Vanguard’s VOO has become the largest ETF in the United States, holding about $1.05 trillion in assets as of Aug. 31 after becoming the first ETF to exceed $1 trillion in June. Despite its 0.03% expense ratio and roughly 14% year-to-date return through early September, 38 of Vanguard’s 116 U.S. ETFs have performed better in 2026. Vanguard Energy ETF, or VDE, led with an approximately 45.2% gain through Sept. 4, followed by the Vanguard FTSE Pacific ETF at about 31% and the Vanguard Information Technology ETF at roughly 29%. Small-cap value, international, emerging-market and dividend funds also outpaced VOO, indicating broader market leadership than a concentrated megacap trade. VOO became the world’s largest ETF in February 2025 after overtaking SPY and later surpassed $1 trillion following roughly $69 billion in 2026 inflows at the time. Recent flows show investors becoming more selective: U.S. equity funds recorded $22.3 billion in withdrawals during one late-August week, while mid-cap and small-cap products continued to attract money.