Vanguard is still Australia's biggest ETF provider, with $108 billion and 28% of the market, and it took the most new money in September. Betashares has by far the most funds (109), iShares has the cheapest flagship (IVV at 0.04%), and SPDR charges the lowest average fee per dollar invested. The quiet surprise is Dimensional, now bigger than Global X with just six funds.
The market at a glance
At 30 September 2026 Australians had about $388 billion in 508 exchange traded products from 83 different issuers. That sounds like a crowded field, but it isn't. Seven providers manage about $338 billion, or 87% of everything. The other 76 issuers share the remaining $50 billion.
New money keeps arriving. In September alone, investors added a net $6.9 billion to ETFs, and the three biggest providers took about two thirds of it.
Who manages Australia's ETF money
The ranking, side by side
| Provider | Funds | Money managed | Share | Median fee | Average fee per $ | Biggest fund |
|---|---|---|---|---|---|---|
| 1. Vanguard | 37 | $108.4bn | 27.9% | 0.25% | 0.16% | VAS $26.7bn |
| 2. Betashares | 109 | $77.3bn | 19.9% | 0.45% | 0.34% | A200 $11.1bn |
| 3. iShares | 57 | $66.2bn | 17.1% | 0.25% | 0.18% | IVV $14.9bn |
| 4. VanEck | 55 | $35.8bn | 9.2% | 0.40% | 0.39% | QUAL $9.2bn |
| 5. Dimensional | 6 | $20.7bn | 5.3% | 0.36% | 0.35% | DACE $7.2bn |
| 6. Global X | 60 | $17.3bn | 4.5% | 0.45% | 0.43% | GOLD $5.8bn |
| 7. SPDR | 19 | $12.5bn | 3.2% | 0.20% | 0.11% | STW $6.5bn |
Funds under management and fees (MER) at 30 September 2026. "Average fee per $" weights each fund's fee by its size. Source: TMX Australia monthly funds report.
Money managed by each provider
Vanguard vs Betashares: two different playbooks
The two largest providers have grown in very different ways.
- Vanguard: a few very big, very cheap funds. Just 37 funds, but the average one manages $2.9 billion. VAS and VGS alone hold $45 billion. Its median fee is 0.25%, and because most money sits in the cheap broad funds, the average dollar pays just 0.16%.
- Betashares: a fund for almost everything. 109 funds covering core shares, themes, bonds, cash, currencies, crypto and geared funds. That choice comes at a price: the median fee is 0.45%, and 42 of its funds manage less than $100 million each. Its core funds, though, are among the cheapest anywhere, with A200 at 0.04% and BGBL at 0.08%.
In practice many investors use both: a Vanguard or Betashares core fund, plus a few specialist funds from whoever does that job best. Our Vanguard vs Betashares comparison goes fund by fund.
Fees: what the average dollar actually pays
A provider's median fee tells you about its range. The fee weighted by money invested tells you what investors actually pay. The gap between them is revealing.
Typical fund fee vs what the average dollar pays
- SPDR, Vanguard and iShares are the low-cost core providers. Most of their money is in broad index funds charging under 0.20%.
- Betashares sits in the middle: very cheap core funds, but a lot of money also sits in pricier funds such as NDQ at 0.48%.
- VanEck, Dimensional and Global X charge more on average because their biggest funds do something specific: quality factor investing (QUAL), Dimensional's systematic active approach, or physical gold (GOLD).
See the cheapest ETFs from every provider →
The rest of the top seven
- iShares (BlackRock) is the world's largest ETF company and third here, with $66 billion. IVV at 0.04% is one of the cheapest ways to own the US share market, and IOZ is a low-cost ASX 200 fund.
- VanEck built its $36 billion on smart beta, meaning index funds that pick shares by a rule such as quality or equal weighting. QUAL alone is $9.2 billion.
- Dimensional runs only six funds, but they average $3.4 billion each. Its funds are active in name but rules-based in practice, with fees of 0.28% to 0.65%. DACE is already one of Australia's ten biggest ETFs.
- Global X is the theme specialist, with 60 funds covering gold, FANG+ tech, semiconductors, uranium and more. Its average fund is small, at $288 million, and 35 manage under $100 million.
- SPDR (State Street) listed Australia's first ETF, STW, in 2001. It is the smallest of the seven but the cheapest per dollar, because most of its money is in STW at 0.05%.
Where the new money went
Net new money in September 2026
Vanguard took about $2 billion in September, roughly 29% of all new money, much of it into VAS and VGS. Betashares and iShares were close behind. One month is a snapshot rather than a trend, but it shows that investors are still mostly choosing simple, cheap core funds.
The providers are also launching quickly. Betashares has listed 20 new funds since the start of 2025, Global X 19 and VanEck 13. New funds are often niche and small, so they deserve extra care. See every launch on our new ETFs page.
Does it matter which provider you use?
Less than most people think. Your ETF's assets are held by an independent custodian, separately from the provider's own money, so the issuer's size is not the main safety question. What matters more:
- The fee on the specific fund you buy, because it comes out every year.
- The index or strategy, which drives almost all of the return.
- Fund size and trading spread. Large funds usually trade with tighter spreads, the small gap between the buying and selling price. Very small funds are more likely to be closed.
- Convenience. Some investors like keeping everything with one provider for simpler paperwork. That is a fair preference, but not a reason to pay a much higher fee.
Before you add funds from several providers, check you are not buying the same companies twice with our overlap calculator →
Common questions
Who is the largest ETF provider in Australia?
Vanguard, with about $108 billion across 37 funds at 30 September 2026, or 28% of the market. Betashares is second with $77 billion and iShares third with $66 billion.
Is Vanguard or Betashares better?
Neither is better overall. Vanguard is cheaper on average per dollar invested (0.16% vs 0.34%), while Betashares offers far more choice and has the cheaper core funds in A200 and BGBL. Compare the specific funds rather than the brands.
Which ETF provider has the lowest fees?
Weighted by money invested, SPDR is lowest at 0.11%, followed by Vanguard (0.16%) and iShares (0.18%). For individual funds, iShares IVV and Betashares A200 both charge 0.04%, and Vanguard VTS charges 0.03%.
Is my money safe if an ETF provider fails?
ETF assets are held by an independent custodian on behalf of investors, separate from the provider's own balance sheet. If a provider closes a fund, the holdings are usually sold and the cash returned to investors, which can trigger capital gains tax.
Joshua Stega is a financial adviser with 20 years' experience and the founder of ETF Adviser. He built ReviewETF to make every Australian ETF easy to find and compare.
General information only. It does not take into account your objectives, financial situation or needs. Consider the PDS and TMD before investing. Past performance is not a reliable indicator of future performance. Data as at 30 September 2026.