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VOX Vanguard Communication Services ETF

Also available as an Admiral™ Shares mutual fund.

Management style

Index

Asset class

Domestic Stock - Sector-Specific

Category

Communications

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

0.09%

as of 02/03/2025

as of 03/31/2025

Market price (MP)

$146.69

as of 04/30/2025

NAV price

$146.95

as of 04/30/2025

Overview

Key facts

IOV ticker symbol

VOX.IV

CUSIP

92204A884

Management style

Index

Asset class

Domestic Stock - Sector-Specific

Category

Communications

Inception date

09/23/2004

Fund Number

0959

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 04/30/2025

Market price

$146.69

as of 04/30/2025

Market price change

decreased-$0.72 (-0.49%)

as of 04/30/2025

Expense Ratio

0.09%

as of 02/03/2025

NAV Price

$146.95

as of 04/30/2025

NAV Change

decreased-$0.43 (-0.29%)

as of 04/30/2025

Performance

YTD returns (MP)

-5.10%

as of 04/30/2025

YTD returns (NAV)

-4.92%

as of 04/30/2025

Product summary
  • Seeks to track the performance of a benchmark index that measures the investment return of stocks in the communication services sector.
  • Passively managed, using a full-replication strategy when possible and a sampling strategy if regulatory constraints dictate.
  • Includes stocks of companies that provide telephone, data-transmission, cellular, wireless communication services and offer related content and information through various media.
Fund management

Vanguard Equity Index Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 04/30/2025

Recent returns

Average annual

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

Since inception

09/23/2004

VOX (Market price)-1.15%-11.54%-5.10%17.71%14.03%12.07%7.04%7.90%
VOX (NAV)
-0.98%-11.47%-4.92%17.91%14.11%12.11%7.06%7.91%

Benchmark

Market Price/Nav Toggle

as of 03/31/2025

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

2025-4.00%
202411.62%5.56%5.63%6.90%33.04% 33.06%
202317.83%10.26%-0.77%12.32%44.80% 44.41%
2022-11.32%-21.53%-12.13%0.11%-38.79% -38.74%
20218.25%10.88%-1.82%-3.49%13.73% 13.86%
2020-18.73%22.44%9.68%18.26%29.06% 29.02%
201912.95%3.95%0.37%8.76%28.16% 27.94%
2018-7.29%2.36%2.67%-14.59%-16.79% -16.55%
2017-4.39%-2.36%1.32%-0.01%-5.42% -5.71%
201611.02%6.75%-3.22%6.89%22.60% 22.45%
20152.01%0.56%-6.72%7.37%2.73% 2.73%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Total return by Market Price

Benchmark

202431.60% 1.50%33.10% 33.04%33.06%
202343.05% 1.67%44.72% 44.80%44.41%
2022-39.25% 0.48%-38.77% -38.79%-38.74%
202112.73% 1.05%13.78% 13.73%13.86%
202027.81% 1.14%28.95% 29.06%29.02%
201926.81% 1.21%28.03% 28.16%27.94%
2018-18.49% 1.98%-16.52% -16.79%-16.55%
2017-9.04% 3.49%-5.55% -5.42%-5.71%
201619.13% 3.43%22.56% 22.60%22.45%
2015-0.93% 3.66%2.72% 2.73%2.73%
20141.28% 2.71%3.98% 4.03%4.16%
201319.57% 4.75%24.32% 24.27%24.12%
201212.60% 3.94%16.54% 16.65%16.59%
2011-5.35% 3.10%-2.25% -2.36%-2.09%
201016.26% 3.40%19.65% 19.66%17.65%

as of 04/30/2025

1-yr3-yr5-yr10-yr

Since inception

09/23/2004

VOX (Market price)17.71%48.29%76.75%97.37%378.90%
VOX (NAV)17.91% 48.56%77.09% 97.78% 379.76%

Benchmark

Expense ratio

VOX

0.09%

Average expense ratio of similar funds3

0.84%

Historical volatility measures
as of 03/31/2025
BenchmarkR-Squared4Beta4
Communication Services Spliced Index21.001.00
Dow Jones U.S. Total Stock Market Index0.781.04

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 Thu May 01 15:25:24GMT+0 2025

Market price change

increased$2.82 (1.92%)

Open

$149.73

High

$149.91

Low

$147.83

Bid/Ask spread

$0.04 (0.03%)

Volume

44,358

Size

6 X 3

Tick

UP

Quotes delayed at least 15 minutes. Source: FactSet.

