Largest U.S. ETFs by Assets Under Management
Direct answer: The 20 largest U.S. ETFs hold over $5 trillion in combined assets. iShares Core S&P 500 ETF (IVV) and SPDR S&P 500 ETF Trust (SPY) each hold over $500 billion, making them among the largest investment vehicles ever created. Vanguard Total Stock Market ETF (VTI) and Vanguard S&P 500 ETF (VOO) round out the top four.
20 Largest U.S. ETFs by Assets Under Management
| Ticker | Fund Name | AUM (approx) | Expense Ratio | Index Tracked |
|---|---|---|---|---|
| SPY | SPDR S&P 500 ETF Trust | ~$575B | 0.0945% | S&P 500 |
| IVV | iShares Core S&P 500 ETF | ~$560B | 0.03% | S&P 500 |
| VOO | Vanguard S&P 500 ETF | ~$530B | 0.03% | S&P 500 |
| VTI | Vanguard Total Stock Market ETF | ~$430B | 0.03% | CRSP US Total Market |
| QQQ | Invesco QQQ Trust | ~$310B | 0.20% | Nasdaq-100 |
| BND | Vanguard Total Bond Market ETF | ~$120B | 0.03% | Bloomberg US Agg Float Adj |
| VEA | Vanguard FTSE Developed Markets ETF | ~$115B | 0.05% | FTSE Developed All Cap ex US |
| IEFA | iShares Core MSCI EAFE ETF | ~$105B | 0.07% | MSCI EAFE IMI |
| AGG | iShares Core U.S. Aggregate Bond ETF | ~$105B | 0.03% | Bloomberg US Agg Bond |
| VWO | Vanguard FTSE Emerging Markets ETF | ~$90B | 0.08% | FTSE Emerging Markets All Cap |
| GLD | SPDR Gold Shares | ~$75B | 0.40% | Gold spot price |
| TLT | iShares 20+ Year Treasury Bond ETF | ~$55B | 0.15% | ICE US Treasury 20+ Year |
| LQD | iShares iBoxx $ Investment Grade Corp Bond ETF | ~$32B | 0.14% | Markit iBoxx USD Liq IG |
| IAU | iShares Gold Trust | ~$32B | 0.25% | Gold spot price |
| SCHB | Schwab U.S. Broad Market ETF | ~$28B | 0.03% | Dow Jones US Broad Stock Market |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | ~$18B | 0.48% | Markit iBoxx USD Liq HY |
Source: ETF Database: ETF Screener by AUM. Last verified: September 2026.
Frequently asked questions
Why is SPY more expensive than VOO if they track the same index?
SPY (0.0945%) was launched in 1993, the first U.S. ETF, and charges more than VOO (0.03%) for historical reasons. SPY is structured as a Unit Investment Trust (UIT), which cannot reinvest dividends and holds them in cash until distribution; VOO and IVV are structured as open-end funds that reinvest dividends immediately. SPY's higher fee exists partly because its legacy structure locks in higher revenue, and institutional traders pay the premium for SPY's superior liquidity. For long-term buy-and-hold investors, VOO and IVV are generally better choices due to lower fees.
What is the difference between ETF AUM and trading volume?
AUM (assets under management) is the total market value of all shares outstanding. Volume is how many shares trade daily. They are related but distinct: SPY often has the highest daily trading volume even though VOO and IVV have similar AUM, because SPY is the preferred vehicle for institutional hedgers, options traders, and short-term traders (greater liquidity, tighter bid-ask spreads). Long-term investors care about AUM as a fund viability indicator; traders care about volume/liquidity. High AUM generally means a fund is well-established and unlikely to close.
Can ETFs fail or close?
Yes, small and illiquid ETFs occasionally close. When an ETF closes, shareholders receive the NAV at the time of liquidation, similar to selling shares. The risk is minimal for the largest ETFs (billions in AUM), which are too big and profitable to close. Risks are higher for niche ETFs with under $50 million in AUM, especially in illiquid underlying markets. ETF closures have accelerated in recent years as the market became more competitive: over 100 ETFs close annually in the U.S. Investors should avoid very small or illiquid ETFs unless they have a specific purpose that justifies the closure risk.