SPXN vs VV: Grades, Fees and Holdings Compared

ProShares S&P 500 Ex-Financials ETF

SPXNBNYSE Arca

Vanguard Morningstar Large-Cap ETF

VVANYSE Arca

Overlap

83.9%by weight

Expense ratio

VV −0.06pt a year

SPXN0.09%VV0.03%

Avg volume · 30D

VV 243.5×the volume

SPXN917VV223K

10Y return · a year

SPXN +0.3pt

SPXN+15.7%VV+15.4%

SPXN vs VV Performance

Oct 29, 2021 – Oct 30, 2026

+81.3%SPXN+73.2%VV

Expense ratio: SPXN 0.09%; VV 0.03%, better
Fund size: SPXN $78M; VV $76B
1Y total return: SPXN +12.2%, better; VV +11.5%
Yield (12M): SPXN 0.87%; VV 1.03%, better
Holdings: SPXN 397; VV 423
Avg volume (30D): SPXN 917 sh; VV 223K sh, better
NAV per share: SPXN $82.80; VV $348.06
52W range

ETF.net Grade

Pillar letters and Scores for SPXN, VV, with each pillar’s weight
Pillar	SPXN	VV
Cost30% weight	A73	A91Higher
Mission25% weight	A99	A99
Risk15% weight	C43	B55Higher
Tradability15% weight	D34	B57Higher
Holdings10% weight	D34	C51Higher
Durability5% weight	B62	A93Higher

Rank among US Large-Cap funds

How we build Categories ›

Same Category. SPXN and VV are both graded against the same 29 US Large-Cap funds, so their Grades compare head to head.

US Large-Cap⁠

Category · 29 funds

See all 29 ›

VV ranks 4th and SPXN 10th of 29 funds in the US Large-Cap Category.

Rank 1ASCHXSchwab U.S. Large-Cap ETFScore 83
Rank 2ABKLCBNY Mellon US Large Cap Core Equity ETFScore 82
Rank 3AEPSWisdomTree U.S. LargeCap FundScore 80
Rank 4AVVVanguard Morningstar Large-Cap ETFScore 78
Rank 5AIWBiShares Russell 1000 ETFScore 77
Rank 8BSPXTProShares S&P 500 Ex-Technology ETFScore 67
Rank 10BSPXNProShares S&P 500 Ex-Financials ETFScore 64
Rank 10BXOEFiShares S&P 500 ex S&P 100 ETFScore 64

Our read on each fund

ETF.net Research

SPXNBProShares S&P 500 Ex-Financials ETF

VVAVanguard Morningstar Large-Cap ETF

In short

SPXN The S&P 500 with one sector cut out. SPXN holds the index minus banks, insurers and the rest of the financials sector, so you get large-cap America with the Wall Street slice removed.

VV Vanguard's rules-based read on large cap: own whatever sits in the top 85% of the US market, about 500 names, for 0.03% a year. Running since 2004.

Stated mandate

SPXN SPXN is designed to provide large-cap S&P 500 exposure with the Financials sector excluded.

VV The fund seeks to track the CRSP US Large Cap Index through a passive, full-replication strategy focused predominantly on large U.S. companies diversified across growth and value styles.

Why people hold it

SPXN Costs 0.09% a year, below the typical large-cap ETF in its group.
Does the one thing on the label: roughly 400 S&P 500 names with financials stripped out, tracked closely against its ex-financials benchmark.proshares.com
Plain-vanilla plumbing: a 1940 Act index ETF running since 2015, paying distributions quarterly. No swaps, no leverage, no reset math.
Sits in the upper half of its large-cap peer group on ETF.net's review.

VV Charges 0.03% a year against a 0.14% median for its large-cap peer group. Among the cohort's top names, only SCHX matches that fee.
Full replication: it buys every stock in the index at roughly index weight, and it has tracked that benchmark very closely.vanguard.com
The ETF share class of a Vanguard index fund launched in 2004, now a multi-billion-dollar strategy with mutual fund siblings alongside it.vanguard.com
Cost, tracking and staying power put it in the top tier of a crowded 24-fund large-cap cohort.

