Vanguard’s $13 billion in latest inflows pushed its ETF assets past BlackRock’s $4.36 trillion, ending a 20-year dominance.
Vanguard Group has overtaken BlackRock Inc. as the largest US exchange-traded fund issuer, managing $4.39 trillion across 116 ETFs. A $13 billion inflow in the latest session secured the top spot, surpassing BlackRock’s $4.36 trillion in assets.
BlackRock had led the $15.2 trillion US ETF market since 2003, but Vanguard’s steady growth—driven by buy-and-hold investors and low-cost funds—eroded its rival’s share. Vanguard’s S&P 500-tracking ETF recently crossed $1 trillion in assets, while its 2026 inflows reached $291 billion, outpacing competitors by over $100 billion.
The shift reflects Vanguard’s appeal to long-term investors, who continued adding funds despite market volatility. Analysts noted the firm’s disciplined, low-cost strategy as a key driver of its ascent.