Largest Vanguard investment funds worldwide in June 2026, by net assets

Leading investment funds owned by Vanguard globally as of June 18, 2026, by net assets under management

Vanguard manages around 12 trillion dollars, but a huge share of that money sits in a handful of giant funds. This report ranks the largest Vanguard investment funds worldwide in June 2026 by net assets, and shows how concentrated the firm assets really are. A small group of broad, low-cost index funds dominates the list, led by Together these few funds hold trillions of dollars, a striking concentration for a firm that offers hundreds of products in total but sees most of its money flow into just a That is no accident: Vanguard deliberately steers investors toward a few broad, all-in-one funds, rather than encouraging them to pick among many narrow products, and the asset figures show Few firms have managed to gather so much money into so few products while charging so little to do it.

At the top sit the Vanguard Total Stock Market Index Fund and the Vanguard 500 Index Fund, each holding well over a trillion dollars across all their share classes. In a historic milestone, the Vanguard S&P 500 ETF, a share class of the 500 Index Fund, became the first ETF ever to pass 1 trillion dollars in June 2026. This ranking builds on the firm-wide totals in our Vanguard assets under management report and the fund-count view in our Vanguard funds by region analysis.

Two giants on top: the Vanguard Total Stock Market Index Fund, at around 1.8 trillion dollars, and the 500 Index Fund, at around 1.55 trillion, dwarf every other fund. International stock, bond and money market funds follow far behind.

These funds are so large because Vanguard offers a small number of broad, cheap index funds that attract money from millions of investors. The biggest of them now rank among the largest funds in the world, as our largest ETFs by market cap coverage shows.

A note on the data. Net assets here combine all share classes of a fund, including its mutual fund and ETF versions, since Vanguard often reports them together. Figures are approximate, drawn from Vanguard and Morningstar data, and move with markets, so the exact ranking shifts over time.

Largest Vanguard Funds by Net Assets

The table lists the largest Vanguard funds by net assets in 2026, with each fund share of the firm roughly 12 trillion dollars in total assets. It shows how the top two funds alone hold more than a quarter of all Vanguard money. Sorting any column reveals the full order.

Largest Vanguard Funds by Asset Class

By asset class, the largest Vanguard funds are overwhelmingly equity funds. The top of the list is dominated by broad US stock funds, with international stock, bond and money market funds appearing lower down. Equities account for the great majority of the assets in the Eight of the ten largest funds are equity or balanced funds, with only two pure bond funds and one money market fund making the list, underlining how heavily Vanguard biggest assets are tilted toward stocks.

The Total Stock Market and 500 Index funds, both US equity funds, are by far the largest, together holding more than 3 trillion dollars. Bond funds such as the Total Bond Market Index Fund and the huge Federal Money Market Fund provide the main non-equity entries, a mix explored in our asset manager statistics overview.

Equity dominates: the largest Vanguard funds are overwhelmingly US equity funds. Bond funds, the huge Federal Money Market Fund and the active Wellington Fund provide the main non-equity entries, but together they are far smaller than the stock giants.

This equity tilt reflects both the long bull market in US stocks and the popularity of simple, broad index funds. Investors have poured money into total-market and S&P 500 funds, which now dwarf even Vanguard largest bond and balanced funds The Total Stock Market Fund alone, holding around 1.8 trillion dollars and tracking roughly 3,600 US companies, is larger than all of Vanguard bond and money market funds in the top ten combined.

Giant Funds, Tiny Fees

What makes these giant funds remarkable is how little they cost. The largest Vanguard equity index funds charge expense ratios of around 0.03 to 0.05 percent, a tiny fraction of what traditional funds charge, yet they hold hundreds of billions or even By comparison, a typical actively managed fund might charge 0.5 to 1 percent or more, so a Vanguard investor in one of these giants pays only a few dollars a year for every 10,000 invested.

