Vanguard Utilities ETF (VPU)

The Vanguard Utilities ETF (VPU) started trading in late January 2004. It tracks the MSCI US Investable Market Utilities Index, minus expenses and fees. The ETF's approach to tracking the index is full replication. That is, VPU attempts to own every stock in the index whenever possible.

The MSCI US Investable Market Utilities Index is a subset of the MSCI US Investable Market 2500 Index, and as its name suggests, has only utilities stocks as components. There are 86 stocks in the index of the following sectors and weightings:

Distribution and power production 10.5%
Electricity 49.1%
Gas 9.5%
Diversified 30%
Water 0.7%



The ETF is passively managed, with an expense ratio of 0.22%. The fund's turnover rate, as of March 2008 is 12%.

Although this is subject to change, it pays dividends on a quarterly basis, at the end of March, June, September, and December. The dividend is irregular, and past distributions have ranged from $0.483 a share to $0.607 a share.

As of March 2008, the Vanguard Utilities ETF held 86 stocks, which had a median market cap of $15.5 billion.

The ETF's holdings are listed below.