Market capitalization of largest exchange traded funds (ETFs) worldwide as of June 17, 2026
A handful of giant exchange-traded funds now dominate global investing. As of June 17, 2026, the largest, the Vanguard S&P 500 ETF, holds around 860 billion dollars. This report ranks the largest ETFs in the world by market capitalisation, which for a fund means its total net assets.
The biggest ETFs are almost all run by the same giant providers that top our largest US ETF providers ranking: Vanguard, BlackRock iShares and State Street. The dominance of these firms is examined further in our largest asset managers worldwide report.
VOO on top: the Vanguard S&P 500 ETF leads the world at around 860 billion dollars, just ahead of the iShares and SPDR S&P 500 funds. All three of the biggest ETFs track the very same index.
What stands out is how concentrated the money is. The three largest ETFs all track the same index, the S&P 500, and together hold more than 2 trillion dollars, a concentration also clear in our BlackRock AUM by asset class analysis.
A note on the data. An ETF market cap, or net assets, moves constantly with markets and fund flows, so the figures are close approximations. They count each ETF share class only, not any linked mutual fund shares, which is why some sources quote higher numbers. The true ETF figure is what we use here.
Largest ETFs Worldwide by Market Cap
| ETF | Market cap (USD bn) | Asset class |
|---|---|---|
| VOO (Vanguard S&P 500) | $860B | Equity |
| IVV (iShares S&P 500) | $720B | Equity |
| SPY (SPDR S&P 500) | $700B | Equity |
| VTI (Vanguard Total Mkt) | $520B | Equity |
| QQQ (Invesco Nasdaq-100) | $410B | Equity |
| VEA (Vanguard Developed) | $190B | Equity |
| VUG (Vanguard Growth) | $175B | Equity |
| IEFA (iShares EAFE) | $145B | Equity |
| VTV (Vanguard Value) | $140B | Equity |
| AGG (iShares US Bonds) | $125B | Fixed income |
| BND (Vanguard US Bonds) | $110B | Fixed income |
| IBIT (iShares Bitcoin) | $85B | Crypto |
The table lists the largest ETFs in the world by their estimated market capitalisation, in billion dollars, with the provider and asset class of each. It shows S&P 500 trackers at the top, followed by total-market, technology and international funds. Sorting reveals the full order.
Largest ETFs by Asset Class
By asset class, the largest ETFs are overwhelmingly equity funds. Almost all of the biggest ETFs hold stocks, led by broad US market trackers, with bond and other ETFs much smaller. Stocks are where the giant money sits.
Among the giants, only a couple are bond funds, and a single crypto fund, the iShares Bitcoin Trust, has muscled into the top ranks. The heavy tilt toward equities reflects how investors use ETFs above all to own the stock market, a pattern seen across our number of BlackRock funds by region analysis.
An equity world: almost all the biggest ETFs are stock funds, led by broad US market trackers. Only a couple are bond funds, plus one crypto fund, the iShares Bitcoin Trust, now among the giants.
Bond ETFs, though smaller, have grown quickly, with the largest now holding over 100 billion dollars. Even so, equities remain by far the dominant asset class among the worlds biggest ETFs, and look set to stay that way for years to come. Equities remain the heart of the market.
Largest ETFs by Provider
By provider, three firms run nearly all the largest ETFs. Vanguard has the most giant funds, including the largest of all, while BlackRock iShares and State Street SPDR account for most of the rest. No other firm runs a fund this large.
Vanguard giant funds together hold close to 2 trillion dollars, with iShares not far behind and State Street anchored by a single huge fund. This concentration mirrors the dominance of these firms across our top global fund groups coverage.
A three-firm club: Vanguard runs the most giant ETFs, including the largest of all, with iShares close behind and State Street anchored by the single huge SPY fund. Invesco rounds out the group with QQQ.
The pattern is clear: the largest ETFs are not spread across many firms but clustered among a tiny group of giants. Their scale lets them charge the lowest fees, which draws yet more money, making it very hard for smaller providers to build a truly giant fund. Scale protects the leaders fiercely.
How VOO Became the Largest ETF
The story of the largest ETF is a tale of two funds. For years the SPDR S&P 500 ETF, known as SPY, was the biggest in the world, but in early 2025 it was overtaken by the Vanguard S&P 500 ETF, or VOO. The handover ended a long era for SPY.
VOO pulled ahead thanks to its lower fee, just 0.03 percent against SPY 0.0945 percent, and a flood of money from retail and retirement investors. Its rise marks a generational shift in how Americans invest, as profound as anything in our Apple and Google comparison coverage.
