What Is VV? Vanguard Morningstar Large-Cap ETF
Last updated September 2026
Short answer
VV is Vanguard Morningstar Large-Cap ETF, an ETF that tracks the CRSP US Large Cap Index at a 0.03% expense ratio. VV holds roughly the largest 85% of the US market by value, which is a slightly wider net than the S&P 500 casts. It charges 0.03%. The reason almost nobody talks about it is that VOO exists, does something nearly identical, and has the brand recognition of the S&P 500 behind it. The practical difference between them is small enough that cost and tax consequences should decide, not the index name.
VV is issued by Vanguard and tracks the CRSP US Large Cap Index. It charges a 0.03% expense ratio, holds approximately $73.8B in assets under management, yields about 1.02%, and launched in 2004.
How VV differs from an S&P 500 fund
The S&P 500 is a committee-selected list of 500 large US companies. VV tracks the CRSP US Large Cap Index, a rules-based cut of roughly the top 85% of US market capitalisation, which works out to more holdings and a slightly deeper reach into the large-cap range.
In practice the overlap is enormous and the return difference has historically been small. Nvidia at 7.3%, Apple at 6.7% and Microsoft at 4.4% lead both. Anyone choosing between them on expected performance is splitting hairs; choosing on cost and on whether a sale would trigger tax is the sensible frame.
What you actually own
Technology at 39% is the dominant sector, followed by financials at 12%, communication services at 10% and consumer discretionary at 9%. That technology weight is not a choice the fund made. It is what the US large-cap market currently looks like, and any market-cap-weighted fund will reflect it.
It is worth sitting with that number. A portfolio that is entirely VV is a portfolio that is nearly 40% technology. That may be fine, but it should be a decision rather than a surprise.
The bottom line on VV
VV tracks the CRSP US Large Cap Index at 0.03%, holds about $73.8B, and has traded since 2004. It is a marginally broader, marginally less famous alternative to an S&P 500 fund at the same rock-bottom cost. IWB covers similar ground at 0.15%, five times the price, which is the comparison that actually matters here.
VV holdings: top 10
Approximate weights as of August 2026. Each ticker links to its individual stock guide in Walnut.
How do I invest in VV?
There are three common ways to get VV exposure. Buy shares (or fractional shares) of VV directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so VV sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. VV trades like a stock during market hours, so you buy it the same way you would any listed share.
New to buying funds? See how to buy an ETF, step by step.
Is VV a good buy?
Whether VV is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks the CRSP US Large Cap Index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is VV a buy?
The bottom line on VV
VV gives you the CRSP US Large Cap Index exposure in one ticker at a 0.03% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.
More on VV
Whether VV is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is VV a buy?
VV yields 1.02% as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see VV dividend: yield and schedule.
New to funds like VV? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how VV fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in VV with AI
Connect the broker you already use and ask Walnut's AI how VV fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is VV?
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VV is the Vanguard Large-Cap ETF. It tracks the CRSP US Large Cap Index, roughly the largest 85% of the US market by value, which is a slightly wider net than the S&P 500. It charges 0.03%, holds about $73.8B, and launched in 2004.
VV vs VOO: which is better?
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They are close enough that cost and taxes should decide. VOO tracks the S&P 500, a committee-selected list of 500 companies. VV tracks a rules-based cut of the top 85% of US market cap, so it holds more names and reaches slightly further down. Both charge 0.03% and both are led by Nvidia, Apple and Microsoft.
What does VV hold?
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Large US companies weighted by market value. Nvidia is 7.3%, Apple 6.7%, Microsoft 4.4%, Amazon 3.6%, Alphabet 3.3% and Broadcom 2.8%. Technology is 39% of the fund.
Is 39% technology too much?
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It is not a decision the fund made. Market-cap weighting reflects what the market is worth, and US large-caps are currently that technology-heavy. The point is to know it: a portfolio held entirely in VV is close to 40% technology, which is a concentrated position arrived at passively.
VV vs IWB: what is the difference?
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Mostly price. IWB tracks the Russell 1000 at 0.15% with about $48.3B; VV tracks the CRSP US Large Cap Index at 0.03% with about $73.8B. Both hold roughly the same large US companies in roughly the same order. You are paying five times as much at IWB for a different index provider.
Does VV pay a dividend?
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It distributes about 1.02%, typically quarterly. That is in line with the broad US large-cap market, where most companies pay something and a few large ones pay nothing at all.
Is VV a complete portfolio on its own?
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Not quite. It covers US large-caps well and omits US small-caps, international equities and bonds entirely. Pairing it with an extended-market or international fund is what turns it into a diversified allocation.
What are the risks of holding VV?
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It carries full US large-cap equity risk with no bond or international ballast, and its 39% technology weight means a downturn in that sector shows up directly. It also does nothing to diversify away a US-specific shock, since every holding is a US company.
Why is VV so much less popular than VOO?
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Brand, mostly. The S&P 500 is the number people quote on the news, and VOO tracks it. VV does something very similar against a benchmark almost nobody outside the industry can name, which is a marketing problem rather than an investment one.
What is VV's expense ratio?
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VV has an expense ratio of 0.03% per year as of August 2026, charged by Vanguard and deducted from the fund's value rather than billed to you separately. On a $10,000 position that is roughly $3 a year. Fees compound over time, so on a long-term holding the expense ratio is one of the few return drivers you control. It is worth comparing against other funds that track the CRSP US Large Cap Index before you choose.
How do I compare VV to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. VV's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to August 2026; verify current figures against Vanguard's fund page or your broker before investing.