VOO Holdings: Complete S&P 500 Position Guide + VXF ETF & Total Market Strategy (2025–2026)
The Vanguard S&P 500 ETF (NYSE Arca: VOO) is now the world's largest ETF by assets under management — surpassing the SPDR S&P 500 ETF Trust (SPY) — with approximately $862 billion to $1.51 trillion in AUM (ETF share class vs. total Vanguard fund strategy including mutual fund) as of early 2026. VOO tracks the S&P 500 Index, holding 500+ of the largest U.S. companies, and charges just 0.03% in annual expenses — one of the lowest expense ratios of any ETF in existence. For every $10,000 invested, VOO costs just $3 per year.
This page provides a complete breakdown of VOO's top holdings, sector weights, the S&P 500 inclusion methodology, and a detailed guide to VXF — the Vanguard Extended Market ETF — the lesser-known companion ETF that covers every U.S. stock outside the S&P 500. Together, VOO + VXF effectively replicate total U.S. stock market exposure, making them the foundation of the popular "DIY VTI" strategy among cost-conscious investors.
VOO ETF Quick Facts (Early 2026)
| Metric | Value |
|---|---|
| Full Name | Vanguard S&P 500 ETF |
| Ticker | VOO (NYSE Arca) |
| Index Tracked | S&P 500 Index |
| Inception Date | September 7, 2010 |
| AUM — ETF Share Class (Feb 2026) | ~$862 billion |
| AUM — Total Fund Strategy | ~$1.51 trillion (incl. mutual fund) |
| Expense Ratio | 0.03% ($3/year per $10,000) |
| Number of Holdings | ~503–505 (S&P 500 has 503 securities due to dual share classes) |
| Rebalancing | Quarterly; index reconstituted by S&P Dow Jones Indices |
| Distribution Frequency | Quarterly dividends |
| Top Sector | Information Technology (~32–34%) |
| Includes Financials? | Yes (~11–13%) — unlike QQQ |
| Management | Vanguard Group |
| Fund Status | World's largest ETF by AUM (surpassed SPY) |
Top VOO Holdings: S&P 500 Positions & Weights
VOO is a market-capitalization-weighted fund. The larger a company's market cap relative to the total S&P 500 market cap, the larger its weight. As of early 2026, the top 10 holdings alone represent approximately 36–38% of the entire VOO fund — a level of concentration that has grown significantly over the past decade as mega-cap technology companies expanded.
| Rank | Company | Ticker | Sector | Approx. Weight (%) |
|---|---|---|---|---|
| 1 | NVIDIA Corporation | NVDA | Information Technology | ~7.4% |
| 2 | Apple Inc. | AAPL | Information Technology | ~7.1% |
| 3 | Microsoft Corporation | MSFT | Information Technology | ~6.2% |
| 4 | Amazon.com Inc. | AMZN | Consumer Discretionary | ~4.1% |
| 5 | Alphabet (Class A) | GOOGL | Communication Services | ~2.1% |
| 6 | Meta Platforms Inc. | META | Communication Services | ~2.6% |
| 7 | Broadcom Inc. | AVGO | Information Technology | ~2.4% |
| 8 | Alphabet (Class C) | GOOG | Communication Services | ~1.8% |
| 9 | Tesla Inc. | TSLA | Consumer Discretionary | ~2.0% |
| 10 | Berkshire Hathaway (B) | BRK.B | Financials | ~1.7% |
| 11 | JPMorgan Chase & Co. | JPM | Financials | ~1.5% |
| 12 | Eli Lilly and Company | LLY | Health Care | ~1.4% |
| 13 | Visa Inc. | V | Financials | ~0.9% |
| 14 | UnitedHealth Group | UNH | Health Care | ~0.9% |
| 15 | Exxon Mobil Corp. | XOM | Energy | ~0.9% |
| 16 | Costco Wholesale | COST | Consumer Staples | ~0.8% |
| 17 | Mastercard Inc. | MA | Financials | ~0.7% |
| 18 | Johnson & Johnson | JNJ | Health Care | ~0.7% |
| 19 | Procter & Gamble | PG | Consumer Staples | ~0.7% |
| 20 | Home Depot Inc. | HD | Consumer Discretionary | ~0.7% |
| 21 | Netflix Inc. | NFLX | Communication Services | ~0.7% |
| 22 | Abbott Laboratories | ABT | Health Care | ~0.5% |
| 23 | Bank of America Corp. | BAC | Financials | ~0.5% |
| 24 | Salesforce Inc. | CRM | Information Technology | ~0.5% |
| 25 | Wells Fargo & Co. | WFC | Financials | ~0.4% |
Holdings and weights are approximate and change daily with market prices. Always verify current holdings at vanguard.com. Data reflects early 2026 estimates.
