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Vanguard’s blue-chip US stock exchange-traded fund has become the world’s biggest, seizing the crown from State Street’s S&P 500 tracker, in a sign of how a race to slash fees is reshaping the industry.
先锋(Vanguard)的蓝筹美股交易所交易基金已成为全球最大的基金，从道富(State Street)的标准普尔500指数跟踪基金手中夺得桂冠，这表明削减费用的竞赛正在重塑该行业。
Vanguard’s fund, known by its ticker VOO, held assets of $631.8bn in early US trading on Tuesday, pushing it ahead of the $630.3bn of State Street’s SPY, which was the first-ever US ETF when it launched in 1993, 17 years before VOO.
先锋的基金，以其基金代号VOO而闻名，在周二美国早盘交易中管理着6318亿美元的资产，领先于道富的SPY的6303亿美元，后者是1993年推出的第一只美国ETF，比VOO早17年。
The Vanguard vehicle’s ascent is a reflection of its low fees and the rapid growth of ETFs among retail investors, who are less likely to buy State Street’s more institutionally tailored vehicle.
先锋基金VOO的崛起反映了其低廉的费用和ETF在散户投资者中的快速增长，散户投资者不太可能购买道富基金SPY这种更适合机构投资者的基金。
“VOO turned on the flows afterburners last year and caught up to SPY much quicker than expected,” said Bryan Armour, director of passive strategies research for North America at Morningstar.
晨星公司北美被动策略研究主管Bryan Armour表示：“去年，VOO加速增长，比预期更快地赶上了SPY。”
In a sign of VOO’s swift climb, the fund was $182bn behind SPY at the start of 2022 and still $50bn behind as recently as November, when it overtook BlackRock’s iShares Core S&P 500 ETF (IVV) to take the second spot.
VOO迅速攀升的一个迹象是，2022年初，该基金的资产规模比SPY落后1820亿美元，在去年11月仍落后500亿美元，当时它超过贝莱德的iShares Core S&P 500 ETF (IVV)，位居第二。
More than $23bn has flowed into VOO this year, compared with net outflows of $16bn from SPY, according to TMX VettaFi data.
根据TMX VettaFi的数据，今年已有超过230亿美元流入VOO，而SPY的净流出为160亿美元。
All three leading S&P 500 ETFs have benefited from runaway global demand for vehicles tracking US equities, which accounted for 60.5 per cent of global stock market capitalisation at the end of 2023, the highest level since 1973, according to UBS.
瑞银(UBS)的数据显示，三大标普500指数ETF都受益于全球对追踪美国股票的工具的狂热需求，截至2023年底，美国股票占全球股市市值的60.5%，为1973年以来的最高水平。
Wall Street stocks have also posted huge gains in recent years, notching up returns of more than 20 per cent both in 2023 and 2024.
华尔街股票近年来也取得了巨大的收益，2023年和2024年的回报率都超过了20%。
Vanguard has surged thanks to its low fees, charging just 0.03 per cent annually. It has also benefited from the ever-widening use of ETFs for building portfolios. The ETF industry as a whole recently passed $10tn.
先锋的飙涨得益于其低廉的费用，年收费仅为0.03%。此外，它还得益于ETF在构建投资组合方面得到日益广泛的应用。ETF行业的整体规模最近超过了10万亿美元。
SPY, which charges 0.0945 per cent, is favoured by more active traders, since it is cheaper to trade and offers greater leverage through derivatives.
SPY的费率为0.0945%，受到更活跃交易者的青睐，因为它的交易成本更低，而且通过衍生工具提供更大的杠杆作用。
“VOO is just such a cheap, useful tool,” said Syl Flood, senior product manager at Morningstar. “It’s most used by long-term investors whereas SPY is more of a trading tool. The money in Vanguard’s funds is stickier than almost anybody else’s money.”
晨星公司的高级产品经理Syl Flood说：“VOO就是这样一个廉价、有用的工具。它最常被长期投资者使用，而SPY更多的是一种交易工具。先锋基金的资金比几乎任何其他基金的资金都更具粘性。”
He added that Vanguard’s and BlackRock’s funds had benefited from investors switching money from actively managed funds to passive ETFs.
他补充说，先锋和贝莱德的基金受益于投资者将资金从主动管理型基金转向被动型ETF。
“VOO’s minuscule expense ratio, combined with the Vanguard investor buy-and-hold mentality, is a tough combination to beat — particularly with the S&P 500 outperforming nearly every other asset class over the past 15 years,” said Nate Geraci, president of financial adviser The ETF Store.
金融顾问公司The ETF Store总裁内特•杰拉西(Nate Geraci)说："VOO的费率微乎其微，再加上先锋投资者买入并持有的心态，这是一个难以击败的组合——尤其是在过去15年里，标准普尔500指数的表现几乎超过了其他所有资产类别。”
State Street waged a counteroffensive in 2023 by slashing the fee on its own buy-and-hold SPDR Portfolio S&P 500 ETF (SPLG) to just 0.02 per cent, but so far it has amassed only $58bn.
道富银行在2023年发起了反击，将其买入并持有SPDR Portfolio标准普尔500指数ETF(SPLG)的费用削减至仅0.02%，但到目前为止，它只积累了580亿美元。
Despite SPLG undercutting Vanguard, Armour argued that “inertia helps keep VOO at the top of the [flows] list, and a one basis point fee difference does little to quell switching costs. Vanguard also benefits from its tremendous distribution network and loyal investor base.”
尽管SPLG削弱了先锋的优势，但Armour认为“惯性有助于使VOO保持在（流量）列表的首位，一个基点的费用差异对降低转换成本几乎没有作用。先锋集团也受益于其庞大的分销网络和忠实的投资者群。”
Vanguard is also the only asset manager, thus far, permitted by the US Securities and Exchange Commission to operate the “ETF-as-a-share class” model that it patented, even though that patent has now expired.
先锋集团也是迄今为止唯一一家被美国证券交易委员会允许运营其专利的“ETF即股票”模式的资产管理公司，尽管该专利现已到期。
Under this structure, an ETF and a mutual fund can operate as separate classes of an overall fund and Vanguard “allows mutual fund share class owners to convert into VOO”, a trade incentivised by the mutual fund arm being slightly more expensive, at 0.04 per cent.
在这种结构下，ETF和共同基金可以作为一个整体基金的独立类别运作，先锋“允许共同基金份额类别所有者转换为VOO”，这种交易的激励因素是共同基金部分的费率略高，为0.04%。
VOO’s success is a sign of Vanguard’s broader ascendancy in the ETF industry. At the end of December, its $3.2tn of ETF assets were a record 76 per cent of market leader BlackRock’s $4.3tn, according to Morningstar, a figure that has climbed steadily from 52 per cent at the start of 2018.
VOO的成功是先锋集团在ETF行业更广泛优势的标志。晨星的数据显示，截至12月底，其3.2万亿美元的ETF资产是市场领导者贝莱德(BlackRock)4.3万亿美元的76%，创下历史新高，这一数字从2018年初的52%稳步攀升。