Mid-Cap Value ETF (VOE)

Also available as a 

mutual fund.

Indexed to CRSP US Mid Cap Value Index

  Fact sheet (12/31/2013)

Summary of this fund

Vanguard Mid-Cap Value ETF seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks.

Investment approach

  • Seeks to track the performance of the CRSP US Mid Cap Value Index.
  • Mid-cap value equity.
  • Employs a passively managed, full-replication approach.
  • The fund remains fully invested.
  • Low expenses minimize net tracking error.

About the benchmark

  • The CRSP US Mid Cap Value Index represents the value companies of the CRSP US Mid Cap Index. (The CRSP US Mid Cap Index represents the universe of mid-capitalization companies in the U.S. equity market.
  • The index is designed to accurately represent the mid-cap value segment of the U.S. equity market and deliver low turnover.

PRICE AND DISTRIBUTIONS

Price and distributions

as of 04/17/2014

Market price

The price at which a security trades in the secondary market. The market price is determined by the midpoint between the bid and asked prices as of the closing time of the New York Stock Exchange (typically 4 p.m., Eastern time) on business days.

Change $/%
$82.26
$0.09 positive change   0.10%
NAV

The market value of a mutual fund's total assets, minus liabilities, divided by the number of shares outstanding. The value of a single share is called its share value or share price.

Change $/%
$82.25
$0.08 positive change   0.10%
SEC yield

A non-money market fund's SEC yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.



The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous seven days.

1.78% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Dividend yield

The annual rate of return on a share of stock, determined by dividing the annual dividend by its current share price. In a stock mutual fund, this figure represents the average dividend yield of the stocks held by the fund.

1.90%

KEY FUND FACTS

Key fund facts

Expense ratio
0.10% as of 08/12/2013
Lipper peer average
expense ratio
1.30% as of 12/31/2013
Designation
Domestic Mid-Cap Value
Inception on
08/17/2006
Total net assets

This represents the total net assets for all share classes of Vanguard's U.S. funds that share the same investment strategy, management and holdings, but does not include any collective trusts sharing the same investment mandate.

$5.1 billion as of 03/31/2014
Net assets for
VOE
 
$2.4 billion as of 03/31/2014
Holdings 
201 as of 03/31/2014
Management style
Index
Benchmark
CRSP US Mid Cap Value Index
Turnover rate 
 45.90%(Fiscal year-end  12/31/2013)

TRADING

Trading

IOV:

Intraday Optimized Value Ticker
Intraday Optimized Value (IOV), also known as the Intraday Indicative Value (IIV), is the calculated per share price of the ETF which is published every 15 seconds based on the last sale price of each of the underlying securities in the portfolio basket, plus any estimated cash amounts associated with the creation unit.

VOE.IV
Outstanding shares:
29,003,404 as of 03/31/2014
ETF exchange:
NYSE Arca

STYLEBOX

Stylebox

Stock
Index portfolio of mid-capitalization value stocks.



Expected range
Central tendency

About our styleboxes  

Objective

Vanguard Mid-Cap Value ETF seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks.

Investment approach

  • Seeks to track the performance of the CRSP US Mid Cap Value Index.
  • Mid-cap value equity.
  • Employs a passively managed, full-replication approach.
  • The fund remains fully invested.
  • Low expenses minimize net tracking error.

About the benchmark

  • The CRSP US Mid Cap Value Index represents the value companies of the CRSP US Mid Cap Index. (The CRSP US Mid Cap Index represents the universe of mid-capitalization companies in the U.S. equity market.
  • The index is designed to accurately represent the mid-cap value segment of the U.S. equity market and deliver low turnover.

Total returns

as of 03/31/2014

View as:

as of 03/31/2014

View as:
30%
20
10
0%
 
 
 
 
  YTD 1 year 5 year 10 year Since inception

08/17/2006

Market price  3.87% 25.10% 26.20% 8.69%
NAV 
3.87% 25.05% 26.16% 8.68%
Benchmark

Spliced Mid Cap Value Index

*
3.91% 25.21% 26.26%

* MSCI US Mid Cap Value Index through April 16, 2013; CRSP US Mid Cap Value Index thereafter.

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.


Sector weightings as of 03/31/2014

as of 03/31/2014
  Sector  VOE Benchmark

CRSP U.S. Mid Cap Value Index

+/- Weight
Financials 23.7% 23.7% 0.0%
Consumer Goods 15.4% 15.4% 0.0%
Industrials 13.1% 13.1% 0.0%
Consumer Services 11.1% 11.1% 0.0%
Utilities 10.0% 10.0% 0.0%
Health Care 7.1% 7.1% 0.0%
Technology 6.8% 6.8% 0.0%
Basic Materials 6.4% 6.4% 0.0%
Oil & Gas 5.7% 5.7% 0.0%
Telecommunications 0.7% 0.7% 0.0%
Other 0.0% 0.0% 0.0%
0%
25%
Total 100.0% 100.0%

Sector categories are based on the Industry Classification Benchmark system.

Top 10 holdings as of 03/31/2014

 as of 03/31/2014
Rank Holding
1 Delphi Automotive plc
2 Western Digital Corp.
3 Mylan Inc.
4 Boston Scientific Corp.
5 Seagate Technology plc
6 United Continental Holdings Inc.
7 Regions Financial Corp.
8 Hartford Financial Services Group Inc.
9 AmerisourceBergen Corp.
10 CF Industries Holdings Inc.
Top 10 equals 11.1% of net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Holdings policy for this fund  

Fundamentals

Stockas of 03/31/2014 VOE Benchmark

CRSP U.S. Mid Cap Value Index

Number of stocks 201 201
Median market cap $9.7 billion $9.7 billion
P/E ratio 19.8x 19.8x
P/B ratio 2.0x 2.0x
Turnover rate 45.9% Fiscal year end 12/2013 N/A

Risk and volatility as of 03/31/2014

as of 03/31/2014
  VOE Benchmark

Spliced Mid Cap Value Index

R-squared N/A 1.00
Beta N/A 1.00
Alpha – 0.01 N/A
Standard deviation 14.16% 14.16%
Sharpe ratio 1.08 1.09

Risk and volatility are based on the share class with the earliest inception date.

Risk measures are calculated from trailing 36-month fund returns relative to the associated benchmarks.

An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. Although Mid-Cap Value ETF is listed for trading on the AMEX, it is possible that an active trading market may not be maintained. Trading of Mid-Cap Value ETF on the AMEX may be halted if AMEX officials deem such action appropriate, if Mid-Cap Value ETF is delisted from the AMEX, or if the activation of marketwide “circuit breakers” halts stock trading generally. The fund’s performance could be hurt by:

  • Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market.
  • Investment style risk: The chance that returns from mid-capitalization value stocks will trail returns from the overall stock market. Historically, mid-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently. Mid-cap stocks tend to have greater volatility than large-cap stocks because, among other things, medium-size companies are more sensitive to changing economic conditions.




Vanguard ETF Shares can be bought and sold only through a broker (who may charge a commission) and cannot be redeemed with the issuing fund. The market price of Vanguard ETF Shares may be more or less than net asset value. Investments are subject to market risk. Go to the performance page to read more about risk and volatility.

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