VSO invests in around 180 smaller ASX companies outside the largest 100 or so. It charges 0.30% a year, has $1.2b invested and returned -0.1% over the past year. The most similar ETF is EX20, which overlaps with it by about 51%.
📅 As at 30 September 2026: fee, size and 1-year return from the TMX Australia funds report; holdings and overlap from VSO’s published holdings as at 30 September 2026.
Is it a good time to buy VSO?
Nobody can time the market perfectly, but you can check the trend before you buy. Here’s where VSO stands right now.
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| Net flow, September | +$15m |
| Net flow, 2026 so far | +$74m |
| Average month in 2026 | +$8m |
Is the whole market risk on, caution or risk off this week? Members see it every Sunday, with the core ETF check-up.
🔒 See it free for 30 days →VSO is in a downtrend. Some investors wait for the trend to turn before adding; others keep buying small, regular amounts. Whatever you do, size it so a further fall wouldn’t derail your plan.
General information only, not a recommendation to buy or sell VSO. Whether it suits you depends on your goals and the rest of your portfolio. Trend updated weekly; flows from the TMX Australia funds report (September 2026) and the Global X weekly market monitor. See every ETF’s trend in the ETF trend scanner, or read when to buy an ETF.
What is VSO?
Index: MSCI Australian Shares Small Cap Index · Distributions: Quarterly · Issuer: Vanguard · Exchange: ASX
Top 10 holdings
The 10 largest companies make up 19% of VSO.
| # | Company | Weight | |
|---|---|---|---|
| 1 | BlueScope Steel LtdMaterials | 2.44% | |
| 2 | Orica LtdMaterials | 1.99% | |
| 3 | ALS LtdIndustrials | 1.94% | |
| 4 | Ampol LtdEnergy | 1.92% | |
| 5 | StocklandReal Estate | 1.91% | |
| 6 | Ramsay Health Care LtdHealth Care | 1.88% | |
| 7 | Sandfire Resources LtdMaterials | 1.87% | |
| 8 | Cochlear LtdHealth Care | 1.67% | |
| 9 | Mineral Resources LtdMaterials | 1.66% | |
| 10 | GPT Group/TheReal Estate | 1.60% |
Sector breakdown
ETFs most similar to VSO
How much each ETF’s holdings overlap with VSO, by weight. High overlap means owning both mostly doubles up.
| ETF | Overlap | |
|---|---|---|
| EX20Betashares Aus Ex-20 Portfolio Diversifier ETF | 51% | Compare in calculator → |
| MVEVanEck S&P/ASX Midcap ETF | 46% | Compare in calculator → |
| ISOiShares S&P/ASX Small Ordinaries ETF | 40% | Compare in calculator → |
| SSOState Street SPDR S&P/ASX Small Ordinaries ETF | 40% | Compare in calculator → |
| MVWVanEck Australian Equal Weight ETF | 38% | Compare in calculator → |
| GRNVVanEck MSCI Australian Sustainable Equity ETF | 36% | Compare in calculator → |
Core or satellite?
SATELLITE Small & mid caps
VSO is a satellite: a small-company tilt that overlaps little with A200 or VAS. In our approach, satellites are bought when they break out of a base into an uptrend, kept to a small slice of the portfolio, and sold with a stop loss. Read more in core and satellite investing.
Read more: The base and trend method · Franking credits and ETFs
VSO FAQs
Is VSO a good ETF?
VSO is a low-cost, diversified Australian small companies ETF. Small caps can lag for long periods, so it suits a satellite role. Whether it suits you depends on your goals and the rest of your portfolio.
What does VSO invest in?
VSO invests in around 180 smaller ASX companies outside the largest 100 or so. Its largest holdings are BlueScope Steel Ltd, Orica Ltd, ALS Ltd, and its biggest sector is materials at about 30%.
What ETFs are similar to VSO?
The ETFs with the most overlap with VSO are EX20 (about 51%) and MVE (about 46%). Use the free ETF overlap calculator to check your own mix.
How often does VSO pay distributions?
VSO pays distributions quarterly.
Is VSO a core or satellite ETF?
We see VSO as a satellite holding. Satellites are smaller positions around a diversified core, managed with clear entry and exit rules.
Fee, size and returns: TMX Australia Funds Report to 30 September 2026; returns are total returns, 5-year figure is cumulative. Holdings from Vanguard as at 30 September 2026. Chart: TradingView. General information only, not a recommendation to buy or sell VSO. Consider the PDS and TMD before investing.