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 -1.76%) 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 -0.31%), 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 +0.48%), comes in even lower with a 0.03% expense ratio.
3. State Street
NYSE: STT
Key Data Points
- Brand: SPDR
- AUM: $1.69 trillion
- Number of ETFs: 174
- Average expense ratio: 0.28%
- 3-month fund flow (2025): $16.42 billion
Known for its SPDR brand, State Street (STT +0.21%) offers a wide range of ETFs for a reasonable cost. It issues the SPDR S&P 500 ETF Trust (SPY +0.47%), which is the largest ETF by market cap.
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 +0.36%), 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.
5. Invesco
- Brand: Invesco
- AUM: $822.52 billion
- Number of ETFs: 238
- Average expense ratio: 0.42%
- 3-month fund flow (2025): $21.97 billion
Invesco (IVZ -5.03%) is one of the most top-heavy ETF issuers, with over half of its AUM in the Invesco QQQ Trust (QQQ +0.95%). That's the largest ETF tracking the Nasdaq-100 index. With a heavy focus on tech stocks, the Invesco QQQ Trust is a well-regarded growth ETF.
NYSE: IVZ
Key Data Points
6. Charles Schwab
NYSE: SCHW
Key Data Points
- Brand: Charles Schwab
- AUM: $507.31 billion
- Number of ETFs: 34
- Average expense ratio: 0.12%
- 3-month fund flow (2025): $6.06 billion
Charles Schwab (SCHW +0.49%) is the fifth-largest issuer despite having only 30 ETFs, the fewest on this list. The largest of those is the Schwab U.S. Dividend Equity ETF (SCHD +0.48%), a popular choice for dividend investors. ETF fees are very reasonable with Charles Schwab, as only Vanguard has a lower average expense ratio.
7. JPMorgan Chase
NYSE: JPM
Key Data Points
- Brand: JPMorgan Chase
- AUM: $282.29 billion
- Number of ETFs: 75
- Average expense ratio: 0.32%
- 3-month fund flow (2025): $10.83 billion
JPMorgan Chase (JPM -0.72%) is the largest U.S. bank. Its investment arm has traditionally focused on financial advisor services, but it's also one of the top ETF issuers. Its most popular ETF is the JPMorgan Equity Premium Income ETF (JEPI -0.07%), an actively managed fund that follows a derivative income strategy.
9. VanEck
- Brand: VanEck
- AUM: $135.59 billion
- Number of ETFs: 71
- Average expense ratio: 0.66%
- 3-month fund flow (2025): $1.85 billion
VanEck is one of the most expensive ETF issuers on this list, with an average expense ratio of 0.66%, second only to First Trust. The largest ETF it offers is the VanEck Semiconductor ETF (SMH +2.50%), which tracks the performance of 25 U.S. semiconductor companies.
10. WisdomTree
NYSE: WT
Key Data Points
- Brand: WisdomTree
- AUM: $90.65 billion
- Number of ETFs: 85
- Average expense ratio: 0.46%
- 3-month fund flow (2025): $1.32 billion
WisdomTree (WT +0.65%) rounds out the top 10, although that might not last -- it's outside the top 20 in terms of three-month fund flow. Unlike the rest of the ETF issuers on this list, its biggest ETF isn't an equity fund but a bond fund: the WisdomTree Floating Rate Treasury Fund (USFR -0.01%).
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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