VANGUARD MATERIALS INDEX FUND
U.S. stock index ETF · tracks MSCI US Investable Market Index (IMI)/Materials 25/50
As of its 2026 Q2 report, VANGUARD MATERIALS INDEX FUND held 112 positions with $4.52B in net assets. Its ten largest holdings made up 55.4% of the fund. The VAW share class costs 0.09% a year. Over the 12 months to May 2026, VAW returned 23.9%, with dividends reinvested. In 2026 Q2 it added no new positions and exited 3.
Vanguard Materials Index Fund (the Fund) seeks to track the performance of a benchmark index that measures the investment return of materials stocks.
The fund employs an indexing approach designed to track the MSCI US Investable Market Index (IMI)/Materials 25/50, which comprises large, mid-size, and small U.S. companies in the materials sector—including chemicals, construction materials, metals, minerals, and mining. It invests substantially all its assets in the stocks that make up the Target Index, holding each in approximately the same proportion as its weighting in the index. Because the fund is nondiversified under the Investment Company Act of 1940, it may invest a greater percentage of its assets in securities of particular issuers than a diversified fund would.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
LINLinde PLC | 14.92% | $674.47M | 1.4M | $497.69 |
NEMNewmont Corp | 7.69% | $347.78M | 3.2M | $109.81 |
6.06% | $273.84M | 4.2M | $65.71 | |
CRHCRH PLC | 4.68% | $211.63M | 1.9M | $108.79 |
4.59% | $207.67M | 683.5K | $303.84 | |
ECLEcolab Inc | 4.19% | $189.39M | 739.8K | $256.00 |
3.81% | $172.47M | 619.0K | $278.62 | |
NUENucor Corp | 3.67% | $166.05M | 664.2K | $250.00 |
CTVACorteva Inc | 3.40% | $153.52M | 2.0M | $78.28 |
2.40% | $108.49M | 383.5K | $282.92 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
All 112 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 99.81% |
| Cash & short-term | 0.60% |
| Derivatives | -0.01% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Materials
- 98.3%
- Consumer Discretionary
- 1.1%
- Cash
- 0.6%
How it has done
VAW share class · total returns with dividends reinvested
Volatility over the last 12 months: 16.94%. Past returns are a record, not a forecast.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.09% | +23.87% | +48.52% | +32.70% | -11.79% | |
| 0.09% | +23.87% | +48.50% | +32.67% | -11.79% |
These classes hold the same portfolio, so the 0.04pp spread over 5 years is the cost difference between them — roughly 0.01pp a year — not a difference in what they own.
Fees & fund details
VANGUARD MATERIALS INDEX FUND is a U.S. equity index ETF that tracks the MSCI US Investable Market Index (IMI)/Materials 25/50. 12% of VAW’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 94% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Features
- Non-diversified
- Expense ratio, by class
- 0.09% – 0.09%· VAW 0.09%
- Portfolio turnover
- 7.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
0 new
3 exited· the largest 2
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