Plotting each fund net assets against its expense ratio shows the pattern clearly: the biggest funds cluster at the very low-cost end, while the few pricier funds, such as the actively managed Wellington Fund at around 0.25 percent, are smaller. Low costs have been central to Vanguard rise, as our largest asset managers worldwide coverage shows.

Cheap at scale: each bubble is a fund, placed by its expense ratio and net assets. The giant equity index funds cluster at the ultra-low-cost left, while the smaller active Wellington Fund sits alone at higher cost. Size and low fees go together.

This combination of vast size and rock-bottom fees is the heart of the Vanguard model. Because the funds are owned by their investors, Vanguard passes savings on as lower costs, which attracts more money, which allows still lower costs, in a cycle This client-owned, at-cost structure, set up by founder John Bogle, means lower fees are not a marketing tactic but built into how the firm works, which is why its largest funds are also among the cheapest anywhere.

VOO and the Trillion-Dollar Milestone

The single biggest story among Vanguard funds in 2026 was the Vanguard S&P 500 ETF, known by its ticker VOO. On June 2, 2026, it became the first exchange-traded fund in history to pass 1 trillion dollars in net assets.

VOO overtook its long-standing rivals to claim the top spot: the iShares Core S&P 500 ETF from BlackRock ended that day at around 861 billion dollars, and the SPDR S&P 500 ETF from State Street at around 786 billion. The rivalry among these funds is covered in our largest ETF providers analysis.

A historic first: on June 2, 2026, the Vanguard S&P 500 ETF (VOO) became the first ETF ever to pass 1 trillion dollars, overtaking the iShares Core S&P 500 ETF at around 861 billion and the SPDR S&P 500 ETF at around 786 billion.

VOO is a share class of the Vanguard 500 Index Fund, which launched in 1976 as the first index fund for ordinary investors. Its rise to the top, overtaking the SPDR fund that pioneered ETFs in 1993, marks a symbolic passing of the torch to the The SPDR S&P 500 ETF had pioneered the ETF format back in 1993 and was the largest for years, so VOO overtaking it marks a generational shift toward the cheapest, simplest products winning out.

How Concentrated Vanguard Assets Are

Vanguard assets are highly concentrated in its largest funds. The top two funds alone hold more than a quarter of the firm roughly 12 trillion dollars, and the top ten hold This means that just ten funds, out of the hundreds Vanguard offers, account for around half of the roughly 12 trillion dollars the firm manages, a concentration far higher than at BlackRock, by contrast, spreads its even larger pile of assets across a far wider range of funds, so no single iShares product looms as large within its lineup as This difference in shape, concentrated at Vanguard, spread out at BlackRock, reflects two contrasting philosophies that have For Vanguard, the concentrated approach has turned a small set of broad index funds into some of the largest and most influential investment vehicles ever created, holding the savings of tens of millions of households across the United States and beyond, and shaping the markets they invest in.

This concentration reflects Vanguard strategy of offering a few broad funds rather than many niche ones. When millions of investors choose the same handful of total-market and S&P 500 funds, those funds swell to enormous size, as our BlackRock assets under management comparison shows for the rival approach.

Top-heavy by design: the largest fund alone holds around 15 percent of Vanguard assets, the top two more than a quarter, and the top ten close to half. A small group of broad index funds carries much of the firm weight.

The result is that a small number of funds carry much of Vanguard weight. This makes the firm unusually dependent on its flagship index funds, but it also reflects the simplicity that has made Vanguard so popular with long-term, For long-term savers, the appeal is simple: a single broad fund such as the Total Stock Market or 500 Index gives instant diversification across hundreds or thousands of companies at This simplicity is a large part of the appeal: an investor can own essentially the whole US stock market through one fund, hold it for decades, and pay only a few hundredths of a percent each year.

Net Assets and Fees of the Top Funds

Bringing net assets and fees together shows the defining feature of the top Vanguard funds: enormous size paired with tiny costs. The largest funds are also among the cheapest, with expense ratios as low as 0.03 percent.

