Vanguard ($108 billion) leads on broad, low-cost core funds. Betashares ($77 billion) has the widest range and the cheapest Australian shares ETF. iShares ($66 billion) has the cheapest S&P 500 fund and the biggest US ETF. VanEck ($36 billion) is the home of quality and other "smart beta" funds. Fifth place is now Dimensional by size, with Global X close behind and leading in gold and themes.
The market at a glance
At 30 September 2026, Australian investors had about $388 billion in 508 ASX-listed funds tracked by TMX. The top four issuers hold 74% of it. Add Dimensional and the top five hold almost 80%.
Money managed by issuer
Who holds Australia's ETF money
1. Vanguard: the core specialist
Vanguard runs only 37 ETFs, but it holds more money than anyone, because its funds are the plain, cheap building blocks most portfolios start with. VAS ($26.7 billion) and VGS ($18.7 billion) are the two largest ETFs in Australia, and they took in nearly $1 billion between them in September.
- Best at: broad index funds and all-in-one portfolios such as VDHG.
- Cheapest fund: VTS at 0.03%, the whole US market.
- Best five years: VTS (+79.2%), VVLU (+76.0%) and VGS (+74.6%).
- Watch for: Vanguard is no longer always cheapest. BGBL and A200 undercut VGS and VAS.
See the full Vanguard range and our Vanguard vs Betashares matchups.
2. Betashares: the widest range
Australian-owned Betashares runs 109 ETFs, three times as many as Vanguard. It pairs ultra-cheap core funds with a long list of themes, cash, bonds and geared funds.
- Best at: cheap core funds and themes. A200 (0.04%) is Australia's cheapest large Australian shares ETF, and BGBL (0.08%) is one of the cheapest global funds.
- Biggest funds: A200 ($11.1 billion), NDQ ($9.5 billion), BGBL ($5.5 billion) and the cash fund AAA ($5.1 billion).
- Best five years: gold miners MNRS (+200.0%), global banks BNKS (+126.2%) and Asian tech ASIA (+124.8%).
- Watch for: fees range from 0.04% to 1.48%. The range-wide average is 0.49%, so check each fund.
See the full Betashares range.
3. iShares: cheapest for the US
iShares is BlackRock's ETF arm, the world's largest asset manager. In Australia it runs 57 funds with a low average fee.
- Best at: US and global building blocks. IVV ($14.9 billion, 0.04%) is the biggest US ETF on the ASX, and IOZ (0.05%) is a cheap ASX 200 fund that took $321 million in September, more than any other iShares fund.
- Also strong in: cash and bonds, including BILL (0.07%) and IAF (0.10%).
- Best five years: South Korea IKO (+149.9%), Global 100 IOO (+113.5%) and Asia 50 IAA (+102.3%).
See the full iShares range.
Average fee, weighted by money invested
4. VanEck: quality and smart beta
VanEck runs 55 ETFs and has built its name on funds that tilt away from plain market weights, towards quality, value, equal weighting or "moat" companies.
- Best at: factor funds. QUAL ($9.2 billion) is one of the most popular global funds in Australia and took $195 million in September. MVW is a well-known equal-weight Australian fund.
- Also strong in: bonds (SUBD, $4.0 billion) and hedged infrastructure (IFRA).
- Best five years: gold miners GDX (+223.6%), international value VLUE (+114.8%) and emerging markets EMKT (+98.9%).
See the full VanEck range and QUAL vs VLUE.
5. The race for fifth: Dimensional and Global X
Dimensional has moved into fifth place with just six ETFs and $20.7 billion, much of it in ETF versions of its long-running unlisted funds. Its funds are actively managed but rules-based, tilted towards smaller and cheaper companies. The biggest is DACE ($7.2 billion, Australian shares). None has a five-year ETF record yet. See the Dimensional range.
Global X is sixth with 60 ETFs and $17.3 billion, and it is the leader in commodities and themes. GOLD ($5.8 billion) is Australia's biggest gold fund, SEMI returned 352.0% over five years, and A300 charges just 0.03%. See the Global X range and our Global X vs Betashares matchups.
New money in September 2026
Which issuer for which job?
| Job | Leading options | Fee |
|---|---|---|
| Australian shares core | A200 (Betashares), IOZ (iShares), VAS (Vanguard) | 0.04% to 0.07% |
| Global shares core | BGBL (Betashares), VGS (Vanguard) | 0.08% / 0.18% |
| US shares | VTS (Vanguard), IVV (iShares) | 0.03% / 0.04% |
| Quality tilt | QUAL (VanEck) | 0.40% |
| Physical gold | GXLD, GOLD (Global X) | 0.15% / 0.40% |
| Cash | BILL (iShares), AAA (Betashares) | 0.07% / 0.18% |
| All-in-one | DHHF (Betashares), VDHG (Vanguard) | 0.19% / 0.27% |
Fees at 30 September 2026. Source: TMX Australia monthly funds report.
See the cheapest ETFs in every category → or browse the largest ETFs.
Common questions
Who is the biggest ETF issuer in Australia?
Vanguard, with $108 billion across 37 ETFs at 30 September 2026, about 28% of the market. Betashares is second with $77 billion and iShares third with $66 billion.
Which ETF provider has the lowest fees?
Weighted by money invested, Vanguard (0.16%) and iShares (0.18%) are cheapest. Individual funds from Betashares (A200 0.04%) and Global X (A300 0.03%) are among the cheapest on the ASX.
Is it safe to use a smaller ETF issuer?
ETF assets are held by an independent custodian, separate from the issuer. A bigger issuer usually means larger funds with tighter trading prices, but size alone is not what keeps your money safe.
Should I stick to one ETF issuer?
There is no need. Many investors combine, for example, A200 from Betashares with VGS from Vanguard. Choose each fund on its index, fee and size.
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.