VFQY Vanguard U.S. Quality Factor ETF

Management style

Active

Asset class

Domestic Stock - General

Category

Equity

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 5

Less

More

End of Risk Scale.

Expense ratio

0.13%

as of 03/28/2025

as of 03/31/2025

Market price (MP)

$130.52

as of 04/28/2025

NAV price

$130.41

as of 04/28/2025

Overview

Key facts

IOV ticker symbol

VFQY.IV

CUSIP

921935706

Management style

Active

Asset class

Domestic Stock - General

Category

Equity

Inception date

02/13/2018

Fund Number

4417

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 5

Less

More

End of Risk Scale.
Price

Minimum Investment

$1.00

as of 04/28/2025

Market price

$130.52

as of 04/28/2025

Market price change

increased$0.40 (0.31%)

as of 04/28/2025

Expense Ratio

0.13%

as of 03/28/2025

NAV Price

$130.41

as of 04/28/2025

NAV Change

increased$0.26 (0.20%)

as of 04/28/2025

Performance

YTD returns (MP)

-7.06%

as of 04/28/2025

YTD returns (NAV)

-7.16%

as of 04/28/2025

Product summary
  • Advisor uses a rules-based quantitative model to evaluate U.S. common stocks.
  • Fund invests in stocks with strong fundamentals.
  • The portfolio includes a diverse mix of stocks representing many different market capitalizations (large, mid, and small), market sectors, and industry groups.
  • Portfolio companies may exhibit strong profitability and healthy balance sheets.
  • Seeks long-term capital appreciation.
  • Typically, at least 80% of the fund’s assets will be invested in securities issued by U.S. companies.

 

Note: For financials the Quality factor is measured by return on equity and share issuance. For non-financials the Quality factor is measured by return on equity, gross profitability, change in net operating assets, and leverage.

Fund management

Vanguard Quantitative Equity Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 03/31/2025

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

02/13/2018

VFQY (Market price)-6.00%-4.83%-4.83%-0.87%6.36%17.63%9.96%
VFQY (NAV)
-6.17%-4.95%-4.95%-0.96%6.34%17.58%9.94%

Benchmark

-5.83%-4.72%-4.72%7.22%8.22%18.18%11.80%12.23%
Market Price/Nav Toggle

as of 03/31/2025

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

2025-4.83%
20248.35%-1.57%6.93%-1.03%12.86% 23.81%
20233.72%5.60%-1.20%13.22%22.53% 25.96%
2022-7.77%-15.13%-2.55%10.56%-15.67% -19.21%
202112.67%6.32%-1.56%8.46%27.89% 25.66%
2020-26.28%24.01%6.07%20.65%17.00% 20.89%
201913.64%0.75%0.26%9.18%25.33% 31.02%
20186.61%5.71%-17.76%-5.50%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Total return by Market Price

Benchmark

202411.43% 1.53%12.95% 12.86%23.81%
202320.59% 1.87%22.45% 22.53%25.96%
2022-16.89% 1.22%-15.67% -15.67%-19.21%
202126.66% 1.32%27.97% 27.89%25.66%
202015.14% 1.80%16.93% 17.00%20.89%
201923.54% 1.76%25.30% 25.33%31.02%
2018-6.60% 1.11%-5.49%

as of 03/31/2025

1-yr3-yr5-yr10-yr

Since inception

02/13/2018

VFQY (Market price)-0.87%20.34%125.24%96.66%
VFQY (NAV)-0.96% 20.26%124.73% 96.46%

Benchmark

7.22%26.73%130.54%205.15%

Expense ratio

VFQY

0.13%

Average expense ratio of similar funds3

Historical volatility measures
as of 03/31/2025
BenchmarkR-Squared4Beta4
Russell 3000 Index20.931.04
Dow Jones U.S. Total Stock Market Index0.931.04

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.

Price

Current market price

Current price as of Tue Apr 29 00:00:05GMT+0 2025

Market price change

increased$0.40 (0.31%)

Open

$130.24

High

$130.69

Low

$129.18

Bid/Ask spread

$14.89 (10.77%)

Volume

6,824

Size

2 X 2

Tick

UP

Quotes delayed at least 15 minutes. Source: FactSet.

