World through ETFs · SEC Form N-PORT · updated as filings arrive
Where the money sits, by country
962 US-registered funds filed holdings for a period ending in 2026Q2. Pooled by the net assets of each filing and split by the issuer's country as the filer reported it, 79.44% of that money is in US-domiciled issuers and 20.6% is anywhere else — against 27.6% elsewhere in 2019Q4. This page is the map; the series reads it one region at a time.
Data as of the filing periods ending in 2026Q2 · latest filing received 2026-08-31 · measured 2026-09-19. The next quarter's filings replace this table when they arrive; nothing here is a forecast.
Countries, 2026Q2
50Share of pooled net assets. Change columns are percentage points against one year earlier (2025Q2) and against the first quarter on record (2019Q4). Codes marked ° are places of incorporation more often than places of business.
| # | Country | Share | Dollars | vs 2025Q2 | vs 2019Q4 |
|---|---|---|---|---|---|
| 1 | United States | 79.44% | $12.74T | −1.89 | +7.06 |
| 2 | Japan | 2.72% | $436B | +0.28 | −1.01 |
| 3 | United Kingdom | 1.72% | $277B | +0.00 | −0.80 |
| 4 | Canada | 1.56% | $250B | +0.23 | −0.03 |
| 5 | Taiwan | 1.48% | $237B | +0.67 | +0.66 |
| 6 | South Korea | 1.24% | $198B | +0.77 | +0.54 |
| 7 | France | 1.01% | $161B | −0.13 | −0.58 |
| 8 | Switzerland | 0.95% | $152B | −0.04 | −0.41 |
| 9 | Germany | 0.93% | $150B | −0.15 | −0.45 |
| 10 | Netherlands° | 0.80% | $129B | +0.18 | −0.10 |
| 11 | Australia | 0.80% | $128B | +0.00 | −0.28 |
| 12 | India | 0.74% | $119B | −0.26 | +0.04 |
| 13 | Hong Kong SAR China | 0.72% | $115B | −0.03 | +0.20 |
| 14 | Ireland° | 0.64% | $103B | +0.12 | −0.68 |
| 15 | China | 0.48% | $77B | +0.05 | −0.40 |
| 16 | Cayman Islands° | 0.48% | $76B | +0.02 | −0.75 |
| 17 | Spain | 0.44% | $71B | +0.05 | −0.10 |
| 18 | Italy | 0.40% | $64B | +0.02 | −0.10 |
| 19 | Sweden | 0.35% | $56B | +0.00 | −0.06 |
| 20 | Brazil | 0.27% | $44B | +0.05 | −0.37 |
| 21 | Singapore | 0.20% | $33B | +0.02 | −0.02 |
| 22 | Denmark | 0.18% | $29B | −0.04 | −0.06 |
| 23 | Israel | 0.18% | $29B | +0.06 | +0.08 |
| 24 | South Africa | 0.17% | $28B | +0.02 | −0.15 |
| 25 | Mexico | 0.16% | $25B | +0.01 | −0.10 |
| 26 | Saudi Arabia | 0.14% | $23B | −0.03 | −0.01 |
| 27 | Bermuda° | 0.14% | $22B | +0.03 | −0.34 |
| 28 | Finland | 0.14% | $22B | +0.02 | −0.04 |
| 29 | Not stated in filing | 0.13% | $20B | −0.02 | −0.35 |
| 30 | Belgium | 0.13% | $20B | +0.01 | −0.08 |
| 31 | Norway | 0.10% | $17B | +0.01 | −0.03 |
| 32 | Malaysia | 0.09% | $14B | +0.00 | −0.08 |
| 33 | Poland | 0.08% | $13B | +0.01 | +0.00 |