Closing price

Closing price as of 04/30/2025

Market price change

decreased-$0.72 (-0.49%)

NAV

$146.95

NAV change

decreased-$0.43 (-0.29%)

30-day Median Bid/Ask spread

0.04%

52-week High

$169.20

as of 02/14/2025

52-week Low

$127.68

as of 05/01/2024

52-week Difference

$41.52 (32.52%)

Premium/Discount

-$0.26

25-day Avg Volume

362,297.36

50-day Avg Volume

297,402.68

30 day SEC yield

1.02%

 

B SEC yield footnote code

 

as of 03/31/2025

Historical prices
Chart/Table Toggle
NameDateNAV
VOX 04/30/2025
$146.95

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Portfolio composition

Characteristics

as of 03/31/2025

FundamentalVOX
Benchmark
Number of stocks 116 115
Median market cap $305.3 B $305.3 B
Earnings growth rate 16.9% 16.9%
Short-term reserves
P/E ratio 19.0x 19.0x
P/B ratio 3.1x 3.1x
Turnover rate (Fiscal Year-end 08/31/2024) 15.5%
Return on equity 27.0% 27.0%
Foreign holdings 0.0%
Fund total net assets as of 03/31/2025 $4.6 B
Share class total net assets $4.4 B
Weighted exposures

as of 03/31/2025

3.40%Advertising
Sectors5VOX Benchmark Benchmark+/- Weight Advertising3.40%3.40%0.00%Alternative Carriers1.60%1.60%0.00%Broadcasting2.90%3.10%-0.20%Cable & Satellite8.60%7.00%1.60%Integrated Telecommunication Services10.90%10.80%0.10%Interactive Home Entertainment4.60%4.60%0.00%Interactive Media & Services46.90%46.80%0.10%Movies & Entertainment14.80%16.40%-1.60%Publishing2.00%2.00%0.00%Wireless Telecommunication Services4.30%4.30%0.00%

