Top 25 Largest ETFs: World’s Most Popular ETFs By Assets

Exchange-traded funds (ETFs) are one of the most popular ways to invest in the stock and bond markets — and for plenty of good reasons. These funds let investors buy a diversified collection of securities, with the potential to earn strong returns while enjoying low management fees. So it’s little wonder that the largest ETFs now manage hundreds of billions, even trillions, of dollars.

Here are the world’s largest ETFs by assets, including their cost and long-term returns. The list below includes the largest ETFs as measured by Morningstar on Sept. 2, 2025.

1. Vanguard Total Stock Market ETF (VTI)

This fund tracks the CRSP US Total Market Index, which includes large-, mid- and small-cap stocks.

• Net assets: $1.9 trillion
• Expense ratio: 0.03 percent
• Average annual return (five years): 13.9 percent

2. Vanguard S&P 500 ETF (VOO)

This fund tracks the S&P 500 index, which includes the stocks of about 500 of America’s largest companies.

• Net assets: $1.3 trillion
• Expense ratio: 0.03 percent
• Average annual return (five years): 14.5 percent

3. iShares Core S&P 500 ETF (IVV)

This fund tracks the S&P 500 index, which includes the stocks of about 500 of America’s largest companies.

• Net assets: $660.6 billion
• Expense ratio: 0.03 percent
• Average annual return (five years): 14.5 percent

4. SPDR S&P 500 ETF (SPY)

This fund tracks the S&P 500 index, which includes the stocks of about 500 of America’s largest companies.

• Net assets: $654.8 billion
• Expense ratio: 0.095 percent
• Average annual return (five years): 14.5 percent

5. Vanguard Total International Stock ETF (VXUS)

This fund tracks the FTSE Global All Cap ex US Index, which includes the stocks of companies listed in developed and emerging markets outside the U.S.

• Net assets: $505.7 billion
• Expense ratio: 0.05 percent
• Average annual return (five years): 9.2 percent

6. Invesco QQQ Trust (QQQ)

This fund tracks the Nasdaq 100 index, which includes the 100 largest non-financial companies trading on that Nasdaq stock exchange.

• Net assets: $365.6 billion
• Expense ratio: 0.20 percent
• Average annual return (five years): 14.4 percent

7. Vanguard Total Bond Market ETF (BND)

This fund tracks the performance of the Bloomberg U.S. Aggregate Float Adjusted Index by investing in a sample of U.S. dollar-denominated taxable bonds from investment-grade issuers.

• Net assets: $361.2 billion
• Expense ratio: 0.03 percent
• Average annual return (five years): -0.8 percent

8. Vanguard Growth ETF (VUG)

This fund tracks the CRSP US Large Cap Growth Index, which includes many of America’s largest growth stocks.

• Net assets: $324.3 billion
• Expense ratio: 0.04 percent
• Average annual return (five years): 14.2 percent

9. Vanguard FTSE Developed Markets ETF (VEA)

This fund tracks the FTSE Developed All Cap ex US Index, which includes large-, mid- and small-cap stocks from Canada, major European markets and major Pacific markets.

• Net assets: $230.1 billion
• Expense ratio: 0.03 percent
• Average annual return (five years): 10.3 percent

10. Vanguard Mid-Cap ETF (VO)

This ETF tracks the performance of the CRSP US Mid Cap Index, which includes mid-cap stocks issued in the U.S.

• Net assets: $196.8 billion
• Expense ratio: 0.04 percent
• Average annual return (five years): 11.4 percent

11. Vanguard Value ETF (VTV)

This fund tracks the CRSP US Large Cap Value Index, which includes value-priced large-cap stocks issued in the U.S.

• Net assets: $195.8 billion
• Expense ratio: 0.04 percent
• Average annual return (five years): 14 percent

12. Vanguard Small-Cap ETF (VB)

This fund tracks the CRSP US Small Cap Index, which includes a diversified selection of small-cap stocks.

• Net assets: $154.2 billion
• Expense ratio: 0.05 percent
• Average annual return (five years): 11.2 percent

13. iShares Core MSCI EAFE ETF (IEFA)

This fund tracks the MSCI EAFE IMI Index, which includes large-, mid- and small-cap stocks in developed markets outside of the U.S. and Canada.

• Net assets: $149.5 billion
• Expense ratio: 0.07 percent
• Average annual return (five years): 10.1 percent

14. iShares Core US Aggregate Bond ETF (AGG)

This fund tracks the Bloomberg U.S. Aggregate Index, which includes broad exposure to investment-grade bonds issued in the U.S.

• Net assets: $130.6 billion
• Expense ratio: 0.03 percent
• Average annual return (five years): -0.7 percent

15. Vanguard FTSE Emerging Markets ETF (VWO)

This fund tracks the FTSE Emerging Markets All Cap China A Inclusion Index, which includes stocks issued in major emerging markets such as China, Brazil, Taiwan and South Africa.

• Net assets: $126.6 billion
• Expense ratio: 0.07 percent
• Average annual return (five years): 5.9 percent

16. iShares Russell 1000 Growth ETF (IWF)

This fund tracks the Russell 1000 Growth Index, which includes U.S. large- and mid-cap growth stocks in the Russell 1000 index.

