Ranking of Top Market Cap U.S. ETFs

Q: Which ETFs have the largest Market Caps?

According to the Largest ETFs by Market Cap ranking, the ETFs with the highest market capitalization in November 2026 are: Vanguard S&P 500 ETF (VOO) — Market Cap: $1.05 T iShares Core S&P 500 ETF (IVV) — Market Cap: $852.94 B SPDR S&P 500 ETF Trust (SPY) — Market Cap: $818.54 B Vanguard Total Stock Market ETF (VTI) — Market Cap: $688.84 B Invesco QQQ Trust (QQQ) — Market Cap: $464.63 B

Q: What does Market Cap mean for an ETF?

An ETF's Market Cap represents the total market value of its outstanding shares. It is calculated based on the ETF's market price and the number of shares outstanding and can be used to compare the relative size of ETFs in the market.

Q: What is the difference between an ETF's Market Cap and share price?

An ETF's Market Cap represents the total market value of all its outstanding shares, while its share price represents the market value of a single ETF share. A higher share price therefore does not necessarily mean that an ETF has a larger Market Cap.

Ranking by:

Assets	Market Cap	Dividend yield	Average DY 5 years	Return 12m	Ret. 24m	Variation 5 Years	Return 30d	Number of unitholders
#1 VOO Vanguard S&P 500 ETF	1.05 T	1.10%	1.77%	10.85%	25.92%	68.74%	-5.53%	0
#2 IVV iShares Core S&P 500 ETF	852.94 B	1.14%	1.84%	10.44%	29.09%	81.37%	-5.54%	0
#3 SPY SPDR S&P 500 ETF Trust	818.54 B	1.03%	1.72%	10.77%	25.75%	68.25%	-5.32%	0
#4 VTI Vanguard Total Stock Market ETF	688.84 B	1.09%	1.76%	10.91%	24.94%	60.32%	-5.24%	0
#5 QQQ Invesco QQQ Trust	464.63 B	0.47%	0.75%	8.11%	28.90%	71.00%	-12.67%	0
#6 VEA Vanguard FTSE Developed Markets Index Fund ETF Shares	228.74 B	2.51%	4.72%	15.02%	43.33%	50.13%	-3.32%	0
#7 VUG Vanguard Growth ETF	220.30 B	0.42%	0.69%	2.20%	21.91%	58.14%	-10.66%	0
#8 VTV Vanguard Value ETF	195.72 B	1.87%	3.09%	22.26%	30.20%	73.13%	1.10%	0
#9 IEFA iShares Core MSCI EAFE ETF	187.12 B	3.47%	4.88%	11.88%	37.71%	44.59%	-1.78%	0
#10 SPYM SPDR® Portfolio S&P 500® ETF	181.71 B	1.05%	1.84%	10.15%	28.73%	80.98%	-5.47%	0
#11 BND Vanguard Total Bond Market ETF	167.62 B	4.46%	3.86%	0.30%	6.03%	-1.31%	2.32%	0
#12 VXUS Vanguard Total International Stock Index Fund ETF Shares	158.03 B	2.45%	4.86%	11.90%	38.22%	43.33%	-4.43%	0
#13 IEMG iShares Core MSCI Emerging Markets ETF	146.15 B	2.50%	5.07%	9.73%	36.85%	32.78%	-11.58%	0
#14 VGT Vanguard Information Technology ETF	143.11 B	0.44%	0.82%	14.52%	40.29%	99.18%	-15.21%	0
#15 AGG iShares Core U.S. Aggregate Bond ETF	138.75 B	4.46%	3.84%	0.35%	6.15%	-0.69%	2.44%	0
#16 GLD SPDR Gold Trust	131.28 B	-	-	1.14%	50.23%	117.48%	-3.19%	0
#17 IJH iShares Core S&P Mid-Cap ETF	121.45 B	1.93%	3.78%	13.32%	14.60%	42.89%	-1.80%	0
#18 SCHD Schwab US Dividend Equity ETF	120.47 B	3.00%	4.72%	36.24%	29.97%	60.29%	6.45%	0
