Top 10 U.S.-listed index funds to watch in 2026

An index fund holds the same securities as its target benchmark, aiming to mirror the index's performance rather than beat it. The funds on this list don't all follow the same market – $BND tracks U.S. investment-grade bonds, $VEU covers stocks in markets outside the U.S., and others track different corners of the U.S. equity market. Management expense ratios (MERs) – the annual fee for holding the fund – run from 0.03% to 0.49% across these ten.

How we built this list: We selected these funds based on their industry or investment category and ordered them by assets under management. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.

Past performance is not a reliable indicator of future performance.

Source: Stake market data. Figures in US$. Data updated as of 25 September 2026.

✅ Learn more: Are these the best U.S. Bond ETFs: Top 10 to watch→

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1. State Street SPDR S&P 500 ETF Trust ($SPY)

State Street SPDR S&P 500 ETF Trust (SPY) share price over the last year: started at US$663.68, ended at US$771.35, a change of +16.2%. Range over the period: high US$777.88, low US$631.97. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$771.35 · Daily: 0.5% · AUM: US$817.16B · MER: 0.09%

The State Street SPDR S&P 500 ETF Trust ($SPY) aims to match the price and yield performance of the S&P 500 Index. The index covers 500 large U.S.-listed companies, broadly representing the U.S. equity market. $SPY holds substantially all of those component common stocks, weighted in line with the terms of its Trust Agreement.

The fund is passively managed – it doesn't select stocks or attempt to outperform the benchmark. Its construction aims to replicate what the index holds rather than interpret it. That ties the fund's performance closely to the S&P 500's own movements.

2. Vanguard Morningstar Total Stock Mkt ETF ($VTI)

Vanguard Morningstar Total Stock Mkt ETF (VTI) share price over the last year: started at US$327.10, ended at US$379.77, a change of +16.1%. Range over the period: high US$384.30, low US$311.68. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$379.77 · Daily: 0.4% · AUM: US$690.09B · MER: 0.03%

Rather than focusing on one corner of U.S. equities, Vanguard Morningstar Total Stock Mkt ETF ($VTI) aims to track the CRSP US Total Market Index – a benchmark designed to measure the investment return of the overall U.S. stock market. The fund holds a collection of securities intended to approximate that index. Its approach is passive, meaning it's built to mirror the benchmark rather than select individual stocks to beat it.

The CRSP US Total Market Index covers U.S. equities broadly, taking in companies across different market sizes rather than limiting itself to the country's largest names. That means $VTI's performance is closely tied to how the U.S. market as a whole moves, not just one segment of it.

3. Vanguard Total Bond Market ETF ($BND)

Vanguard Total Bond Market ETF (BND) share price over the last year: started at US$74.40, ended at US$70.63, a change of −5.1%. Range over the period: high US$75.17, low US$70.45. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$70.63 · Daily: 0.3% · AUM: US$163.35B · MER: 0.03%

Vanguard Total Bond Market ETF ($BND) aims to track the Bloomberg U.S. Aggregate Float Adjusted Index, which covers a broad sweep of public, investment-grade, taxable fixed income securities issued in the U.S. Every holding carries a maturity of more than one year. The index is market-weighted, so the fund's mix shifts as the underlying bond market grows and contracts.

The result is a fund that covers the U.S. investment-grade bond market in a single holding – from government debt to corporate issues, all within the taxable, publicly traded slice of it. That's a different asset class from the equity-focused funds elsewhere on this list.

4. Vanguard FTSE Emerging Markets ETF ($VWO)

Vanguard FTSE Emerging Markets ETF (VWO) share price over the last year: started at US$53.94, ended at US$60.16, a change of +11.5%. Range over the period: high US$61.44, low US$52.42. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$60.16 · Daily: 0.5% · AUM: US$127.35B · MER: 0.07%

Vanguard FTSE Emerging Markets ETF ($VWO) is designed to track the FTSE Emerging Markets All Cap China A Inclusion Index, a benchmark covering stocks issued by companies in emerging market countries. The index reaches across the full company-size spectrum, including large, mid and small-cap stocks. $VWO uses a sampling approach to replicate the index, meaning it holds a representative subset of constituents rather than every stock in the benchmark.

5. Invesco NASDAQ 100 ETF ($QQQM)

Invesco NASDAQ 100 ETF (QQQM) share price over the last year: started at US$246.48, ended at US$306.54, a change of +24.4%. Range over the period: high US$307.78, low US$229.87. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$306.54 · Daily: 0.5% · AUM: US$109.99B · MER: 0.15%

Invesco NASDAQ 100 ETF ($QQQM) aims to track the Nasdaq 100 Index, which covers 100 of the largest non-financial companies listed on the Nasdaq Stock Market. That exclusion of financials gives the index a heavy tilt toward technology and other growth-oriented sectors. The fund invests at least 90% of its assets directly in the index's constituent securities.

6. iShares Russell 2000 ETF ($IWM)

iShares Russell 2000 ETF (IWM) share price over the last year: started at US$241.62, ended at US$281.97, a change of +16.7%. Range over the period: high US$305.09, low US$229.11. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$281.97 · Daily: 0.1% · AUM: US$77.19B · MER: 0.19%

The iShares Russell 2000 ETF ($IWM) aims to mirror the price and yield performance of the Russell 2000 Index, which covers the small-capitalisation segment of the U.S. equity market. The fund generally holds the component securities of that index directly.

Small-cap U.S. companies make up a distinct slice of the market – these are businesses well below the household-name scale of large-cap indices. $IWM gives a portfolio exposure to around 2,000 of them in a single fund.

