##  [# VOO’s Record-Shattering Run Shows No Signs of Slowing](/sections/features/voos-record-shattering-run-shows-no-signs-slowing) 

 

# VOO’s Record-Shattering Run Shows No Signs of Slowing

 

 

VOO just smashed the ETF flows record.



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Sep 23, 2025

 Edited by: ETF.com Staff

 

 

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The [**Vanguard S&amp;P 500 ETF (VOO)**](/voo) is having a year for the history books. Inflows into the fund hit $124.4 billion late last week, surpassing the full-year haul of $117 billion in 2024. That means the Vanguard fund has pulled in more cash in less than nine months than any ETF has ever collected in a full calendar year.  
  
The record comes in a year when VOO overtook the [**SPDR S&amp;P 500 ETF Trust (SPY)**](/spy) as the world’s largest ETF. Assets under management now sit at $797 billion for VOO, compared with $663 billion for SPY and $667 billion for the [**iShares Core S&amp;P 500 ETF (IVV)**](/ivv).  
  
![AUM](/sites/default/files/inline-images/VOOaum.png)  
*Source: Bloomberg*  
  
The contrast between VOO and its competitors couldn’t be starker. SPY has shed more than $46 billion this year, while IVV has managed a modest $1.6 billion in inflows.   
  
VOO and IVV both carry rock-bottom expense ratios of 0.03%, compared with 0.0945% for SPY. But while VOO and IVV are widely used by buy-and-hold investors, VOO has clearly become the preferred choice, particularly among retail investors drawn to Vanguard’s investor-friendly reputation.   
  
SPY, by contrast, serves a more diverse investor base, with many short-term traders using it for quick trades and its massive options market.

## Flows in Context

VOO alone has attracted more than 13% of all U.S. ETF inflows this year. Total U.S.-listed ETF inflows stand near $880 billion through mid-September.   
  
For perspective, the next closest ETF by inflows this year is the [**iShares 0-3 Month Treasury Bond ETF (SGOV)**](/sgov), with $27.9 billion. That’s an impressive total, but still a fraction of VOO’s haul.   
  
VOO is the first and only ETF to pull in $100 billion of inflows in a single year. The only other fund to ever come close was IVV, which took in just under $87 billion in 2024.

 
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## What’s Next

Some of the recent surge in VOO inflows likely reflects “heartbeat trades,” or tax-driven maneuvers that can temporarily inflate fund flow data. Even so, the ETF is almost certainly on track for another record-breaking year.

Looking ahead, the trillion-dollar milestone for VOO’s assets seems well within reach, potentially as soon as next year if markets don’t buckle.



 

 

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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


 Related Topics  [Vanguard](http://www.etf.com/topics/vanguard) 

 [S&amp;P 500](http://www.etf.com/topics/sp-500)