#19 IWF iShares Russell 1000 Growth ETF	120.24 B	0.58%	1.49%	-4.65%	13.66%	55.58%	-12.63%	0
#20 VWO Vanguard FTSE Emerging Markets Index Fund ETF Shares	117.31 B	2.68%	5.05%	4.21%	25.60%	25.88%	-7.37%	0
#21 XLK Technology Select Sector SPDR Fund	117.06 B	0.74%	1.90%	15.24%	41.80%	111.53%	-17.12%	0
#22 SGOV iShares 0-3 Month Treasury Bond ETF	116.52 B	3.97%	3.88%	3.73%	8.23%	20.97%	0.31%	0
#23 VIG Vanguard Dividend Appreciation ETF	115.65 B	1.50%	2.31%	14.68%	23.94%	59.50%	1.79%	0
#24 IJR iShares Core S&P Small-Cap ETF	106.11 B	1.80%	4.44%	18.94%	17.49%	33.29%	0.07%	0
#25 VO Vanguard Mid-Cap ETF	104.83 B	1.39%	1.96%	11.44%	18.31%	32.49%	-2.17%	0
#26 QQQM Invesco NASDAQ 100 ETF	103.08 B	0.49%	0.75%	8.15%	29.04%	71.59%	-12.66%	0
#27 RSP Invesco S&P 500® Equal Weight ETF	101.74 B	1.47%	1.99%	17.03%	21.23%	45.38%	1.41%	0
#28 ITOT iShares Core S&P Total U.S. Stock Market ETF	93.20 B	1.56%	3.62%	11.38%	26.98%	70.68%	-5.38%	0
#29 BNDX Vanguard Total International Bond Index Fund ETF Shares	84.73 B	4.62%	6.12%	0.18%	4.14%	1.08%	1.30%	0
#30 IWD iShares Russell 1000 Value ETF	83.18 B	2.09%	5.16%	29.01%	40.05%	85.21%	1.54%	0
#31 VYM Vanguard High Dividend Yield Index ETF	83.07 B	2.31%	3.90%	16.20%	26.38%	66.75%	0.21%	0
#32 VT Vanguard Total World Stock Index Fund ETF Shares	82.74 B	1.59%	2.78%	11.10%	29.48%	53.86%	-5.07%	0
#33 VB Vanguard Small-Cap ETF	77.58 B	1.28%	1.94%	14.22%	16.00%	28.98%	-1.33%	0
#34 IWM iShares Russell 2000 ETF	75.82 B	1.00%	1.57%	14.42%	17.36%	20.72%	-1.89%	0
#35 EFA iShares MSCI EAFE ETF	75.54 B	3.25%	4.67%	13.42%	39.39%	48.79%	-0.03%	0
#36 IVW iShares S&P 500 Growth ETF	71.68 B	0.55%	1.67%	7.27%	30.11%	68.09%	-10.75%	0
#37 SCHX Schwab U.S. Large-Cap ETF	71.41 B	1.08%	1.73%	10.27%	25.04%	63.90%	-5.58%	0
#38 VCIT Vanguard Intermediate-Term Corporate Bond Index Fund ETF Shares	68.24 B	5.44%	5.06%	0.02%	7.50%	4.22%	2.21%	0
#39 SCHF Schwab International Equity ETF	67.29 B	3.20%	5.39%	15.37%	43.67%	52.41%	-3.34%	0
#40 VEU Vanguard FTSE All-World ex-US Index Fund ETF Shares	65.39 B	2.47%	4.76%	12.47%	39.21%	45.64%	-4.16%	0
#41 SCHG Schwab U.S. Large-Cap Growth ETF	61.71 B	0.42%	0.58%	2.85%	20.42%	65.07%	-9.80%	0
#42 IBIT iShares Bitcoin Trust	60.70 B	-	-	-27.17%	-1.85%	-	-7.88%	0
#43 SMH VanEck Semiconductor ETF	60.69 B	0.24%	1.90%	33.69%	80.23%	221.77%	-23.10%	0
#44 IAU iShares Gold Trust	59.99 B	-	-	1.26%	50.65%	119.04%	-3.18%	0
#45 IWR iShares Russell Midcap ETF	56.87 B	1.79%	3.60%	15.17%	21.72%	44.83%	-1.84%	-
#46 IXUS iShares Core MSCI Total International Stock ETF	56.42 B	3.10%	4.84%	12.14%	38.91%	43.23%	-4.66%	0
#47 MUB iShares National Muni Bond ETF	55.05 B	3.53%	3.18%	1.06%	4.08%	3.65%	4.07%	0
#48 VTEB Vanguard Tax-Exempt Bond ETF	54.15 B	2.88%	3.23%	0.30%	3.30%	2.78%	4.06%	0
#49 XLF Financial Select Sector SPDR Fund	53.38 B	1.45%	2.17%	10.01%	19.77%	55.64%	4.44%	0