7. Vanguard FTSE All-World ex US ETF ($VEU)

Vanguard FTSE All-World ex US ETF (VEU) share price over the last year: started at US$71.12, ended at US$84.38, a change of +18.6%. Range over the period: high US$86.41, low US$70.20. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$84.38 · Daily: 1.0% · AUM: US$70.37B · MER: 0.05%

Vanguard FTSE All-World ex US ETF ($VEU) is designed to track the FTSE All-World ex US Index, a benchmark covering stocks in developed and emerging markets outside the United States. The index is broad by construction – it aims to capture equity returns across dozens of countries, from established European markets to fast-growing economies in Asia and beyond.

8. State Street SPDR Dow Jones Indust Avg ETF Trust ($DIA)

State Street SPDR Dow Jones Indust Avg ETF Trust (DIA) share price over the last year: started at US$463.04, ended at US$517.49, a change of +11.8%. Range over the period: high US$542.81, low US$451.39. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$517.49 · Daily: 0.9% · AUM: US$44.76B · MER: 0.16%

State Street SPDR Dow Jones Indust Avg ETF Trust ($DIA) aims to match the price and yield performance of the Dow Jones Industrial Average before expenses. The Dow is one of the oldest U.S. stock benchmarks, made up of 30 large, established companies across a range of industries.

$DIA holds the common stocks that make up the index, weighted according to the terms of its Trust Agreement rather than by market capitalisation – which sets it apart from most broad U.S. equity funds. The fund charges a 0.16% MER.

9. Vanguard Real Estate ETF ($VNQ)

Vanguard Real Estate ETF (VNQ) share price over the last year: started at US$91.05, ended at US$90.99, a change of −0.1%. Range over the period: high US$100.95, low US$87.00. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$90.99 · Daily: -0.2% · AUM: US$38.09B · MER: 0.12%

The Vanguard Real Estate ETF ($VNQ) tracks a benchmark index covering publicly traded equity REITs and other real estate-related investments. A REIT – real estate investment trust – is a company that owns income-generating real estate and is typically required to distribute most of its taxable income. The fund uses an indexing approach, aiming to mirror the benchmark's composition rather than actively select individual holdings.

Because the portfolio is built around REITs and similar property investments, income distributions are a structural feature of how those underlying businesses operate. $VNQ covers the real estate sector specifically rather than spreading across multiple industries, so its performance reflects what happens to property-owning companies.

10. iShares iBoxx $ High Yield Corporate Bond ETF ($HYG)

iShares iBoxx $ High Yield Corporate Bond ETF (HYG) share price over the last year: started at US$81.22, ended at US$77.86, a change of −4.1%. Range over the period: high US$81.28, low US$77.86. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$77.86 · Daily: -0.04% · AUM: US$15.71B · MER: 0.49%

The iShares iBoxx $ High Yield Corporate Bond ETF ($HYG) aims to track the Markit iBoxx USD Liquid High Yield Index. That index covers US dollar-denominated corporate bonds rated below investment grade – a category often called high yield, issued by companies carrying more credit risk than investment-grade borrowers. Most of the other funds on this list concentrate on equities; $HYG focuses on corporate debt.

The fund is designed to hold at least 90% of its assets in the index's component securities. Up to 10% may go into futures. The underlying index is constructed to capture the more liquid segment of the high yield bond market.

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Common questions

How do I invest in U.S. index funds in New Zealand?

NZ investors can access U.S.-listed index funds through a share trading platform that connects to U.S. markets. Each fund in this list trades on a U.S. exchange, so the process works similarly to buying an individual stock – search the ticker, decide how many units to buy, and place the order. Some platforms also support fractional shares, meaning you can buy a portion of a unit rather than a whole one.

What are the key risks of U.S. index funds?

Some of the key risks vary by fund type, but a few cut across the list. Equity funds move with the indices they track – a broad decline in U.S. share markets would pull down funds following the S&P 500, the Nasdaq 100 or the Russell 2000. Because every fund here is priced in USD, the NZD/USD exchange rate affects what a purchase costs in NZD and what any sale proceeds are worth in NZD. Bond funds carry interest rate risk: when rates rise, bond prices generally fall. $HYG adds credit risk on top of that, since it holds below-investment-grade bonds, which carry a higher likelihood of default than investment-grade debt. International funds like $VWO and $VEU bring in country and political risk alongside currency exposure.

How much do the annual fees vary across these funds?

The management expense ratios (MERs) in this list run from 0.03% – where $VTI and $BND are tied – up to 0.49% for $HYG. Between those two points, $VEU charges 0.05%, $VWO 0.07%, $SPY 0.09%, $VNQ 0.12%, $QQQM 0.15%, $DIA 0.16%, and $IWM 0.19%. MERs are deducted from a fund's assets each year, so the gap between the lowest and highest fee funds in this list compounds over time.

What's the difference between an equity, bond and REIT index fund?

The funds here cover three broad asset classes, and they behave quite differently from one another. Equity funds like $SPY, $VTI and $QQQM hold shares in companies and move with share market prices. Bond funds like $BND and $HYG hold debt securities – they tend to respond to interest rate changes rather than corporate earnings, and often move independently of equities. $VNQ holds publicly traded equity real estate investment trusts (REITs) and other real estate-related investments; REITs are generally required to distribute most of their taxable income as dividends, which shapes how the fund behaves differently from a pure equity index.

Disclaimer

Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.

Please refer to hellostake.com/pricing for the fees that apply. When you trade securities priced in another currency, currency conversion fees may apply and movements in the exchange rate may affect your returns.

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This article combines AI and human review from our analysts to bring you accurate, informative investing content at speed. For questions or suggestions, contact stakedesk@stake.com.au.