Overall assets under management in the US exchange traded fund industry hit a new month-end record at the end of August at $16.395 trillion, up from $15.786 trillion from the previous month, LSEG Data & Analytics said Monday in a report.

The increase in assets under management was driven by the performance of the underlying markets, which gave a boost of $432.7 billion, while estimated net inflows added $176.3 billion, the report said.

Equity ETFs posted the highest estimated net inflows in the US ETF industry for the month at $94 billion, followed by bond ETFs at $55.8 billion. Equity ETFs also held the largest share of assets, followed by bond and alternatives ETFs, the report said.

Among Lipper Global Classifications, Equity US was the best-selling category in August, followed by Bond USD Government Short Term and Equity Global ex-US, according to the report.

Vanguard led all ETF promoters in the US with $52.2 billion in August inflows, ahead of Invesco and iShares. The top 10 promoters collectively accounted for $136.1 billion in estimated net inflows, LSEG said.

The best-selling ETF for the month was the Vanguard S&P 500 ETF, which had estimated net inflows of $24.3 billion, followed by the Invesco QQQ Trust, Series 1 and the iShares 0-3 Month Treasury Bond ETF, the report said.