VSL — Volshares Large Cap ETF

VSL Fund Overview

VSL — Volshares Large Cap ETF is a US ETF managed by ETF Series Solutions, categorised as United States Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: ETF Series Solutions
• Category: United States Real Estate
• Assets under management: $7.25M
• 1-year return: -7.6%
• Ticker: VSL
• SEC CIK: 0001540305
• SEC series ID: S000061207
• Share class ID: C000198248

VSL Investment Objective and Strategy

Volshares Large Cap ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by ETF Series Solutions.

Investment objective

The Volshares Large Cap ETF (the Fund) seeks to track the performance, before fees and expenses, of the Volshares Large Cap Index (the Index).

Principal investment strategy

The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index was developed in 2016 by Whitford Asset Management LLC, the Funds investment adviser and index provider (Whitford or the Adviser), and uses an objective, rules-based methodology to measure the performance of an equal-weighted portfolio of approximately 25 large capitalization U.S.-listed companies based on a quantitative, volatility-based algorithm (the Whitford Model). Volshares Large Cap Index Construction of the Index begins with the constituents of the Solactive US Large Cap Index (the Equity Universe), generally the 500 largest U.S.-listed common stocks and real estate investment trusts (REITs) . The opening and closing prices for each company in the Equity Universe are utilized by the Whitford Model to identify the twenty-five companies with a combination of the highest likelihood of appreciation over the next one-week period and the lowest volatility compared to traditional market capitalization-based equity indexes.

The Whitford Model analyzes each company in the Equity Universe based on the proximity of such companys opening and closing prices to their mean, the frequency with which such prices deviated significantly from their mean, the securitys performance, and its volatility to identify the most attractive securities in terms of their potential for appreciation relative to their expected volatility. Each Wednesday, the Whitford Model identifies the twenty-five companies that will be included in the Index through the following Tuesday. Each such company receives a weighting of 3.9%, and the remaining 2.5% remains uninvested. The Funds Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Funds total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index.

The Adviser expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index in approximately the same proportion as in the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Funds sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index).

The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Funds sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of January 31, 2018, the Index was not concentrated in any industry or group of related industries.

The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or small number of issuers than diversified funds.

VSL Performance

Total returns for VSL (as of 2026-10-01), from SEC filings.

VSL Risk Information

Risk metrics for VSL, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 18.0%

VSL Costs and Fees

VSL costs about $65 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.65%
• Gross expense ratio: 0.65%
• Portfolio turnover: 4781%
• Brokerage commissions: 95.37 bps of average net assets (SEC N-CEN)

VSL Cashflows

Over the 12 months to 2022-04, Volshares Large Cap ETF had net inflows of $31.38M, from monthly SEC N-PORT filings.

VSL Debt Constituents

No individual debt constituents are reported in Volshares Large Cap ETF's latest SEC N-PORT filing.

VSL Prospectus and SEC Filings

Official Volshares Large Cap ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2022-05-26
• Prospectus (485BPOS) — filed 2021-05-27
• Prospectus (485BPOS) — filed 2020-06-10
• Portfolio holdings (N-PORT) — filed 2022-06-28
• Portfolio holdings (N-PORT) — filed 2022-03-30
• Portfolio holdings (N-PORT) — filed 2021-12-29
• Annual census (N-CEN) — filed 2022-04-18
• Annual census (N-CEN) — filed 2021-04-16

Related Funds

Other United States Real Estate funds tracked on ABC INVEST:

• Vanguard Real Estate Index Fund (VGSIX)
• Vanguard Real Estate II Index Fund (VRTPX)
• Schwab U.S. REIT ETF (SCHH)
• Cohen & Steers Real Estate Securities Fund (CSEIX)
• The Real Estate Select Sector SPDR Fund (XLRE)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.