Vanguard S&P 500 ETF(VOO)
AI-Extracted SEC N-CSR Summary
Updated 2026-02-27The market environment was characterized by initial volatility due to U.S. tariff announcements and fears of trade wars, but ended with solid gains driven by optimism around artificial intelligence, strong corporate earnings, and dovish monetary policy. The S&P 500 Index Fund's performance aligned closely with its benchmark, with Information Technology leading returns, followed by Communication Services and Financials sectors.
Source: SEC Form N-CSR. AI-generated synthesis of the fund manager's official market commentary.
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Technology, which accounts for nearly 40% of the fund's holdings. This is significantly higher than the broader market's representation in the S&P 500 index. The Communication Services and Financial Services sectors also have a substantial presence, while Consumer Cyclical and Healthcare sectors are relatively underrepresented.
The top holdings are dominated by Big Tech names, with NVIDIA (NVDA) and Apple (AAPL) accounting for nearly 15% of the fund's weight. This concentration in Technology stocks may be a concern for investors seeking diversification. The portfolio's valuation posture is also noteworthy, with a weighted P/E ratio above 27x and a weighted P/B ratio of 15.05x, indicating that the fund is trading at a premium to its historical averages.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-13 07:16:15.596346+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The Vanguard S&P 500 ETF (VOO) operates with a theme of broad U.S. large-cap equity exposure, and its actual holdings demonstrate an exceptionally high degree of alignment with this mandate. The top ten positions are dominated by technology giants such as NVIDIA, Apple, Microsoft, and Amazon, which collectively account for the majority of the portfolio's weight. While these individual stocks represent specific sectors like communication services or consumer cyclicals, their inclusion is consistent with a strategy designed to capture the performance of the entire S&P 500 index rather than a narrow thematic niche. The presence of diversified leaders across finance, healthcare, and energy further confirms that the fund maintains its intended scope without deviating into unrelated asset classes.
Sector coherence remains strong as the weightings mirror the underlying index structure, with technology leading at over thirty-five percent followed by financial services and communication services. This distribution ensures the portfolio does not suffer from artificial concentration in a single industry while still reflecting current market leadership trends. With more than sixty holdings representing just one sector alone, the fund effectively mitigates idiosyncratic risk associated with any single company or narrow theme. The top-ten concentration of roughly thirty-eight percent indicates that while mega-cap stocks drive significant returns, the inclusion of hundreds of other companies across all eleven sectors provides genuine differentiation from a basket of only the largest names. Consequently, the fund delivers authentic broad-market exposure rather than relying on a few outliers to define its performance profile.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 13:41:52.959516+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors across top holdings highlight a convergence of regulatory and operational challenges centered on technology governance. A primary systemic theme emerging from these disclosures is the potential for increased compliance costs associated with evolving climate change regulations, data privacy requirements, and artificial intelligence usage standards. Specifically, the largest holding identifies material risks where adherence to environmental mandates could adversely impact financial conditions, while cybersecurity obligations may strain operations through heightened operational expenses. Additionally, the prospect of stricter AI regulation poses a dual threat that could simultaneously elevate compliance burdens and alter competitive positioning within key sectors.
The concentration of these specific risk categories among the fund's largest positions suggests a significant degree of correlated downside exposure rather than isolated idiosyncratic events. With the top three holdings by weight all flagging regulatory compliance as a material risk, there is an elevated probability that adverse policy shifts in environmental law or digital governance could impact a substantial portion of the portfolio simultaneously. This clustering indicates that macro-level developments regarding AI oversight and data privacy are not merely peripheral concerns but represent central vulnerabilities shared across the fund's most influential assets, potentially amplifying systemic volatility if regulatory frameworks tighten unexpectedly.