VOO Sector Breakdown
| Sector | Approx. Weight (%) | Key VOO Holdings in Sector |
|---|---|---|
| Information Technology | ~32–34% | NVDA, AAPL, MSFT, AVGO, CRM, AMD |
| Financials | ~11–13% | BRK.B, JPM, V, MA, BAC, WFC, GS |
| Communication Services | ~10–11% | GOOGL, GOOG, META, NFLX, T, VZ |
| Consumer Discretionary | ~10–11% | AMZN, TSLA, HD, MCD, NKE |
| Health Care | ~9–10% | LLY, UNH, JNJ, ABT, ABBV, MRK |
| Industrials | ~8–9% | CAT, RTX, UNP, HON, GE |
| Consumer Staples | ~5–6% | COST, PG, KO, PEP, WMT |
| Energy | ~3–4% | XOM, CVX, COP, EOG |
| Utilities | ~2–3% | NEE, DUK, SO, AEP |
| Real Estate | ~2% | AMT, PLD, EQIX, O |
| Materials | ~2% | LIN, SHW, APD, FCX |
VOO's sector exposure is a key differentiator versus QQQ. With ~11–13% in financials, ~9–10% in healthcare, ~3–4% in energy, and ~2%+ in utilities, materials, and real estate, VOO provides genuine broad-economy exposure. This makes VOO far more resilient in sector rotation environments where tech underperforms. For a deeper look at individual financial sector names within VOO, see InvestSnips' S&P 500 Companies list and the Large-Cap Stock tracker.
How Stocks Get Into VOO: The S&P 500 Inclusion Rules
VOO holds exactly what the S&P 500 Index holds — so understanding the S&P 500 inclusion criteria is the same as understanding which stocks can enter VOO. The S&P 500 Index Committee applies the following eligibility criteria:
- U.S. company: Must be a U.S.-domiciled corporation (not foreign-listed ADRs)
- Market capitalization: Minimum float-adjusted market cap of approximately $20.5 billion (threshold adjusted periodically)
- Liquidity: Annual dollar value traded must be at least 1.0× the float-adjusted market cap
- Float: At least 50% of the company's shares must be available for public trading
- Financial viability (profitability test): The company must have positive as-reported earnings for the most recent quarter AND positive cumulative as-reported earnings over the four most recent quarters — this is the most frequently misunderstood rule and excludes many high-revenue but unprofitable companies
- Exchange listed: Must be listed on a U.S. exchange (NYSE, Nasdaq, or Cboe)
Why VOO Overtook SPY: The World's Largest ETF Story
For over 20 years, the SPDR S&P 500 ETF Trust (SPY) — launched January 22, 1993 — was the undisputed largest ETF in the world. VOO launched in September 2010, 17 years later — and eventually surpassed SPY in AUM. Understanding why reveals an important lesson for investors comparing the two funds.
The Expense Ratio Gap: The Primary Reason
| Factor | VOO (Vanguard) | SPY (State Street) |
|---|---|---|
| Inception Date | Sep 7, 2010 | Jan 22, 1993 |
| Expense Ratio | 0.03% | 0.0945% |
| Annual Cost per $10,000 | $3.00/yr | $9.45/yr |
| Over 30 years on $100,000 | ~$9,000 total fees | ~$28,350 total fees |
| AUM (Feb 2026) | ~$862B (ETF) / $1.51T (fund) | ~$580–620B |
| Dividend Reinvestment | Full reinvestment available | Holds dividends in cash (UIT legacy structure) |
| Securities Lending | Yes (generates revenue) | Yes |
| Liquidity (daily volume) | Very high (~$4–8B/day) | Extremely high (~$20–40B/day — preferred by traders) |
| Best For | Long-term buy-and-hold investors | Active traders, options markets (enormous options liquidity) |
| Index Tracked | S&P 500 (identical) | S&P 500 (identical) |
The funds are economically identical in what they hold — both track the S&P 500 with near-perfect fidelity. The 0.0645% expense ratio gap may seem trivial, but on a $500,000 portfolio over 30 years, it compounds to approximately $96,750 in additional costs for SPY vs. VOO. For long-term investors, VOO wins on cost. SPY remains preferred for active traders and options strategies due to its massive options market liquidity.