| 34 | Thailand | 0.08% | $13B | +0.00 | −0.15 |
| 35 | United Arab Emirates | 0.07% | $12B | −0.01 | +0.01 |
| 36 | Indonesia | 0.07% | $11B | −0.02 | −0.11 |
| 37 | Jersey° | 0.07% | $11B | +0.01 | −0.12 |
| 38 | Austria | 0.06% | $10B | +0.01 | −0.03 |
| 39 | Luxembourg° | 0.06% | $10B | −0.01 | −0.07 |
| 40 | Chile | 0.05% | $9B | +0.00 | −0.03 |
| 41 | Türkiye | 0.05% | $8B | +0.00 | −0.01 |
| 42 | Curaçao° | 0.05% | $7B | +0.02 | −0.03 |
| 43 | Liberia° | 0.03% | $5B | +0.00 | +0.00 |
| 44 | Greece | 0.03% | $5B | +0.00 | +0.00 |
| 45 | New Zealand | 0.03% | $5B | +0.00 | −0.03 |
| 46 | Philippines | 0.03% | $5B | −0.01 | −0.07 |
| 47 | Kuwait | 0.03% | $5B | +0.00 | +0.00 |
| 48 | Qatar | 0.03% | $5B | −0.01 | −0.04 |
| 49 | Portugal | 0.03% | $4B | +0.00 | −0.01 |
| 50 | Hungary | 0.03% | $4B | +0.01 | −0.01 |
Quarter by quarter, top ten
The number of funds pooled grows over time as more funds enter the archive, so early quarters describe a smaller set. Compare shapes, not the fund count.
| Quarter | Funds | US | JP | GB | CA | TW | KR | FR | CH | DE | NL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2019Q3 | 222 | 90.10 | 1.09 | 0.96 | 0.86 | 0.03 | 0.18 | 0.42 | 0.61 | 0.41 | 0.41 |
| 2019Q4 | 645 | 72.38 | 3.73 | 2.52 | 1.59 | 0.82 | 0.70 | 1.59 | 1.36 | 1.38 | 0.90 |
| 2020Q1 | 651 | 71.31 | 4.14 | 2.65 | 1.63 | 0.91 | 0.73 | 1.72 | 1.42 | 1.49 | 0.93 |
| 2020Q2 | 684 | 76.10 | 3.61 | 2.22 | 1.54 | 0.81 | 0.66 | 1.46 | 1.26 | 1.29 | 0.76 |
| 2020Q3 | 700 | 75.64 | 3.48 | 2.10 | 1.56 | 0.87 | 0.70 | 1.47 | 1.26 | 1.39 | 0.80 |
| 2020Q4 | 711 | 77.22 | 3.26 | 1.91 | 1.42 | 0.82 | 0.73 | 1.34 | 1.13 | 1.24 | 0.73 |
| 2021Q1 | 720 | 76.40 | 3.48 | 1.97 | 1.37 | 0.93 | 0.79 | 1.35 | 1.11 | 1.26 | 0.76 |
| 2021Q2 | 728 | 76.44 | 2.87 | 1.82 | 1.38 | 0.94 | 0.75 | 1.31 | 1.07 | 1.25 | 0.73 |
| 2021Q3 | 740 | 77.34 | 3.04 | 1.95 | 1.48 | 0.96 | 0.72 | 1.31 | 1.15 | 1.24 | 0.81 |
| 2021Q4 | 752 | 78.62 | 2.78 | 1.89 | 1.42 | 0.90 | 0.64 | 1.21 | 1.11 | 1.15 | 0.82 |
| 2022Q1 | 762 | 78.52 | 2.85 | 1.97 | 1.45 | 0.97 | 0.63 | 1.23 | 1.12 | 1.10 | 0.75 |
| 2022Q2 | 764 | 77.84 | 2.73 | 2.04 | 1.54 | 0.96 | 0.67 | 1.26 | 1.18 | 1.03 | 0.69 |
| 2022Q3 | 790 | 78.23 | 2.93 | 2.00 | 1.52 | 0.87 | 0.62 | 1.23 | 1.14 | 0.96 | 0.69 |
| 2022Q4 | 800 | 79.72 | 2.59 | 1.85 | 1.49 | 0.74 | 0.58 | 1.21 | 1.07 | 0.93 | 0.65 |
| 2023Q1 | 817 | 78.38 | 2.93 | 1.95 | 1.48 | 0.83 | 0.61 | 1.35 | 1.11 | 1.05 | 0.73 |
| 2023Q2 | 823 | 79.42 | 2.61 | 1.89 | 1.40 | 0.82 | 0.60 | 1.37 | 1.11 | 1.04 | 0.71 |
| 2023Q3 | 839 | 78.70 | 2.96 | 1.91 | 1.40 | 0.83 | 0.63 | 1.35 | 1.11 | 1.04 | 0.74 |
