At a glance
VOTE charges 0.05% a year, below the 0.08% average of the 8 funds most like it (the 6th cheapest of 9). It has $1.10B in assets, the 8th largest of that group; it paid 0.91% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.5% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +25.2% a year. At its worst it fell 25.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 37.1% of the fund, out of 507 in all.
The short version
TCW Transform 500 ETF (VOTE) is an index fund that holds the roughly 500 largest U.S. stocks in the Morningstar US Large Cap Select Index, weighted by market value. What sets it apart is less what it owns than how it acts as an owner: TCW applies its own proxy voting guidelines and may hold talks with company management. Its 0.05% expense ratio is low, though several near-identical funds charge less.
Price history
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VOTE +13.5% 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 | |
|---|---|---|---|---|---|---|
| VOTE official prospectus, to Dec 31, 2025 | — | +17.90% | — | — | — | +12.35% |
| Morningstar US Large Cap Select TR USD (reflects no deduction for fees, expenses, or taxes) index, same period | — | +17.96% | — | — | — | +12.41% |
| VOTE price data to Oct 27, 2026 | +13.9% | +13.5% | +25.2% | +12.4% | — | +13.0% |
- Over the year to Oct 27, 2026, VOTE returned +13.5%, 1st of 9 among similar funds.
- Its 5-year annualized return was +12.4%.
- Its worst full calendar year was 2022 (-19.7%); its best was 2023 (+27.6%).
- The deepest fall in its price history was 25.7% (Dec 29, 2021 to Oct 14, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.9% | — |
| 2025 | +17.9% | +17.94% |
| 2024 | +25.2% | +25.24% |
| 2023 | +27.6% | +27.60% |
| 2022 | -19.7% | -19.74% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.5% over that stretch · deepest drop along the way 25.5%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6200 | |
| 2025 | $0.8300 | +1.2% |
| 2024 | $0.8200 | +9.3% |
| 2023 | $0.7500 | +8.7% |
| 2022 | $0.6900 |
What's inside
As of Jul 31, 2026, the fund held 507 securities; the ten largest made up 37.06% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 7.25% | |
| APPLE INC | 6.99% | |
| MICROSOFT CORP | 5.32% | |
| AMAZON.COM INC | 4.11% | |
| ALPHABET INC-CL A | 3.21% | |
| BROADCOM INC | 2.79% | |
| ALPHABET INC-CL C | 2.59% | |
| META PLATFORMS INC-CLASS A | 1.88% | |
| BERKSHIRE HATHAWAY INC-CL B | 1.46% | |
| JPMORGAN CHASE & CO | 1.46% | |
| MICRON TECHNOLOGY INC | 1.43% | |
| ELI LILLY & CO | 1.42% | |
| TESLA INC | 1.35% | |
| ADVANCED MICRO DEVICES | 1.19% | |
| EXXONMOBIL HOLDINGS CORP | 1.00% |
By country
United States 96.89%Ireland 2%Switzerland 0.29%Bermuda 0.15%Liberia 0.12%By asset type
Stocks 98.3%Real estate 1.63%By sector
Sectors of the companies held, for the 89.9% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $16.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.38%, -0.81%, -0.21%.
How it works
VOTE tracks the Morningstar US Large Cap Select Index, which targets the 500 largest U.S. stocks by market capitalization (a company's total stock market value). Stocks are weighted by free-float market cap, so only shares readily available to trade count. Shares held by governments or other companies are left out. Bigger companies take up more of the fund. As of July 31, 2026, NVIDIA (7.3%), Apple (7.0%) and Microsoft (5.3%) were the largest holdings, the top 10 made up 37% of assets, and technology was about 34%.
The fund uses full replication: it generally buys every stock in the index in the same proportions. The index had 506 securities as of December 31, 2025. The index and the fund rebalance quarterly, and turnover was 3%, so trading is light. The fund may use futures, options and swaps tied to index stocks, but it says it does not intend to write options or use complex swaps.
The ownership side is what makes it different. TCW votes the fund's shares under its own proxy voting guidelines and may talk with company management. The fund can lend up to one-third of its assets, but it says voting all proxies is a priority, which can affect lending income. If a TCW affiliate runs an activist campaign at a company, the fund may be limited in what it can do there.