VXF Stock: The Vanguard Extended Market ETF Explained
| Metric | Value |
|---|---|
| Full Name | Vanguard Extended Market ETF |
| Ticker | VXF (NYSE Arca) |
| Index Tracked | S&P Completion Index |
| What It Holds | All regularly traded U.S. stocks EXCEPT S&P 500 companies |
| Number of Holdings | ~3,300+ securities |
| Market Cap Focus | Mid-cap + Small-cap U.S. stocks |
| Expense Ratio | 0.05% |
| AUM — ETF Share Class | ~$25.8–26.7 billion |
| AUM — Total Fund Strategy | ~$84 billion (incl. mutual fund) |
| Overlap with VOO | Near-zero (VXF explicitly excludes S&P 500 stocks) |
| Typical Top Holdings | Vertiv Holdings, Marvell Technology, Snowflake, etc. |
| Key Sectors | Industrials, Technology, Financials, Healthcare |
| Volatility vs. VOO | Higher (mid/small-cap inherently more volatile) |
What Does VXF Actually Hold?
VXF tracks the S&P Completion Index — which is literally designed to "complete" the S&P 500. It contains every regularly traded U.S. stock that doesn't qualify for or isn't included in the S&P 500. This covers:
- Mid-cap stocks (companies too small for the S&P 500 but still sizable)
- Small-cap stocks (the Russell 2000 universe and below)
- Companies not yet profitable enough to meet S&P 500 earnings criteria
- Approximately 3,300+ individual securities — far more diversified than VOO's ~503
For investors who hold VOO and want to expand beyond large-cap exposure, VXF provides access to the mid- and small-cap growth premium — the historical tendency for smaller companies to outperform large-caps over very long periods, though with higher volatility and drawdown risk.
VOO + VXF = Total Market: The DIY VTI Strategy
One of the most discussed investor strategies on Bogleheads forums and Reddit investment communities is using VOO + VXF together to replicate the Vanguard Total Stock Market ETF (VTI) — often at a lower combined expense ratio and with customizable mid/small-cap tilt.
How the Math Works
The S&P 500 represents approximately 84% of total U.S. stock market capitalization. The remaining ~16% is covered by mid- and small-cap stocks — which is exactly what VXF holds. So:
- 80–85% VOO + 15–20% VXF ≈ VTI (total market)
- 70% VOO + 30% VXF = slight small/mid-cap tilt (more aggressive growth lean)
- 90% VOO + 10% VXF = near-S&P 500 with minimal extended market exposure
VOO vs. VTI vs. VXF: Full Three-Way Comparison
| Factor | VOO | VTI | VXF |
|---|---|---|---|
| Index Tracked | S&P 500 | CRSP US Total Market | S&P Completion Index |
| Number of Holdings | ~503 | ~3,500+ | ~3,300+ |
| Market Cap Coverage | Large-cap only | Large + Mid + Small | Mid + Small only |
| Expense Ratio | 0.03% | 0.03% | 0.05% |
| AUM | ~$862B (ETF class) | ~$2.1 trillion | ~$25.8B (ETF class) |
| VOO Overlap | 100% | ~84% by weight | ~0% (by design) |
| Top Holding (Approx.) | NVIDIA ~7.4% | NVIDIA ~6.2% | Vertiv Holdings ~0.8% |
| Tech Weighting | ~32–34% | ~30–32% | ~15–18% |
| Financials Included? | Yes ~11–13% | Yes ~13% | Yes ~15% |
| Volatility | Lower | Moderate | Higher |
| Historic Small-Cap Premium | No | Partially | Full exposure |
| Tax-Loss Harvest Partner | VXF (complement) | Limited | VOO (complement) |
| Best For | Large-cap core holding | One-fund total market | Mid/small-cap complement |
Risks of VOO and VXF
VOO-Specific Risks
- Top-10 concentration (~38%): NVIDIA alone represents ~7.4% of VOO. A major drawdown in a single mega-cap stock materially impacts the entire ETF. This concentration has grown as mega-cap tech market caps expanded.
- Technology sector overweight: At ~32–34%, VOO's tech exposure means it underperforms meaningfully during tech sector corrections — as seen in 2022 when the S&P 500 fell ~18.5%.
