Largest providers of Exchange Traded Funds (ETFs) in the United States as of June 2026, by assets under management
Exchange-traded funds, or ETFs, have become one of the most important ways Americans invest. By June 2026, US-listed ETFs held more than 13 trillion dollars in assets. This report ranks the largest providers of ETFs in the United States by the value of the assets they manage. The scale of the leaders is hard to grasp. Each runs trillions in a single product line. The numbers are almost beyond imagination. One firm can run more than a whole nation saves.
The market is dominated by three firms. BlackRock, through its iShares brand, leads, followed by Vanguard and State Street, the same giants that top our top global fund groups worldwide ranking. Together these three control roughly three-quarters of the US ETF market.
Two clear leaders: BlackRock iShares and Vanguard each manage close to 4 trillion dollars of US ETFs, far ahead of State Street in third. A long tail of smaller issuers shares what little remains.
BlackRock owes much of its overall lead to iShares, the business that made it the worlds largest asset manager, as explained in our BlackRock statistics and facts overview. Vanguard, meanwhile, has grown rapidly on the back of its rock-bottom fees. Its low costs have drawn a flood of money. Cheap funds keep winning new investors. Low fees act like a magnet for money. The cheapest providers simply keep winning.
A note on the data. The provider totals are reconciled from reported market shares and the overall size of the US ETF market, so they are close approximations rather than exact daily figures. ETF assets move constantly with markets and fund flows. The broad picture, though, is very clear.
Largest US ETF Providers by Assets
| ETF provider | US ETF assets (USD tn) | Market share |
|---|---|---|
| BlackRock (iShares) | $4.30T | 32.0% |
| Vanguard | $3.75T | 28.0% |
| State Street (SPDR) | $1.69T | 13.0% |
| Invesco | $0.70T | 5.0% |
| Charles Schwab | $0.46T | 3.4% |
| J.P. Morgan | $0.33T | 2.5% |
| First Trust | $0.27T | 2.0% |
| Dimensional | $0.22T | 1.6% |
| ProShares | $0.12T | 0.9% |
| VanEck | $0.12T | 0.9% |
The table lists the largest US ETF providers by their estimated assets under management, in trillion dollars, alongside their approximate market share. It shows BlackRock and Vanguard far ahead, with State Street third and a long tail of smaller issuers behind. Sorting reveals the full order.
US ETF Providers by Market Share
Measured by market share, the concentration is striking. BlackRock holds around 32 percent of all US ETF assets, with Vanguard close behind on roughly 28 percent, and State Street third at about 13 percent. No fourth firm comes anywhere close. The drop after the top three is steep.
Together, these three firms, often called the Big Three, control close to three-quarters of the US ETF market. Everyone else, from Invesco and Schwab to dozens of smaller issuers, splits the remaining quarter, a concentration even tighter than in our largest asset managers worldwide ranking.
Three firms, three-quarters: BlackRock holds around 32 percent of the US ETF market, Vanguard about 28 percent and State Street 13 percent. Together the Big Three control close to three-quarters of all assets.
This dominance is self-reinforcing. The largest providers can charge the lowest fees and offer the deepest, most liquid funds, which attracts yet more money, making it very hard for newcomers to break into the top ranks of the US ETF market.
Growth of US ETF Assets
The growth of US ETF assets has been spectacular. From around 1 trillion dollars in 2010, the market crossed 10 trillion dollars in 2024 and surpassed 13 trillion by the end of 2025. The pace of growth has been astonishing. The market doubled in just a few years. Few sectors have expanded so quickly.
This rise reflects a historic shift of money out of expensive active funds and into cheap, tradable ETFs. The same wave has lifted the largest providers, a surge detailed in our BlackRock AUM by asset class analysis.
From 1 to 13 trillion: US ETF assets have grown from around 1 trillion dollars in 2010 to over 13 trillion by the end of 2025, crossing the 10 trillion mark only in 2024. The climb has been relentless.
Growth has not been entirely smooth: 2022 saw a setback as markets fell. But the long-run direction has been firmly upward, and ETF net issuance crossed 1 trillion dollars in a single year for the first time in 2024, underlining the relentless inflows. New money keeps pouring into ETFs. The inflows feed the largest funds most.
New ETF Launches in the US
The number of new ETFs launched each year has soared. In 2024 alone, the US industry launched 757 new ETFs, a 46 percent jump on the previous record set the year before. The launch boom shows no sign of fading. Issuers keep racing to fill every niche.