The crossover: for years SPY was the worlds largest ETF, but in early 2025 the cheaper Vanguard VOO overtook it, and has pulled steadily ahead since. Lower fees and retirement inflows drove the change.
SPY remains the most heavily traded ETF in the world, prized by institutions and options traders for its deep liquidity. But for long-term, cost-conscious investors, the cheaper VOO and iShares funds have become the default choice, steadily drawing assets away. Cost has quietly decided the contest.
The Rise of the Largest Tech ETF
One of the most striking growth stories among the largest ETFs is the Invesco QQQ Trust, which tracks the technology-heavy Nasdaq-100 index. Its assets have soared from around 100 billion dollars in 2020 to over 400 billion today. Few funds have grown so dramatically.
The fund growth reflects the extraordinary rise of big technology companies, whose surging values have lifted the Nasdaq-100, a boom detailed in our big tech revenue statistics coverage.
Riding big tech: the Invesco QQQ Trust, tracking the Nasdaq-100, has grown from around 100 billion dollars in 2020 to over 400 billion, the largest ETF that is not a broad S&P 500 or total-market fund.
QQQ is the largest ETF that is not a broad S&P 500 or total-market fund, showing how much investor money has flowed into technology. Its growth has tracked the fortunes of a handful of giant tech firms more closely than almost any other major fund. Its fate is tied to big technology.
Largest ETFs: 2020 vs 2026
Comparing the largest ETFs in 2020 with 2026 shows just how explosive their growth has been. The biggest funds have multiplied their assets several times over in just six years. The growth has been almost without parallel.
The Vanguard S&P 500 ETF has grown from around 170 billion dollars in 2020 to about 860 billion in 2026, while QQQ has more than quadrupled. The pace rivals anything in our largest BlackRock multi-asset funds coverage.
Explosive growth: the Vanguard S&P 500 ETF has grown from around 170 billion dollars in 2020 to about 860 billion, while QQQ has more than quadrupled. The biggest funds have far outpaced the market.
This surge reflects a historic shift of investor money into a small number of huge, cheap, index-tracking funds. The largest ETFs have been the biggest winners of the long bull market and the move toward passive investing. The largest funds reaped the biggest gains.
Fees of the Largest ETFs
A defining feature of the largest ETFs is how cheap they are. The biggest funds, the Vanguard and iShares S&P 500 trackers, charge just 0.03 percent a year, among the lowest fees in all of investing. Almost nothing else comes this cheap.
Older or more specialist funds cost more: SPY charges 0.0945 percent, QQQ around 0.20 percent and the iShares Bitcoin Trust about 0.25 percent. Even so, these fees are tiny next to traditional active funds, a cost gap as wide as anything in our biggest companies by value rankings.
Rock-bottom costs: the giant Vanguard and iShares S&P 500 trackers charge just 0.03 percent a year, far below SPY at 0.0945, QQQ at 0.20 and the iShares Bitcoin Trust at 0.25. Low fees fuel their growth.
Low fees are central to why these funds have grown so large. Because index ETFs compete mainly on cost, the cheapest, largest funds win the most money, in a self-reinforcing cycle that keeps the giant trackers at the top of the rankings. Low cost is their greatest weapon.
Inflows Into the Largest ETFs
The flow of new money shows which large ETFs are winning. The Vanguard S&P 500 ETF has led, with record inflows of well over 100 billion dollars in a single year, while some older funds have seen money flow out. The shift toward cheap funds is relentless.
The original SPY fund, in particular, has at times lost assets as investors switch to cheaper rivals, even as newer funds like the iShares Bitcoin Trust pull in fresh money. The split between winners and losers captures the relentless hunt for lower fees seen across our BlackRock hub.
Winners and losers: the Vanguard S&P 500 ETF led with record inflows of well over 100 billion dollars, while the older SPY saw money flow out to cheaper rivals. The green and red split shows the hunt for low fees.
Net flows matter because they add to a fund assets on top of any market gains. A fund that keeps attracting money grows ever larger, while one suffering outflows can shrink even in a rising market, reshuffling the ranking of the largest ETFs over time. Flows quietly reshuffle the league table.
How the Largest ETFs Dominate
The dominance of a few funds at the very top is remarkable. The three largest ETFs, all S&P 500 trackers, together hold more than 2 trillion dollars, a huge share of all the money in the biggest funds. The concentration at the top is extreme.
Add the next two, a total-market fund and the Nasdaq-100 tracker, and the top five alone command well over 3 trillion dollars. This concentration of money in a handful of broad index funds is one of the defining features of modern markets, echoed in our BlackRock statistics and facts overview.
