Vanguard S&P Mid-Cap 400 ETF

Vanguard S&P Mid-Cap 400 ETF (IVOO) is an index fund that holds the 400 mid-size US companies in the S&P MidCap 400 Index. It is the exchange-traded share class of a larger Vanguard index fund. Its 0.07% expense ratio is half the 0.14% average of similar funds. SPDR's SPMD (0.03%) and iShares' IJH (0.05%) charge even less and own nearly the same stocks, with 94% overlap.

• Over the year to Oct 27, 2026, IVOO returned +12.0%, 8th of 9 among similar funds.
• Its 5-year annualized return was +7.5% and its 10-year +11.0%.
• In the 2020 COVID crash it fell 42.3% and regained its old high 7.6 months after the low.
• Its worst full calendar year was 2022 (-13.2%); its best was 2013 (+33.6%).
• The deepest fall in its price history was 42.3% (Feb 20, 2020 to Mar 23, 2020), recovered by Nov 9, 2020.

As of May 31, 2026, the fund held 400 securities; the ten largest made up 8.32% of assets.

• Over the three months to May 31, 2026, investors added a net $117.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -5.39%, +7.85%, +2.45%.

IVOO tracks the S&P MidCap 400 Index, which measures the performance of mid-size US companies. No manager picks stocks. The prospectus says the fund tries to replicate the index: it buys all or nearly all of the index's stocks and holds each one in about the same proportion as its weight in the index. It must keep at least 80% of its net assets in those stocks.

Because the index is spread across many companies, no single stock dominates. As of May 31, 2026, the fund held 400 stocks, and the top ten made up only 8.32% of assets. Flex Ltd was the largest at about 1.6%. Twilio, TechnipFMC, Curtiss-Wright and nVent Electric each came in near 0.8%. When the index adds or drops companies, the fund follows. Its portfolio turnover was 15%, a measure of how much of the portfolio is replaced in a year. The fund also keeps a small cash balance (0.36%) and a tiny position in index futures.

IVOO is one share class of the Vanguard S&P Mid-Cap 400 Index Fund, which had $5.6 billion in net assets across all share classes as of May 31, 2026. The ETF shares trade on NYSE Arca at market prices, which can differ slightly from the value of the holdings. Only a few large financial firms, called authorized participants, can create or redeem shares directly with the fund.

• IVOO charges 0.07% a year, versus an average of 0.14% for the similar funds below (3rd of 9, cheapest first).
• Of that, 0.06% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $7 in the first year and $90 over 10 years (assuming a 5% annual return).

It adds mid-size US companies to a portfolio built around large-cap stocks, but it is still an all-stock fund that falls when the market falls.

IVOO adds 400 mid-size US companies to a portfolio, at a cost of 0.07% a year. That works out to about $90 over 10 years in the SEC's $10,000 example. The trade-off is sharp drops. In the 2020 COVID crash it fell 42.3% between February 20 and March 23, 2020, and recovered in about 7.6 months. In 2022 it fell 22.7% and did not recover until December 19, 2023, about 18 months later. Its worst calendar year in the prospectus was 2022, at -13.14%. The fund launched in 2010, so it has no 2008 record.

Selling shares to fund withdrawals during a drop like these would lock in losses. Income is modest: the yield was 1.21% as of October 27, 2026, paid quarterly. Past results don't predict future returns. A plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.