Vanguard tops BlackRock as largest U.S. ETF issuer

Vanguard overtook BlackRock in the U.S. exchange-traded fund market after $13 billion of inflows in a single trading session pushed Vanguard’s U.S.-listed ETF assets to about $4.39 trillion, compared with roughly $4.36 trillion at BlackRock. The U.S. ETF industry is about $15.2 trillion in size.

Valley Forge, Pennsylvania-based Vanguard now manages roughly $4.39 trillion across 116 U.S.-listed ETFs. BlackRock’s iShares platform oversees more than 480 U.S.-listed ETFs spanning equities, fixed income, commodities and alternative strategies.

Vanguard’s ETFs have taken in about $291 billion so far in 2026, while BlackRock’s ETFs have gathered roughly $120 billion year to date. The Vanguard S&P 500 ETF (VOO) has drawn nearly $113 billion this year and recently became the first ETF to exceed $1 trillion in assets.

Todd Sohn, chief ETF strategist at Strategas Securities, observed that Vanguard’s investor base tends to ignore short-term market noise and continues adding to positions. Roxanna Islam, head of sector and industry research at TMX VettaFi, highlighted Vanguard’s focus on low-cost, core products as a reason for steady inflows.

A Vanguard spokesperson, in an emailed statement, described the asset growth as reflecting “the enduring trust investors place in our time-tested, disciplined approach.” A BlackRock spokesperson wrote that iShares is “built to deliver for clients in every market environment,” noting the firm’s emphasis on innovation and meeting client needs.

Industry data show BlackRock’s asset-weighted average fee across its ETF lineup is about 16 basis points, compared with roughly four basis points for Vanguard. The higher fee level means BlackRock continues to generate more fee revenue per dollar of assets despite trailing in total ETF assets.

BlackRock had held the largest U.S. ETF issuer position since 2003. Vanguard was founded more than 50 years ago by Jack Bogle with a focus on low-cost, long-term investing. Eric Balchunas, a senior ETF analyst, said Vanguard’s structure tends to produce high investor retention.

The session of inflows that put Vanguard ahead was part of broader net inflows into Vanguard funds this year, led by core index products such as VOO.