Reuters113d agoneutral
Vanguard index product becomes first ETF to top $1 trillion in assetsThe Vanguard S&P 500 ETF, the index investing pioneer's flagship exchange-traded product, became the first in the history of ETFs to reach and exceed $1 trillion in assets, the investment firm confirmed on Wednesday. The Vanguard fund hit this milestone, the latest record in the remarkable ascent of exchange-traded funds, on Tuesday, less than 18 months after overtaking State Street Investment Management's SPDR S&P 500 ETF in assets, as investors looking for broad market exposure also sought out the lowest-cost funds. VOO levies a management fee of only 0.03%, compared to 0.09% for the State Street fund, which now is third in the three-way race between those two firms and BlackRock Inc..