At a glance
VLU charges 0.12% a year, below the 0.17% average of the 8 funds most like it (the 4th cheapest of 9). It has $725.5M in assets, the 9th largest of that group; it paid 1.61% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.8% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +23.9% a year. At its worst it fell 19.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low. Its ten largest positions make up 17.6% of the fund, out of 1,475 in all.
The short version
SPDR S&P 1500 Value Tilt ETF (VLU) is a State Street fund that tracks the S&P 1500 Low Valuation Tilt Index. As of June 30, 2026, it held about 1,475 US stocks of all sizes. It doesn't drop expensive stocks. It keeps nearly the whole S&P Composite 1500 and gives cheaper stocks more weight. It costs 0.12% a year, below the 0.17% average for similar funds, but at about $726 million it is the smallest fund in that group.
Price history
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VLU +20.8% 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 | |
|---|---|---|---|---|---|---|
| VLU official prospectus, to Dec 31, 2025 | — | +16.47% | — | +13.98% | +13.05% | — |
| VLU price data to Oct 27, 2026 | +18.8% | +20.8% | +23.9% | +12.7% | — | +17.6% |
- Over the year to Oct 27, 2026, VLU returned +20.8%, 6th of 9 among similar funds.
- Its 5-year annualized return was +12.7%.
- Its worst full calendar year was 2022 (-8.2%); its best was 2021 (+31.0%).
- The deepest fall in its price history was 19.6% (Jan 11, 2022 to Sep 30, 2022), recovered by Jul 28, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.8% | — |
| 2025 | +16.7% | +16.47% |
| 2024 | +17.2% | +17.53% |
| 2023 | +17.2% | +16.88% |
| 2022 | -8.2% | -8.17% |
| 2021 | +31.0% | +30.95% |
| 2020 | — | +9.60% |
| 2019 | — | +26.37% |
| 2018 | — | -7.76% |
| 2017 | — | +17.77% |
| 2016 | — | +17.79% |
| 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 17.5% over that stretch · deepest drop along the way 19.6%, back to its old high 9.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.9900 | |
| 2025 | $3.8300 | +3.5% |
| 2024 | $3.7000 | +14.2% |
| 2023 | $3.2400 | +6.9% |
| 2022 | $3.0300 | +4.5% |
| 2021 | $2.9000 |
What's inside
As of Jun 30, 2026, the fund held 1,475 securities; the ten largest made up 17.59% of assets.
| Holding | Weight | |
|---|---|---|
| Amazon.com Inc | 2.60% | |
| Berkshire Hathaway Inc | 2.54% | |
| Microsoft Corp | 2.29% | |
| Apple Inc | 1.87% | |
| Alphabet Inc | 1.64% | |
| JPMorgan Chase & Co | 1.45% | |
| UnitedHealth Group Inc | 1.42% | |
| Micron Technology Inc | 1.28% | |
| Verizon Communications Inc | 1.26% | |
| Walmart Inc | 1.25% | |
| Meta Platforms Inc | 1.15% | |
| Exxon Mobil Corp | 1.14% | |
| Bank of America Corp | 1.03% | |
| CVS Health Corp | 0.94% | |
| NVIDIA Corp | 0.93% |
By country
United States 96%Ireland 1.59%Bermuda 0.72%Switzerland 0.49%Netherlands 0.26%By asset type
Stocks 99.81%By sector
Sectors of the companies held, for the 72.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $35.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.82%, +2.53%, +0.51%.
How it works
The index starts with the S&P Composite 1500, which combines the S&P 500 (large companies), the S&P MidCap 400 and the S&P SmallCap 600. That index weights each stock by its market capitalization, meaning its total stock market value. S&P then scores how cheap each stock is. It compares the share price with the company's book value (net worth on the balance sheet), earnings, cash flow, sales and dividends, and blends five calendar years of data into one valuation score.
S&P ranks all 1,500 stocks by that score and splits them into 20 groups of roughly equal total market value. Cheaper groups get a larger weighting factor. Each stock's weight is its market value multiplied by its group's factor. Expensive stocks get less weight but stay in the index. That is why, as of June 30, 2026, Amazon (2.6%), Microsoft (2.3%) and Apple (1.9%) ranked among the largest holdings, next to Berkshire Hathaway (2.5%). The index is rebalanced once a year, after the market closes on the third Friday of April.
The adviser, SSGA Funds Management, uses sampling. That means it may buy only a subset of the index or nearly all of it, but it keeps at least 80% of assets in index stocks. The index had about 1,465 securities as of July 31, 2026. The fund holds a small amount of cash (0.93% as of June 30, 2026) and may use S&P 500 futures to manage money moving in and out. Turnover was 14%.
