ETF · Broad Market

VPU(VPU)

$190.78
+1.96%
Expense Ratio
$10.8B
Total AUM
Holdings
Inception
Active Share vs VOO
Truly Active
0%20%60%100%
97.3%

AI Look-Through Summary

AI Generated

The VPU ETF presents an extremely concentrated exposure to the utilities sector, with holdings in this single industry accounting for 91.2% of its total assets under management. This heavy weighting creates a portfolio profile that is almost entirely dependent on the performance and regulatory environment specific to utility companies rather than broader market dynamics. The concentration risk is further amplified by the top ten positions, which are exclusively composed of major utilities firms, indicating a deliberate strategy to isolate investors within this niche without diversification into other asset classes or industries.

Within the sector allocation, there is a notable reliance on large-cap incumbents, as evidenced by NextEra Energy holding the largest single position at 12.6%, followed closely by Southern Company and Duke Energy, each exceeding six percent of the fund's value. This top-heavy structure suggests that a significant portion of the ETF's volatility will be driven by the earnings reports and strategic decisions of these specific giants rather than a broad-based utility sector average. The remaining capital is distributed among other established players like Constellation Energy and American Electric Power, reinforcing the theme of exposure to mature, regulated energy providers while limiting opportunities for growth through smaller-cap or emerging technology plays within the space.

From a quantitative perspective, the sheer scale of $10.8 billion in assets combined with such narrow sector focus implies that this vehicle functions more as a targeted satellite holding than a standalone core portfolio component. The lack of geographic diversification is inherent to the nature of these domestic utility giants, meaning any macroeconomic shifts affecting regional power demand or federal energy policies will have an outsized impact on the fund's overall trajectory. Investors utilizing this ETF are effectively betting that the specific characteristics driving utility valuations—such as stable cash flows and regulated returns—will outperform a diversified equity benchmark over time.

Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-21 12:31:08.708177+00

🔍 Theme Alignment Audit

AI GeneratedPurity: 98/100

The investment theme implied by the ticker VPU, which stands for Vanguard Utilities ETF, is executed with exceptional precision regarding its stated objective. The portfolio composition demonstrates a near-total alignment with the utility sector, as evidenced by the fact that all top holdings and the vast majority of the fund's assets are concentrated within this specific industry classification. There are no apparent deviations into unrelated sectors or mega-cap technology stocks that might obscure the thematic focus; instead, the concentration in names like NextEra Energy, Southern Company, and Duke Energy reinforces a dedicated approach to utility equities rather than utilizing broad market indices for stability.

Sector coherence is absolute within this specific mandate, with utilities accounting for 91.2% of total assets across thirty-nine holdings, indicating that the fund successfully differentiates itself from general equity benchmarks through strict industry adherence. The top-ten concentration level of 53.0% highlights a reliance on established leaders in the sector, which provides stability but also creates inherent sensitivity to regulatory or commodity price shifts specific to utilities rather than broader economic trends. While this structure ensures high fidelity to the named theme, it inherently limits exposure to other energy sub-sectors like renewables developers that may not be classified strictly under traditional utility definitions yet still fit a clean energy narrative, though such distinctions remain outside the scope of this fund's explicit sector weighting data.

AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-15 22:02:09.023602+00

🏢 Sector Analysis

AI Generated

The sector allocation of VPU reveals an investment thesis strictly anchored in the utilities industry, with 91.2% of assets concentrated within this single segment. This overwhelming exposure indicates a fund designed to capture specific characteristics inherent to utility companies, such as regulated cash flows and defensive properties, while completely excluding other economic sectors like technology or healthcare. The top five holdings alone account for nearly half of the portfolio's value, suggesting that performance will be heavily driven by the operational outcomes of major players like NextEra Energy, Southern Company, and Duke Energy rather than a diversified basket of smaller utilities.