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 03/31/2025

Ticker Holdings CUSIP SEDOL % of fundShares Market value
META Facebook Inc. Class A 30303M102 B7TL820 20.45 % 1,650,481 $951,271,229
GOOGL Alphabet Inc. Class A 02079K305 BYVY8G0 12.00 % 3,609,921 $558,238,183
GOOG Alphabet Inc. Class C 02079K107 BYY88Y7 9.38 % 2,793,080 $436,362,888
T AT&T Inc. 00206R102 2831811 5.19 % 8,543,159 $241,600,537
VZ Verizon Communications Inc. 92343V104 2090571 4.81 % 4,933,583 $223,787,325
NFLX Netflix Inc. 64110L106 2857817 4.58 % 228,299 $212,895,666
DIS Walt Disney Co. 254687106 2270726 4.41 % 2,077,814 $205,080,242
TMUS T-Mobile US Inc. 872590104 B94Q9V0 3.79 % 661,543 $176,440,134
CMCSA Comcast Corp. Class A 20030N101 2044545 3.70 % 4,660,217 $171,962,007
EA Electronic Arts Inc. 285512109 2310194 1.58 % 507,173 $73,296,642
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
30303M102
02079K305
02079K107
00206R102
92343V104
64110L106
254687106
872590104
20030N101
285512109
Ticker Description Shares
META
GOOGL
GOOG
T
VZ
NFLX
DIS
TMUS
CMCSA
EA
Ticker Holdings CUSIP SEDOL % of fundShares Market value
META Facebook Inc. Class A 30303M102 B7TL820 20.45 % 1,650,481 $951,271,229
GOOGL Alphabet Inc. Class A 02079K305 BYVY8G0 12.00 % 3,609,921 $558,238,183
GOOG Alphabet Inc. Class C 02079K107 BYY88Y7 9.38 % 2,793,080 $436,362,888
T AT&T Inc. 00206R102 2831811 5.19 % 8,543,159 $241,600,537
VZ Verizon Communications Inc. 92343V104 2090571 4.81 % 4,933,583 $223,787,325
NFLX Netflix Inc. 64110L106 2857817 4.58 % 228,299 $212,895,666
DIS Walt Disney Co. 254687106 2270726 4.41 % 2,077,814 $205,080,242
TMUS T-Mobile US Inc. 872590104 B94Q9V0 3.79 % 661,543 $176,440,134
CMCSA Comcast Corp. Class A 20030N101 2044545 3.70 % 4,660,217 $171,962,007
EA Electronic Arts Inc. 285512109 2310194 1.58 % 507,173 $73,296,642
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
30303M102
02079K305
02079K107
00206R102
92343V104
64110L106
254687106
872590104
20030N101
285512109
Ticker Description Shares
META
GOOGL
GOOG
T
VZ
NFLX
DIS
TMUS
CMCSA
EA
Ticker Holdings CUSIP SEDOL % of fundShares Market value
META Facebook Inc. Class A 30303M102 B7TL820 20.45 % 1,650,481 $951,271,229
GOOGL Alphabet Inc. Class A 02079K305 BYVY8G0 12.00 % 3,609,921 $558,238,183
GOOG Alphabet Inc. Class C 02079K107 BYY88Y7 9.38 % 2,793,080 $436,362,888
T AT&T Inc. 00206R102 2831811 5.19 % 8,543,159 $241,600,537
VZ Verizon Communications Inc. 92343V104 2090571 4.81 % 4,933,583 $223,787,325
NFLX Netflix Inc. 64110L106 2857817 4.58 % 228,299 $212,895,666
DIS Walt Disney Co. 254687106 2270726 4.41 % 2,077,814 $205,080,242
TMUS T-Mobile US Inc. 872590104 B94Q9V0 3.79 % 661,543 $176,440,134
CMCSA Comcast Corp. Class A 20030N101 2044545 3.70 % 4,660,217 $171,962,007
EA Electronic Arts Inc. 285512109 2310194 1.58 % 507,173 $73,296,642
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
30303M102
02079K305
02079K107
00206R102
92343V104
64110L106
254687106
872590104
20030N101
285512109
Ticker Description Shares
META
GOOGL
GOOG
T
VZ
NFLX
DIS
TMUS
CMCSA
EA
Ticker Holdings CUSIP SEDOL % of fundShares Market value
META Facebook Inc. Class A 30303M102 B7TL820 20.45 % 1,650,481 $951,271,229
GOOGL Alphabet Inc. Class A 02079K305 BYVY8G0 12.00 % 3,609,921 $558,238,183
GOOG Alphabet Inc. Class C 02079K107 BYY88Y7 9.38 % 2,793,080 $436,362,888
T AT&T Inc. 00206R102 2831811 5.19 % 8,543,159 $241,600,537
VZ Verizon Communications Inc. 92343V104 2090571 4.81 % 4,933,583 $223,787,325
NFLX Netflix Inc. 64110L106 2857817 4.58 % 228,299 $212,895,666
DIS Walt Disney Co. 254687106 2270726 4.41 % 2,077,814 $205,080,242
TMUS T-Mobile US Inc. 872590104 B94Q9V0 3.79 % 661,543 $176,440,134
CMCSA Comcast Corp. Class A 20030N101 2044545 3.70 % 4,660,217 $171,962,007
EA Electronic Arts Inc. 285512109 2310194 1.58 % 507,173 $73,296,642
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
30303M102
02079K305
02079K107
00206R102
92343V104
64110L106
254687106
872590104
20030N101
285512109
Ticker Description Shares
META
GOOGL
GOOG
T
VZ
NFLX
DIS
TMUS
CMCSA
EA

Distributions

Realized/Unrealized gains

as of 03/31/2025

Realized gain

-$25.74

% of NAV

decreased-17.34%

Unrealized gains of NAV

$8.64

% of NAV

increased5.82%

Fiscal year end

08/31/2025

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$0.38320003/27/202503/25/202503/25/2025
Dividend$0.45960012/20/202412/18/202412/18/2024
Dividend$0.52610010/01/202409/27/202409/27/2024
Dividend$0.32470007/02/202406/28/202406/28/2024
Dividend$0.32180003/27/202403/25/202403/22/2024
Dividend$0.28860012/22/202312/20/202312/19/2023

