Notional trading volume reached $3.576 billion in 24 hours, led by indices at 44.6% share and commodities at 35.0%. Crude oil CL and BRENTOIL fell about 7% each but still logged $845 million and $408 million in volume, together 35% of total. All top five assets showed positive funding rates.

Vanguard has moved into first place as the largest ETF issuer in the U.S., capping a multiyear climb that steadily narrowed the gap with BlackRock's iShares. In 2018, Vanguard's ETF assets were about 52% of iShares' level. By late 2024, they had risen to roughly 97%. A key milestone came in November 2024, when Vanguard's flagship S&P 500 ETF, VOO, surpassed BlackRock's IVV to become the world's second-largest single ETF. At the time, VOO held $540.76 billion versus IVV's $540.66 billion. As of March 31, 2026, BlackRock's iShares platform reported $4,030.8 billion in total U.S. ETF assets, representing a 29.53% market share. Vanguard stood at $3,893.9 billion. While iShares still benefits from a broad lineup that spans hundreds of specialized and niche offerings, the issuer-level ranking has now tilted toward Vanguard. Monthly flow patterns have often favored iShares, especially during volatile stretches when investors rotate into sector-specific or tactical products. Over longer horizons, Vanguard has typically attracted more net new money. The shift underscores two different approaches. Under CEO Larry Fink, BlackRock has built a full-spectrum asset-management platform, ranging from plain-vanilla index exposure to spot Bitcoin ETFs, private credit, and infrastructure. The iShares brand alone includes well over 400 U.S.-listed ETFs. Vanguard runs a tighter menu aimed at core portfolio building blocks for long-term investors. Its client-owned structure—where the funds own the company—reduces pressure to expand revenue by continuously launching new products. The divergence is clear in crypto. BlackRock debuted the iShares Bitcoin Trust (IBIT) in January 2024 and rapidly turned it into the most successful ETF launch on record, drawing in billions within months. Vanguard did not allow brokerage clients to access third-party crypto ETFs until December 2025. When it opened access, it enabled trading in Bitcoin, Ethereum, XRP, and Solana ETFs from other issuers, while reiterating it does not plan to launch its own crypto ETFs. For investors, fees remain central to Vanguard's appeal. VOO carries an expense ratio of 3 basis points—about $3 per year on a $10,000 investment. Vanguard's decision to permit third-party crypto ETF trading signals it sees demand, while keeping distance from endorsing the products under its own brand. State Street, the third-largest ETF issuer, has steadily lost share to Vanguard and BlackRock. Firms such as Invesco, Schwab, and JPMorgan have built meaningful niches, but none have come close to challenging the top two.