Pioneer Leadership Ends BlackRock's Dominance in the U.S. ETF Market After 20 Years.

Vanguard has surpassed BlackRock and become the largest exchange-traded fund (ETF) issuer in the United States, with approximately $4.39 trillion in assets under management for its U.S.-listed ETFs. Vanguard's ETFs have attracted $291 billion in inflows since 2026, with its Vanguard S&P 500 ETF being the main contributor, seeing nearly $113 billion in net inflows year-to-date. Despite overtaking BlackRock in total ETF assets, BlackRock is still able to generate higher management fee income with its extensive fund product line and remains the largest ETF issuer globally.