Top-heavy: the three largest ETFs, all S&P 500 trackers, together hold more than 2 trillion dollars. Add the total-market and Nasdaq-100 funds and the top five command well over 3 trillion.
For ordinary investors, this concentration is mostly a benefit: the giant funds are cheap, liquid and easy to own. But it also means a vast amount of the worlds savings now rides on the fortunes of the same few hundred large US companies. A few hundred firms carry the load.
Largest ETFs: Size vs Cost
Plotting each large ETF size against its fee confirms a clear pattern: the very biggest funds tend to be the cheapest. The giant S&P 500 trackers combine enormous scale with rock-bottom costs. Size and cheapness reinforce each other.
The pricier funds, such as QQQ and the Bitcoin trust, are large but not the largest, showing that low fees and great size usually go together. The trade-off between cost and scale runs through the whole ETF market. Scale and low fees travel together.
Big and cheap: the bars show each ETF size while the line shows its fee. The very largest funds, the S&P 500 trackers, are also the cheapest, while pricier funds like QQQ are large but not the largest.
For investors, the lesson is simple: the largest ETFs are usually the cheapest, most liquid way to own a market. Their combination of size and low cost is exactly what has propelled them to the top and looks set to keep them there. Their grip on the top looks secure.
Taken together, the rankings show a global ETF market dominated by a few colossal funds: the Vanguard, iShares and SPDR S&P 500 trackers far ahead, followed by total-market, technology and international funds. The largest, VOO, alone holds around 860 billion dollars.
Whether measured by size, by provider or by asset class, the largest ETFs are defined by scale, low cost and relentless growth. A handful of giant, cheap index funds now sit at the heart of global investing, and their dominance looks set only to deepen.
Frequently Asked Questions: Largest ETFs
The largest ETF in the world in 2026 is the Vanguard S&P 500 ETF, known by its ticker VOO, with around 860 billion dollars in net assets. It tracks the S&P 500 index of large US companies and charges a rock-bottom fee of just 0.03 percent a year. VOO became the worlds largest ETF in early 2025, when it overtook the long-time leader, the SPDR S&P 500 ETF (SPY). Its rapid growth has been driven by its very low cost and by huge inflows from retail and retirement investors, who increasingly treat it as the default core holding for a portfolio. It is worth noting that some sources quote a much larger figure, around 1.5 trillion dollars, but that combines the VOO ETF with a linked Vanguard mutual fund. The ETF share class alone, which is what counts as the ETF market cap, is around 860 billion dollars.
For an exchange-traded fund, market capitalisation means its total net assets, also called assets under management, or AUM. It is calculated by multiplying the number of shares the fund has outstanding by the market price of each share. In other words, it is the total dollar value of all the investments the ETF holds on behalf of its investors. This is different from the market cap of a company, which measures the value of the business itself. An ETF assets rise and fall with the value of its underlying holdings and with the creation of new shares or redemption of old ones as money flows in or out. Because of this, an ETF market cap changes every day. There can also be a small difference between an ETF market price and the net asset value of its underlying securities, leading to a slight premium or discount.
The Vanguard S&P 500 ETF (VOO) is now bigger than the SPDR S&P 500 ETF (SPY), even though SPY launched 17 years earlier, mainly because of cost. VOO charges just 0.03 percent a year, while SPY charges 0.0945 percent, more than three times as much. Although the difference looks tiny, it adds up significantly over years and decades, so cost-conscious long-term investors have steadily moved their money to VOO and the similarly cheap iShares fund. VOO has also benefited from huge inflows through retirement accounts and automatic investment plans, setting a record for single-ETF inflows in 2024. SPY, by contrast, is structured as an older type of fund that cannot reinvest dividends as efficiently. SPY still leads in daily trading volume, making it the favourite of institutions and options traders, but in total assets it has been overtaken by both VOO and IVV.
The three biggest ETFs in the world are all S&P 500 trackers: the Vanguard S&P 500 ETF (VOO) at around 860 billion dollars, the iShares Core S&P 500 ETF (IVV) at roughly 720 billion, and the SPDR S&P 500 ETF (SPY) at about 700 billion. All three hold the same 500 large US companies and deliver almost identical returns, differing mainly in fee and structure. Together they hold more than 2 trillion dollars, an extraordinary concentration of money in a single index. VOO and IVV both charge just 0.03 percent and are favoured by long-term investors, while SPY, the original ETF from 1993, charges more but offers the deepest liquidity for trading. The fact that the three largest funds all track one index shows how much investor money now flows into simple, cheap, broad-market products rather than into actively chosen investments.
