The exchange-traded fund (ETF) market reached a historic milestone in late 2025, with total US-listed ETF assets surpassing 13 trillion USD. The most significant structural event of the year was the definitive shift in the S&P 500 tracking hierarchy, as ultra-low-cost vehicles from Vanguard and BlackRock officially overtook the legacy SPDR S&P 500 ETF Trust (SPY) in total Assets Under Management (AUM). This transition underscores a decade-long migration of capital toward institutional-grade efficiency and long-term passive indexing.
Table of Contents
Comparative Analysis of the Top 10 ETFs by AUM
The following data represents the market state as of December 2025. It highlights the massive concentration of capital in U.S. large-cap equities, while also noting the continued presence of international equity and physical gold as essential portfolio diversifiers.
| Rank | Ticker | ETF Name | AUM (USD) | Expense Ratio | 10-Year Avg. Return (Annualized) |
|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&P 500 ETF | $863.89 Billion | 0.03% | 14.59% |
| 2 | SPY | SPDR S&P 500 ETF Trust | $722.00 Billion | 0.09% | 14.54% |
| 3 | IVV | iShares Core S&P 500 ETF | $671.55 Billion | 0.03% | 14.59% |
| 4 | VTI | Vanguard Total Stock Market ETF | $571.35 Billion | 0.03% | 14.22% |
| 5 | QQQ | Invesco QQQ Trust | $402.14 Billion | 0.20% | 18.44% |
| 6 | VUG | Vanguard Growth ETF | $207.16 Billion | 0.04% | 16.20% |
| 7 | VEA | Vanguard FTSE Developed Markets ETF | $190.32 Billion | 0.05% | 6.45% |
| 8 | IEFA | iShares Core MSCI EAFE ETF | $161.87 Billion | 0.07% | 6.38% |
| 9 | VTV | Vanguard Value ETF | $160.09 Billion | 0.04% | 10.15% |
| 10 | GLD | SPDR Gold Shares | $145.91 Billion | 0.40% | 7.92% |
Principal Insights and Market Attribution
The “Vanguardization” of the S&P 500
For the first time since its inception in 1993, SPY is no longer the undisputed king of assets. While it remains the most liquid trading vehicle in the world (often exceeding 70 billion USD in daily turnover), long-term allocators have favored VOO and IVV. The 6-basis-point difference in expense ratio has proven to be a decisive factor for institutional pension funds and automated advisory platforms (robo-advisors) that prioritize net-of-fee returns over intraday liquidity.
The Growth and Technology Premium
Invesco QQQ Trust (QQQ) continues to command a massive AUM of over 400 billion USD despite a significantly higher expense ratio (0.20%) compared to broad market funds. Its 10-year annualized return of 18.44% remains the gold standard for large-cap performance, driven by its 100% concentration in non-financial Nasdaq-listed stocks. The performance gap between QQQ and VTV (Value) highlights the historic divergence between tech-led growth and traditional value sectors over the last decade.
The International Diversification Lag
International developed market ETFs (VEA and IEFA) maintain their positions in the top 10 primarily due to their role as core diversifiers in “Global 60/40” portfolios. However, their 10-year annualized returns (approx. 6.4%) reflect a decade of relative stagnation in European and Japanese markets compared to the U.S. technology-led bull market. Despite this, inflows remained steady in 2025 as investors hedged against potential U.S. overvaluation.
Commodities as the 10th Pillar
SPDR Gold Shares (GLD) remains the only non-equity product to consistently hold a spot in the global top 10. With 145.91 billion USD in assets, it serves as the primary institutional gateway to physical gold. Its performance in 2025 was bolstered by geopolitical uncertainty and central bank diversification, cementing its status as the “safe haven” asset of choice for the modern ETF era.
Conclusion
The 2025 ETF leaderboard reflects a market that has matured into two distinct segments: ultra-low-cost “core” equity trackers (VOO, IVV, VTI) and specialized growth or hedge vehicles (QQQ, GLD). As the year closes, the total dominance of Vanguard and BlackRock (iShares) is more apparent than ever, with these two issuers managing the vast majority of the top 10 funds by assets.