The Total Stock Market and 500 Index funds each charge around 0.03 percent while holding well over a trillion dollars, so they generate large revenue despite their low fees simply because of their scale. Only the actively managed Wellington Fund charges noticeably more, a contrast seen across the active-fund Even so, Wellington remains a respected fund, run by the external Wellington Management firm, and at around 0.25 percent it is still far cheaper than most actively managed funds elsewhere in the market.

Size meets cost: the bars show net assets while the line shows the expense ratio. The biggest funds charge as little as 0.03 percent, so they earn meaningful revenue only because of their vast scale. Wellington, the lone active fund, costs noticeably more.

This is the essence of index investing at scale. Tiny fees on vast sums still add up to meaningful revenue, while giving investors a cheap, simple product, which in turn draws in yet more money and This virtuous circle of scale and low cost is the core of the Vanguard model, and it explains why a small number of funds have grown to hold such an outsized share of the firm and the wider market.

The Rise of the Vanguard S&P 500 ETF

The rise of the Vanguard S&P 500 ETF to 1 trillion dollars was remarkably fast. From around 100 billion dollars in 2018, VOO net assets climbed steadily, then accelerated, Strong, steady inflows from individual investors, financial advisers and retirement plans, combined with a long bull market in US shares, propelled the fund from a few hundred billion dollars to a trillion in just a few years.

Strong inflows and a long bull market in US stocks both drove the climb, as investors increasingly chose the low-cost ETF over older, pricier rivals. The fund growth mirrors the broader shift into ETFs, as our State Street assets under management coverage of the SPDR pioneer shows.

To a trillion, fast: VOO net assets climbed from around 100 billion dollars in 2018 to 1 trillion by mid-2026, accelerating as investors poured money into the low-cost ETF. It is now the single largest ETF in the world.

VOO speed to a trillion dollars, far faster than the funds it overtook, shows how powerfully money has flowed toward the cheapest, simplest S&P 500 product. It is now the single largest ETF in the world, and Its rapid ascent, far quicker than the older funds it passed, shows how decisively money has shifted toward the lowest-cost S&P 500 product available, a trend that shows little sign of slowing down.

How the Top Funds Have Grown

The largest Vanguard funds have grown enormously in just a few years. Comparing net assets in 2020 with 2026 shows that most of the top funds have roughly doubled, and Rising markets account for much of the gain, but persistent net inflows have added to it, as investors kept buying the same broad index funds through good years and bad alike.

The 500 Index Fund and Total Stock Market Fund led the way, each adding hundreds of billions of dollars as markets rose and inflows continued. This rapid growth has lifted Vanguard overall assets too, as our asset management overview coverage notes.

Roughly doubled: comparing 2020 with 2026, most of the largest Vanguard funds have grown sharply, with the 500 Index and Total Stock Market funds each adding hundreds of billions of dollars as markets rose and inflows continued.

The pattern shows how compounding works at the level of individual funds. A fund holding several hundred billion dollars can add another hundred billion in a single strong year, simply through market gains and steady new At this scale, even a single strong year can lift a fund by hundreds of billions of dollars, a sum that would have ranked among the largest funds in the world The fact that such gains now look almost routine is itself a measure of how far the scale of index investing has grown since the early 2000s.

ETF and Mutual Fund Share Classes

Most of the largest Vanguard funds exist in two forms at once: a traditional mutual fund share class and an ETF share class, which share the same underlying portfolio. This unusual structure, long unique to Vanguard, For years Vanguard held an exclusive patent on this arrangement, which let it offer an ETF as a share class of an existing mutual fund; the patent expired in 2023, allowing other firms to copy the design.

For some funds, the ETF version is now the larger share class. The S&P 500 ETF, VOO, has grown larger than its mutual fund sibling, while for the Total Stock Market Fund the mutual fund version remains bigger. This split reflects how newer investors increasingly prefer ETFs, a trend our related market comparison coverage echoes in other sectors.