Worth knowing

SPXN Thinly traded, so spreads can be wider than the giants of the category. Limit orders matter more here.
Broad large-cap alternatives run cheaper: SCHX and VV both charge 0.03%.
Cutting a whole sector is an active call. Returns will drift from the plain S&P 500 in both directions, and the remaining sectors carry more weight.proshares.com

VV Market-cap weighted, so the biggest US companies (and their sector tilts) carry most of the weight.vanguard.com
The index stops at the top 85% of US investable market cap: mid- and small-cap names sit outside it.vanguard.com
After Morningstar acquired CRSP, the benchmark and the fund name picked up the Morningstar label. Same index, same fund.vanguard.com vanguard.com 2

Full SPXN profile⁠

Full VV profile⁠

SPXN vs VV Holdings

How SPXN and VV differ

Overlap by weight

83.9%

Shared holdings make up 96.9% of SPXN and 85.5% of VV.

Level by level

Holdings303 in both83.9%
Sector11 Sectors87.2%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in SPXN and VV, widest gap first
Sector	More in SPXNMore in VV	SPXN	VV
Financials	VV +11.3 points	0.0%	11.3%
Technology	SPXN +5.2 points	46.3%	41.1%
Consumer Discretionary	SPXN +1.8 points	10.1%	8.3%
Health Care	SPXN +1.5 points	10.7%	9.2%
Real Estate	VV +1.5 points	0.0%	1.5%
Communication	SPXN +1.5 points	11.4%	10.0%
Industrials	SPXN +1.1 points	8.7%	7.6%
Consumer Staples	SPXN +0.7 points	5.0%	4.3%
Energy	SPXN +0.4 points	3.9%	3.5%
Utilities	SPXN +0.5 points	2.2%	1.7%
Materials	SPXN +0.2 points	1.8%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in SPXN and VV, widest gap first
Country	More in SPXNMore in VV	SPXN	VV
United States	VV +0.3 points	99.7%	100.0%
China	SPXN +0.1 points	0.1%	0.0%
Switzerland	SPXN +0.1 points	0.1%	0.0%
Mexico	SPXN +0.1 points	0.1%	0.0%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SPXN43.2%
VV39.5%

Securities held

SPXN396
VV422

Asset class

SPXN: Equity
VV: Equity

Holdings

Only in SPXN93
In both303
Only in VV119

Only in SPXN

93 securities, 2.8% of SPXN by weight

Nxp Semiconductors NV0.12%
Vylor Inc0.09%
Everpure Inc-A0.07%
Illumina Inc0.06%
Twilio Inc - A0.06%
Emcor Group Inc0.05%
Williams-Sonoma Inc0.05%
Atmos Energy Corp0.05%
Jabil Inc0.05%
Casey's General Stores Inc0.04%
Tapestry Inc0.04%
Smurfit Westrock PLC0.04%
Omnicom Group0.04%
Amcor PLC0.04%
Viatris Inc0.04%
Nisource Inc0.04%
Ptc Inc0.04%
Expand Energy Corp0.04%
Incyte Corp0.04%
Nrg Energy Inc0.04%
Skyworks Solutions Inc0.04%
Evergy Inc0.04%
Fortive Corp0.03%
Cdw Corp/De0.03%
F5 Inc0.03%
Dupont De Nemours Inc0.03%
Best Buy Co Inc0.03%
Cf Industries Holdings Inc0.03%
Alliant Energy Corp0.03%
Apa Corp0.03%
Jacobs Solutions Inc0.03%
Leidos Holdings Inc0.03%
Zimmer Biomet Holdings Inc0.03%
Tractor Supply Company0.03%
Revvity Inc0.03%
Ball Corp0.03%
Idex Corp0.03%
Zebra Technologies Corp-Cl A0.03%
Nvr Inc0.03%
Charles River Laboratories0.03%
Nordson Corp0.03%
Hasbro Inc0.03%
Genuine Parts Co0.03%
Hunt (Jb) Transprt Svcs Inc0.03%
Allegion PLC0.03%
Masco Corp0.03%
Gen Digital Inc0.03%
Stanley Black & Decker Inc0.03%
Bunge Global SA0.03%
Fedex Freight Holding Co0.03%

