Vanguard Group's Standard & Poor's 500 ETF overtook rival State Street Global Advisors' SPDR S&P 500 Trust , on Tuesday to become the world's largest exchange-traded fund, according to data from FactSet.

Vanguard has unseated State Street for the title of the world’s biggest exchange-traded fund, ushering in a new world order for the $11 trillion industry.

The Vanguard S&P 500 ETF (VOO) has claimed the top spot for the ETF with the most assets, passing SPDR S&P 500 ETF Trust (SPY). Vanguard Head of Bank and Institutional Janel Jackson says VOO's growth is aided by model portfolios.