Vanguard’s blue-chip US stock exchange-traded fund has become the world’s biggest, seizing the crown from State Street’s S&P 500 tracker, in a sign of how a race to slash fees is reshaping the industry.
Vanguard’s fund, known by its ticker VOO, held assets of $631.8bn in early US trading on Tuesday, pushing it ahead of the $630.3bn of State Street’s SPY, which was the first-ever US ETF when it launched in 1993, 17 years before VOO.
The Vanguard vehicle’s ascent is a reflection of its low fees and the rapid growth of ETFs among retail investors, who are less likely to buy State Street’s more institutionally tailored vehicle.
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