Much of this growth has come from new active and specialty ETFs, as firms race to package every strategy in an ETF wrapper. The flood of launches reflects how central ETFs have become, a creativity echoed across our big tech revenue statistics coverage.
A launch boom: the US industry launched a record 757 new ETFs in 2024, up 46 percent on the year before, with hundreds more arriving each year. Many are new active and specialty funds.
Not all of these new funds survive, and many gather few assets. But the sheer pace of launches shows that ETFs, once a niche product, are now the default vehicle for bringing new investment ideas to the US market. ETFs are now the default new-product wrapper. Almost every strategy now arrives as an ETF. The wrapper has become the industry standard. Mutual funds are slowly giving way to ETFs.
ETFs and Index Funds Overtake Active
A historic milestone was reached in 2025. For the first time ever, US index funds and ETFs together, at around 19.3 trillion dollars, overtook actively managed funds, at about 17.4 trillion. It was a watershed moment for the industry. Passive had finally overtaken active. Decades of slow change reached a tipping point.
The crossover marks the culmination of a decades-long shift toward passive, low-cost investing. ETFs have been the spearhead of that shift, a transformation as profound as anything in our Apple and Google comparison coverage.
The crossover: in 2025, US index funds and ETFs together, at around 19.3 trillion dollars, overtook actively managed funds, at about 17.4 trillion, for the first time ever. ETFs led the charge.
Because index products cluster at the cheapest end of the fee scale, their rise rewards the largest providers above all. The crossover therefore deepens the dominance of the giant ETF and index managers at the top of the US market. The cheapest providers gain the most.
US ETF Providers: 2016 vs 2026
Comparing provider assets in 2016 with 2026 shows just how fast the leaders have grown. The biggest US ETF providers have multiplied their assets several times over in a single decade. The growth has been almost without parallel.
BlackRock iShares has grown from under 1 trillion dollars of US ETF assets in 2016 to over 4 trillion in 2026, while Vanguard has climbed from well under 1 trillion to nearly 4 trillion. The pace rivals anything in our largest BlackRock multi-asset funds coverage.
Several times over: BlackRock iShares has grown from under 1 trillion dollars of US ETFs in 2016 to over 4 trillion, and Vanguard from well under 1 trillion to nearly 4. The leaders have far outpaced the market.
This explosive growth is not simply a story of rising markets. It reflects a structural move of investor money into the largest, cheapest ETF providers, a shift that has reshaped the entire US fund landscape. The leaders simply pulled away. The gap to the rest widened sharply.
The Largest Single ETFs in the US
At the level of individual funds, a handful of giant ETFs dominate. The largest, Vanguard S&P 500 ETF, holds around 700 billion dollars, having overtaken the long-time leader to become the worlds biggest ETF. A single fund now holds a fortune. These trackers dwarf most active funds. One index now anchors the whole market.
Close behind sit BlackRock iShares Core S&P 500 ETF and State Street SPDR S&P 500 ETF, the very first ETF, launched back in 1993. These mega-funds track the same index yet each holds hundreds of billions, a scale comparable to the giants in our biggest companies by value rankings.
S&P 500 giants: the Vanguard S&P 500 ETF leads at around 700 billion dollars, having become the worlds largest ETF, just ahead of the iShares and SPDR S&P 500 funds. A few index trackers hold most of the money.
The dominance of S&P 500 trackers shows how much US ETF money flows into a few simple, cheap, broad-market funds. For most investors, these giant index ETFs have become the default building block of a portfolio. Simplicity has proved hugely popular.
US ETF Assets by Asset Class
By asset class, US ETFs are heavily weighted toward equities. Stock ETFs make up around three-quarters of all US ETF assets, with bond ETFs a distant second. The two together hold almost everything. Stocks and bonds make up the vast bulk.
Commodity, multi-asset and other specialty ETFs account for only a small slice. The heavy tilt toward equities reflects the products origins as low-cost stock-index trackers, a focus that shapes the whole market, as our number of BlackRock funds by region analysis shows.
An equity market: stock ETFs make up around three-quarters of US ETF assets, with bond ETFs a distant second and commodity and specialty funds a small slice. The tilt reflects ETFs roots as stock-index trackers.
Bond ETFs, though smaller, have grown quickly as investors discover their convenience and liquidity. Even so, equities remain by far the dominant asset class in the US ETF market, and look set to stay that way. Stocks remain the heart of the ETF market.
How Many ETFs Trade in the US
The number of ETFs trading in the United States has climbed relentlessly. From a few hundred funds in the mid-2000s, the US now has more than 4,000 ETFs, with hundreds more launching every year. Choice has never been wider. Yet the money stays in a few giants. Most assets sit in a dozen huge funds. The long tail of issuers holds only a tiny sliver each.
