Canadian ETF market closes 2025 at record $735B as equity dominance reshapes flows

Several benchmark products retained dominant positions among the country’s largest ETFs by assets. US equity exposure remained particularly influential, with S&P 500 index funds ranking among the biggest holdings alongside core Canadian equity trackers and global asset-allocation portfolios.

Asset concentration among providers also remained notable. BlackRock Canada held the largest share of assets at more than $187 billion, followed by BMO Asset Management at approximately $161.6 billion and Vanguard Canada at $104.6 billion. Together, the three firms represented a significant portion of the overall market.

CETFA recently published data showing that ETF adoption in Canada is climbing even as cross-border confusion grows.

Flows during December highlighted continued demand for diversified portfolio ETFs and money market strategies. Broad equity portfolios and short-duration cash alternatives appeared frequently among funds attracting the strongest net creations.

Meanwhile, new product development continued to reshape the competitive landscape. Equity launches accounted for the majority of 2025 inflows among newly introduced ETFs, although commodities, money market products, and multi-asset strategies also recorded notable activity.