VOO is not synthetic. Quoting the overview page[1]:<p>&gt; Employs a passively managed, full-replication strategy.<p>[1]: <a href="https:&#x2F;&#x2F;advisors.vanguard.com&#x2F;VGApp&#x2F;iip&#x2F;site&#x2F;advisor&#x2F;investments&#x2F;productoverview?fundId=0968" rel="nofollow">https:&#x2F;&#x2F;advisors.vanguard.com&#x2F;VGApp&#x2F;iip&#x2F;site&#x2F;advisor&#x2F;investm...</a>