Vanguard S&P 500 Growth ETF Heavily Weights AI Stocks

The Vanguard Group manages the S&P 500 Growth ETF (VOOG), which tracks 148 high-performing growth stocks selected via sales growth and momentum metrics. The fund is heavily concentrated in the information technology sector, which accounts for more than 51 percent of its assets.

As of July 31, 2026, the portfolio is dominated by five primary holdings: Nvidia, Alphabet, Microsoft, Apple, and Broadcom. Four of these technology companies alone represent 35.6 percent of the fund's total value. The fund's performance relies on companies specializing in consumer AI software and AI training and inference workloads.

While the Growth index is designed to deliver higher long-term returns than the standard S&P 500, the fund remains subject to increased volatility due to its sector concentration.