This explosion of choice gives investors access to almost every market, sector and strategy imaginable. Yet assets remain heavily concentrated in a few giant funds, a paradox of vast choice but narrow ownership, as seen in our leading investment firms in the UK report.
Thousands of funds: the US now has more than 4,000 ETFs, up from a few hundred in the mid-2000s, with hundreds more launching each year. Yet most of the money sits in a handful of giant funds.
The growing crowd of funds also intensifies competition, especially on fees. With thousands of ETFs vying for attention, providers must keep costs low and products distinctive, which only reinforces the advantage of the largest, best-known issuers. Scale and brand both matter enormously.
US ETF Providers: Size vs Market Share
Plotting each provider total assets against its market share confirms the picture: a few firms tower over the rest. BlackRock and Vanguard lead on both measures, with State Street a clear third. The rest trail far behind the leaders. Market share collapses past the Big Three. Beyond them, no firm holds even a tenth.
Beyond the Big Three, market share drops away sharply. The gap between the leaders and the chasing pack is enormous, a divide as stark as anything in our BlackRock hub.
Scale on scale: the bars show each provider US ETF assets while the line shows its market share. BlackRock and Vanguard lead on both, with share dropping away sharply beyond the Big Three.
For investors, the lesson is that scale dominates the US ETF market. The largest providers offer the cheapest, most liquid funds, and their commanding market share looks set only to grow in the years ahead. The giants look impossible to dislodge. Their lead compounds with every year. Catching them looks all but impossible.
Taken together, the rankings describe a US ETF market led by three colossal firms: BlackRock and Vanguard far ahead, with State Street third, together holding roughly three-quarters of all assets. The market itself has swelled past 13 trillion dollars and keeps growing.
Whether measured by provider, by single fund or by asset class, the US ETF market is defined by concentration and relentless growth. BlackRock and Vanguard sit firmly at the summit, and on current trends their dominance looks set only to deepen.
Frequently Asked Questions: US ETF Providers
BlackRock is the largest ETF provider in the United States in 2026, through its iShares brand. It holds around 32 percent of all US ETF assets, equivalent to over 4 trillion dollars, comfortably ahead of its nearest rival. iShares became part of BlackRock through the firm 2009 acquisition of Barclays Global Investors, the deal that made BlackRock the dominant force in exchange-traded funds. Vanguard is a close second, with roughly 28 percent of the market, and State Street is third at about 13 percent. Together these three firms, known as the Big Three, control close to three-quarters of the US ETF market. BlackRock leads thanks to the breadth of its iShares range, which spans more than 1,600 ETFs globally across equities, bonds, sectors and commodities.
The Big Three ETF providers are BlackRock, Vanguard and State Street, the three firms that dominate the US exchange-traded fund market. BlackRock, through iShares, leads with around 32 percent of US ETF assets; Vanguard is second with roughly 28 percent; and State Street, through its SPDR brand, is third at about 13 percent. Together they control close to three-quarters of the entire US ETF market. Each has a distinct history: BlackRock acquired the iShares business in 2009, Vanguard built its position on ultra-low fees and its unique investor-owned structure, and State Street launched the very first ETF, the SPDR S&P 500, back in 1993. Their combined dominance gives them enormous influence over fees, fund liquidity and the products available to American investors, and their lead has proved very hard for smaller rivals to challenge.
The US ETF market is enormous and growing fast. By the end of 2025, US-listed ETFs held more than 13 trillion dollars in assets, having crossed the 10 trillion dollar mark only in 2024. The growth has been remarkable: the market was worth around 1 trillion dollars as recently as 2010. In 2024, ETF net issuance, the amount of new money flowing in, crossed 1 trillion dollars in a single year for the first time. The United States is by far the largest ETF market in the world, accounting for the great majority of global ETF assets, with Europe and Asia much smaller. The rise has been driven by a historic shift of investor money from expensive active funds into cheap, tradable index ETFs, a trend that shows little sign of slowing.
The largest single ETF in the United States is the Vanguard S&P 500 ETF, known by its ticker VOO, which holds around 700 billion dollars in assets. It overtook the long-time leader, the SPDR S&P 500 ETF, to become the biggest ETF in the world. Close behind are the iShares Core S&P 500 ETF and the SPDR S&P 500 ETF itself, the original ETF launched by State Street in 1993. All three track the same S&P 500 index of large US companies, yet each holds hundreds of billions of dollars, showing how much investor money flows into a few simple, cheap, broad-market funds. Beyond these, the Vanguard Total Stock Market ETF and the Invesco QQQ, which tracks the Nasdaq-100, are also among the largest. These giant index ETFs have become the default building blocks of many American portfolios.
