense ratio, the Xtrackers Semiconductor Select Equity ETF (CHPS) is the cheapest option. The fund strategy applies ESG screening to the broadest exposure. However, the fund is expected to change the underlying index in July, thus removing the ESG screen and providing a narrower focus.
State Street’s SPDR S&P Semiconductor ETF (XSD) provides the most diversified exposure with 48 holdings and only 27.65% of the portfolio allocated to the top 10 names.
VanEck’s Fabless Semiconductor ETF (SMHX) and Tema Memory ETF (DISK) appear to be the most concentrated portfolios in terms of number of holdings and percentage allocated to the top names. The significantly lower expense ratio for SMHX will make the competition interesting.
Newcomer Corgi Lithography & Semiconductor Photonics ETF (EUV) is aiming for the best-of-all-aspects approach by providing a product with broad exposure, lower weight in the top 10 holdings, and a price at the lower end of expense ratios in the category.
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