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VFH Vanguard Financials ETF

Also available as an Admiral™ Shares mutual fund.

Management style

Index

Asset class

Domestic Stock - Sector-Specific

Category

Financial

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 04/30/2025

Market price (MP)

$119.94

as of 05/09/2025

NAV price

$119.97

as of 05/09/2025

Overview

Key facts

IOV ticker symbol

VFH.IV

CUSIP

92204A405

Management style

Index

Asset class

Domestic Stock - Sector-Specific

Category

Financial

Inception date

01/26/2004

Fund Number

0957

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 05/09/2025

Market price

$119.94

as of 05/09/2025

Market price change

decreased-$0.05 (-0.04%)

as of 05/09/2025

Expense Ratio

0.09%

as of 02/03/2025

NAV Price

$119.97

as of 05/09/2025

NAV Change

increased$0.06 (0.05%)

as of 05/09/2025

Performance

YTD returns (MP)

2.01%

as of 05/09/2025

YTD returns (NAV)

2.05%

as of 05/09/2025

Product summary
  • Seeks to track the performance of a benchmark index that measures the investment return of stocks in the financials sector.
  • Passively managed, using a full-replication strategy when possible and a sampling strategy if regulatory constraints dictate.
  • Includes stocks of companies that provide financial services.
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

01/26/2004

VFH (Market price)-2.31%-6.89%-0.74%21.80%14.07%18.46%11.40%6.26%
VFH (NAV)
-2.18%-6.75%-0.60%21.94%14.11%18.49%11.41%6.27%

Benchmark

-2.17%-6.73%-0.58%22.04%14.19%18.59%11.51%6.35%
Market Price/Nav Toggle

as of 03/31/2025

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

20251.61%
202411.44%-2.07%10.64%8.03%30.43% 30.61%
2023-5.31%4.88%-0.59%15.59%14.12% 14.17%
2022-2.84%-16.93%-2.93%12.01%-12.25% -12.21%
202116.42%7.61%2.98%4.73%35.11% 35.37%
2020-33.20%13.78%2.85%25.35%-2.01% -2.01%
20199.36%7.54%2.03%9.74%31.69% 31.74%
2018-0.44%-2.44%3.34%-13.87%-13.54% -13.39%
20172.19%3.86%5.01%7.71%20.04% 20.17%
2016-4.04%2.75%4.80%20.74%24.75% 24.83%
2015-0.61%1.19%-6.17%5.45%-0.49% -0.40%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Total return by Market Price

Benchmark

202428.00% 2.49%30.48% 30.43%30.61%
202311.43% 2.63%14.06% 14.12%14.17%
2022-14.26% 2.03%-12.24% -12.25%-12.21%
202132.59% 2.63%35.22% 35.11%35.37%
2020-4.60% 2.50%-2.10% -2.01%-2.01%
201928.55% 3.07%31.62% 31.69%31.74%
2018-15.20% 1.74%-13.46% -13.54%-13.39%
201718.10% 1.97%20.07% 20.04%20.17%
201622.33% 2.36%24.69% 24.75%24.83%
2015-2.42% 1.96%-0.46% -0.49%-0.40%
201411.77% 2.18%13.95% 13.97%14.05%
201330.41% 2.59%33.00% 32.84%33.14%
201223.49% 2.77%26.26% 26.37%26.38%
2011-16.04% 1.69%-14.35% -14.35%-14.24%
201013.15% 1.58%14.74% 14.77%14.87%

as of 04/30/2025

1-yr3-yr5-yr10-yr

Since inception

01/26/2004

VFH (Market price)21.80%48.42%133.29%194.27%263.51%
VFH (NAV)21.94% 48.57%133.61% 194.59% 264.01%

Benchmark

22.04%48.89%134.52%197.18%

Expense ratio

VFH

0.09%

Average expense ratio of similar funds3

1.06%

Historical volatility measures
as of 03/31/2025
BenchmarkR-Squared4Beta4
Spliced U.S. Investable Market Financials 25/50 Index21.001.00
Dow Jones U.S. Total Stock Market Index0.741.05

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 Fri May 09 20:00:00GMT+0 2025

Market price change

decreased-$0.05 (-0.04%)

Open

$120.20

High

$120.44

Low

$119.63

Bid/Ask spread

$3.58 (2.94%)

Volume

317,538

Size

1 X 1

Tick

DOWN

Quotes delayed at least 15 minutes. Source: FactSet.