What it really costs
- VLU charges 0.12% a year, versus an average of 0.17% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $12 in the first year and $154 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VLU | $12 | $39 | $68 | $154 |
In a retirement portfolio
It spreads money across about 1,475 US stocks of all sizes, with only a modest lean toward cheaper companies, so it can serve as a main stock holding.
VLU gives broad US stock exposure for 0.12% a year. In the SEC's standard example, that comes to $154 in costs over 10 years on $10,000. It launched in 2012, so it has no 2008 record. Its worst quarter was the one that ended March 31, 2020, during the COVID crash, when it fell 26.83%. In the 2022 bear market it fell 19.6% between January 11 and September 30, 2022, and took about 10 months to recover, by July 28, 2023. Its worst calendar year was 2022, at -8.17%. Selling shares during a drop like that turns paper losses into real ones. The trailing yield was 1.61% as of October 27, 2026, paid quarterly. That is modest income on its own. Past results don't predict the future, 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 want large, mid and small US companies in one fund, with a mild lean toward cheaper stocks rather than a strict value portfolio.
- Cost-conscious investors: its 0.12% fee is below the 0.17% average for similar funds and under fundamental-weighted rivals FNDX (0.25%) and PRF (0.33%).
- Long-term holders who can sit through drops like the 19.6% fall in 2022, which took about 10 months to recover.
Look elsewhere if
- Investors focused on the lowest fee: iShares Core S&P U.S. Value (IUSV) charges 0.04% and SPDR Portfolio S&P 500 (SPYM) charges 0.02%.
- Investors who need meaningful income: the trailing yield was 1.61% as of October 27, 2026, paid quarterly.
- Investors who want a strict value fund: Amazon, Microsoft and Apple were among its five largest holdings as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VLU this fund | — | 0.12% | $725.5M | +20.8% | +23.9% |
| FNDX Schwab Fundamental U.S. Large Company ETF | 71% | 0.25% | $27.57B | +25.0% | +22.7% |
| PRF Invesco RAFI US 1000 ETF | 69% | 0.33% | $9.80B | +23.3% | +24.9% |
| FNDB Schwab Fundamental U.S. Broad Market ETF | 69% | 0.25% | $1.49B | +22.5% | +24.0% |
| IUS Invesco RAFI Strategic US ETF | 63% | 0.19% | $983.2M | +25.6% | +24.6% |
| IWD iShares Russell 1000 Value ETF | 59% | 0.19% | $79.74B | +28.8% | +22.2% |
| IUSV iShares Core S&P U.S. Value ETF | 58% | 0.04% | $26.46B | +16.8% | +17.8% |
| SPY SPDR S&P 500 ETF Trust | 58% | 0.0945% | $781.19B | +11.5% | +21.9% |
Questions investors ask
Is VLU good for retirement?
VLU can work as a broad stock holding, but it carries full stock-market risk. It holds about 1,475 US companies and charges 0.12% a year. Its worst quarter was a 26.83% drop in early 2020. In 2022 it fell 19.6% from peak to low and took about 10 months to recover. Its yield was 1.61% as of October 27, 2026, so it adds little income. How well it fits depends on the rest of the portfolio.
What's the difference between VLU and FNDX?
They own many of the same stocks. Holdings overlap by about 71%, but cost and size differ. Schwab Fundamental U.S. Large Company ETF (FNDX) charges 0.25%, against VLU's 0.12%. FNDX is far larger, at about $27.6 billion as of August 31, 2026, compared with about $726 million for VLU. FNDX returned 25.3% over one year as of October 30, 2026. VLU returned 20.8% as of October 27, 2026. Their three-year annualized returns were close: 24.1% and 23.9%.
Does VLU pay dividends?
Yes. VLU pays dividends every quarter. Over the 12 months to October 27, 2026, it paid $3.98 per share, a trailing yield of 1.61%. That income comes from the dividends of the companies it owns, so it can rise or fall from year to year. The fund's tilt toward cheaper stocks doesn't make it a high-income fund. Investors who need larger cash payouts may want to compare dividend-focused funds.
What is VLU's expense ratio?
VLU's expense ratio is 0.12%, according to its prospectus filed October 26, 2026. In the SEC's standard example ($10,000 invested, a 5% yearly return, shares sold at the end), costs come to $12 after one year, $39 after three, $68 after five and $154 after ten. That is below the 0.17% average for similar funds. It costs more than iShares Core S&P U.S. Value ETF (IUSV), which charges 0.04%.
How has VLU performed over 10 years?
VLU returned an average of 13.05% a year over the 10 years ended December 31, 2025, according to its prospectus. Its five-year average was 13.98% and its one-year return was 16.47%. It had two losing calendar years in that decade: 2018 (-7.76%) and 2022 (-8.17%). Its strongest year was 2021, at 30.95%. Based on price data, it was up 18.8% for 2026 through October 27, which is a partial year.