The Vanguard Mid-Cap ETF (VO) is an exchange-traded fund designed to track the performance of U.S. mid-cap companies listed in the American equity market. The ETF is managed by Vanguard and trades under the ticker VO on the NYSE Arca.

Classified as an equity ETF focused on U.S. mid-cap equities, the fund seeks to reflect, before fees and expenses, the performance of the CRSP US Mid Cap Index.

The ETF follows a passive management strategy, maintaining a portfolio structured to replicate the composition and weighting of its benchmark index. The benchmark includes U.S. mid-cap companies selected according to market-capitalization, liquidity, and market-representation criteria within the American equity market.

Diversification and sector exposure

VO provides exposure primarily associated with:

• Industrials.
• Financials.
• Information technology.
• Healthcare.
• Consumer discretionary.
• U.S. mid-cap equities.
• Business services.
• Infrastructure and manufacturing.

The ETF’s performance is sensitive to U.S. economic cycles, credit conditions, and expectations surrounding domestic economic growth.

Mid-cap companies may also show sensitivity to changes in Federal Reserve monetary policy, financing costs, and fluctuations in the U.S. labor market. The ETF may reflect movements associated with both growth-oriented sectors and more defensive areas of the economy.

Structure and costs

VO shares trade on the secondary market on the NYSE Arca during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF’s market price with its net asset value (NAV).

The fund charges a management fee as outlined in its prospectus and does not apply a performance fee. VO may distribute income derived from dividends paid by companies held in the portfolio.

Because the ETF maintains exposure to the U.S. mid-cap segment, its behavior may display characteristics positioned between large-cap and small-cap-focused ETFs, reflecting both economic expansion and macroeconomic-related market fluctuations.

History and evolution of the ETF

The Vanguard Mid-Cap ETF was launched in 2004 during a period marked by the expansion of ETFs focused on segmenting the U.S. equity market by market capitalization.

Since inception, the fund has reflected movements associated with U.S. mid-cap companies, including changes in economic cycles, fluctuations in monetary conditions, and sector transformations within the American economy.

In recent years, VO has reflected periods of economic growth, changes in Federal Reserve monetary policy, interest-rate fluctuations, and developments related to digitalization, infrastructure, and the expansion of mid-sized American companies.

Additional Information

Vanguard Mid-Cap ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $107.14 billion.

Over the past 12 months, Vanguard Mid-Cap ETF recorded a return of 12.69%, with its price trading between $75.88 and $308.44 during the same period.

The ETF is traded under the ticker VO.