Closing price

Closing price as of 05/09/2025

Market price change

decreased-$0.05 (-0.04%)

NAV

$119.97

NAV change

increased$0.06 (0.05%)

30-day Median Bid/Ask spread

0.03%

52-week High

$127.38

as of 02/18/2025

52-week Low

$98.47

as of 06/14/2024

52-week Difference

$28.91 (29.36%)

Premium/Discount

$0.08

25-day Avg Volume

690,359.52

50-day Avg Volume

630,409.72

30 day SEC yield

1.65%

 

B SEC yield footnote code

 

as of 04/30/2025

Historical prices
Chart/Table Toggle
NameDateNAV
VFH 05/09/2025
$119.97

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

FundamentalVFH
Benchmark
Number of stocks 404 404
Median market cap $139.4 B $146.7 B
Earnings growth rate 12.9% 13.0%
Short-term reserves
P/E ratio 16.6x 16.8x
P/B ratio 2.2x 2.2x
Turnover rate (Fiscal Year-end 08/31/2024) 4.8%
Return on equity 12.1% 12.1%
Foreign holdings 0.0%
Fund total net assets as of 03/31/2025 $13.0 B
Share class total net assets $12.0 B
Weighted exposures

as of 03/31/2025

7.70%Asset Management &Custody Banks
Sectors5VFH Benchmark Benchmark+/- Weight Asset Management & Custody Banks7.70%7.50%0.20%Commercial & Residential Mortgage Financ0.50%0.50%0.00%Consumer Finance4.50%4.30%0.20%Diversified Banks20.20%19.60%0.60%Diversified Financial Services1.20%1.20%0.00%Financial Exchanges & Data8.00%7.80%0.20%Insurance Brokers4.70%4.60%0.10%Investment Banking & Brokerage7.80%7.60%0.20%Life & Health Insurance2.80%2.80%0.00%Mortgage REITs0.70%0.70%0.00%Multi-line Insurance0.70%0.70%0.00%Multi-Sector Holdings9.30%9.00%0.30%Property & Casualty Insurance9.00%8.70%0.30%Regional Banks6.50%6.30%0.20%Reinsurance0.60%0.60%0.00%Transaction & Payment Processing Service15.60%18.10%-2.50%

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
BRK.B Berkshire Hathaway Inc. Class B 084670702 2073390 8.96 % 2,189,942 $1,166,319,310
JPM JPMorgan Chase & Co. 46625H100 2190385 8.73 % 4,632,883 $1,136,446,200
MA Mastercard Inc. Class A 57636Q104 B121557 5.68 % 1,348,825 $739,317,959
V Visa Inc. Class A 92826C839 B2PZN04 4.74 % 1,760,788 $617,085,762
BAC Bank of America Corp. 060505104 2295677 3.61 % 11,272,670 $470,408,519
WFC Wells Fargo & Co. 949746101 2649100 2.98 % 5,412,464 $388,560,791
GS Goldman Sachs Group Inc. 38141G104 2407966 2.17 % 516,501 $282,159,331
PGR Progressive Corp. 743315103 2705024 2.10 % 964,085 $272,845,696
SPGI S&P Global Inc. 78409V104 BYV2325 2.04 % 522,446 $265,454,813
AXP American Express Co. 025816109 2026082 1.92 % 927,061 $249,425,762
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
084670702
46625H100
57636Q104
92826C839
060505104
949746101
38141G104
743315103
78409V104
025816109
Ticker Description Shares
BRK.B
JPM
MA
V
BAC
WFC
GS
PGR
SPGI
AXP
Ticker Holdings CUSIP SEDOL % of fundShares Market value
BRK.B Berkshire Hathaway Inc. Class B 084670702 2073390 8.96 % 2,189,942 $1,166,319,310
JPM JPMorgan Chase & Co. 46625H100 2190385 8.73 % 4,632,883 $1,136,446,200
MA Mastercard Inc. Class A 57636Q104 B121557 5.68 % 1,348,825 $739,317,959
V Visa Inc. Class A 92826C839 B2PZN04 4.74 % 1,760,788 $617,085,762
BAC Bank of America Corp. 060505104 2295677 3.61 % 11,272,670 $470,408,519
WFC Wells Fargo & Co. 949746101 2649100 2.98 % 5,412,464 $388,560,791
GS Goldman Sachs Group Inc. 38141G104 2407966 2.17 % 516,501 $282,159,331
PGR Progressive Corp. 743315103 2705024 2.10 % 964,085 $272,845,696
SPGI S&P Global Inc. 78409V104 BYV2325 2.04 % 522,446 $265,454,813
AXP American Express Co. 025816109 2026082 1.92 % 927,061 $249,425,762
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
084670702
46625H100
57636Q104
92826C839
060505104
949746101
38141G104
743315103
78409V104
025816109
Ticker Description Shares
BRK.B
JPM
MA
V
BAC
WFC
GS
PGR
SPGI
AXP
Ticker Holdings CUSIP SEDOL % of fundShares Market value
BRK.B Berkshire Hathaway Inc. Class B 084670702 2073390 8.96 % 2,189,942 $1,166,319,310
JPM JPMorgan Chase & Co. 46625H100 2190385 8.73 % 4,632,883 $1,136,446,200
MA Mastercard Inc. Class A 57636Q104 B121557 5.68 % 1,348,825 $739,317,959
V Visa Inc. Class A 92826C839 B2PZN04 4.74 % 1,760,788 $617,085,762
BAC Bank of America Corp. 060505104 2295677 3.61 % 11,272,670 $470,408,519
WFC Wells Fargo & Co. 949746101 2649100 2.98 % 5,412,464 $388,560,791
GS Goldman Sachs Group Inc. 38141G104 2407966 2.17 % 516,501 $282,159,331
PGR Progressive Corp. 743315103 2705024 2.10 % 964,085 $272,845,696
SPGI S&P Global Inc. 78409V104 BYV2325 2.04 % 522,446 $265,454,813
AXP American Express Co. 025816109 2026082 1.92 % 927,061 $249,425,762
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
084670702
46625H100
57636Q104
92826C839
060505104
949746101
38141G104
743315103
78409V104
025816109
Ticker Description Shares
BRK.B
JPM
MA
V
BAC
WFC
GS
PGR
SPGI
AXP
Ticker Holdings CUSIP SEDOL % of fundShares Market value
BRK.B Berkshire Hathaway Inc. Class B 084670702 2073390 8.96 % 2,189,942 $1,166,319,310
JPM JPMorgan Chase & Co. 46625H100 2190385 8.73 % 4,632,883 $1,136,446,200
MA Mastercard Inc. Class A 57636Q104 B121557 5.68 % 1,348,825 $739,317,959
V Visa Inc. Class A 92826C839 B2PZN04 4.74 % 1,760,788 $617,085,762
BAC Bank of America Corp. 060505104 2295677 3.61 % 11,272,670 $470,408,519
WFC Wells Fargo & Co. 949746101 2649100 2.98 % 5,412,464 $388,560,791
GS Goldman Sachs Group Inc. 38141G104 2407966 2.17 % 516,501 $282,159,331
PGR Progressive Corp. 743315103 2705024 2.10 % 964,085 $272,845,696
SPGI S&P Global Inc. 78409V104 BYV2325 2.04 % 522,446 $265,454,813
AXP American Express Co. 025816109 2026082 1.92 % 927,061 $249,425,762
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
084670702
46625H100
57636Q104
92826C839
060505104
949746101
38141G104
743315103
78409V104
025816109
Ticker Description Shares
BRK.B
JPM
MA
V
BAC
WFC
GS
PGR
SPGI
AXP

