NEW YORK, May 11, 2026, 10:04 (EDT)
Vanguard Total Stock Market ETF ticked up 0.2% early Monday, right alongside BlackRock’s iShares Core S&P Total U.S. Stock Market ETF—both among the lowest-cost “own-the-market” options out there. VTI last traded at $363.60; ITOT saw prints at $161.51, according to the latest numbers.
The timing here isn’t a coincidence. U.S. investors are moving money back into broad equity funds, with the current rally fueled by solid earnings, AI enthusiasm, and gains concentrated in a handful of massive stocks. On May 7, U.S. equity ETFs saw $5.83 billion in inflows, according to ETF.com, with $248.7 million of that going to VTI. Reuters, using LSEG Lipper numbers, reported that global equity funds have now posted seven straight weeks of inflows through May 6.
Here’s the basic offer: grab almost the entire U.S. equity market for next to nothing. VTI mirrors the CRSP U.S. Total Market Index, holding 3,507 stocks as of March 31. ITOT, meanwhile, follows the S&P Total Market Index, with BlackRock reporting 2,509 names in the portfolio. Both funds set their annual expense ratio at 0.03%—that’s the cut they take from assets.
The May 9 look at VTI versus ITOT boiled the differences down to index construction quirks—Vanguard leans on CRSP indices, iShares opts for S&P, but both land with portfolios dominated by big U.S. names. That’s basically what the issuers say, too. One detail: Vanguard’s own fact sheet spells out VTI’s expense ratio at 0.03%.
Brendan McCann, associate analyst at Morningstar, described VTI as “a one-stop shop for all US stocks,” pointing to its low fee and streamlined portfolio as key advantages for long-term investors. He flagged the market-cap weighting—biggest companies get the heftiest allocations—as a factor that keeps turnover down, but cautioned it can leave investors vulnerable if just a handful of large stocks dominate performance. Morningstar
Here’s where the “total market” idea gets tricky. Vanguard’s own March fact sheet shows that VTI’s ten largest positions made up 33.4% of the portfolio—Nvidia, Apple, Alphabet, Microsoft, and Amazon all topping the list. Technology by itself accounted for 36.3% of the fund. Vanguard Fund Docs
ITOT trails VTI in size, yet it’s no slouch when it comes to scale. As of May 8, BlackRock pegged the fund’s net assets at roughly $91.0 billion, with a 30-day median bid-ask spread at 0.01% and an expense ratio matching VTI’s 0.03%. For investors, that means another low-cost entry into broad U.S. equities—just with fewer names in the portfolio.
Competition is tight. On May 7, Vanguard S&P 500 ETF (VOO) hauled in $1.46 billion—leaving VTI trailing for the day and reinforcing the draw of the classic large-cap S&P 500 play. Schwab’s U.S. Broad Market ETF, SCHB, also stays in the mix, boasting a 0.03% expense ratio, a portfolio of 2,419 holdings, and $42.1 billion in net assets, per Schwab’s site.
Still, “broad” isn’t the same as “defensive.” Jamie McGeever at Reuters pointed out Monday—using Morgan Stanley data—that the biggest 10 U.S. stocks now make up roughly one-third of the entire market’s value. That’s a heavy tilt. The AI-driven run-up, he argued, has left many passive funds with outsized exposure to a handful of tech-related names. Should any of these giants stumble on earnings, or if enthusiasm for AI falters, even broad-based ETFs would take a hit. Reuters
Bulls can still point to earnings for support. HSBC bumped its S&P 500 year-end target up to 7,650 on Monday, highlighting steady profit growth. Still, the bank’s strategists threw in a warning: “While earnings remain supportive, sentiment is on shakier ground.” Reuters
For investors planning to hold for years, picking between VTI and ITOT isn’t as big a deal as the ticker chatter might have you think. VTI’s got the broader slate, while ITOT brings pretty similar coverage via BlackRock’s iShares, and keeps trading fees tight. But the core of the trade—cheap access to the U.S. market—packs a current twist: buying into almost the whole market ends up loading you up on just a handful of major outperformers.
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