Vanguard S&P Small-Cap 600 Value ETF

Vanguard S&P Small-Cap 600 Value ETF (VIOV) is an index fund that holds the value stocks within the S&P SmallCap 600 Index. These are smaller US companies whose shares look inexpensive by the index provider's measures. Its expense ratio is 0.10%, lower than the 0.15% for SLYV and the 0.18% for IJS, two similar S&P 600 value funds. The trade-off is that small-cap stocks have historically been more volatile than larger companies.

• Over the year to Oct 27, 2026, VIOV returned +19.0%, 4th of 9 among similar funds.
• Its 5-year annualized return was +7.2%.
• Its worst full calendar year was 2022 (-11.4%); its best was 2021 (+30.6%).
• The deepest fall in its price history was 28.4% (Nov 25, 2024 to Apr 8, 2025), recovered by Dec 10, 2025.

As of Aug 31, 2026, the fund held 462 securities; the ten largest made up 9.03% of assets.

• Over the three months to Aug 31, 2026, investors added a net $6.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.08%, -0.56%, +0.54%.

VIOV is the exchange-traded share class of a larger Vanguard mutual fund, Vanguard S&P Small-Cap 600 Value Index Fund. The fund follows the S&P SmallCap 600 Value Index. That index contains the value companies of the S&P SmallCap 600 Index, as the index provider defines them. "Value" stocks generally trade at low prices compared with measures such as earnings or assets. Vanguard does not pick stocks itself. The index decides what goes in and what comes out.

The fund tries to replicate the index. That means it holds all, or nearly all, of the index's stocks in about the same proportions. It must keep at least 80% of its net assets in index stocks. As of August 31, 2026, it had 462 holdings, and the 10 largest made up only about 9% of the fund. The largest were Paycom Software (1.07%), Match Group (1.03%), Jackson Financial (1.01%), CarMax (0.94%) and SM Energy (0.92%).

Portfolio turnover was 47%. Turnover is a rough measure of how much of the portfolio was replaced over a year. It can run this high when stocks move into or out of the value index. The fund held about 0.5% in cash and a few tiny futures and swap positions, worth roughly 0% of assets. It uses no leverage. Shares trade on NYSE Arca at market prices, which can differ slightly from the value of the fund's holdings.

• VIOV charges 0.1% a year, versus an average of 0.14% 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 a low-cost tilt toward small, value-priced US companies, but its large past swings make it better suited as a smaller slice next to a broader core fund.

VIOV holds smaller, cheaper-looking US companies that large-cap core funds own little of. The ride can be rough. The figures here don't go back to the 2008 crisis. In the first quarter of 2020, the fund lost 37.35%. In the 2022 bear market, it fell 22.1% from peak to low and recovered in about four months, by February 2023. Its deepest drop in price data since mid-2020 was 28.4%, from November 2024 to April 2025, and recovery took about eight months. Its worst calendar year from 2018 to 2024 was 2018, at −12.77%. Anyone who had to sell shares in those stretches would have locked in losses.

The yield was 1.65% as of October 27, 2026, paid quarterly, so this is not mainly an income fund. Costs are low at 0.10% a year. Past results don't predict future ones. A plan should look at the whole portfolio, not one fund.

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