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We cut through market noise to surface reliable signals. Our quarterly Growth Dynamics analyzes adoption patterns such as net sales, issuer breadth, flow concentration and active ETF momentum, helping you identify where liquidity is building, where market dynamics are shifting, and where the next opportunities for allocation, product development and client engagement may emerge.
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Foreign Large Blend became the second highest -selling ETF style generating more than $11B in net inflows in 2026, including over $4B in Q3 alone, its strongest quarter of the year. 2026 sales were up 118% year over year. Demand was broad-based across both active and passive strategies, pointing to renewed advisor interest in diversifying equity exposure beyond the U.S. after years of domestic market leadership.
Across BNY Pershing, ETF net sales reached nearly $88B through Q3, rising 48% year on year and 127% versus 2024. ETF assets on the BNY Pershing platform now exceed $728B, up 70% over the past two years, with every quarter this year outpacing the comparable period in both 2024 and 2025. The trend suggests advisors are not just rotating within ETFs but continuing to allocate new dollars into the vehicle as adoption scales.
BNY Pershing shows that active ETFs accounted for 46% of all ETF net sales, despite representing only 20% of ETF assets. Net sales in active ETFs rose 55% year on year and 245% versus 2024, reinforcing how quickly adoption is expanding. What was once largely an indexing-led growth story is evolving, as advisors increasingly use the ETF wrapper across both active and passive strategies.
Net flows of BNY Pershing ETFs rose 45% year over year, with active ETFs capturing nearly half of all inflows. ETF mutual fund assets under management share split was 52%-48%, up from 43% year over year.
This trend was driven in part by a 2x increase among registered investment advisors — with ETF adoption becoming more deeply embedded in advisor portfolio construction.
BNY Pershing flows rose 25% in Q2 2026 from Q1 2026 and 63% from Q2 2025, reflecting growing advisor demand for active fixed income strategies. Intermediate Core Plus Bond net sales were up 34% and Core Plus sales rose 45% year on year.
The strength of these categories points to growing advisor interest in using active ETFs to gain more flexible and targeted fixed income exposure in client portfolios.
Average daily trading volume climbed 2.5x quarter over quarter, contributing to a 60% increase in technology sector ETF flows versus the trailing 12-month average — reflecting both sector conviction and the breadth of the ETF universe, which includes broad sector exposure, leveraged and inverse products, and single-stock ETFs.
U.S. ETF flows open Q1 strong before moderating in march due to market volatility. Investor behavior in Q1’26 points to a more cautious and selective market with strong interest in defense, liquidity and shorter-duration strategies.
Q1 active ETF net sales accelerated to 47% above the average monthly inflow over the trailing 12 months, with flows spread across U.S. equity, taxable fixed income, and international equity.
U.S. sector flows favored technology and industrials, with especially strong activity in technology innovation, and defense and security themes
Gold ETF flows reversed as investors took profits after a strong rally.
That growth came even after a record-breaking Q4, showing continued momentum.
Investors leaned into ultra-short and intermediate government products amid volatility and uncertainty.
Net inflows were about $730MM, roughly 50% below the trailing 12-month average monthly level.
Latest BNY Pershing data from January 2026 shows an ecosystem expanding in both scale and sophistication.
In 2025, we observed active ETFs gaining share, and market leadership shifting back toward core equity. At the same time, issuer breadth, flow concentration, and new-money trends are reshaping where liquidity is building and where fee and structure pressures may increase. Based on these trends, investors should revisit portfolio construction assumptions, due-diligence frameworks, and risk budgets to reflect these shifts as well as keep a close eye on issuer breadth, flow concentration, and allocation trends to help identify emerging opportunities, assess evolving competitive pressures, and guide more informed client and product decisions.
*Source: BNY Growth Dynamics. Trend data as of December 31, 2025. Data is from BNY Pershing’s clients.
Crucially, the market’s center of gravity shifted toward active strategies: despite representing just 15% of assets, active ETFs captured 40% of net flows, with 2025 net sales surpassing the combined total from 2021–2024.
New investment penetration climbed from 54% to 70%, highlighting broader participation across vehicles and use cases.
Within active, leadership rotated: while earlier growth favored short‑duration fixed income, alternatives, and thematic exposures, US equities, particularly Large Cap, anchored incremental demand, signaling deeper advisor adoption of core, broad‑market building blocks.
ETF net sales continued to accelerate, up 40% versus 2024 and 134% versus 2023, underscoring the pace of adoption among advisors and end investors.
Product breadth widened, with the number of issuers attracting inflows rising from 173 in 2023 to 247 in 2025.
Investors became increasingly comfortable with managers actively selecting and adjusting holdings, and this was supported by the total ETF count, which grew from 4,067 in 2023 to 5,532 in 2025.
1As of 30 Sep, 2026, based on internal BNY data
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