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#分享美股交易赢英伟达股票 Vanguard's ETF assets first surpass $1 trillion, passive fund influence continues to grow
The Financial Times reports that Vanguard's ETF tracking the S&P 500 index (ticker VOO) has taken the lead in surpassing $1 trillion in assets, becoming the first ETF worldwide to reach this level. Its rapid growth also reflects a large amount of passive funds waiting to buy into major IPOs expected to debut this year, such as SpaceX and AI company Anthropic.
The fund crossed the $1 trillion mark on Wednesday, growing fourfold since 2022, and in the process, surpassing State Street's similar product SPY, benefiting from a sustained market rally and strong investor demand for AI stocks.
Its rise reflects the prosperity of passive investing over the past decade: ultra-low fees, attractive returns from tracking U.S. blue-chip indices, and underperformance of many actively managed funds.
Data shows that by the end of April, global ETF assets reached $21.9 trillion, more than tripling the $6.4 trillion at the beginning of 2020.
Fees are a key variable—both VOO and BlackRock's IVV, with $8.57 trillion in assets, have an annual fee of just 0.03%, while SPY, with $7.88 trillion, has a fee of 0.0945%. VOO is expected to surpass SPY in February 2025.
More attention is on the potential demand from passive funds for new stocks: three major IPOs are expected this year, with SpaceX planning to raise about $10k at a valuation of approximately $1.75 trillion, Anthropic's IPO valuation could exceed $1 trillion, and OpenAI, recently valued at about $852 billion, is also preparing to go public.
Since index-tracking funds need to automatically buy constituent stocks based on their weights, if these companies are quickly included in major indices after listing, it could generate significant rule-based buying demand.
Meanwhile, index providers are pushing for "fast inclusion" rules: last week, S&P-related index companies concluded a consultation that, if approved, would shorten the waiting period for new stocks to join the S&P 500 from 12 months to 6 months, potentially triggering billions of dollars in buying.
The $1 trillion milestone for VOO shows that passive investing has become a major force influencing the U.S. capital markets.
Low-fee ETFs lower the barrier for investors to allocate to U.S. stocks but also further concentrate funds into major indices and leading components. If large AI and tech companies go public and are included in core indices in the future, the rules for passive fund allocations could further increase the market weight of big tech firms and deepen reliance on index fund flows.
The Financial Times reported that Vanguard’s ETF tracking the S&P 500 Index (exchange-traded fund, code VOO) is the first ETF worldwide to break through $1 trillion in assets. Its rapid growth also reflects a large amount of passive capital waiting to buy major IPOs expected to make their debut this year, such as SpaceX, the space exploration technology company, and the AI company Anthropic.
On Wednesday, the fund crossed the $1 trillion threshold. Since 2022, its size has grown to four times, and in the process it surpassed State Street’s similar product SPY, benefiting from a steadily rising market and investors’ strong demand for AI stocks.
Its rise reflects the boom in passive investing over the past decade: ultra-low fees, solid returns from tracking U.S. blue-chip indices, and the fact that many actively managed funds have underperformed.
Data show that as of the end of April, global ETF assets totaled $21.9 trillion, more than triple the $6.4 trillion at the start of 2020.
Fees are a key variable—both VOO and BlackRock’s iShares ETF IVV, with $8.57 trillion in assets, have an annual fee rate of only 0.03%, while SPY, with a fee rate of 0.0945%, has $7.88 billion in assets; VOO surpassed SPY in February 2025.
Even more in focus is the potential demand from passive funds for new listings: three large listings are expected this year. SpaceX plans to raise about $750 billion at an estimated valuation of roughly $1.75 trillion; Anthropic’s IPO valuation could exceed $1 trillion; OpenAI’s recent valuation is about $852 billion, and it too is preparing to file for a listing application.
Because index-tracking funds automatically buy index constituent stocks according to their weights, if these companies are quickly added to major indices after listing, it may create substantial rule-based buying demand.
Meanwhile, index providers are pushing for “fast inclusion” rules: last week, the S&P-related index company concluded a consultation. If approved, the waiting period for new stocks to enter the S&P 500 Index would be shortened from 12 months to 6 months, which could in turn generate billions of dollars in buy orders. VOO’s breakthrough past $1 trillion shows that passive investing has become an important force shaping U.S. capital markets.
Low-fee ETFs reduce the barrier for investors to allocate to U.S. stocks, but they also cause capital to become even more concentrated in major indices and leading constituents. If, in the future, large AI and technology companies go public and are added to core indices, the allocation rules for passive funds may further strengthen the market weight of big tech firms, while also deepening the market’s reliance on index fund flows. $VOO