At a glance
VSLU charges 49.0% a year, above the 0.08% average of the 8 funds most like it (the most expensive of 9). It has $545.8M in assets, the 9th largest of that group; it paid 0.41% of its price in distributions over the past 12 months, annual. Over the past year it returned +12.5% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +24.8% a year. At its worst it fell 23.6% 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 49.9% of the fund, out of 460 in all.
The short version
Applied Finance Valuation Large Cap ETF (VSLU) is an actively managed fund. Instead of tracking an index, it picks large US companies using its adviser's own valuation models. It held 460 stocks as of June 30, 2026, led by NVIDIA, Apple and Alphabet. Its 0.49% expense ratio is far above the 0.08% average of similar funds, so the case for owning it rests on the manager's stock picking.
Price history
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VSLU +12.5% 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 | |
|---|---|---|---|---|---|---|
| VSLU official prospectus, to Dec 31, 2025 | — | +20.42% | — | — | — | +13.53% |
| Morningstar® US Large-Mid Cap Index (TR) (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.71% | — | — | — | +11.97% |
| VSLU price data to Oct 27, 2026 | +11.4% | +12.5% | +24.8% | +13.6% | — | +13.9% |
- Over the year to Oct 27, 2026, VSLU returned +12.5%, 5th of 9 among similar funds.
- Its 5-year annualized return was +13.6%.
- Its worst full calendar year was 2022 (-16.1%); its best was 2023 (+26.8%).
- The deepest fall in its price history was 23.9% (Dec 29, 2021 to Sep 30, 2022), recovered by Jul 28, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.4% | — |
| 2025 | +21.5% | +20.42% |
| 2024 | +23.8% | +23.77% |
| 2023 | +26.8% | +26.59% |
| 2022 | -16.1% | -15.82% |
| 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 23.1% over that stretch · deepest drop along the way 23.6%, back to its old high 9.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2000 | -9.1% |
| 2024 | $0.2200 | +22.2% |
| 2023 | $0.1800 | -21.7% |
| 2022 | $0.2300 |
What's inside
As of Jun 30, 2026, the fund held 460 securities; the ten largest made up 49.93% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORPORATION | 10.18% | |
| APPLE INC. | 9.33% | |
| ALPHABET INC. | 7.47% | |
| MICROSOFT CORPORATION | 6.14% | |
| META PLATFORMS, INC. | 3.86% | |
| ELI LILLY AND COMPANY | 3.69% | |
| VISA INC. | 2.98% | |
| BROADCOM INC. | 2.86% | |
| MASTERCARD INCORPORATED | 2.15% | |
| BOOKING HOLDINGS INC. | 1.27% | |
| MERCK & CO., INC. | 1.27% | |
| JOHNSON & JOHNSON | 1.26% | |
| ABBVIE INC. | 1.22% | |
| Philip Morris International Inc. | 0.96% | |
| THE HOME DEPOT, INC. | 0.91% |
By country
United States 96.23%Ireland 1.52%Liberia 0.28%Bermuda 0.27%Switzerland 0.24%By asset type
Stocks 99.1%By sector
Sectors of the companies held, for the 88.6% 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 $58.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.28%, +4.30%, -2.04%.
How it works
VSLU does not follow an index. The adviser, Applied Finance Group, puts at least 80% of net assets in large companies. It defines these as companies worth $5 billion or more when bought. It scores stocks with its own model, called Intrinsic Value Stewardship. "Intrinsic value" is the adviser's estimate of what a business is worth, based on profitability, competition, growth and cost of capital (the return investors demand to fund the company). "Stewardship" looks at how well management uses capital, including how the company raises money.
The adviser expects to hold at least 200 stocks, and the fund held 460 as of June 30, 2026. Even so, it is legally "non-diversified." That means it can put more than 5% in a single stock or lean heavily into one sector. On that date NVIDIA made up 10.2% of the fund, Apple 9.3% and Alphabet 7.5%. The top 10 holdings were about half the portfolio, and technology was the largest sector at 35.4%.
There is no fixed rebalancing schedule. The adviser sells a stock when it no longer looks attractive or has grown too large in the portfolio. Portfolio turnover was 23.56%, according to the April 2026 prospectus. Tidal Investments is the sub-adviser. The fund uses no leverage or options, and it held no derivatives as of June 30, 2026.
