Largest ETF Issuers
Exchange-traded funds, or ETFs, are among the most popular investment vehicles. Since their introduction in the 1990s, they've grown rapidly, and the total ETF market is now worth over $13 trillion. Most of that money is concentrated with the largest ETF issuers, which dominate the market.
BlackRock (BLK +1.47%) is the leader for ETFs, but Vanguard isn't far behind with its low-cost index funds. Keep reading to see the largest ETF issuers and how much they have in assets under management (AUM) as of January 2026.
Editors note: Some data will be from 2025 as not all facts and numbers will have updated as of January 2026. Any data not updated by the individual companies and firms will be marked as such and will be updated as soon as possible.
1. BlackRock
NYSEMKT: XOEF
Key Data Points
- Brand: iShares
- AUM: $5.1 trillion
- Number of ETFs: 468
- Average expense ratio: 0.05%
- 3-month fund flow (2025): $43.89 billion
BlackRock not only has the most AUM, but it also issues the most ETFs by a wide margin. Its largest offering is its iShares S&P 500 ETF (IVV +0.25%), which has more than $772 billion in total assets and is one of the better long-term ETFs. While many issuers have a balance between ETFs and mutual funds, the latter make up only a small portion of BlackRock's AUM.
2. Vanguard
- Brand: Vanguard
- AUM (2025): $2.64 trillion
- Number of ETFs: 103
- Average expense ratio: 0.07%
- 3-month fund flow (2025): $56.80 billion
Vanguard has a well-earned reputation for offering low-cost investment options, including ETFs and mutual funds, and it also has the highest three-month fund flow of any issuer. Its average expense ratio is just 0.07%, as one of the lowest on this list and the second lowest out of more than 250 ETF issuers. Its largest ETF, the Vanguard S&P 500 ETF (VOO +0.06%), comes in even lower with a 0.03% expense ratio.
3. State Street
NYSE: STT
Key Data Points
4. First Trust
- Brand: First Trust
- AUM: $879.4 billion
- Number of ETFs: 245
- Average expense ratio: 0.68%
- 3-month fund flow: $4.11 billion
First Trust has a large number of ETFs, without any standouts (in terms of total assets) like other issuers -- its biggest is the First Trust Rising Dividend Achievers ETF (RDVY +0.73%), with $10.58 billion. It could be at risk of dropping farther down on this list. Its fund flow is less than that of the next two ETF issuers, and it's the most expensive of the top 10.
NYSE: IVZ
Key Data Points
6. Charles Schwab
NYSE: SCHW
Key Data Points
NYSE: JPM
Key Data Points
Takeaways for investors
ETFs can be great additions to your investment portfolio. They make investing in a broad and diversified set of assets fast and easy. Many of them have low fees, with expense ratios typically lower than those of comparable mutual funds. There are also a massive number of ETF options available, from value ETFs for stability to growth ETFs for those more comfortable with volatility.
Investors tend to stick with the biggest ETF issuers, and a large share of the market is concentrated in comparatively few ETFs. Many of these won't deliver outsized returns compared to the market. For example, the always-popular S&P 500 ETFs and total stock market ETFs are chosen specifically as investments that follow the stock market.
Since it doesn't take much time to invest in ETFs, these are perfect for passive investors who want to take a hands-off approach without paying hefty fees to a financial advisor. Even if you like to pick stocks, you might still want to incorporate ETFs to supplement your portfolio.
FAQs
FAQs
Sources
- Vanguard (2024). "VTI - Vanguard Total Stock Market ETF."
- VettaFi (2024). "All ETF Issuers."
- VettaFi (2024). "Largest ETFs: Top 100 ETFs By Assets."
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