At a glance
VFVA charges 0.13% a year, below the 0.27% average of the 8 funds most like it (the 2nd cheapest of 9). It has $956.6M in assets, the 5th largest of that group; it paid 1.8% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +26.2% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +22.1% a year. At its worst it fell 20.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low. Its ten largest positions make up 7.9% of the fund, out of 687 in all.
The short version
Vanguard U.S. Value Factor ETF (VFVA) is an actively managed fund. A computer model picks U.S. stocks of all sizes that look cheap compared with measures such as earnings and book value. It held 687 stocks as of August 31, 2026, and none was more than 1% of the fund. Its 0.13% expense ratio is about half the 0.27% average of similar funds.
Price history
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VFVA +26.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| VFVA official prospectus, to Dec 31, 2025 | — | +14.68% | — | +13.81% | — | +9.99% |
| VFVA price data to Oct 27, 2026 | +21.5% | +26.2% | +22.1% | +12.0% | — | +19.3% |
- Over the year to Oct 27, 2026, VFVA returned +26.2%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +12.0%.
- Its worst full calendar year was 2022 (-3.9%); its best was 2021 (+37.0%).
- The deepest fall in its price history was 24.1% (Nov 25, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.5% | — |
| 2025 | +14.8% | +14.68% |
| 2024 | +7.7% | +7.79% |
| 2023 | +17.4% | +17.21% |
| 2022 | -3.9% | -3.84% |
| 2021 | +37.0% | +37.04% |
| 2020 | — | +2.26% |
| 2019 | — | +24.94% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.3% over that stretch · deepest drop along the way 20.2%, back to its old high 4.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.0800 | |
| 2025 | $2.8500 | 0.0% |
| 2024 | $2.8500 | +3.3% |
| 2023 | $2.7600 | +26.6% |
| 2022 | $2.1800 | +22.5% |
| 2021 | $1.7800 |
What's inside
As of Aug 31, 2026, the fund held 687 securities; the ten largest made up 7.87% of assets.
| Holding | Weight | |
|---|---|---|
| Salesforce Inc | 0.96% | |
| Bristol-Myers Squibb Co | 0.86% | |
| EOG Resources Inc | 0.83% | |
| AT&T Inc | 0.78% | |
| Verizon Communications Inc | 0.77% | |
| Pfizer Inc | 0.76% | |
| Comcast Corp | 0.75% | |
| General Motors Co | 0.73% | |
| Accenture PLC | 0.71% | |
| Cigna Group | 0.71% | |
| Newmont Corp | 0.69% | |
| Intuit Inc | 0.67% | |
| US Bancorp | 0.66% | |
| Marathon Petroleum Corp | 0.63% | |
| CVS Health Corp | 0.62% |
By country
United States 99.68%By asset type
Stocks 99.68%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $42.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.02%, +5.83%, +2.89%.
How it works
VFVA does not track an index. Vanguard, the fund's advisor, uses a quantitative model, meaning a rules-driven computer process. The model scores every stock in a universe of U.S. large, mid-size and small companies. It favors shares with low prices compared with fundamental value. Two such measures are book-to-price (the company's net worth on its books compared with its share price) and earnings-to-price. A rules-based screen spreads money across many sectors and limits exposure to thinly traded stocks. At least 80% of net assets go into U.S. companies.
The result is a portfolio with many small positions. As of August 31, 2026, the fund held 687 stocks, and the top 10 made up only 7.87% of assets. The largest were Salesforce (0.96%), Bristol-Myers Squibb (0.86%), EOG Resources (0.83%), AT&T, Verizon and Pfizer.
Turnover was 64%, according to the prospectus. That means the fund trades a lot, and trading costs are not included in the expense ratio. The fund also held 0.17% in cash and two tiny stock-index futures positions. Shares trade on Cboe BZX Exchange at market prices, which can sometimes differ from the fund's net asset value (the value of its holdings per share).
What it really costs
- VFVA charges 0.13% a year, versus an average of 0.27% for the similar funds below (2nd of 9, cheapest first).
- Of that, 0.11% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $13 in the first year and $166 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VFVA | $13 | $42 | $73 | $166 |
In a retirement portfolio
It adds a low-cost tilt toward cheaper U.S. stocks of all sizes, which can behave differently from a broad market fund.
