VOO Tops $100B in Annual Inflows

It’s official: the Vanguard S&P 500 ETF (VOO) crossed $100 billion in annual inflows last week. The incredible feat is a reflection of Vanguard’s dominance in the exchange-traded fund industry and the insatiable demand for ETFs more generally.

For comparison, the ETF with the next-highest inflows in 2024 is the iShares Core S&P 500 ETF (IVV), which has gathered $59.2 billion of new assets this year versus VOO’s $101.1 billion.

The world’s largest exchange-traded fund, the SPDR S&P 500 ETF Trust (SPY), lags far behind, with inflows of $22.9 billion for 2024.

Inflows Gap Between VOO and SPY Is Closing

The big chasm between the inflows for VOO and SPY has helped close the gap between the two ETFs’ assets under management. Currently, SPY has $620 billion invested in it, while VOO has $577 billion—just a $43 billion difference.

That means that there is a very real possibility that VOO overtakes SPY as the world’s largest ETF as soon as next year. But even if that happens, SPY’s slide down the ETF leaderboard might not stop there. IVV is also nipping at its heels, with $565 billion in AUM.

Related: See our complete VOO vs SPY Fund Comparison.

VTI and QQQ Also Gaining Ground

The Vanguard Total Stock Market ETF (VTI) isn’t far behind either, with AUM of $460 billion.

In other words, if the current trajectory persists, SPY might end up slipping to number three on the world’s largest ETFs list next year, and then number four sometime down the line.

The Invesco QQQ Trust (QQQ), currently the world’s fifth-largest ETF with $310 billion in AUM, could also conceivably overtake SPY at some point.

That ETF has seen inflows of $24 billion this year—slightly more than SPY. 

But the Nasdaq-100 ETF has performed better than SPY in recent years (a return of 155% versus 105% over the past five years); if that outperformance continues, it could boost QQQ’s AUM relative to SPY, even without greater inflows.