What it really costs
- VSLU charges 49% a year, versus an average of 0.08% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VSLU | $50 | $157 | $274 | $616 |
In a retirement portfolio
It owns a broad spread of 460 large US companies, but its active, valuation-driven approach and higher fee make it a core option with trade-offs rather than a plain index substitute.
VSLU could serve as a core holding of large US stocks, though it costs more and is more top-heavy than a typical index fund. It launched in April 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell about 24% from its peak and took roughly 10 months to recover, getting back to its high in July 2023. Its worst calendar year was 2022, at −15.82%. Anyone forced to sell shares during a drop like that would lock in losses. Income is small: the yield was 0.41% as of October 27, 2026, and the fund pays once a year. Costs add up too. The SEC's standard example puts expenses at $616 over 10 years on $10,000. 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 US stocks chosen by a valuation model and accept a 0.49% annual fee for that active approach.
- Long-term holders comfortable with NVIDIA, Apple, Alphabet and Microsoft making up about a third of assets, as of June 30, 2026.
- Investors drawn to its record: 13.53% a year since its 2021 launch versus 11.97% for its benchmark index, through December 31, 2025.
Look elsewhere if
- Cost-focused investors: similar index funds such as VOO and IVV charge 0.03%, and VSLU ranked last of nine similar funds on cost.
- Retirees who need regular income, since the yield was just 0.41% as of October 27, 2026, paid only once a year.
- Anyone who wants a long track record: the fund launched in April 2021 and has not been tested by a crash like 2008 or 2020.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VSLU this fund | — | 49% | $545.8M | +12.5% | +24.8% |
| MGC Vanguard Mega Cap ETF | 59% | 0.07% | $10.90B | +13.5% | +26.0% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 58% | 0.2% | $2.74B | +12.6% | +24.8% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 58% | 0% | $5.47B | +13.4% | +25.4% |
| SPY SPDR S&P 500 ETF Trust | 58% | 0.0945% | $781.19B | +11.5% | +21.9% |
| VOO Vanguard S&P 500 ETF | 58% | 0.03% | $1.67T | +12.4% | +23.6% |
| IVV iShares Core S&P 500 ETF | 58% | 0.03% | $888.13B | +11.5% | +22.0% |
| IWL iShares Russell Top 200 ETF | 57% | 0.15% | $2.19B | +12.5% | +25.5% |
Questions investors ask
Is VSLU an index fund?
No. VSLU is actively managed and does not try to copy an index. Its adviser, Applied Finance Group, picks companies worth $5 billion or more using its own valuation model, called Intrinsic Value Stewardship. The model weighs profitability, growth, competition, cost of capital and how management uses money. The fund held 460 stocks as of June 30, 2026. The prospectus compares its results with the Morningstar US Large-Mid Cap Index, but the fund's holdings can look quite different from that index.
What is VSLU's expense ratio?
VSLU's expense ratio is 0.49% a year, according to its prospectus filed April 27, 2026. That is far above the 0.08% average for similar large-cap funds, and VSLU ranks ninth of nine on cost. In the SEC's standard example, $10,000 earning 5% a year would cost about $50 after one year, $274 after five years and $616 after 10 years. By comparison, VOO and IVV charge 0.03%.
VSLU vs MGC: what's the difference?
Vanguard Mega Cap ETF (MGC) shares the most holdings with VSLU, about 59%. But MGC is an index fund that charges 0.07%, compared with VSLU's 0.49%. MGC is also much larger, with about $10.9 billion in net assets as of August 31, 2026, against VSLU's roughly $546 million as of June 30, 2026. As of October 27, 2026, MGC returned 13.5% over one year and 26% a year over three years. VSLU returned 12.5% and 24.8%.
Does VSLU pay dividends?
Yes, but not much, and only once a year. Over the trailing 12 months it paid about $0.20 per share, a yield of 0.41% as of October 27, 2026. The low yield reflects its large positions in companies such as NVIDIA, Apple and Alphabet, which pay small dividends relative to their share prices. Investors who rely on regular income from their portfolio would get little of it from this fund.
How did VSLU do in 2022?
VSLU lost 15.82% in 2022, its worst calendar year, according to its prospectus. From its peak on December 29, 2021, to its low on September 30, 2022, it fell about 24%. It was back at its high by July 28, 2023, roughly 10 months after the low. Its worst quarter was the three months ended June 30, 2022, at −14.26%. The fund launched in April 2021, so it has no record from the 2008 or 2020 crashes.