One portfolio, two wrappers: most giant Vanguard funds have both a mutual fund and an ETF share class. For the S&P 500 fund the ETF, VOO, is now the larger share class, while for the Total Stock Market fund the mutual version remains bigger.

Because the ETF and mutual fund versions hold the same investments, Vanguard reports their combined net assets as a single fund. This is why the firm fund count stays low even as assets soar: one fund can serve investors through A single strategy might be sold as an Investor share class, an Admiral share class with lower fees, an institutional class, and an ETF, all holding the same portfolio but This layered share-class system is part of why Vanguard, despite managing trillions of dollars, reports a relatively small number of distinct funds compared with rivals that list every class separately.

The Lowest-Cost Vanguard Funds

The defining feature of the largest Vanguard funds is their extraordinarily low cost. Most of the biggest equity index funds charge expense ratios of just 0.02 to 0.05 percent, meaning an investor pays only a few dollars a year per 10,000 dollars invested.

In early 2026, Vanguard cut fees again on dozens of funds, extending its decades-long push to lower costs. Even its largest active fund, Wellington, charges around 0.25 percent, far below the industry average for active funds, while its index giants are cheaper still.

A few hundredths of a percent: the largest Vanguard index funds charge expense ratios of just 0.02 to 0.05 percent, while even the active Wellington Fund, at around 0.25 percent, sits far below the industry average for active funds.

These low fees are the main reason investors have entrusted Vanguard with so much money. Over decades, the difference between a 0.03 percent fee and a 1 percent fee compounds into tens of thousands of dollars for a typical saver, which is the In early 2026 the firm cut expense ratios on dozens more funds, continuing a pattern of regular fee reductions that has saved its investors That long record of fee cuts has built deep trust among investors, who have responded by entrusting the firm with ever-larger sums, reinforcing the cycle that has made its funds so big.

Largest Vanguard Funds: The Big Picture

Taken together, the largest Vanguard funds show a clear pattern: a few broad, ultra-low-cost index funds hold an enormous share of the firm assets, led by the Total Stock Market and These two funds, both tracking the US stock market in slightly different ways, have become the default choice for millions of buy-and-hold investors and Their sheer size also gives Vanguard significant influence in corporate boardrooms, since holding a broad index fund means owning a slice of almost every large listed company.

These giants are so large because they are simple, cheap and trusted, drawing steady money from tens of millions of investors. The milestone of VOO passing a trillion dollars captures how completely low-cost index investing has won, a shift mirrored across our biggest companies by value rankings.

For Vanguard, the lesson is that scale and low cost reinforce each other. The biggest funds attract the most money precisely because they are the cheapest and broadest, and that money makes them bigger and cheaper still, a cycle that As long as investors keep favouring cheap, broad, simple funds, Vanguard largest products are likely to keep growing, cementing their place among the For now, the Total Stock Market and 500 Index funds stand in a league of their own, each larger than the entire fund range of many smaller asset managers put together, a remarkable concentration of wealth in two products.

Taken together, the data shows that Vanguard assets are concentrated in a small number of giant, low-cost index funds. The Total Stock Market and 500 Index funds alone hold more than 3 trillion dollars, and the S&P 500 ETF has become the These figures underline how a handful of broad index funds, rather than a wide range of specialised products, now sit at the very centre of It is a striking outcome for an approach that was once dismissed as settling for average, yet has ended up dominating the way ordinary people around the world now invest their long-term savings.

Whether ranked by size or by cost, the largest Vanguard funds tell the same story: broad, cheap index funds have drawn in vast sums and reshaped how the world invests. From a single trillion-dollar ETF to a handful of giant total-market funds, Vanguard scale rests on simplicity and For ordinary investors, the takeaway is that the biggest funds are big precisely because they are cheap and simple, a reminder that in investing, low cost and broad diversification have proved The story of Vanguard largest funds is, in the end, the story of how patient, low-cost investing quietly came to reshape global finance, one low-cost fund and one patient investor at a time, over the course of fifty remarkable years.

Frequently Asked Questions: Largest Vanguard Funds