| 2023Q4 | 868 | 80.81 | 2.57 | 1.75 | 1.32 | 0.77 | 0.57 | 1.21 | 1.01 | 0.92 | 0.65 |
| 2024Q1 | 883 | 80.73 | 2.80 | 1.71 | 1.31 | 0.81 | 0.56 | 1.20 | 1.00 | 0.93 | 0.70 |
| 2024Q2 | 880 | 80.93 | 2.53 | 1.73 | 1.29 | 0.89 | 0.55 | 1.19 | 0.96 | 0.93 | 0.71 |
| 2024Q3 | 902 | 80.93 | 2.80 | 1.75 | 1.28 | 0.90 | 0.53 | 1.11 | 1.00 | 0.91 | 0.68 |
| 2024Q4 | 900 | 81.80 | 2.37 | 1.65 | 1.28 | 0.90 | 0.45 | 1.06 | 0.94 | 0.90 | 0.60 |
| 2025Q1 | 926 | 81.24 | 2.60 | 1.72 | 1.33 | 0.89 | 0.45 | 1.12 | 0.97 | 0.98 | 0.62 |
| 2025Q2 | 928 | 81.33 | 2.44 | 1.72 | 1.33 | 0.81 | 0.47 | 1.14 | 0.99 | 1.08 | 0.62 |
| 2025Q3 | 947 | 80.61 | 2.60 | 1.76 | 1.44 | 0.93 | 0.54 | 1.12 | 0.97 | 1.06 | 0.65 |
| 2025Q4 | 953 | 80.33 | 2.63 | 1.75 | 1.55 | 1.03 | 0.63 | 1.09 | 0.96 | 0.99 | 0.70 |
| 2026Q1 | 951 | 78.43 | 2.85 | 1.88 | 1.68 | 1.25 | 0.92 | 1.12 | 1.04 | 1.04 | 0.79 |
| 2026Q2 | 962 | 79.44 | 2.72 | 1.72 | 1.56 | 1.48 | 1.24 | 1.01 | 0.95 | 0.93 | 0.80 |
What this map is, and is not
- Whose money. Only US-registered funds file N-PORT. This is the world as seen from money in US-registered funds, index and active alike; European and Asian investors' funds are not in it, and the series says so in every episode.
- Which country. The filing's invCountry: the issuer's country of incorporation as the filer reports it, not where it sells or lists. Accenture is Ireland, TSMC's ADR is Taiwan, many China-based companies are Cayman Islands. We show the code as filed rather than reassigning it, and mark the codes where this matters.
- Which dollars. Net assets of the filing series on the period date. A Vanguard series includes its mutual-fund share classes, so the pooled total is larger than ETF assets alone.
- Which funds. Comparable funds only (the four comparability rules), one filing per fund per calendar quarter, securities-lending cash collateral excluded and weights renormalised (definition ex-collateral-v2).
- Which weights. A fund is counted at its full net assets, so a $600 billion index fund moves the map and a $50 million one does not. That is the point: this is where the money is, not an average of fund choices.
Per-fund tables: /data/country-weights/TICKER.json · per-country: /data/countries/CC.json · pooled: /data/country_world.json. Derived from the point-in-time positions.
Cite this
Mulden. (2026). Where US-registered fund money sits, by country (SEC Form N-PORT, pooled). Retrieved 2026-09-19 from https://themulden.com/world/
Select the line above to copy. CC BY 4.0 — attribution required, no permission needed.