Closing price

Closing price as of 04/28/2025

Market price change

increased$0.40 (0.31%)

NAV

$130.41

NAV change

increased$0.26 (0.20%)

30-day Median Bid/Ask spread

0.17%

52-week High

$150.27

as of 12/04/2024

52-week Low

$118.28

as of 04/08/2025

52-week Difference

$31.99 (27.05%)

Premium/Discount

-$0.03

25-day Avg Volume

19,730.6

50-day Avg Volume

16,577.76

30 day SEC yield

1.24%

 

B SEC yield footnote code

 

as of 03/31/2025

Historical prices
Chart/Table Toggle
NameDateNAV
VFQY 04/28/2025
$130.41

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Characteristics

as of 03/31/2025

FundamentalVFQY
Benchmark
Number of stocks 403 2960
Median market cap $23.7 B $187.4 B
Earnings growth rate 15.4% 18.6%
Short-term reserves 0.2%
P/E ratio 19.0x 24.4x
P/B ratio 3.5x 4.1x
Turnover rate (Fiscal Year-end 11/30/2024) 44.1%
Return on equity 22.9% 22.9%
Foreign holdings 0.2%
Fund total net assets as of 03/31/2025 $370.5 M
Weighted exposures

as of 03/31/2025

3.10%Basic Materials
Sectors5VFQY Benchmark Benchmark+/- Weight Basic Materials3.10%1.50%1.60%Consumer Discretionary20.30%15.30%5.00%Consumer Staples7.90%4.00%3.90%Energy3.00%3.40%-0.40%Financials15.00%11.40%3.60%Health Care9.20%10.00%-0.80%Industrials23.20%12.70%10.50%Technology17.30%34.60%-17.30%Telecommunications1.00%2.00%-1.00%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Holding details