The largest ETF that does not track the S&P 500 is the Invesco QQQ Trust, with over 400 billion dollars in assets. QQQ tracks the Nasdaq-100 index, which is dominated by large technology companies such as the biggest names in software, chips and the internet. Its assets have grown spectacularly, from around 100 billion dollars in 2020 to more than 400 billion today, driven by the surging value of big tech. Because it is so heavily weighted toward technology, QQQ tends to rise and fall more sharply than a broad market fund. After the S&P 500 trackers, the next largest funds include the Vanguard Total Stock Market ETF, which owns almost the entire US market, and international funds covering developed markets outside the United States. But QQQ stands out as the largest fund focused on a single, technology-heavy slice of the market.
The largest ETFs are remarkably cheap, which is a big reason they have grown so large. The biggest funds, the Vanguard and iShares S&P 500 trackers, charge just 0.03 percent a year, meaning an investor pays only about 3 dollars for every 10,000 dollars invested. This is among the lowest fees available anywhere in investing. Some of the other giant funds cost a little more: the original SPY charges 0.0945 percent, the Invesco QQQ around 0.20 percent, and the iShares Bitcoin Trust about 0.25 percent. Even these higher fees are tiny compared with traditional actively managed funds, which often charge ten or twenty times as much. Low fees are central to the rise of the biggest ETFs, because index funds compete mainly on cost, so the cheapest and largest funds attract the most money in a self-reinforcing cycle.
Yes, a cryptocurrency ETF has muscled its way into the ranks of the largest funds: the iShares Bitcoin Trust, run by BlackRock, with around 85 billion dollars in assets. Launched in January 2024, it became the fastest-growing ETF in history, gathering tens of billions of dollars within months as investors sought an easy, regulated way to own Bitcoin. Its rapid rise reflects strong demand for crypto exposure through a familiar fund structure, rather than buying and storing the cryptocurrency directly. While it is far smaller than the giant S&P 500 trackers, its presence among the biggest ETFs is striking given that no spot Bitcoin ETF existed in the United States before 2024. It charges around 0.25 percent a year, more than the cheapest stock funds but still modest. Its arrival shows how quickly ETFs can grow when they tap a powerful new source of investor demand.
Vanguard runs the most of the very largest ETFs, including the biggest of all, the Vanguard S&P 500 ETF. Among the giant funds, Vanguard names dominate, covering the S&P 500, the total US market, international developed markets, growth and value styles, and bonds. BlackRock, through its iShares brand, runs the next largest group, including the iShares Core S&P 500 ETF and the iShares Bitcoin Trust. State Street, through its SPDR brand, is anchored by the single huge SPY fund, while Invesco runs the giant QQQ. Together, these few firms account for almost all the largest ETFs in the world. Their dominance comes from scale: running giant funds requires deep infrastructure and lets them charge the lowest fees, which attracts still more money. This makes it very hard for smaller providers to build a fund large enough to join the top ranks.
The largest ETFs are widely regarded as sound, low-cost building blocks for a portfolio, though no investment is without risk. Funds like the Vanguard and iShares S&P 500 trackers offer instant diversification across 500 large US companies, extremely low fees of about 0.03 percent, and deep liquidity, making them easy to buy and sell. Over the long term, the S&P 500 has delivered average annual returns of around 10 percent, although it can fall sharply, sometimes 30 to 50 percent, during market downturns. For most long-term investors, owning a single broad-market ETF is a simple and effective strategy. However, the heavy concentration of money in S&P 500 funds means investors are highly exposed to the same few hundred large US companies. Adding international and bond ETFs can spread that risk. As always, whether any fund suits an individual depends on their goals, time horizon and tolerance for risk.
The largest ETFs have grown spectacularly over the past decade, driven by rising markets and a historic shift toward low-cost, passive investing. The Vanguard S&P 500 ETF, for example, has grown from around 170 billion dollars in 2020 to about 860 billion in 2026, while the Invesco QQQ has more than quadrupled over the same period. This growth reflects two powerful forces: long bull markets that lifted the value of the funds holdings, and enormous inflows as investors moved money out of expensive active funds and into cheap index trackers. The biggest funds have benefited most, because their scale allows the lowest fees, which in turn attracts even more money. The result is an ever-greater concentration of assets in a small number of giant, cheap, broad-market ETFs, a trend that shows little sign of slowing as passive investing continues to spread.
ETF industry data and fund providers (Vanguard, BlackRock iShares, State Street, Invesco) - Source for ETF net assets.
Bloomberg and ETF research on the largest funds by assets - Source for the ranking and the VOO and SPY crossover.
Investment Company Institute - Reference for US fund and ETF statistics.
