Direct Answer
VOO is the Vanguard S&P 500 ETF, an open-end exchange-traded fund that seeks to track the S&P 500 Index. Vanguard reported a 0.03% expense ratio as of April 28, 2026, approximately $1.05 trillion in net assets for the ETF share class as of August 31, 2026, and 505 holdings as of July 31, 2026. VOO launched on September 7, 2010. It competes directly with SPY and IVV as a vehicle for S&P 500 exposure, but its open-end structure and lower expense ratio distinguish it from SPY in particular.
Source: Vanguard, Vanguard S&P 500 ETF (VOO). verified September 7, 2026. This profile does not constitute a recommendation.
Fund Snapshot (as of September 2026)
| Fact | Value | As of / Source |
|---|---|---|
| Full name | Vanguard S&P 500 ETF | Vanguard product page |
| Ticker | VOO | NYSE Arca listing |
| Issuer | Vanguard | Vanguard product page |
| Structure | Open-end ETF / ETF share class | Vanguard / SEC filings |
| Benchmark | S&P 500 Index | Vanguard product page |
| Inception date | September 7, 2010 | Vanguard product page |
| Expense ratio | 0.03% | Apr 28, 2026: Vanguard |
| Net assets (ETF share class) | ~$1.05 trillion | Aug 31, 2026: Vanguard |
| Number of holdings | 505 | Jul 31, 2026: Vanguard |
What does VOO track?
VOO is the Vanguard S&P 500 ETF. It seeks to track the investment performance of the S&P 500 Index, using an indexing investment approach. Vanguard reported 505 holdings as of July 31, 2026, which reflects the S&P 500 constituent count plus possible small positions in other instruments arising from the fund's replication approach.
The S&P 500 is a market-capitalization-weighted index of approximately 500 large U.S. publicly traded companies, maintained by S&P Dow Jones Indices. Membership is determined by an index committee applying criteria related to market capitalization, public float, domicile, sector balance, financial viability and liquidity.
VOO's open-end ETF structure
VOO is registered as an open-end fund under the Investment Company Act of 1940, structured as an ETF share class of the Vanguard 500 Index Fund. This means it exists alongside institutional and investor share classes of the same underlying fund. The ETF share class trades on an exchange intraday while other share classes transact at end-of-day NAV.
As an open-end ETF, VOO can reinvest dividends continuously in the securities held by the fund, avoiding the cash drag that SPY's UIT structure creates when dividend cash accumulates between quarterly distributions. VOO can also participate in securities lending, which can generate income that partially offsets fund expenses.
VOO's expense ratio and cost
Vanguard reported a 0.03% expense ratio as of April 28, 2026. On a hypothetical constant $10,000 balance that is approximately $3 per year in fund-level expenses before market movement. Actual costs also include bid-ask spread, possible brokerage commissions and tax consequences of distributions.
Vanguard's mutual ownership structure gives it an unusual long-term incentive to minimize fund costs, because the fund's investors own Vanguard itself. This structure is why Vanguard's fund expense ratios have historically been among the lowest available.
VOO vs. SPY vs. IVV
All three funds target the S&P 500 benchmark. The key structural distinctions are SPY's UIT structure (which creates cash drag and a higher expense ratio) and VOO's ETF share class arrangement. IVV is structurally similar to VOO as an open-end ETF and shares the same 0.03% expense ratio. Differences in tracking difference, distribution schedules and tax treatment in specific account types can matter for long-term holders.
The more important question than which recently performed better is which structural and cost characteristics best match the investor's use case. For long-term buy-and-hold investors focused purely on cost, VOO and IVV's lower expense ratios represent a compounding advantage over SPY. For institutional hedgers, short-term traders and options-market participants, SPY's liquidity and options depth may outweigh the cost difference. See the ETF Cost Comparison Tool for modeling.
Frequently Asked Questions
- What does VOO track?
- VOO is the Vanguard S&P 500 ETF. It seeks to track the investment performance of the S&P 500 Index, using an indexing investment approach. Vanguard reported 505 holdings as of July 31, 2026, which reflects the S&P 500 constituent count plus possible small positions in other instruments arising from the fund's replication approach.
- What is VOO's expense ratio?
- Vanguard reported a 0.03% expense ratio for VOO as of April 28, 2026. On a hypothetical constant $10,000 balance that is approximately $3 per year in fund expenses before market movement. Verify the current figure in Vanguard's product page or the fund's prospectus.
- How does VOO differ from SPY?
- VOO is an open-end ETF while SPY is a unit investment trust. This means VOO can reinvest dividends continuously rather than accumulating them as cash until a quarterly distribution, which reduces cash drag relative to the benchmark. VOO's expense ratio (0.03% as of April 28, 2026) is also lower than SPY's (0.0945% as of September 6, 2026). Both track the S&P 500 Index.
- When did VOO launch?
- VOO launched on September 7, 2010. It is newer than SPY (1993) and IVV (2000) but has grown to one of the largest ETFs in the United States by assets under management.
References
- Vanguard, Vanguard S&P 500 ETF (VOO). primary fund facts page, verified September 7, 2026.
- Nasdaq Trader, Nasdaq Trader Symbol Directory, listing status verification.
- SEC EDGAR, EDGAR Search, prospectus and filing verification.