At the center of the fast-growing exchange traded fund (ETF) industry is a heated battle for asset dominance.

Morningstar’s recent ETF asset flow report for November shows that 2010 has been Vanguard‘s year. Vanguard has collected roughly 40 cents out of every dollar in net inflows that U.S.-listed ETFs have seen so far this year, according to the report.

In November, Vanguard really picked up steam, bringing in $6.3 billion of the total $10.3 billion brought in by the industry, reports John Spence for MarketWatch. [More ETF Providers Heading Overseas.]

BlackRock’s iShares business is still the ETF leader with about $425 billion in assets, or 45% market share, according to Morningstar. State Street is next with $225 billion, followed by Vanguard, which has nearly 15% market share.

Jessica Toonkel for Investment News reports that the success makes the top executives at Vanguard nervous. [November ETF Performance Report.]

The challenge for Vanguard is to maintain momentum once the markets pick up again. The provider has been a leader in low-cost funds, and they believe it will continue to give them the edge as the markets ramp back up.

Out of the battle among providers has emerged one clear winner: the investor.

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.