- S&P 500 ≠ all of the U.S. economy: VOO excludes ~16% of U.S. market cap in mid/small-cap stocks. Investors seeking full U.S. market coverage need VXF (or VTI) alongside VOO.
- Valuation risk: The S&P 500 trades at historically elevated P/E multiples in early 2026. A market de-rating driven by rising rates, slowing earnings growth, or geopolitical shocks could compress VOO's price even without fundamental deterioration in underlying businesses.
VXF-Specific Risks
- Higher volatility: Mid- and small-cap stocks are inherently more volatile than their large-cap counterparts. VXF typically experiences steeper drawdowns than VOO in bear markets.
- Lower liquidity in underlying holdings: Many of VXF's 3,300+ holdings are thinly traded small-cap stocks, which can widen bid-ask spreads during market stress.
- Interest rate sensitivity: Small-cap companies carry more floating-rate debt on average than large-caps, making VXF more sensitive to rising interest rates compared to VOO.
- Profitability risk: Many VXF holdings are pre-profit or have thinner margins than S&P 500 companies — increasing credit and operational risk in recessions.
How to Use VOO and VXF in a Portfolio
Strategy 1 — VOO as Core (Most Common)
Most long-term passive investors use VOO as their primary U.S. equity holding — representing 60–80% of their total portfolio alongside bonds or international ETFs. It is the simplest, lowest-cost way to capture the long-term return of the U.S. large-cap equity market. For dividend-focused alternatives to VOO, see InvestSnips' Dividend Aristocrat Stocks and High Dividend Stocks guides.
Strategy 2 — VOO + VXF = DIY Total Market
Hold approximately 80% VOO + 20% VXF to replicate VTI at near-identical cost (blended expense ~0.034% vs. VTI's 0.03%). The advantage: tax-loss harvesting flexibility between the two funds during market corrections, without triggering IRS wash-sale rules.
Strategy 3 — VXF as a Small-Cap Tilt Satellite
Some investors who believe in the "small-cap premium" (historical tendency for small-caps to outperform over very long periods) use VXF as a dedicated satellite allocation — perhaps 10–20% of a portfolio — alongside a core VOO position, intentionally overweighting mid/small-cap exposure relative to market cap weights.
What to Monitor
- S&P 500 P/E ratio: When elevated (>25×), lower expected future returns. When depressed (<15×), historically attractive entry points.
- Small-cap value premium (VXF context): VXF's relative performance to VOO tends to improve when interest rates stabilize and economic growth broadens beyond mega-cap tech.
For broader context on S&P 500 constituent companies and financial sector breakdowns, explore InvestSnips' S&P 500 Companies list and Large-Cap Stock tracker.
Summary & Key Takeaways
VOO Holdings & VXF — Key Takeaways
- ✅ VOO = World's largest ETF: ~$862B AUM (ETF class); $1.51T total; 0.03% expense; tracks S&P 500 with ~503 holdings
- ✅ Top 5 holdings: NVIDIA (~7.4%), Apple (~7.1%), Microsoft (~6.2%), Amazon (~4.1%), Meta (~2.6%) — top 10 = ~38% of fund
- ✅ Unlike QQQ — includes ALL sectors: Financials (~12%), Healthcare (~9.5%), Energy (~3.5%), Utilities, Real Estate, Materials
- ✅ VOO vs. SPY: Economically identical, but VOO at 0.03% vs SPY at 0.0945% — difference of $96K+ over 30 years on $500K portfolio
- ✅ VXF = S&P Completion Index: 3,300+ mid/small-cap stocks that are NOT in the S&P 500; 0.05% expense; ~$25.8B AUM
- ✅ VOO + VXF = DIY VTI: ~80/20 split replicates total U.S. market; enables tax-loss harvesting between the two funds
- ⚠️ Concentration risk: Top 10 VOO holdings = ~38% of fund; NVIDIA alone ~7.4% — sector rotation out of tech meaningfully impacts VOO
- ⚠️ VXF is more volatile: Mid/small-cap focus = steeper bear market drawdowns + higher interest rate sensitivity than VOO
- ⚠️ VOO valuation risk: S&P 500 historically elevated P/E in early 2026; lower future expected returns vs. historical averages when entering at high valuations
Frequently Asked Questions: VOO Holdings & VXF
As of early 2026, VOO's top holdings are NVIDIA (~7.4%), Apple (~7.1%), Microsoft (~6.2%), Amazon (~4.1%), Meta (~2.6%), Broadcom (~2.4%), Tesla (~2.0%), Alphabet/GOOGL (~2.1%), and Berkshire Hathaway B (~1.7%). The top 10 holdings together represent approximately 36–38% of the entire fund. Unlike QQQ, VOO also holds major financial companies (JPMorgan, Visa, Mastercard, BRK.B), healthcare firms (Eli Lilly, UnitedHealth), and energy stocks (ExxonMobil, Chevron). Holdings and weights change daily — always verify at vanguard.com for the most current data.
