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The Vanguard S&P 500 ETF (VOO) is closing in on $1 trillion in assets, a milestone no ETF has ever hit.VOO became the world's largest ETF in February 2025 when it overtook the SPDR S&P 500 ETF Trust (SPY) after years of relentless inflows. The gap has only widened since. VOO now sits roughly $200 billion ahead of SPY, while the iShares Core S&P 500 ETF (IVV) is in second place at $835 billion.

VOO has pulled in $60 billion of inflows so far this year, putting it on pace for a third straight year of more than $100 billion in net new money. SPY has shed $7 billion over the same stretch, and IVV has lost $3 billion. Both funds have still grown thanks to the S&P 500's nearly 10% gain year-to-date, but without inflows, they haven't been able to keep up with VOO.VOO charges 0.03% per year, the same as IVV and a third of SPY's 0.09%. But the fee alone doesn't explain VOO's dominance. IVV is just as cheap, but less popular despite a ten-year head start.Rather, VOO's advantage seems to be Vanguard itself. The firm built its name on cheap indexing under founder Jack Bogle, and the brand still pulls in buy-and-hold investors who don't trade much. They open Vanguard brokerage accounts, buy Vanguard funds, and stay put.That advantage should keep VOO on top of the ETF leaderboard for a long time to come. The closest thing to a challenger may be the SPDR Portfolio S&P 500 ETF (SPYM), a cheaper S&P 500 ETF that has been the no. 2 fund for inflows this year at $35 billion. SPYM is still tiny relative to VOO at just $146 billion in total assets, so it won't challenge VOO for the crown anytime soon. But with its low fee and rapid growth, it's worth keeping an eye on.As for when VOO actually crosses the trillion dollar line, that could happen any day now. A meaningful market pullback would push the timeline out, but barring that, it'll probably happen soon. The trillion-dollar ETF era is here.

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