#50 VV Vanguard Large Cap ETF	52.28 B	1.06%	1.73%	10.46%	26.05%	65.63%	-5.71%	0
#51 SPYG SPDR Portfolio S&P 500 Growth ETF	51.73 B	0.39%	1.01%	7.04%	29.38%	63.81%	-10.79%	0
#52 IUSB iShares Core Total USD Bond Market ETF	50.43 B	3.60%	4.00%	-0.75%	5.40%	-0.42%	1.81%	0
#53 IVE iShares S&P 500 Value ETF	50.28 B	1.53%	2.45%	15.15%	20.77%	67.41%	1.08%	0
#54 XLV Health Care Select Sector SPDR Fund	49.69 B	2.06%	4.17%	29.65%	30.71%	61.95%	8.19%	0
#55 DFAC Dimensional U.S. Core Equity 2 ETF	49.07 B	0.68%	1.45%	14.22%	23.92%	60.19%	-3.40%	0
#56 TLT iShares 20+ Year Treasury Bond ETF	48.86 B	5.17%	4.17%	-4.22%	-3.11%	-34.86%	5.50%	0
#57 BIL SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	48.38 B	4.00%	3.85%	3.67%	8.07%	20.28%	0.28%	0
#58 QUAL iShares MSCI USA Quality Factor ETF	48.04 B	0.86%	1.55%	14.56%	21.21%	60.28%	-3.43%	0
#59 BSV Vanguard Short-Term Bond ETF	46.71 B	4.44%	3.21%	1.72%	7.56%	9.74%	1.16%	0
#60 IWB iShares Russell 1000 ETF	46.63 B	1.44%	3.27%	11.19%	26.95%	72.50%	-5.35%	0
#61 JEPI JPMorgan Equity Premium Income ETF	46.08 B	8.70%	17.27%	15.60%	30.11%	138.98%	-	0
#62 VCSH Vanguard Scottsdale Funds - Vanguard Short-Term Corporate Bond ETF	45.71 B	4.92%	3.92%	2.20%	8.56%	13.36%	1.17%	0
#63 DGRO iShares Core Dividend Growth ETF	45.11 B	1.87%	2.96%	20.21%	29.77%	65.99%	3.25%	0
#64 DIA SPDR Dow Jones Industrial Average ETF Trust	44.89 B	1.40%	1.96%	10.62%	19.61%	53.79%	-0.52%	0
#65 IEF iShares 7-10 Year Treasury Bond ETF	44.64 B	4.38%	3.27%	-1.15%	5.41%	-7.17%	3.10%	0
#66 SCHB Schwab U.S. Broad Market ETF	44.21 B	1.09%	1.74%	10.75%	24.68%	60.51%	-5.38%	0
#67 GOVT iShares U.S. Treasury Bond ETF	43.06 B	3.08%	3.02%	-0.97%	4.54%	-4.10%	1.97%	0
#68 VONG Vanguard Russell 1000 Growth ETF	42.88 B	0.51%	0.85%	-4.73%	13.24%	52.16%	-12.65%	0
#69 JPST JPMorgan Ultra-Short Income ETF	42.52 B	4.50%	4.36%	3.55%	8.73%	21.21%	0.36%	0
#70 VGIT Vanguard Intermediate-Term Treasury ETF	41.45 B	3.97%	3.70%	-0.44%	6.11%	0.11%	1.83%	0
#71 JEPQ JPMorgan Nasdaq Equity Premium Income ETF	40.65 B	13.61%	14.74%	6.43%	21.23%	-	-9.89%	0
#72 DYNF BlackRock U.S. Equity Factor Rotation ETF	40.62 B	0.65%	3.39%	9.37%	26.54%	81.58%	-7.74%	-
#73 XLE Energy Select Sector SPDR Fund	40.51 B	3.70%	10.76%	43.69%	46.58%	192.80%	-5.32%	0
#74 SPDW SPDR Portfolio Developed World ex-US ETF	40.12 B	3.14%	4.64%	15.14%	43.53%	49.18%	-3.37%	0
#75 SOXX iShares Semiconductor ETF	39.06 B	0.31%	0.98%	39.58%	78.87%	143.94%	-26.78%	0
#76 SPYV SPDR Portfolio S&P 500 Value ETF	38.61 B	1.25%	2.70%	14.75%	20.47%	67.69%	1.07%	0
#77 VNQ Vanguard Real Estate ETF	38.41 B	3.56%	5.36%	10.15%	7.85%	5.81%	5.60%	0
#78 CGDV Capital Group Dividend Value ETF	37.84 B	1.27%	1.87%	12.95%	31.73%	-	-4.20%	0
#79 VBR Vanguard Small Cap Value ETF	36.86 B	1.83%	2.71%	19.23%	19.04%	45.18%	3.17%	0
#80 VGSH Vanguard Short-Term Treasury ETF	36.67 B	3.16%	3.47%	1.29%	6.43%	9.97%	0.50%	0

