The Vanguard S&P 500 ETF (VOO) has crossed $1 trillion in assets, becoming the first ETF ever to reach the mark. The fund pushed past the line Tuesday on the back of a roughly $1.7 billion single-day inflow.
VOO became the world’s largest ETF in February 2025 when it overtook the SPDR S&P 500 ETF Trust (SPY), and it hasn’t looked back since. It has pulled in roughly $69 billion this year, more than any other fund, while SPY has seen net outflows. An 11% rise in the S&P 500 has lifted its assets the rest of the way.
The ETF charges 0.03% a year, the same as the iShares Core S&P 500 ETF (IVV) and a third of SPY’s 0.09%, but the fee alone doesn’t explain its lead, since IVV is just as cheap and has a longer track record.
One big advantage VOO has is Vanguard itself. The firm built its name on low-cost indexing under Jack Bogle, and the brand still draws buy-and-hold investors who open Vanguard accounts, buy Vanguard funds, and rarely trade.
VOO is the first ETF to cross $1 trillion, but it almost certainly won’t be the last. SPY and IVV hold $787 billion and $860 billion in assets, respectively, putting both within range of the milestone eventually.
As for what comes next for VOO, $2 trillion is the next big round number, though it will likely take years to get there. Either way, VOO’s hold on the AUM crown looks solid, with one fund worth keeping an eye on: the SPDR Portfolio S&P 500 ETF (SPYM), the no. 2 fund for inflows this year at $37 billion. It’s still tiny next to VOO at $150 billion in assets and won’t threaten the crown anytime soon, but its low fee and quick growth make it worth watching.
For now, VOO stands alone, the first ETF to cross a line that not long ago looked out of reach for the whole industry.