Only in VV

119 securities, 14.5% of VV by weight

JPMorgan Chase & Co1.37%
Berkshire Hathaway Inc1.35%
Visa Inc0.88%
Mastercard Inc0.67%
Bank of America Corp0.56%
Goldman Sachs Group Inc/The0.38%
Wells Fargo & Co0.38%
Morgan Stanley0.34%
Citigroup Inc0.34%
Welltower Inc0.26%
Charles Schwab Corp/The0.25%
American Express Co0.24%
Blackrock Inc0.23%
Prologis Inc0.19%
Progressive Corp/The0.19%
Capital One Financial Corp0.18%
S&P Global Inc0.18%
Chubb Ltd0.18%
Cloudflare Inc0.17%
Snowflake Inc0.17%
Equinix Inc0.16%
Bank of New York Mellon Corp/The0.15%
CME Group Inc0.15%
US Bancorp0.14%
Space Exploration Technologies Corp0.14%
Robinhood Markets Inc0.14%
PNC Financial Services Group Inc/The0.14%
Intercontinental Exchange Inc0.13%
Blackstone Inc0.13%
Marsh & McLennan Cos Inc0.13%
American Tower Corp0.12%
Travelers Cos Inc/The0.12%
Warner Bros Discovery Inc0.11%
Moody's Corp0.10%
Digital Realty Trust Inc0.10%
Simon Property Group Inc0.10%
KKR & Co Inc0.10%
Aon PLC0.09%
Arthur J Gallagher & Co0.09%
Truist Financial Corp0.09%
Allstate Corp/The0.09%
Strategy Inc0.09%
Astera Labs Inc0.09%
Cheniere Energy Inc0.09%
Corteva Inc0.08%
Realty Income Corp0.08%
MetLife Inc0.08%
Aflac Inc0.08%
Apollo Global Management Inc0.07%
Public Storage0.07%

Weight gaps

The 100 widest of 303 Holdings in both funds.

