Vanguard’s VOO Nears $1 Trillion After $250B Inflows

Vanguard’s S&P 500 ETF VOO is approaching $1 trillion in assets after adding about $250 billion so far in 2025. The fund surpassed the SPDR S&P 500 ETF Trust (SPY) less than a year ago and now holds about $100 billion more than any other ETF.

VOO’s inflows this year have averaged close to $1 billion per trading day. The fund charges an expense ratio of 0.03%, compared with 0.09% for SPY. VOO tracks the S&P 500 by holding the index’s 500 U.S. stocks and weighting each position by market capitalization.

Vanguard’s latest data show information technology represents about 35% of the fund, followed by financials at 12% and communication services at 11%. The five largest holdings are NVIDIA at 7.84%, Apple at 6.44%, Microsoft at 4.89%, Amazon at 4.18% and Alphabet Class A at 3.62%.

Analyst Eric Balchunas wrote on social media that this could be the year ‘when its GOAT status will be secured.’

Some market participants have flagged concentration risk because market-cap weighting increases exposure to the largest companies. Others have noted that heavy flows into broad U.S. large-cap ETFs can reduce diversification across sectors, asset classes and international markets.

If VOO reaches $1 trillion, it would be the first exchange-traded fund to cross that level. The fund is now the largest ETF by assets and is held in many passive portfolios.