While the identified risks appear broadly distributed among technology leaders, the sheer size of certain positions magnifies their individual impact on aggregate performance. For instance, the largest holding carries a disclosed risk that compliance with climate regulations could materially affect its financial condition; given its substantial weight in the index, any negative realization here would disproportionately influence overall fund returns compared to smaller constituents. Similarly, operational cost increases driven by cybersecurity mandates across multiple top-tier technology firms suggest that margin compression could become a widespread phenomenon if these regulatory requirements escalate as anticipated by management disclosures.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-23 18:49:35.836986+00
🏢 Sector Analysis
AI GeneratedThe Vanguard S&P 500 ETF exhibits a pronounced tilt toward the technology sector, which accounts for over one-third of total assets. This heavy weighting is driven by an extreme concentration in mega-cap equities, as evidenced by NVIDIA's nearly 8% stake alongside significant positions in Apple and Microsoft within that same category. Such a structure inherently amplifies exposure to growth-oriented factors while simultaneously reducing diversification across other economic drivers. The fund maintains substantial allocations to financial services, communication services, and consumer cyclicals, collectively representing roughly one-third of the portfolio, yet these sectors are heavily influenced by their respective top constituents rather than broad-based industry performance.
A distinct lack of representation in defensive segments further characterizes this allocation profile. Utilities, real estate, basic materials, and energy combined comprise less than 9% of total assets, indicating a deliberate avoidance of value-oriented or income-generating strategies that typically serve as hedges during market downturns. The top ten holdings alone constitute more than one-third of the entire fund's net asset value, creating a scenario where performance is disproportionately dependent on just five companies rather than the broader basket of 500 underlying securities. This concentration suggests an investment thesis centered on capturing the momentum and scalability of dominant leaders in the current economic cycle, potentially at the expense of stability provided by smaller or more defensive peers within the index.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 05:17:32.990164+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VOO's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VOO's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 499 | 99.0% |
| SPTMSPTM | $12B | — | 499 | 99.0% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 423 | 97.5% |
| QUSQUS | $1B | — | 448 | 97.5% |
| VONEVONE | $10B | — | 416 | 97.0% |
99% of VOO's portfolio by weight is also held by SPY. When SPY receives inflows, it mechanically buys these shared stocks — dragging VOO's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVOO's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 98% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 85% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VOO collectively pay out 35% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 65% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryVOO is up 19.1% over the last 12 months. The underlying weighted earnings growth of its constituents is +42.0%. Despite earnings growth, valuations have contracted by 22.9% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 82% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VOO's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VOO's analyzed weight, 67% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 33% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 79% of fund weight with available data. Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VOO has a Passive Crowding Score of 37/100. On average, 11.0% of the market capitalization of VOO's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 50 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA Corp. Technology | 7.51% | 31.7x | 4/9 |