This structure introduces significant concentration risk, as evidenced by the top-10 concentration metric reaching 53.0%. Such a narrow footprint means that adverse regulatory changes affecting rate-setting mechanisms or broader macroeconomic shifts impacting energy demand could disproportionately impact the fund's overall performance compared to more broadly allocated peers. The heavy weighting in just thirty-nine holdings further amplifies this sensitivity, limiting the portfolio's ability to weather idiosyncratic risks associated with individual company failures or specific regional grid issues without immediate reflection in total returns.

Regarding factor tilts, the allocation suggests a pronounced bias toward value and low-volatility factors often found within established utility equities. The dominance of large-cap incumbents implies an intentional avoidance of growth-oriented strategies typically seen in other sectors. While this approach may offer stability during market downturns due to the defensive nature of the underlying assets, it inherently sacrifices diversification benefits that could mitigate systemic risks across different industries. Investors observing these metrics would see a vehicle optimized for specific utility sector dynamics rather than broad market exposure or aggressive growth potential.

AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 11:06:53.441587+00

Flow Driver Analysis

2-Step Circle

Which larger ETFs share VPU's holdings — and mechanically drive its price through index rebalancing flows?

Approximately 100% of VPU's weight flows through these larger ETFs

Driver ETFAUMExpenseShared StocksWeight Overlap
SPTMSPTM$12B5998.8%
ONEOONEO$25M3994.0%
SCHBSchwab U.S. Broad Market ETF$37B3189.8%
ITOTiShares Core S&P Total U.S. Stock Market ETF$80B3189.8%
IVViShares Core S&P 500 ETF$762B0.03%3189.8%

99% of VPU's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VPU's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVPU'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

Replaces $249/yr Morningstar

Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.

21.1x
Weighted P/E
3.35x
Weighted P/B
2.57%
Dividend Yield
$67B
Wtd Avg Market Cap

Weighted metrics calculated based on 97% of fund assets with available data.

Herfindahl-Hirschman Concentration Index

01000200030004000419
Well Diversified
Top 5: 35.3%Top 10: 52.2%

Morningstar-Style Box

Value
Blend
Growth
Large
Mid
Small
Mid Blend

Sector & Cap Explorer

Utilities91.6%
Visualization Mode

ETF Fundamental Radar

Total Analysis
99% Weight
Market Cap
Large
Risk Profile
High Distress

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

↑ Weight (%)100%80%60%40%20%
0%
0–3 Weak
83%
4–6 Average
16%
7–9 Strong

Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.

Dividend Safety True-Up

Deterministic
747%
Wtd FCF Payout Ratio
2.18%
TTM Yield
At Risk
Dividend Durability
747% of FCF
0% (retains all cash)50%100% (pays out everything)

The dividend-paying companies inside VPU collectively pay out 747% of their Free Cash Flow to maintain the current yield. Warning: constituent companies are paying out nearly all cash flow. A wave of dividend cuts may be imminent if earnings decline. Based on 31% 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

Proprietary
+10.2%
ETF 1Y Return
+7.8%
Wtd Earnings Growth
+2.4%
Multiple Expansion
Earnings
P/E Inflation

VPU is up 10.2% over the last 12 months. The underlying weighted earnings growth of its constituents is +7.8%. The remaining +2.4% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.

Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 99% of fund weight with earnings data. Not investment advice.

Value Creation Map

ROIC vs WACC

What percentage of VPU's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?

98% Destroyers
Value Creators (ROIC > WACC)2.1%
Value Destroyers94.3%

Of VPU's analyzed weight, 2% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 98% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.

ROIC-WACC spread for 96% of fund weight with available data. Not investment advice.

Concentration Risk Monitor

HIGH
12.6%
Largest Holding
NEE
25.5%
Top 3 Weight
23
Effective # of Stocks
37%
Top Stock Var. Share
Portfolio weight concentration
NEE
SO
DUK
CEG
Other 45 stocks

NEE at 12.6% contributes an estimated 37% of portfolio variance.VPU holds 50 stocks but behaves like an 23-stock portfolio due to weight concentration in the top holdings.

Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.

Passive Crowding Score

HIGH

How much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.