The Top ETFs by Market Cap ranking highlights the exchange-traded funds with the highest market capitalization in the U.S. market.

ETFs at the top of this ranking typically benefit from substantial institutional capital flows, with asset managers, pension funds, insurance companies, and other institutional investors using these vehicles to gain exposure to broad market indexes and implement portfolio allocation strategies.

Their scale often contributes to deep liquidity, tight bid-ask spreads, and strong market maker participation, helping facilitate efficient trading and reduce discrepancies between an ETF's market price and its net asset value (NAV).

Large ETFs also play an important role in the broader financial system. Their shares may be used in derivatives, hedging strategies, and other institutional investment strategies, while market activity can provide insight into changing investor sentiment and risk appetite.

Scale can also contribute to cost efficiency. Larger funds can spread fixed operating expenses across a broader asset base, helping some of the largest ETFs maintain competitive expense ratios and attract additional investor capital over time.

How the ranking works

The ranking is based on the market capitalization (Market Cap) of each ETF. Market Cap represents the total market value of an ETF's outstanding shares and provides a standardized way to compare the size of funds across different investment strategies and asset classes.

To improve comparability, the ranking includes ETFs with at least 12 months of trading history and sufficient average daily trading volume, helping exclude recently launched or highly illiquid funds.

Eligible ETFs are ranked from highest to lowest Market Cap. The ranking is recalculated as market prices and the number of shares outstanding change, allowing the list to reflect changes in the market value of each fund over time.

The ranking is updated regularly to reflect the latest available market data. It is intended for informational purposes only and should not be considered investment advice.

Characteristics of ETFs with the largest Market Caps

Exposure to broad market indexes: Many track widely followed benchmarks such as the S&P 500, MSCI World, and Nasdaq-100, providing diversified exposure across companies, sectors, or geographic markets.
High liquidity and trading volume: Large ETFs typically experience substantial daily trading activity, tight bid-ask spreads, and strong market maker participation.
Highly competitive expense ratios: Scale can help spread fixed operating costs, allowing some of the largest index ETFs to maintain particularly low expense ratios.
Low tracking error: Passive management, deep liquidity, and regular portfolio rebalancing can help funds closely track the performance of their underlying benchmarks.

Frequently Asked Questions

Which ETFs have the largest Market Caps?

According to the Largest ETFs by Market Cap ranking, the ETFs with the highest market capitalization in November 2026 are:

Vanguard S&P 500 ETF (VOO) — Market Cap: $1.05 T
iShares Core S&P 500 ETF (IVV) — Market Cap: $852.94 B
SPDR S&P 500 ETF Trust (SPY) — Market Cap: $818.54 B
Vanguard Total Stock Market ETF (VTI) — Market Cap: $688.84 B
Invesco QQQ Trust (QQQ) — Market Cap: $464.63 B

What does Market Cap mean for an ETF?

An ETF's Market Cap represents the total market value of its outstanding shares. It is calculated based on the ETF's market price and the number of shares outstanding and can be used to compare the relative size of ETFs in the market.

What is the difference between an ETF's Market Cap and share price?

An ETF's Market Cap represents the total market value of all its outstanding shares, while its share price represents the market value of a single ETF share. A higher share price therefore does not necessarily mean that an ETF has a larger Market Cap.

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Ranking of Top Market Cap U.S. ETFs

How the ranking works

Characteristics of ETFs with the largest Market Caps

Frequently Asked Questions