Inflows into US-listed exchange-traded funds have already exceeded the previous full-year record, reaching more than $1.54 trillion through the end of September, according to State Street Investment Management data. The total surpassed the $1.52 trillion annual record set in 2025, and Matthew Bartolini, State Street Investment Management's global head of research strategists, expects inflows to reach $2.3 trillion by year-end. Equity ETFs attracted more than $1 trillion, followed by fixed-income products with over $469 billion. Technology funds led sector inflows with more than $59 billion, while financial funds recorded outflows exceeding $3.8 billion. Funds tracking US stocks received about $655 billion, compared with $150.4 billion for funds tracking international developed markets. Bartolini said investors continue to use ETFs to allocate capital, build portfolios and adjust to market conditions, while mutual funds remain in persistent outflows. The Vanguard S&P 500 ETF, the world's largest ETF by assets under management, was up more than 13% so far this year as of Friday morning. US stocks reached record highs earlier this year on enthusiasm for artificial intelligence and strong earnings, before inflation concerns linked to the US-Iran conflict and rising bond yields drove volatility last month.