54/ 100
Wtd Avg Passive Ownership16.2%
Most Crowded HoldingDTE (28.5%)
Least CrowdedCWEN (1.8%)
Coverage97% of fund weight
0 — Low255075100 — Extreme

VPU has a Passive Crowding Score of 54/100. On average, 16.2% of the market capitalization of VPU'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 31 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.

Under the Hood — Top 15 Constituents

Top 10 Concentration53.0%
#TickerCompanyWeightP/EF-Score
1NEE
NextEra Energy Inc.
Utilities
12.56%
22.1x5/9
2SO
Southern Co.
Utilities
6.63%
23.5x4/9
3DUK
Duke Energy Corp.
Utilities
6.28%
18.9x7/9
4CEG
Constellation Energy Corp.
Utilities
6.01%
25.0x6/9
5AEP
American Electric Power Co. Inc.
Utilities
4.56%
18.7x5/9
6SRE
Sempra Energy
Utilities
3.87%
30.3x6/9
7D
Dominion Energy Inc.
Utilities
3.43%
19.7x7/9
8VST
Vistra Energy Corp.
Utilities
3.33%
26.8x4/9
9ETR
Entergy Corp.
Utilities
3.28%
27.9x6/9
10XEL
Xcel Energy Inc.
Utilities
3.06%
22.9x5/9
11EXC
Exelon Corp.
Utilities
2.65%
16.7x6/9
12PEG
Public Service Enterprise Group Inc.
Utilities
2.54%
17.4x8/9
13ED
Consolidated Edison Inc.
Utilities
2.51%
17.8x6/9
14WEC
WEC Energy Group Inc.
Utilities
2.39%
22.3x5/9
15PCG
PG&E Corp.
Utilities
2.28%
12.7x5/9
The bottom 52 stocks in VPU account for only 34.6% of the total fund weight.

Historical Holdings Snapshots

Browse how VPU’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.

2026-05-24

15 holdings · 65.4% tracked weight
#TickerWeightSharesMarket Value
1NEE12.56%14,275,902$1.4B
2SO6.63%7,633,339$738.1M
3DUK6.28%5,391,091$698.4M
4CEG6.01%2,135,201$668.3M
5AEP4.56%3,702,576$507.7M
6SRE3.87%4,524,669$430.4M
7D3.43%5,919,694$381.8M
8VST3.33%2,348,878$370.7M
9ETR3.28%3,096,000$365.0M
10XEL3.06%4,100,805$340.2M
11EXC2.65%6,403,764$294.5M
12PEG2.54%3,460,343$282.6M
13ED2.51%2,502,163$279.0M
14WEC2.39%2,255,083$266.0M
15PCG2.28%15,236,843$253.2M

2026-05-23

15 holdings · 65.4% tracked weight
#TickerWeightSharesMarket Value
1NEE12.56%14,275,902$1.4B
2SO6.63%7,633,339$738.1M
3DUK6.28%5,391,091$698.4M
4CEG6.01%2,135,201$668.3M
5AEP4.56%3,702,576$507.7M
6SRE3.87%4,524,669$430.4M
7D3.43%5,919,694$381.8M
8VST3.33%2,348,878$370.7M
9ETR3.28%3,096,000$365.0M
10XEL3.06%4,100,805$340.2M
11EXC2.65%6,403,764$294.5M
12PEG2.54%3,460,343$282.6M
13ED2.51%2,502,163$279.0M
14WEC2.39%2,255,083$266.0M
15PCG2.28%15,236,843$253.2M

2026-05-22

15 holdings · 65.4% tracked weight
#TickerWeightSharesMarket Value
1NEE12.56%14,275,902$1.4B
2SO6.63%7,633,339$738.1M
3DUK6.28%5,391,091$698.4M
4CEG6.01%2,135,201$668.3M
5AEP4.56%3,702,576$507.7M
6SRE3.87%4,524,669$430.4M
7D3.43%5,919,694$381.8M
8VST3.33%2,348,878$370.7M
9ETR3.28%3,096,000$365.0M
10XEL3.06%4,100,805$340.2M
11EXC2.65%6,403,764$294.5M
12PEG2.54%3,460,343$282.6M
13ED2.51%2,502,163$279.0M
14WEC2.39%2,255,083$266.0M
15PCG2.28%15,236,843$253.2M

