Vanguard S&P Mid-Cap 400 Value ETF

Vanguard S&P Mid-Cap 400 Value ETF (IVOV) is an index fund that holds the value companies of the S&P MidCap 400 Index. As of May 31, 2026, that meant 302 mid-size US stocks such as Alcoa, Reliance and TD SYNNEX. Its 0.10% yearly fee is lower than iShares IJJ's 0.18% and SPDR MDYV's 0.15%, and those two funds hold nearly the same stocks.

• Over the year to Oct 27, 2026, IVOV returned +12.2%, 5th of 9 among similar funds.
• Its 5-year annualized return was +8.3% and its 10-year +10.4%.
• In the 2020 COVID crash it fell 45.4% and regained its old high 8.1 months after the low.
• Its worst full calendar year was 2018 (-12.1%); its best was 2013 (+34.4%).
• The deepest fall in its price history was 46% (Jan 16, 2020 to Mar 23, 2020), recovered by Dec 4, 2020.

As of May 31, 2026, the fund held 302 securities; the ten largest made up 10.18% of assets.

• Over the three months to May 31, 2026, investors added a net $34.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -5.26%, +7.59%, -0.13%.

IVOV is the exchange-traded share class of Vanguard S&P Mid-Cap 400 Value Index Fund. It aims to track the S&P MidCap 400 Value Index. That index picks out the value companies within the S&P MidCap 400 Index, which measures mid-size US companies. Value stocks are shares that look cheap compared with measures such as a company's earnings or assets. The index provider decides which stocks count as value, not Vanguard.

Vanguard uses full replication. This means it tries to own all, or nearly all, of the stocks in the index, each in about the same proportion as its index weight. The fund must keep at least 80% of its net assets in index stocks. Portfolio turnover, the share of holdings replaced over a year, was 39% in the prospectus filed December 19, 2025. As of May 31, 2026, the fund held 302 stocks. The 10 largest made up about 10% of assets, led by Alcoa (1.19%), Reliance (1.18%) and TD SYNNEX (1.16%). Cash was 0.13%, and a small S&P MidCap 400 futures position was close to 0% of assets.

Shares trade on NYSE Arca at market prices, which can differ slightly from the value of the stocks the fund owns. Only large firms called authorized participants can create or redeem shares directly with the fund. That process normally keeps the market price close to the value of the portfolio. The fund uses no leverage and no options strategy.

• IVOV charges 0.1% a year, versus an average of 0.12% for the similar funds below (4th of 9, cheapest first).
• Of that, 0.08% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $10 in the first year and $128 over 10 years (assuming a 5% annual return).

It adds mid-size, value-style US companies, and that slice of the market can behave differently from the large-company stocks that lead most portfolios.

IVOV spreads money across about 300 mid-size value stocks, which comes with sharper swings than a large-cap fund. From January 16 to March 23, 2020, it fell 46%. It took about 8 months, until December 4, 2020, to get back to its earlier high. In the 2022 bear market it fell 19.3% and recovered by January 27, 2023. Its worst calendar year was 2018, at -11.99%. The fund launched in 2010, so it has no record from 2008. Someone selling shares for spending money during a drop like 2020's would have locked in deep losses.

The yield was 1.64% as of October 27, 2026, and the fund pays once a year, so it offers only modest income. Costs are low: under the SEC's standard example, $10,000 invested would cost $10 in the first year and $128 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

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