What it really costs
- VOTE charges 0.05% a year, versus an average of 0.08% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $5 in the first year and $64 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VOTE | $5 | $16 | $28 | $64 |
In a retirement portfolio
It offers broad, low-cost exposure to about 500 large U.S. companies through full index replication.
VOTE could serve as the U.S. stock core of a portfolio. One fund covers about 500 large companies for 0.05% a year, which works out to $64 over 10 years on $10,000 in the SEC's standard example. It launched in June 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 25.5%, and 2022 was its worst calendar year, at -19.74%. Its deepest drop, 25.7%, took about 14 months to recover from the October 2022 low, ending December 13, 2023. Anyone forced to sell shares for living costs during a drop like that would lock in losses. Income is modest: the yield was 0.91% as of October 27, 2026, paid quarterly. With technology at about 34%, the fund leans heavily on one sector. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund covering about 500 large U.S. companies for 0.05% a year, below the 0.08% average of similar funds.
- Shareholders who care how their fund votes at company meetings and value TCW's proxy voting guidelines and engagement with management.
- Long-term holders who can sit through stock-market drops like the 25.5% fall in the 2022 bear market, which took 14 months to recover.
Look elsewhere if
- Cost-focused investors: BBUS charges 0.02% and BKLC 0%, and their holdings overlap with VOTE's by 99% and 98%.
- Those needing meaningful income: the yield was 0.91% as of October 27, 2026, paid quarterly.
- Investors wanting less tech exposure: technology was about 34% as of July 31, 2026, led by NVIDIA, Apple and Microsoft.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VOTE this fund | — | 0.05% | $1.10B | +13.5% | +25.2% |
| BBUS JPMorgan BetaBuilders U.S. Equity ETF | 99% | 0.02% | $8.89B | +13.0% | +24.8% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 98% | 0% | $5.47B | +13.4% | +25.4% |
| PBUS Invesco MSCI USA ETF | 96% | 0.04% | $11.67B | +13.1% | +24.9% |
| GSUS Goldman Sachs MarketBeta U.S. Equity ETF | 95% | 0.07% | $3.33B | +13.1% | +25.2% |
| ONOF Global X Adaptive U.S. Risk Management ETF | 95% | 0.39% | $141.7M | +9.4% | +15.9% |
| USPX Franklin U.S. Equity Index ETF | 93% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPY SPDR S&P 500 ETF Trust | 92% | 0.0945% | $781.19B | +11.5% | +21.9% |
Questions investors ask
Is VOTE good for retirement?
VOTE can fill the U.S. large-company stock slot in a retirement portfolio, but it holds only stocks and moves with the market. It charges 0.05% a year, and its yield was 0.91% as of October 27, 2026, paid quarterly. It fell 25.5% in the 2022 bear market and took 14 months to recover. Because it launched in June 2021, it has no record from the 2008 or 2020 crashes.
What's the difference between VOTE and BBUS?
Very little in what they own: their holdings overlap by 99%. VOTE tracks the Morningstar US Large Cap Select Index. BBUS, the JPMorgan BetaBuilders U.S. Equity ETF, is cheaper at 0.02% versus 0.05%. It is also much larger, with about $8.9 billion in net assets versus about $1.1 billion for VOTE as of July 31, 2026. One-year returns were 13.5% for VOTE and 13% for BBUS as of October 27, 2026. VOTE's main difference is TCW's approach to proxy voting.
Does VOTE pay dividends?
Yes, VOTE pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.83 per share, a yield of 0.91%. The money comes from dividends paid by the roughly 500 large U.S. companies it holds. That income is modest, so the fund is built more for long-term growth than for steady cash flow. Investors who rely on portfolio income may want to compare it with funds designed for higher yields.
Is the TCW VOTE ETF an ESG fund?
Not in the usual sense of screening out companies. The prospectus describes no stock screens. The fund uses full replication, generally holding every stock in the Morningstar US Large Cap Select Index at its index weight, including energy companies such as ExxonMobil. What sets it apart is ownership: TCW votes the fund's shares under its own proxy voting guidelines, which it says aim to protect value and increase transparency, and it may hold talks with company management.
How much did VOTE lose in 2022?
VOTE returned -19.74% for calendar year 2022, its worst year since launch, according to its prospectus. The drop from peak to low was deeper: 25.7% between December 29, 2021 and October 14, 2022. The fund was back to its old high by December 13, 2023, about 14 months after the low. Its worst single quarter was the one ending June 30, 2022, at -16.9%.