Vanguard Materials Index Fund ETF Shares (VAW)

Look-through valuation · Sector · Expense ratio 0.10 % · ISIN US92204A8018

VAW Vanguard Materials Index Fund ETF Shares VAW overvalued

Holdings vs fair value −39.7 % weighted average

Quality 58/100 avg alpha quality

Expense ratio 0.10 % per year (TER)

Fund size $ 3.0B yield 1.39 %

The look-through covers 90 % of the fund by weight (102 of 109 disclosed positions valued). Unresolved positions are left out, never estimated.

Price history (since 2004)

Monthly close since 2004. Price shows performance, the valuation verdict is in the look-through above.

Top holdings

Holding	Weight	vs fair value	Quality
Linde plc Ordinary Shares LIN	15.7 %	−56.5 %	71
Newmont Goldcorp Corp NEM	6.6 %	+18.5 %	68
Freeport-McMoran Copper & Gold Inc FCX	5.9 %	−62.6 %	52
Sherwin-Williams Co SHW	5.3 %	−56.9 %	59
CRH PLC CRH	4.7 %	n/a	n/a
Ecolab Inc ECL	4.6 %	−61.5 %	60
Air Products and Chemicals Inc APD	3.9 %	−13.8 %	45
Corteva Inc CTVA	3.7 %	−67.1 %	71
Nucor Corp NUE	3.2 %	−51.0 %	63
Vulcan Materials Company VMC	2.5 %	−58.7 %	61
Martin Marietta Materials Inc MLM	2.3 %	−61.6 %	51
Steel Dynamics Inc STLD	2.1 %	−40.7 %	62
PPG Industries Inc PPG	1.8 %	−36.8 %	70
Amerize Inc. AMRZ	1.7 %	n/a	n/a
Smurfit WestRock plc SW	1.6 %	−55.8 %	36
Packaging Corp of America PKG	1.4 %	−45.6 %	59
AMCOR PLC DL -,01 4850	1.3 %	n/a	n/a
International Flavors & Fragrances Inc IFF	1.3 %	−40.4 %	50
Dow Inc DOW	1.3 %	+41.6 %	38
International Paper IP	1.3 %	−49.1 %	25
Reliance Steel & Aluminum Co RS	1.3 %	−43.2 %	68
Royal Gold Inc RGLD	1.1 %	−51.6 %	46
Coeur Mining Inc CDE	1.1 %	−48.4 %	52
CF Industries Holdings Inc CF	1.1 %	+36.6 %	76
Albemarle Corp ALB	1.0 %	−17.7 %	51

Fair value and quality per position come from the same valuation as our stock pages. Showing the 25 largest of 109 disclosed positions. "n/a" means the position is not (yet) in our stock universe and does not enter the average.

How the look-through works

An ETF has no fair value of its own like a single stock. We build it bottom up: every holding has a fair value and a quality score on our pages. Weighted by portfolio share, that gives Vanguard Materials Index Fund ETF Shares an average of how cheap or expensive its companies currently sit versus fair value, and how high their average quality is.

As of: Jul 17, 2026

No investment advice, no buy or sell recommendation. The look-through is a computed summary of public fundamentals and is no substitute for your own research.