as of 04/28/2025

Ticker Holdings CUSIP SEDOL % of fund*Shares Market value*
FTNT FORTINET INC 34959E109 B5B2106 1.76 % 62,507 $6,363,213
AAPL APPLE INC 037833100 2046251 1.67 % 28,967 $6,062,214
KLAC KLA CORP 482480100 2480138 1.64 % 8,551 $5,939,610
MMM 3M CO 88579Y101 2595708 1.60 % 42,158 $5,789,137
CTAS CINTAS CORP 172908105 2197137 1.57 % 27,224 $5,673,482
GILD GILEAD SCIENCES INC 375558103 2369174 1.41 % 49,622 $5,119,502
ADSK AUTODESK INC 052769106 2065159 1.41 % 18,947 $5,114,364
AMZN AMAZON.COM INC 023135106 2000019 1.33 % 25,448 $4,809,418
AMP AMERIPRISE FINANCIAL INC 03076C106 B0J7D57 1.32 % 10,300 $4,799,182
LRCX LAM RESEARCH CORP 512807306 BSML4N7 1.32 % 67,059 $4,789,354
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
34959E109
037833100
482480100
88579Y101
172908105
375558103
052769106
023135106
03076C106
512807306
Ticker Description Shares
FTNT
AAPL
KLAC
MMM
CTAS
GILD
ADSK
AMZN
AMP
LRCX
Ticker Holdings CUSIP SEDOL % of fund*Shares Market value*
FTNT FORTINET INC 34959E109 B5B2106 1.76 % 62,507 $6,363,213
AAPL APPLE INC 037833100 2046251 1.67 % 28,967 $6,062,214
KLAC KLA CORP 482480100 2480138 1.64 % 8,551 $5,939,610
MMM 3M CO 88579Y101 2595708 1.60 % 42,158 $5,789,137
CTAS CINTAS CORP 172908105 2197137 1.57 % 27,224 $5,673,482
GILD GILEAD SCIENCES INC 375558103 2369174 1.41 % 49,622 $5,119,502
ADSK AUTODESK INC 052769106 2065159 1.41 % 18,947 $5,114,364
AMZN AMAZON.COM INC 023135106 2000019 1.33 % 25,448 $4,809,418
AMP AMERIPRISE FINANCIAL INC 03076C106 B0J7D57 1.32 % 10,300 $4,799,182
LRCX LAM RESEARCH CORP 512807306 BSML4N7 1.32 % 67,059 $4,789,354
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
34959E109
037833100
482480100
88579Y101
172908105
375558103
052769106
023135106
03076C106
512807306
Ticker Description Shares
FTNT
AAPL
KLAC
MMM
CTAS
GILD
ADSK
AMZN
AMP
LRCX
Ticker Holdings CUSIP SEDOL % of fund*Shares Market value*
FTNT FORTINET INC 34959E109 B5B2106 1.76 % 62,507 $6,363,213
AAPL APPLE INC 037833100 2046251 1.67 % 28,967 $6,062,214
KLAC KLA CORP 482480100 2480138 1.64 % 8,551 $5,939,610
MMM 3M CO 88579Y101 2595708 1.60 % 42,158 $5,789,137
CTAS CINTAS CORP 172908105 2197137 1.57 % 27,224 $5,673,482
GILD GILEAD SCIENCES INC 375558103 2369174 1.41 % 49,622 $5,119,502
ADSK AUTODESK INC 052769106 2065159 1.41 % 18,947 $5,114,364
AMZN AMAZON.COM INC 023135106 2000019 1.33 % 25,448 $4,809,418
AMP AMERIPRISE FINANCIAL INC 03076C106 B0J7D57 1.32 % 10,300 $4,799,182
LRCX LAM RESEARCH CORP 512807306 BSML4N7 1.32 % 67,059 $4,789,354
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
34959E109
037833100
482480100
88579Y101
172908105
375558103
052769106
023135106
03076C106
512807306
Ticker Description Shares
FTNT
AAPL
KLAC
MMM
CTAS
GILD
ADSK
AMZN
AMP
LRCX
Ticker Holdings CUSIP SEDOL % of fund*Shares Market value*
FTNT FORTINET INC 34959E109 B5B2106 1.76 % 62,507 $6,363,213
AAPL APPLE INC 037833100 2046251 1.67 % 28,967 $6,062,214
KLAC KLA CORP 482480100 2480138 1.64 % 8,551 $5,939,610
MMM 3M CO 88579Y101 2595708 1.60 % 42,158 $5,789,137
CTAS CINTAS CORP 172908105 2197137 1.57 % 27,224 $5,673,482
GILD GILEAD SCIENCES INC 375558103 2369174 1.41 % 49,622 $5,119,502
ADSK AUTODESK INC 052769106 2065159 1.41 % 18,947 $5,114,364
AMZN AMAZON.COM INC 023135106 2000019 1.33 % 25,448 $4,809,418
AMP AMERIPRISE FINANCIAL INC 03076C106 B0J7D57 1.32 % 10,300 $4,799,182
LRCX LAM RESEARCH CORP 512807306 BSML4N7 1.32 % 67,059 $4,789,354
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
34959E109
037833100
482480100
88579Y101
172908105
375558103
052769106
023135106
03076C106
512807306
Ticker Description Shares
FTNT
AAPL
KLAC
MMM
CTAS
GILD
ADSK
AMZN
AMP
LRCX
Ticker Holdings CUSIP SEDOL % of fund*Shares Market value*
FTNT FORTINET INC 34959E109 B5B2106 1.76 % 62,507 $6,363,213
AAPL APPLE INC 037833100 2046251 1.67 % 28,967 $6,062,214
KLAC KLA CORP 482480100 2480138 1.64 % 8,551 $5,939,610
MMM 3M CO 88579Y101 2595708 1.60 % 42,158 $5,789,137
CTAS CINTAS CORP 172908105 2197137 1.57 % 27,224 $5,673,482
GILD GILEAD SCIENCES INC 375558103 2369174 1.41 % 49,622 $5,119,502
ADSK AUTODESK INC 052769106 2065159 1.41 % 18,947 $5,114,364
AMZN AMAZON.COM INC 023135106 2000019 1.33 % 25,448 $4,809,418
AMP AMERIPRISE FINANCIAL INC 03076C106 B0J7D57 1.32 % 10,300 $4,799,182
LRCX LAM RESEARCH CORP 512807306 BSML4N7 1.32 % 67,059 $4,789,354
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
34959E109
037833100
482480100
88579Y101
172908105
375558103
052769106
023135106
03076C106
512807306
Ticker Description Shares
FTNT
AAPL
KLAC
MMM
CTAS
GILD
ADSK
AMZN
AMP
LRCX