VXF is the Vanguard Extended Market ETF — it tracks the S&P Completion Index, which holds every regularly traded U.S. stock that is not in the S&P 500. While VOO holds approximately 503 large-cap stocks at a 0.03% expense ratio, VXF holds over 3,300 mid- and small-cap stocks at 0.05%. The two funds have near-zero overlap by design — VXF explicitly excludes S&P 500 companies. Together, VOO + VXF in an approximately 80/20 split replicates the total U.S. stock market — similar to what VTI does in a single fund.
For long-term buy-and-hold investors, VOO is generally considered more cost-efficient than SPY. Both track the identical S&P 500 Index, but VOO charges 0.03% vs SPY's 0.0945% expense ratio — a difference of $6.45/year per $10,000, which compounds to tens of thousands of dollars over decades on larger portfolios. SPY, however, remains preferred for active traders and options strategies due to its significantly larger options market with tighter bid-ask spreads and deeper liquidity. Neither fund is universally "better" — the choice depends on whether you prioritize long-term cost efficiency (VOO) or options/trading flexibility (SPY). This is educational information only.
Yes — this is a popular strategy known as the "DIY VTI" approach. Since the S&P 500 represents approximately 84% of total U.S. stock market capitalization, and VXF holds the remaining ~16%, combining approximately 80–85% VOO + 15–20% VXF effectively replicates total U.S. market exposure similar to VTI. The main practical advantage over simply holding VTI is tax-loss harvesting flexibility: since VOO and VXF track different indices, they are not "substantially identical" under IRS rules, allowing investors to sell one for a tax loss and buy the other without triggering the wash-sale rule. This is educational information only — consult a tax advisor for personalized guidance.
VOO and QQQ are both large-cap U.S. ETFs but differ significantly in composition. VOO tracks the S&P 500 — 500+ companies across all sectors including Financials, Healthcare, Energy, and Utilities — with a technology weighting of approximately 32–34%. QQQ tracks the Nasdaq-100 — 100 non-financial companies — with ~52–58% in technology and zero financial sector exposure. QQQ is far more concentrated and will outperform in tech-driven bull markets but underperform significantly in sector rotations away from growth/tech. In 2022, QQQ fell ~32.6% while VOO fell ~18.5%, illustrating the concentration difference.
VOO charges an annual expense ratio of 0.03% — meaning $3/year on a $10,000 investment. VXF charges 0.05% — $5/year per $10,000. Both are among the lowest-cost ETFs available in the U.S. market. An 80/20 VOO/VXF combined portfolio has a blended expense ratio of approximately 0.034% — nearly identical to VTI's 0.03%. By comparison, the average U.S. stock mutual fund charges approximately 0.50–1.00% annually, making either Vanguard fund dramatically cheaper over long time horizons.
Yes — VOO pays quarterly dividends, which represent the pass-through of dividends received from its ~503 underlying S&P 500 holdings. The dividend yield for VOO is relatively modest — approximately 1.2–1.5% forward annual yield — reflecting the S&P 500's growth-oriented composition where many large holdings (NVIDIA, Amazon, Alphabet) pay no dividend or very small dividends. Investors seeking higher dividend income may prefer dividend-focused ETFs or individual Dividend Aristocrat stocks alongside VOO. VXF also pays small quarterly dividends from its mid/small-cap holdings. This is educational content only.
VXF provides exposure to mid- and small-cap U.S. stocks at a very low 0.05% expense ratio — making it an efficient vehicle for investors who want to extend beyond large-cap coverage. Academic research has historically documented a "small-cap premium" — the tendency for small-cap stocks to outperform large-caps over very long periods, though with significantly higher volatility and deeper bear market drawdowns. VXF is generally considered suitable as a complement to VOO, not a standalone core holding, due to its higher risk profile versus S&P 500 funds. Whether VXF is "a good investment" depends on an investor's time horizon, risk tolerance, and portfolio goals — consult a licensed financial advisor before investing.