Investors added a net $6.9 billion to Australian-listed ETFs in September 2026, taking the market to about $388 billion. VGS took the most new money ($532m), followed by VAS ($449m). Global shares drew 42% of all flows, and bonds punched well above their weight. The biggest outflow was from the active fund V1AC ($143m).
The month in three numbers
September was a soft month for Australian shares: the big ASX 200 funds fell about 2.4%. Global shares rose about 2% in Australian-dollar terms. Through all of it, Australians kept buying.
Gross inflows were about $7.9 billion and gross outflows about $1.0 billion, so for every dollar that left, roughly eight dollars came in. More than twice as many funds gained money as lost it.
One detail worth noticing: total market size rose by about $5.4 billion, less than the $6.9 billion of new money. The gap is the market fall. VAS is the clearest example: it took in $449 million, yet finished the month about $220 million smaller because Australian shares dropped.
The 10 ETFs that took the most money
Top 10 ETFs by net new money, September 2026
The top of the table is the usual story: low-cost index funds. VGS, VAS, IOZ, A200 and BGBL together took about $1.8 billion. Investors were buying Australian shares into the dip, with the three big ASX funds taking more than $1 billion between them.
A few names stand out:
- GTUM, a newcomer. The Betashares Global Momentum ETF only listed in February 2026. It took $206 million in September, which is most of its $228 million size. It also returned 6.4% for the month. Momentum funds buy what has been rising, so they can reverse sharply when trends turn.
- IEU and Europe. $185 million went to European shares, even though IEU fell 1.4% for the month.
- ILB and inflation protection. Inflation-linked government bonds drew $185 million, a sign some investors want protection against rising prices.
- GLIN, buying a fall. Global infrastructure fell 5.5% in September but still took $182 million.
Compare the leaders: VGS vs BGBL, VAS vs A200, A200 vs IOZ.
Where the money left
Top 8 ETFs by net money out, September 2026
Outflows were small next to inflows. The largest, $143 million from the active V1AC, is about 4% of a $3.9 billion fund. It has returned minus 4.2% over the past year, so some investors may have moved on.
The surprise is IVV, the S&P 500 fund, losing $84 million in a month when it returned 2.6%. A single month of outflows from a $14.9 billion fund is not a trend, and a large investor rebalancing can explain it. STW also lost $33 million while its ASX 200 rivals took hundreds of millions, a reminder that fees matter: STW charges 0.05% against 0.04% for A200.
In bonds, money left government bond funds IGB and the long US Treasury fund GGOV, which fell 4.9% in the month. Long-dated bonds move a lot when interest rate expectations shift.
Flows by asset class
Net flows by category, September 2026
Every major asset class took in money. Global shares led with $2.9 billion, but the more interesting line is bonds. Australian bonds are under 10% of the ETF market, yet took about 15% of September's flows. Alongside ILB, IYLD ($153m), QPON ($147m) and SUBD ($125m) all drew strong demand. Floating-rate and credit funds like these pay income that moves with interest rates.
Bonds took a bigger share of flows than their size
Cash ETFs added $206 million, most of it to AAA ($150m). Crypto was quiet at $19 million despite bitcoin funds rising about 10% in the month. See our guides to cash ETFs and bond ETFs.
Which issuers won the month
| Issuer | Net flow | Funds under management |
|---|---|---|
| Vanguard | +$1,996m | $108.4bn |
| Betashares | +$1,558m | $77.3bn |
| iShares | +$1,429m | $66.2bn |
| VanEck | +$720m | $35.8bn |
| Global X | +$247m | $17.3bn |
| Dimensional | +$214m | $20.7bn |
Sum of net flows across each issuer's funds, September 2026. Source: TMX Australia monthly funds report.
The big four issuers took about $5.7 billion, or 83% of net flows. Vanguard remains the largest, with more than a quarter of all money in Australian ETFs.
Best and worst performers of the month
The month's biggest movers
- Best: Ethereum funds such as QETH rose about 12.8%, and SEMI (semiconductors) rose 12.4%. SEMI has returned 109% over the past year, a reminder of how concentrated the AI chip rally has been.
- Worst: VOLT (lithium miners) fell 21%, and uranium funds URNM and ATOM fell 13.5% and 9.6%. ATEC, Australian tech, dropped 10.3%.
- Swings both ways. VBTC rose 9.7% in September but is still down 31.1% over the past year. One good month says little about risk.
Explore the themes: crypto ETFs, tech ETFs and uranium ETFs.
New funds on the block
Three ETFs listed in September: the currency-hedged tech funds HTTP and HULK from Global X, and MQFI, Macquarie's active Australian bond fund at 0.09% a year. All three are still under $2 million. In total, 56 funds in the report listed in 2026. The largest of them by size are the active bond fund FEIF ($580m), PGI2 ($429m) and FGSE ($372m).
New funds can be interesting, but a short track record and small size mean wider trading spreads and some risk of closure. Many investors wait until a fund has a few years of history.
See every new ETF → See the largest ETFs →
What it means for you
September's pattern is a healthy one: steady money into low-cost core funds, buying Australian shares on a dip, and a growing appetite for bonds and income. Popularity is not a reason to buy on its own, but it does show where most Australians are building their core. If you want to see how your own holdings compare, the ETF directory lists every fund with its latest flows and returns, or read why the most popular ETFs aren't always the best.
Common questions
What are ETF flows?
Net flows are the money investors put into a fund minus the money they take out, as new units are created or redeemed. They exclude market movements, so they show what investors are actually doing.
Which ETF had the biggest inflow in September 2026?
VGS, the Vanguard MSCI Index International Shares ETF, with about $532 million of net new money, followed by VAS with $449 million and IOZ with $321 million.
How big is the Australian ETF market?
About $388 billion across the 508 funds in the TMX Australia report at 30 September 2026, after net inflows of $6.9 billion in the month.
Should I buy the ETFs with the biggest inflows?
Not because of the flows alone. Big inflows usually go to large, low-cost core funds, which suit many investors, but the right ETF depends on your goals, the fees and how it fits with what you already own.
Joshua Stega is a financial adviser with 20 years' experience and the founder of ETF Adviser. He built ReviewETF to make every Australian ETF easy to find and compare.
General information only. It does not take into account your objectives, financial situation or needs. Consider the PDS and TMD before investing. Past performance is not a reliable indicator of future performance. Data as at 30 September 2026.