| 2 | AAPL | Apple Inc. Technology | 6.59% | 40.3x | 8/9 |
| 3 | MSFT | Microsoft Corp. Technology | 4.30% | 23.4x | 5/9 |
| 4 | AMZN | Amazon.com Inc. Consumer Cyclical | 3.62% | 29.9x | 6/9 |
| 5 | GOOGL | Alphabet Inc. Class A Communication Services | 3.25% | 27.0x | 6/9 |
| 6 | AVGO | Broadcom Inc. Technology | 2.77% | 62.1x | 8/9 |
| 7 | GOOG | Alphabet Inc. Class C Communication Services | 2.59% | 27.0x | 6/9 |
| 8 | MU | Micron Technology Inc. Technology | 2.02% | 19.3x | 7/9 |
| 9 | META | Facebook Inc. Class A Communication Services | 1.92% | 24.2x | 5/9 |
| 10 | TSLA | Tesla Inc. Consumer Cyclical | 1.84% | 349.4x | 5/9 |
| 11 | LLY | Eli Lilly & Co. Healthcare | 1.47% | 41.5x | 7/9 |
| 12 | AMD | Advanced Micro Devices Inc. Technology | 1.47% | 166.9x | 7/9 |
| 13 | BRK.B | Berkshire Hathaway Inc. Class B Financial Services | 1.42% | 14.7x | — |
| 14 | JPM | JPMorgan Chase & Co. Financial Services | 1.26% | 14.7x | 3/9 |
| 15 | INTC | Intel Corp. Technology | 1.02% | — | 6/9 |
Historical Holdings Snapshots
Browse how VOO’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 43.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.51% | 629,128,862 | $125.9B |
| 2 | AAPL | 6.59% | 381,525,883 | $110.4B |
| 3 | MSFT | 4.30% | 192,963,340 | $72.0B |
| 4 | AMZN | 3.62% | 254,286,641 | $60.6B |
| 5 | GOOGL | 3.25% | 152,316,037 | $54.4B |
| 6 | AVGO | 2.77% | 122,987,848 | $46.5B |
| 7 | GOOG | 2.59% | 122,774,096 | $43.4B |
| 8 | MU | 2.02% | 29,296,207 | $33.8B |
| 9 | META | 1.92% | 57,048,772 | $32.1B |
| 10 | TSLA | 1.84% | 73,132,283 | $30.8B |
| 11 | LLY | 1.47% | 20,548,671 | $24.6B |
| 12 | AMD | 1.47% | 42,357,399 | $24.6B |
| 13 | BRK.B | 1.42% | 47,622,161 | $23.8B |
| 14 | JPM | 1.26% | 64,281,691 | $21.0B |
| 15 | INTC | 1.02% | 122,734,554 | $17.1B |
2026-07-18
15 holdings · 43.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.51% | 629,128,862 | $125.9B |
| 2 | AAPL | 6.59% | 381,525,883 | $110.4B |
| 3 | MSFT | 4.30% | 192,963,340 | $72.0B |
| 4 | AMZN | 3.62% | 254,286,641 | $60.6B |
| 5 | GOOGL | 3.25% | 152,316,037 | $54.4B |
| 6 | AVGO | 2.77% | 122,987,848 | $46.5B |
| 7 | GOOG | 2.59% | 122,774,096 | $43.4B |
| 8 | MU | 2.02% | 29,296,207 | $33.8B |
| 9 | META | 1.92% | 57,048,772 | $32.1B |
| 10 | TSLA | 1.84% | 73,132,283 | $30.8B |
| 11 | LLY | 1.47% | 20,548,671 | $24.6B |
| 12 | AMD | 1.47% | 42,357,399 | $24.6B |
| 13 | BRK.B | 1.42% | 47,622,161 | $23.8B |
| 14 | JPM | 1.26% | 64,281,691 | $21.0B |
| 15 | INTC | 1.02% | 122,734,554 | $17.1B |
2026-07-17
15 holdings · 43.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.51% | 629,128,862 | $125.9B |
| 2 | AAPL | 6.59% | 381,525,883 | $110.4B |
| 3 | MSFT | 4.30% | 192,963,340 | $72.0B |
| 4 | AMZN | 3.62% | 254,286,641 | $60.6B |
| 5 | GOOGL | 3.25% | 152,316,037 | $54.4B |
| 6 | AVGO | 2.77% | 122,987,848 | $46.5B |
| 7 | GOOG | 2.59% | 122,774,096 | $43.4B |
| 8 | MU | 2.02% | 29,296,207 | $33.8B |
| 9 | META | 1.92% | 57,048,772 | $32.1B |
| 10 | TSLA | 1.84% | 73,132,283 | $30.8B |
| 11 | LLY | 1.47% | 20,548,671 | $24.6B |
| 12 | AMD | 1.47% | 42,357,399 | $24.6B |
| 13 | BRK.B | 1.42% | 47,622,161 | $23.8B |
| 14 | JPM | 1.26% | 64,281,691 | $21.0B |
| 15 | INTC | 1.02% | 122,734,554 | $17.1B |
2026-07-16