VFVA launched in 2018, so it has no record from the 2008 crisis. The 2020 crash hit it hard. It lost 39.19% in the first quarter of 2020, its worst quarter. In 2022 it fell 20.2% from March to September and recovered by February 2023, about four months later. It ended 2022 down 3.84%, its worst calendar year. Since June 2020, its deepest drop was 24.1%, from November 2024 to April 2025, and it took about 4.5 months to recover. A retiree who has to sell during drops like these locks in losses.
The yield was 1.8% for the 12 months to October 27, 2026, paid quarterly. Under the SEC's standard example, costs come to $13 in the first year on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who already own a broad U.S. stock fund and want a low-cost tilt toward cheaper stocks, at 0.13% a year.
- People who want wide diversification: 687 stocks of all sizes as of August 31, 2026, with no single position above 1%.
- Holders who accept a model-driven active approach and the prospectus warning that value stocks can trail the broad market for long periods.
Look elsewhere if
- Investors who mainly want income: the yield over the 12 months to October 27, 2026, was 1.8%.
- Anyone who wants a fund that tracks a published index. VFVA is actively managed by Vanguard's model and had 64% turnover.
- People who can't tolerate sharp drops like the 39.19% loss in the first quarter of 2020.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VFVA this fund | — | 0.13% | $956.6M | +26.2% | +22.1% |
| VFMF Vanguard U.S. Multifactor ETF | 42% | 0.18% | $976.2M | +30.9% | +26.5% |
| FAB First Trust Multi Cap Value AlphaDEX Fund | 41% | 0.64% | $168.5M | +22.2% | +19.1% |
| DFUV Dimensional US Marketwide Value ETF | 33% | 0.21% | $15.43B | +28.9% | +21.4% |
| DFVE DoubleLine Fortune 500 Equal Weight ETF | 32% | 0.2% | $32.3M | +15.7% | — |
| DFSV Dimensional US Small Cap Value ETF | 31% | 0.3% | $8.21B | +23.6% | +20.0% |
| DFAT Dimensional U.S. Targeted Value ETF | 30% | 0.28% | $14.47B | +25.9% | +18.2% |
| DXUV Dimensional US Vector Equity ETF | 24% | 0.25% | $550.5M | +16.8% | — |
Questions investors ask
Is VFVA an index fund?
No. VFVA is actively managed, but not by a stock picker making judgment calls. Vanguard uses a quantitative model to score U.S. stocks of all sizes on value measures such as book-to-price and earnings-to-price. A rules-based screen promotes diversification and limits thinly traded stocks. The prospectus warns that the advisor's choices could cause the fund to trail the market or other funds with the same goal.
Does VFVA pay dividends?
Yes. VFVA pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $2.86 per share, a yield of 1.8%. That is modest income. The fund's goal is long-term growth by owning cheaper stocks, not maximum income. Its largest holdings include dividend-paying companies such as AT&T, Verizon, Pfizer and Bristol-Myers Squibb, but the payout depends on what the model selects.
What is the difference between VFVA and DFUV?
Both own U.S. value stocks, and about 33% of their holdings overlap. VFVA costs 0.13% a year, while Dimensional US Marketwide Value ETF (DFUV) costs 0.21%. DFUV is much larger, at about $15.4 billion in net assets versus about $957 million for VFVA. Over one year, DFUV returned 29.3% (as of October 30, 2026), and VFVA returned 26.2% (as of October 27, 2026). Vanguard U.S. Multifactor ETF (VFMF) overlaps more, at 42%, but it blends several factors, not value alone.
What is VFVA's expense ratio?
VFVA's expense ratio is 0.13%, according to its March 27, 2026, prospectus. That includes a 0.11% management fee. Under the SEC's standard example ($10,000 invested, 5% yearly return), costs total $13 after one year, $42 after three, $73 after five and $166 after ten. Among similar funds, the average expense ratio is 0.27%. Only iShares Morningstar Small Cap Value ETF, at 0.06%, costs less.
How has VFVA performed over the long term?
As of December 31, 2025, VFVA returned 14.68% over one year and 13.81% a year over five years, according to its prospectus. Since its February 2018 launch, it averaged 9.99% a year. Its strongest calendar year was 2021, at 37.04%. Its weakest was 2022, at -3.84%. Based on market prices, it was up 21.5% for 2026 through October 27. Past returns don't predict future results.