ETFs have grown so quickly because they combine several advantages that appeal to modern investors. They typically charge much lower fees than traditional mutual funds, they can be bought and sold throughout the trading day like a stock, and in many cases they are more tax-efficient. Above all, they offer a cheap, simple way to track a broad market index, which suits the decades-long shift toward passive investing. This combination has drawn a flood of money: US ETF assets have climbed from around 1 trillion dollars in 2010 to over 13 trillion by the end of 2025. The growth has been reinforced by the largest providers, who use their scale to cut fees ever lower, attracting still more money. In 2025, US index funds and ETFs together overtook actively managed funds for the first time, a milestone in the rise of low-cost investing.
Both ETFs and mutual funds are pooled investment funds that let many investors buy into a single, diversified portfolio, but they differ in important ways. The biggest difference is how they are traded: an ETF trades on a stock exchange throughout the day, like a share, so its price moves continuously, whereas a mutual fund is bought or sold once a day at a price set after the market closes. ETFs also tend to charge lower fees and, particularly in the United States, are often more tax-efficient than mutual funds. Mutual funds, however, remain deeply embedded in workplace retirement plans, where they still dominate. Over time, money has been shifting steadily from mutual funds into ETFs, and in 2025 US index funds and ETFs together overtook actively managed funds, mostly mutual funds, for the first time. The two structures increasingly compete for the same investor money.
The US ETF market is highly concentrated. The three largest providers, BlackRock, Vanguard and State Street, together control close to three-quarters of all US ETF assets, with BlackRock alone holding around 32 percent. This makes the ETF market even more concentrated than the broader asset management industry. The concentration is driven by the economics of the business: running ETFs requires significant infrastructure and regulatory expertise, and a fund liquidity depends on its trading volume, which favours large, established products. The biggest sponsors can therefore charge the lowest fees and offer the deepest, most liquid funds, attracting yet more money in a self-reinforcing cycle. This dominance has practical consequences for investors, shaping which funds are available, how low fees can go and how easily products can be traded, and it has proved extremely hard for smaller issuers to challenge.
ETFs, together with index mutual funds, are steadily overtaking actively managed funds, though active funds remain very large. A historic milestone was reached in 2025, when US index funds and ETFs together, at around 19.3 trillion dollars, surpassed actively managed funds, at about 17.4 trillion, for the first time. ETFs have been the spearhead of this shift, because they offer a cheap, convenient way to track a market index. The move reflects a decades-long preference among investors for low-cost, passive strategies that simply match the market rather than trying to beat it. Active management still has an important role, especially in less efficient markets and in bonds, and many new ETFs are themselves actively managed. But the broad direction is clear: money continues to flow from expensive active funds into cheap index products, reinforcing the dominance of the largest ETF providers.
There are now more than 4,000 ETFs trading in the United States, up from just a few hundred in the mid-2000s. The number has grown relentlessly, with hundreds of new funds launching every year. In 2024 alone, the US industry launched a record 757 new ETFs, a 46 percent increase on the previous year. Much of this growth has come from new active and specialty ETFs, as providers race to package almost every conceivable strategy in an ETF wrapper. This gives investors an extraordinary range of choice, covering nearly every market, sector, region and theme. However, assets remain heavily concentrated in a small number of giant funds, so while the number of ETFs is vast, most of the money sits in a handful of large, cheap, broad-market index funds run by the biggest providers.
Vanguard charges such low fees because of its unusual ownership structure. Unlike most asset managers, Vanguard is effectively owned by its own funds, and therefore by the investors in those funds, rather than by outside shareholders. This means that instead of paying profits to external owners, Vanguard returns them to investors in the form of ever-lower fees. This structure has allowed Vanguard to lead a long-running fee war in the fund industry, driving down the cost of investing across the market. Its low fees have helped it grow dramatically, and Vanguard now manages nearly half of all passive fund assets in the United States. The pressure it exerts has forced rivals, including BlackRock and State Street, to cut their own fees, benefiting investors but also accelerating the concentration of assets among the largest, lowest-cost providers that can afford to compete on price.
Investment Company Institute (ICI) fund and ETF data, 2025-2026 - Source for US ETF market totals and trends.
ETF industry data and company disclosures (BlackRock, Vanguard, State Street and others) - Source for provider assets and market share.
Investment Company Institute - Reference for US fund and ETF statistics.