Holding weights in SPXN and VV, widest gap first
Holding	More in SPXNMore in VV	SPXN	VV
Apple IncAAPL	SPXN +1.38 points	8.93%	7.55%
Microsoft CorpMSFT	SPXN +0.96 points	6.88%	5.92%
NVIDIA CorpNVDA	SPXN +0.67 points	8.79%	8.12%
Eli Lilly & CoLLY	SPXN +0.49 points	2.01%	1.52%
Tesla IncTSLA	SPXN +0.45 points	2.00%	1.55%
Amazon.com IncAMZN	SPXN +0.43 points	4.19%	3.76%
Exxonmobil Holdings CorpXOM	SPXN +0.32 points	1.37%	1.05%
Walmart IncWMT	SPXN +0.27 points	0.98%	0.71%
Intel CorpINTC	VV +0.26 points	0.58%	0.84%
Chevron CorpCVX	SPXN +0.23 points	0.83%	0.60%
Alphabet Inc-Cl AGOOGL	VV +0.22 points	2.92%	3.14%
AbbVie IncABBV	SPXN +0.21 points	0.93%	0.72%
Johnson & JohnsonJNJ	SPXN +0.18 points	1.17%	0.99%
Costco Wholesale CorpCOST	SPXN +0.17 points	0.80%	0.63%
Broadcom IncAVGO	SPXN +0.15 points	2.75%	2.60%
Procter & Gamble Co/ThePG	SPXN +0.15 points	0.67%	0.52%
Home Depot IncHD	SPXN +0.14 points	0.58%	0.44%
Cisco Systems IncCSCO	SPXN +0.14 points	0.73%	0.59%
Alphabet Inc-Cl CGOOG	VV +0.14 points	2.35%	2.49%
UnitedHealth Group IncUNH	SPXN +0.14 points	0.65%	0.51%
Coca-Cola Co/TheKO	SPXN +0.13 points	0.65%	0.52%
Palantir Technologies Inc-APLTR	SPXN +0.11 points	0.75%	0.64%
Philip Morris InternationalPM	SPXN +0.12 points	0.58%	0.46%
Intl Business Machines CorpIBM	SPXN +0.11 points	0.43%	0.32%
Lam Research CorpLRCX	VV +0.11 points	0.53%	0.64%
Accenture Plc-Cl AACN	SPXN +0.11 points	0.28%	0.17%
Merck & Co. Inc.MRK	SPXN +0.10 points	0.66%	0.56%
Sandisk CorpSNDK	VV +0.10 points	0.30%	0.40%
ConocophillipsCOP	SPXN +0.10 points	0.33%	0.23%
Micron Technology IncMU	VV +0.10 points	1.77%	1.87%
Amgen IncAMGN	SPXN +0.10 points	0.45%	0.35%
Moderna IncMRNA	SPXN +0.10 points	0.15%	0.05%
Texas Instruments IncTXN	SPXN +0.09 points	0.49%	0.40%
Rtx CorpRTX	SPXN +0.09 points	0.48%	0.39%
Gilead Sciences IncGILD	SPXN +0.09 points	0.38%	0.29%
Advanced Micro DevicesAMD	VV +0.09 points	1.46%	1.55%
Linde PLCLIN	SPXN +0.08 points	0.42%	0.34%
Applied Materials IncAMAT	VV +0.08 points	0.55%	0.63%
Meta Platforms Inc-Class AMETA	VV +0.07 points	2.41%	2.48%
Mcdonald's CorpMCD	SPXN +0.07 points	0.32%	0.25%
Caterpillar IncCAT	VV +0.07 points	0.51%	0.58%
Thermo Fisher Scientific IncTMO	SPXN +0.07 points	0.46%	0.39%
Union Pacific CorpUNP	SPXN +0.07 points	0.32%	0.25%
Kimberly-Clark CorpKMB	SPXN +0.07 points	0.12%	0.05%
Seagate Technology HoldingsSTX	VV +0.06 points	0.26%	0.32%
Nextera Energy IncNEE	SPXN +0.06 points	0.31%	0.25%
Pepsico IncPEP	SPXN +0.06 points	0.33%	0.27%
Analog Devices IncADI	SPXN +0.06 points	0.36%	0.30%
Abbott LaboratoriesABT	SPXN +0.06 points	0.33%	0.27%
Walt Disney Co/TheDIS	SPXN +0.06 points	0.34%	0.28%
Altria Group IncMO	SPXN +0.06 points	0.23%	0.17%
Pfizer IncPFE	SPXN +0.06 points	0.31%	0.25%
Salesforce IncCRM	SPXN +0.05 points	0.33%	0.28%
Marvell Technology IncMRVL	VV +0.05 points	0.31%	0.36%
General ElectricGE	SPXN +0.06 points	0.56%	0.50%
Crowdstrike Holdings Inc - ACRWD	SPXN +0.05 points	0.45%	0.40%
Mckesson CorpMCK	SPXN +0.06 points	0.21%	0.15%
Marathon Petroleum CorpMPC	SPXN +0.05 points	0.22%	0.17%
Intuit IncINTU	SPXN +0.05 points	0.17%	0.12%
Tjx Companies IncTJX	SPXN +0.05 points	0.28%	0.23%
Automatic Data ProcessingADP	SPXN +0.05 points	0.21%	0.16%
Medtronic PLCMDT	SPXN +0.05 points	0.22%	0.17%
Intuitive Surgical IncISRG	SPXN +0.05 points	0.27%	0.22%
Lowe's Cos IncLOW	SPXN +0.05 points	0.21%	0.16%
Lockheed Martin CorpLMT	SPXN +0.05 points	0.23%	0.18%
Southern Co/TheSO	SPXN +0.04 points	0.19%	0.15%
Vertex Pharmaceuticals IncVRTX	SPXN +0.04 points	0.25%	0.21%
Starbucks CorpSBUX	SPXN +0.04 points	0.21%	0.17%
Regeneron PharmaceuticalsREGN	SPXN +0.04 points	0.16%	0.12%
Phillips 66PSX	SPXN +0.04 points	0.20%	0.16%
Eog Resources IncEOG	SPXN +0.04 points	0.15%	0.11%
Danaher CorpDHR	SPXN +0.04 points	0.26%	0.22%
Duke Energy CorpDUK	SPXN +0.04 points	0.18%	0.14%
Eqt CorpEQT	SPXN +0.04 points	0.06%	0.02%
Csx CorpCSX	SPXN +0.04 points	0.17%	0.13%
Steel Dynamics IncSTLD	SPXN +0.04 points	0.06%	0.02%
Centene CorpCNC	SPXN +0.04 points	0.06%	0.02%
Marriott International -Cl AMAR	SPXN +0.03 points	0.15%	0.12%
General Dynamics CorpGD	SPXN +0.04 points	0.17%	0.13%
United Parcel Service-Cl BUPS	SPXN +0.03 points	0.14%	0.11%
Cvs Health CorpCVS	SPXN +0.03 points	0.20%	0.17%
Elevance Health IncELV	SPXN +0.03 points	0.16%	0.13%
Deere & CoDE	SPXN +0.03 points	0.30%	0.27%
Verizon Communications IncVZ	SPXN +0.03 points	0.33%	0.30%
Stryker CorpSYK	SPXN +0.03 points	0.18%	0.15%
Mondelez International Inc-AMDLZ	SPXN +0.04 points	0.15%	0.11%
United Rentals IncURI	SPXN +0.03 points	0.13%	0.10%
Oracle CorpORCL	SPXN +0.03 points	0.40%	0.37%
Williams Cos IncWMB	SPXN +0.03 points	0.16%	0.13%
Monster Beverage CorpMNST	SPXN +0.03 points	0.12%	0.09%
Hilton Worldwide Holdings InHLT	SPXN +0.03 points	0.14%	0.11%
Cintas CorpCTAS	SPXN +0.03 points	0.13%	0.10%
General Motors CoGM	SPXN +0.03 points	0.14%	0.10%
Valero Energy CorpVLO	SPXN +0.03 points	0.20%	0.17%
Hca Healthcare IncHCA	SPXN +0.03 points	0.12%	0.09%
Uber Technologies IncUBER	SPXN +0.03 points	0.24%	0.21%
Royal Caribbean Cruises LtdRCL	SPXN +0.03 points	0.14%	0.11%
Motorola Solutions IncMSI	SPXN +0.03 points	0.14%	0.11%
Targa Resources CorpTRGP	SPXN +0.03 points	0.12%	0.09%
Slb LtdSLB	SPXN +0.03 points	0.14%	0.11%

