Vanguard has claimed the title of largest ETF issuer in the United States, completing a years-long march that saw it close a massive gap with BlackRock’s iShares franchise.
To appreciate how significant this is, consider the trajectory. Back in 2018, Vanguard’s ETF assets were roughly 52% the size of BlackRock’s. By late 2024, that figure had climbed to approximately 97%.
The long game that finally paid off
The clearest signal of Vanguard’s momentum came in November 2024, when its flagship S&P 500 fund, VOO, overtook BlackRock’s competing IVV to become the world’s second-largest single ETF. At that point, VOO held $540.76 billion in assets compared to IVV’s $540.66 billion.
As of March 31, 2026, BlackRock’s iShares still held $4,030.8 billion in total US ETF assets, good for a 29.53% market share. Vanguard sat at $3,893.9 billion. Those numbers reflect the broader iShares lineup, which includes hundreds of specialized and niche products. But the overall issuer-level picture has now shifted in Vanguard’s favor.