Fund management

Vanguard Communication Services ETF seeks to track the investment performance of the MSCI US Investable Market Communication Services 25/50 Index. The communication services sector is made up of companies that provide communications services primarily through a fixed-line, cellular, wireless, high bandwidth, and/or fiber-optic cable network and offer related content and information through various media. Whenever possible, the fund attempts to fully replicate the target index, holding each stock in approximately the same proportion as its weighting in the index. However, the fund will use a sampling strategy if regulatory constraints or other considerations prevent it from replicating the index. Vanguard’s Equity Index Group uses proprietary software to implement trading decisions that accommodate cash flows and maintain close correlation with index characteristics. Vanguard’s refined indexing process, combined with low management fees and efficient trading, has provided tight tracking net of expenses.

Vanguard Equity Index 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. Rodney Comegys, Principal and global head of Vanguard's Equity Index Group, is responsible for all equity index funds. The Equity Index Group manages indexed equity portfolios covering U.S. and international markets. It has developed sophisticated portfolio construction methodologies and efficient trading strategies that seek to deliver returns that are highly correlated with target portfolio benchmarks. The group has advised Vanguard Communication Services ETF since 2004.
Walter Nejman
Portfolio manager.
Advised the fund since 2015. Worked in investment management since 2008. B.A., Arcadia University. M.B.A., Villanova University.
Aaron Choi
CFA, Portfolio manager.
Advised the fund since 2025. Worked in investment management since 2015. B.S., Pennsylvania State University.
Chris Nieves
CFA, Portfolio manager.
Advised the fund since 2025. Worked in investment management since 2013. B.A., Cornell University. MEng., Cornell University.

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
MSCI US Investable Market Telecommunication Services Index through February 26, 2010; MSCI US Investable Market Telecommunication Services 25/50 Index through May 2, 2018; MSCI US Investable Market Communication Services 25/50 Transition Index through December 2, 2018; MSCI US Investable Market Communication Services 25/50 Index thereafter.
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 Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS 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 Telecommunication Services ETF is listed for trading on the NYSE Arca, it is possible that an active trading market may not be maintained. Trading of Telecommunication Services ETF on the NYSE Arca may be halted if NYSE Arca officials deem such action appropriate, if Telecommunication Services ETF is delisted from the NYSE Arca, 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. The fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market.
  • Sector risk: The chance that significant problems will affect a particular sector, or that returns from that sector will trail returns from the overall stock market. Daily fluctuations in specific market sectors are often more extreme or volatile than fluctuations in the overall market. Because the fund invests all, or substantially all, of its assets in the telecommunication services sector, the fund’s performance largely depends—for better or for worse—on the general condition of that sector. Companies in the telecommunication services sector could be affected by, among other things, overall economic conditions, competition, and government regulation. Sector risk is expected to be high for the fund.
  • Nondiversification risk: The chance that the fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks or even a single stock. The fund is considered nondiversified, which means that it may invest a greater percentage of its assets in the securities of a small number of issuers as compared with other mutual funds. Because the fund tends to invest a relatively high percentage of its assets in its ten largest holdings, fluctuations in the market value of a single fund holding could cause significant changes to the fund’s share price. Nondiversification risk is expected to be high for the fund.
  • Investment style risk: The chance that returns from the types of stocks in which the fund invests will trail returns from the overall stock market. Small-, mid-, and large-cap stocks each tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. Historically, small- and mid-cap stocks have been more volatile in price than large-cap stocks. Small and mid-size companies tend to have greater stock volatility because, among other things, these companies are more sensitive to changing economic conditions.
  • Index replicating risk, which is the chance that the fund may be prevented from holding one or more securities in the same proportion as in its target index.
  • Index-related risks: The fund is subject to risks associated with index investing, which include passive management risk, tracking error risk, and index provider risk. Passive management risk is the chance that the fund's use of an indexing strategy will negatively impact the fund's performance. Because the fund seeks to track the performance of its target index regardless of how that index is performing, the fund's performance may be lower than it would be if the fund were actively managed. Tracking error risk is the chance that the fund's performance will deviate from the performance of its target index. Tracking error risk may be heightened during times of increased market volatility or under other unusual market conditions. Index provider risk is the chance that the fund will be negatively impacted by changes or errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the fund and, as a result, the fund's shareholders.