2026-05-21

15 holdings · 65.4% tracked weight
#TickerWeightSharesMarket Value
1NEE12.56%14,275,902$1.4B
2SO6.63%7,633,339$738.1M
3DUK6.28%5,391,091$698.4M
4CEG6.01%2,135,201$668.3M
5AEP4.56%3,702,576$507.7M
6SRE3.87%4,524,669$430.4M
7D3.43%5,919,694$381.8M
8VST3.33%2,348,878$370.7M
9ETR3.28%3,096,000$365.0M
10XEL3.06%4,100,805$340.2M
11EXC2.65%6,403,764$294.5M
12PEG2.54%3,460,343$282.6M
13ED2.51%2,502,163$279.0M
14WEC2.39%2,255,083$266.0M
15PCG2.28%15,236,843$253.2M

2026-05-20

15 holdings · 65.4% tracked weight
#TickerWeightSharesMarket Value
1NEE12.56%14,275,902$1.4B
2SO6.63%7,633,339$738.1M
3DUK6.28%5,391,091$698.4M
4CEG6.01%2,135,201$668.3M
5AEP4.56%3,702,576$507.7M
6SRE3.87%4,524,669$430.4M
7D3.43%5,919,694$381.8M
8VST3.33%2,348,878$370.7M
9ETR3.28%3,096,000$365.0M
10XEL3.06%4,100,805$340.2M
11EXC2.65%6,403,764$294.5M
12PEG2.54%3,460,343$282.6M
13ED2.51%2,502,163$279.0M
14WEC2.39%2,255,083$266.0M
15PCG2.28%15,236,843$253.2M

2026-05-19

15 holdings · 65.4% tracked weight
#TickerWeightSharesMarket Value
1NEE12.56%14,275,902$1.4B
2SO6.63%7,633,339$738.1M
3DUK6.28%5,391,091$698.4M
4CEG6.01%2,135,201$668.3M
5AEP4.56%3,702,576$507.7M
6SRE3.87%4,524,669$430.4M
7D3.43%5,919,694$381.8M
8VST3.33%2,348,878$370.7M
9ETR3.28%3,096,000$365.0M
10XEL3.06%4,100,805$340.2M
11EXC2.65%6,403,764$294.5M
12PEG2.54%3,460,343$282.6M
13ED2.51%2,502,163$279.0M
14WEC2.39%2,255,083$266.0M
15PCG2.28%15,236,843$253.2M

Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.

Risk Profile

16.9%
Annual Volatility
1.33
Sharpe (1Y)
0.56
Sharpe (3Y)
-18.6%
Max Drawdown (3Y)
-25.1%
Max Drawdown (5Y)

Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.

Price Chart with Moving Averages

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What Drove VPU Today?

Daily return attribution — which holdings contributed most (and least) to the fund's move.

Fund move:+1.96%(2026-06-02)

Top Contributors

+0.173%
+0.161%
+0.070%

Top Detractors

-0.031%
-0.160%

Attribution = holding weight × stock daily return. Only the top contributors and detractors are shown.

Underwater (Drawdown from Peak)

How far below the all-time high the price has been over time. Deeper = more pain for holders.

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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.

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Rolling Beta Market (β = 1.0)

Yield & Income

2.18%
TTM Yield
30-Day SEC Yield
5Y Div CAGR

Sector Drift Over Time

How VPU’s sector allocation has shifted across snapshots. Use the slider to travel through time.

2026-05-2456 snapshots
Utilities91.6%
Other8.4%
Change since 2026-03-30
Utilities
-0.1%
Other
+0.1%
2026-03-302026-05-24

Active Conviction Tracker

Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.

No position changes detected between snapshots.

Explore More

Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.

SecuritiesDB is for informational purposes only. Not investment advice.