Distributions

Realized/Unrealized gains

as of 03/31/2025

Realized gain

-$9.13

% of NAV

decreased-7.65%

Unrealized gains of NAV

$28.88

% of NAV

increased24.18%

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$0.51060003/27/202503/25/202503/25/2025
Dividend$0.65690012/20/202412/18/202412/18/2024
Dividend$0.55260010/01/202409/27/202409/27/2024
Dividend$0.46080007/02/202406/28/202406/28/2024
Dividend$0.39970003/27/202403/25/202403/22/2024
Dividend$0.54020012/22/202312/20/202312/19/2023

Fund management

Vanguard Financials ETF seeks to track the investment performance of the MSCI US Investable Market Index (IMI)/Financials 25/50, a benchmark of large-, mid-, and small-cap U.S. stocks in the financials sector, as classified under the Global Industry Classification Standard (GICS). This GICS sector is made up of companies involved in activities such as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, and financial investment. 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 Financials ETF since 2004.
Kenny Narzikul
CFA, Portfolio manager.
Advised the fund since 2023. Worked in investment management since 2016. B.B.A., James Madison University.
Michelle Louie
CFA, Principal Portfolio manager.
Advised the fund since 2017. Worked in investment management since 2011. B.S., The American University. M.B.A., Georgia Institute of Technology.
Jena Stenger
Portfolio manager.
Advised the fund since 2025. Worked in investment management since 2013. B.S., Villanova University. M.B.A., University of Chicago Booth School of Business.

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 Financials Index through February 26, 2010; MSCI US Investable Market Index (IMI)/Financials 25/50 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 Financials ETF is listed for trading on the NYSE Arca , it is possible that an active trading market may not be maintained. Trading of Financials ETF on the NYSE Arca may be halted if NYSE Arca officials deem such action appropriate, if Financials 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 financials sector, the fund’s performance largely depends—for better or for worse—on the general condition of that sector. Companies in the financials sector could be affected by, among other things, government regulation, interest rates, cost of capital funds, credit losses, and financial markets. Sector 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.