All 399 SPXN holdings⁠All 479 VV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPXN vs VV Cost

Overpaying SPXN vs VV

$1,260

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SPXN 0.09%
$1,898
VV 0.03%
$638

Amount$10,000

Years30 years

Cost over time

SPXN 0.09%
VV 0.03%
Overpaying

Year by year

Year	SPXN	VV	Overpaying
10	$165	$55	$110
20	$646	$216	$430
30	$1,898	$638	$1,260

Expense ratio

0.09%SPXN
0.03%VV, cheaper

VV0.03%SPXN0.09%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

VV 3rd cheapest of 29 funds

SPXN 7th cheapest of 29 funds

SPXN vs VV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPXN 0.87%; VV 1.03%, better
Payout (12M): SPXN $0.72; VV $3.60
Last payment: SPXN $0.18; VV $0.90
Ex-dividend: SPXN Sep 23, 2026; VV Sep 28, 2026
Paid on: SPXN Sep 29, 2026; VV Sep 30, 2026
Frequency: SPXN Quarterly; VV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPXNQuarterly · 39 paymentsAll SPXN payments⁠

VVQuarterly · 39 paymentsAll VV payments⁠

SPXN vs VV Risk

Fall from peak · 5 years

SPXN
VV

Risk facts

VolatilityStd dev, 3 years: SPXN 13.0%VV 12.5%, better
Return per unit of riskSharpe ratio, 3 years: SPXN 1.37VV 1.41, better
Worst fallMax drawdown, 5 years: SPXN −24.5%, betterVV −25.7%
Market sensitivityBeta, 5 years: SPXN 1.04VV 1.02; Market = 1

SPXN and VV in the news

All news⁠

Head-to-Head
IVW vs. VV: iShares’ growth ETF holds almost nothing Vanguard’s doesn’t, at six times the fee
Oct 28, 2026VV
Category Review
Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.
Updated Oct 16, 2026VV

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SPXN vs VV

In short

Stated mandate

Why people hold it

Worth knowing

How SPXN and VV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPXN

Only in VV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

IVW vs. VV: iShares’ growth ETF holds almost nothing Vanguard’s doesn’t, at six times the fee

Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.

How SPXN and VV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPXN

Only in VV

Weight gaps