• Net assets: $116.4 billion
• Expense ratio: 0.18 percent
• Average annual return (five years): 14.7 percent

17. Vanguard Information Technology ETF (VGT)

This fund tracks the MSCI US Investable Market Index (IMI)/Information Technology 25/50, which includes large-, mid- and small-cap U.S. stocks in the information technology sector.

• Net assets: $114.9 billion
• Expense ratio: 0.09 percent
• Average annual return (five years): 16.6 percent

18. Vanguard Dividend Appreciation ETF (VIG)

This ETF tracks the S&P U.S. Dividend Growers Index, which includes U.S. stocks that have a history of increasing their dividends over time.

• Net assets: $109.6 billion
• Expense ratio: 0.05 percent
• Average annual return (five years): 12 percent

19. SPDR Gold Shares (GLD)

This fund tracks the price of gold bullion minus the expense ratio of the fund, making it among the best ways to invest in gold.

• Net assets: $107.8 billion
• Expense ratio: 0.40 percent
• Average annual return (five years): 11.4 percent

20. Vanguard Total International Bond ETF (BNDX)

This fund tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged), which includes broad exposure to bonds issued outside the U.S.

• Net assets: $106.8 billion
• Expense ratio: 0.07 percent
• Average annual return (five years): -0.1 percent

21. iShares Core MSCI Emerging Markets ETF (IEMG)

This fund tracks the MSCI Emerging Markets Investable Market Index, which includes the stocks of large-, mid- and small-cap companies in emerging markets.

• Net assets: $101.4 billion
• Expense ratio: 0.09 percent
• Average annual return (five years): 5.7 percent

22. iShares Core S&P Mid-Cap ETF (IJH)

This fund tracks the S&P MidCap 400 Index, which includes the mid-cap stocks issued in the U.S.

• Net assets: $100 billion
• Expense ratio: 0.05 percent
• Average annual return (five years): 12.5 percent

23. iShares Core S&P Small-Cap ETF (IJR)

This fund tracks the S&P SmallCap 600 Index, which includes small-cap stocks issued in the U.S.

• Net assets: $85.3 billion
• Expense ratio: 0.06 percent
• Average annual return (five years): 11.3 percent

24. The Technology Select Sector SPDR ETF (XLK)

This fund tracks the Technology Select Sector Index, which includes stocks in the areas of software and services, IT consulting services, semiconductor equipment and computer and peripherals.

• Net assets: $83.9 billion
• Expense ratio: 0.08 percent
• Average annual return (five years): 16.8 percent

25. iShares Bitcoin Trust ETF (IBIT)

This fund tracks the price performance of Bitcoin, which is the world’s largest cryptocurrency.

• Net assets: $81 billion
• Expense ratio: 0.25 percent
• Average annual return (five years): N/A

What is an ETF and how does it work?

An ETF is a kind of investment fund that owns many different securities, often of only one type (i.e., either stocks or bonds). A share of the ETF gives the owner a slice of every investment in the fund, although often it’s a tiny sliver. If the ETF held 100 stocks, then the fund’s owner also effectively owns the same stocks and in the same proportions as the fund itself.

ETFs often track a specific stock index, often a popular one such as the Standard & Poor’s 500 index or the Nasdaq 100. So these funds often simply replicate the performance of the index by owning all the stocks in it, rather than trying to beat the performance of the index. Funds that passively track an index are called index funds, and the best index funds offer strong returns.

ETFs trade on a stock exchange whenever the market is open, and you can buy them during the market day (unlike mutual funds). For these advantages, the ETF charges an expense ratio, which is measured as a percentage of your investment in the fund. The largest ETFs charge some of the lowest expense ratios, making them also among the cheapest ways to invest.

Some of the best ETFs have turned in solid double-digit returns for investors for years.

Should you invest in the largest ETFs?

As you can see, the largest ETFs manage a lot of money, but their size doesn’t necessarily make them the best performers, though they do quite well. For example, the Vanguard FTSE Developed Markets ETF has 10-year returns that drastically lag other names on this list.

It’s also worth noting that these funds invest in the stock market’s largest companies, the large caps such as the Magnificent 7 stocks. If you want to invest in smaller companies — for example, because you need to diversify your investments — then you might want to look elsewhere.

Other sources of attractive returns may be found in funds that invest in specific areas of the market, such as the best small-cap ETFs or the best mid-cap ETFs. These sectors — which include stocks that are smaller than most in the largest ETFs — may perform well when the larger stocks are out of favor, but you’ll need to do research to find the top-performing ETFs.

So the mere fact that these funds are large doesn’t mean they’re worth your investment. But the track records here are enviable and these funds own some of the world’s strongest companies. Then it’s not surprising that legendary investor Warren Buffett has long recommended that most investors would be better off buying an S&P 500 index fund and then holding on over time.

The best brokers for ETFs can help you find attractive funds with strong long-term returns, too.

Bottom line

The world’s largest ETFs tend to track some of the most popular stock indexes, such as the S&P 500 and the Nasdaq 100, making them great ways to gain exposure to these indexes. But their size alone does not make the funds an attractive buy, and investors should look at the funds’ long-term performance and cost to help determine whether to invest their money.

Working with a financial advisor can help you find the best investments for your needs.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.