Distributions

Realized/Unrealized gains

as of 03/31/2025

Realized gain

-$8.61

% of NAV

decreased-6.45%

Unrealized gains of NAV

$3.29

% of NAV

increased2.46%

Fiscal year end

11/30/2025

Distribution schedule

Quarterly

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains
Type$/Share Payable date Record date Ex-dividend date
Dividend$0.44250003/27/202503/25/202503/25/2025
Dividend$0.52850012/26/202412/23/202412/23/2024
Dividend$0.43160009/30/202409/26/202409/26/2024
Dividend$0.52940007/01/202406/27/202406/27/2024
Dividend$0.40020003/26/202403/22/202403/21/2024
Dividend$0.49560012/22/202312/20/202312/19/2023

Fund management

Vanguard U.S. Quality Factor ETF seeks to provide long-term capital appreciation. The fund invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with strong fundamentals as determined by the advisor. The portfolio will include a diverse mix of companies representing many different market sectors and industry groups. The advisor uses a quantitative model to evaluate all of the securities in an investment universe comprised of U.S. large, mid, and small capitalization stocks and to construct a U.S. equity portfolio that seeks to achieve exposure to securities with strong fundamentals subject to a set of reasonable constraints designed to foster portfolio diversification and liquidity. Securities with relatively strong fundamentals may be identified by measures such as strong profitability, sustainable earnings, and healthy balance sheets.

Vanguard Quantitative Equity Group
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world's largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard's Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. John Ameriks, Ph.D., Principal of and head of Vanguard's Quantitative Equity Group, is responsible for all active equity funds managed by the Investment Management Group. The Quantitative Equity Group manages Vanguard active equity mutual funds using a quantitative investment approach. The group has advised Vanguard U.S. Quality Factor ETF since 2018.
John Ameriks
Principal, Global Head of Quantitative Equity Group Portfolio manager.
Advised the fund since 2022. Worked in investment management since 1996. A.B., Stanford University. M.A. and Ph. D., Columbia University.
Scott Rodemer
CFA, Head of Equity Factor Investments Portfolio manager.
Advised the fund since 2023. Worked in investment management since 2007. B.A., Villanova University. M.S., University of Notre Dame.

Performance & fees

1
Effective July 15, 2024, the market price returns are calculated using the official closing price as reported by the ETF’s primary exchange. Prior to July 15, 2024, the market price returns were calculated using the midpoint between the bid and ask prices as of the closing time of the New York Stock Exchange (typically 4 p.m., Eastern time). The returns shown do not represent the returns you would receive if you traded shares at other times.
2
Measures the performance of the 3,000 largest U.S. companies.
3

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

4

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Portfolio composition

5

Sector categories are based on the Industry Classification Benchmark system (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Vanguard ETFs as a share class: Vanguard ETFs® (exchange-traded funds) are a class of shares listed for trading on an exchange. The shares are available only through a broker, including Vanguard Brokerage Services®.

Vanguard ETF® Shares are not redeemable with the issuing fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.

Vanguard average ETF expense ratio: 0.05%. Industry average ETF expense ratio: 0.22%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. Although U.S. Quality Factor ETF is listed for trading on the Cboe BZX U.S. Equities Exchange, it is possible that an active trading market may not be maintained. Trading of U.S. Quality Factor ETF on the Cboe BZX U.S. Equities Exchange may be halted if Cboe BZX U.S. Equities Exchange officials deem such action appropriate, if U.S. Quality Factor ETF is delisted from the Cboe BZX U.S. Equities Exchange, or if the activation of marketwide “circuit breakers” halts stock trading generally. The fund’s performance could be hurt by:

  • Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices.
  • Investment style risk: The chance that returns from the types of stocks in which the fund invests will trail returns from U.S. stock markets. Specific types of stocks tend to go through cycles of doing better or worse than other segments of the U.S. stock market. These periods have, in the past, lasted for as long as several years.
  • Manager risk: The chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.