BlackRock’s share of ETF inflows drops to 55% amid rising competition

The Big Three’s combined share of US ETF inflows has fallen from roughly 80% to approximately 55%, a decline that would have seemed unthinkable just a few years ago when the trio’s dominance appeared almost structural. Together, these firms still manage north of $30 trillion in assets. But the flow of new money is increasingly finding its way elsewhere. The numbers behind the shift January 2026 offers a useful snapshot of how the competitive landscape is evolving. US ETF inflows for the month totaled an estimated $156 billion. Vanguard captured roughly $49 billion of that haul, while BlackRock’s iShares platform pulled in about $19 billion. That gap between the two largest players is notable on its own. But the more telling figure is how much flowed to everyone else: nearly $88 billion, or more than 56% of the month’s total, went to firms outside the traditional power trio. BlackRock reported $130 billion in total inflows during the first quarter of 2026 and followed that up with $192 billion in Q2. By the end of 2025, BlackRock’s assets under management had reached approximately $14 trillion, with iShares ETFs accounting for over $5.4 trillion of that figure. State Street managed ...