Vanguard Overtakes BlackRock as Largest U.S. ETF Issuer

Vanguard surpassed BlackRock as the largest U.S. exchange-traded fund issuer after roughly $13 billion of inflows in the latest trading session pushed Vanguard’s U.S.-listed ETF assets to about $4.39 trillion, above BlackRock’s roughly $4.36 trillion. The U.S. ETF industry totals about $15.2 trillion.

Vanguard manages 116 U.S.-listed ETFs. Its S&P 500 ETF, VOO, became the first ETF to exceed $1 trillion in assets after taking nearly $113 billion in year-to-date inflows. Vanguard’s ETFs collected about $291 billion so far in 2026, while BlackRock’s U.S.-listed funds gathered almost $120 billion in the same period. BlackRock operates more than 480 U.S.-listed ETFs across many asset classes.

Todd Sohn, chief ETF strategist at Strategas Securities, observed, “The flows never stop for them. Vanguard’s base doesn’t pay attention to the noise and volatility out there. They are well-educated investors and know to stay the course.” Roxanna Islam, head of sector and industry research at TMX VettaFi, noted that Vanguard’s emphasis on core, low-cost products helps sustain demand for those funds.

Industry figures show differences in fee levels. BlackRock’s asset-weighted fee averages about 16 basis points, compared with roughly 4 basis points for Vanguard. A BlackRock spokesperson described iShares as “an all-weather platform” intended to meet client needs across market environments.

A Vanguard spokesperson, in an emailed statement, said the firm’s asset growth reflects “the enduring trust investors place in our time-tested, disciplined approach.” Vanguard has reduced fees on multiple funds in recent years.

BlackRock had held the top ETF position since 2003 and controlled a much larger share of the market about two decades ago. Vanguard was founded more than 50 years ago by Jack Bogle and expanded into ETFs while maintaining a focus on low-cost, index-based products. Eric Balchunas, a senior ETF analyst, characterized Vanguard as “the last fund company for most people,” pointing to low client defections and steady inflows.