15 holdings · 43.1% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.51% | 629,128,862 | $125.9B |
| 2 | AAPL | 6.59% | 381,525,883 | $110.4B |
| 3 | MSFT | 4.30% | 192,963,340 | $72.0B |
| 4 | AMZN | 3.62% | 254,286,641 | $60.6B |
| 5 | GOOGL | 3.25% | 152,316,037 | $54.4B |
| 6 | AVGO | 2.77% | 122,987,848 | $46.5B |
| 7 | GOOG | 2.59% | 122,774,096 | $43.4B |
| 8 | MU | 2.02% | 29,296,207 | $33.8B |
| 9 | META | 1.92% | 57,048,772 | $32.1B |
| 10 | TSLA | 1.84% | 73,132,283 | $30.8B |
| 11 | AMD | 1.47% | 42,357,399 | $24.6B |
| 12 | LLY | 1.47% | 20,548,671 | $24.6B |
| 13 | BRK.B | 1.42% | 47,622,161 | $23.8B |
| 14 | JPM | 1.26% | 64,281,691 | $21.0B |
| 15 | INTC | 1.02% | 122,734,554 | $17.1B |
2026-07-15
15 holdings · 45.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.89% | 636,185,341 | $134.3B |
| 2 | AAPL | 7.05% | 384,354,163 | $119.9B |
| 3 | MSFT | 5.14% | 194,406,432 | $87.5B |
| 4 | AMZN | 4.07% | 255,758,249 | $69.2B |
| 5 | GOOGL | 3.41% | 152,420,508 | $58.0B |
| 6 | AVGO | 3.26% | 124,129,370 | $55.5B |
| 7 | GOOG | 2.71% | 122,435,825 | $46.1B |
| 8 | META | 2.13% | 57,264,623 | $36.2B |
| 9 | TSLA | 1.89% | 73,632,390 | $32.1B |
| 10 | MU | 1.68% | 29,466,798 | $28.6B |
| 11 | LLY | 1.35% | 20,744,731 | $22.9B |
| 12 | BRK.B | 1.34% | 48,007,934 | $22.8B |
| 13 | AMD | 1.29% | 42,684,906 | $22.0B |
| 14 | JPM | 1.16% | 65,960,099 | $19.7B |
| 15 | XOM | 0.93% | 109,398,593 | $15.9B |
2026-07-14
15 holdings · 45.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 7.89% | 636,185,341 | $134.3B |
| 2 | AAPL | 7.05% | 384,354,163 | $119.9B |
| 3 | MSFT | 5.14% | 194,406,432 | $87.5B |
| 4 | AMZN | 4.07% | 255,758,249 | $69.2B |
| 5 | GOOGL | 3.41% | 152,420,508 | $58.0B |
| 6 | AVGO | 3.26% | 124,129,370 | $55.5B |
| 7 | GOOG | 2.71% | 122,435,825 | $46.1B |
| 8 | META | 2.13% | 57,264,623 | $36.2B |
| 9 | TSLA | 1.89% | 73,632,390 | $32.1B |
| 10 | MU | 1.68% | 29,466,798 | $28.6B |
| 11 | LLY | 1.35% | 20,744,731 | $22.9B |
| 12 | BRK.B | 1.34% | 48,007,934 | $22.8B |
| 13 | AMD | 1.29% | 42,684,906 | $22.0B |
| 14 | JPM | 1.16% | 65,960,099 | $19.7B |
| 15 | XOM | 0.93% | 109,398,593 | $15.9B |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove VOO Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe 50-day moving average of VOO is above the 200-day moving average, indicating a potential trend continuation to the upside. With an RSI of 37.8, which falls below the neutral midpoint of 50, this suggests that near-term momentum may be weakening but still in relatively balanced territory.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Smart Money Flow
Institutional 13F filings from top hedge funds. Positions updated quarterly from SEC EDGAR.
| Fund | Quarter | Shares Δ | % Change | Action |
|---|---|---|---|---|
| Millennium | 2026-Q1 | +1,015,733 | +100468.1% | Increased |
| Citadel | 2026-Q1 | +375,400 | +69.1% | Increased |
| Bridgewater | 2026-Q1 | +122,118 | +334.5% | Increased |
| RenTech | 2026-Q1 | -55,260 | -100.0% | Exited |
| Two Sigma | 2026-Q1 | +2,645 | +124.8% | Increased |
| Citadel | 2025-Q4 | -301,600 | -35.7% | Decreased |
| Two Sigma | 2025-Q4 | -69,750 | -97.0% | Decreased |
| RenTech | 2025-Q4 | +55,260 | +100.0% | New Position |
| Bridgewater | 2025-Q4 | +34,389 | +1621.4% | Increased |
| Millennium | 2025-Q4 | -1,025 | -50.3% | Decreased |
Source: SEC 13F-HR filings. 13F data is delayed ~45 days after quarter end. Not investment advice.
Sector Drift Over Time
How VOO’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Compare VOO to Peers
Pre-computed overlap analysis. Click to see side-by-side comparison with holdings-level detail.
⚠ Based on top 44 holdings only. Actual overlap may differ.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.