ETF Research Center

Vanguard S&P Mid-Cap 400 Growth ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the S&P Mid-Cap 400 Growth Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 09, 2010
Assets (mns)	$719
Currency	USD
Expense ratio	15 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	234
Wgt avg mkt cap (mns)	$7,270
Large cap (>$10bn)	18.0%
Mid cap ($2-10bn)	81.4%
Small cap (<$2bn)	0.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.4 %
DOMINO'S PIZZA INC	1.5 %
TELEDYNE TECHNOLOGIES INC	1.4 %
TYLER TECHNOLOGIES INC	1.3 %
WEST PHARMACEUTICAL SERVICES	1.3 %
FAIR ISAAC CORP	1.2 %
FACTSET RESEARCH SYSTEMS INC	1.2 %
TRIMBLE NAVIGATION LTD	1.2 %
BROWN & BROWN INC	1.2 %
TERADYNE INC	1.1 %
WEX INC	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.0 %
	BERMUDA	1.2 %
	BRITAIN	0.2 %
	NETHERLANDS	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-1.1%	14.1%	9.2%	--	12.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.10	89%
MSCI EAFE	0.97	58%
MSCI Emg. Mkts.	0.64	43%

Technical Indicators
Recent close	$135.73
30d moving avg.	$149.03
Annualized volatility	14.1%
Short interest (ETF)	0.0%
Short interest (Underlying)	5.6%
Relative strength (RSI)	39

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.2%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$11,284

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard S&P Mid-Cap 400 Growth ETF ETF based on the alternatives' overlap in portfolio holdings with IVOG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IVOG

Expense:

15 bp

ALTAR Score™:

4.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IVOG
Ticker	Fund Name	Overlap¹ vs IVOG (%)	Expense ratio (bp)	Savings vs IVOG (bp)	ALTAR Score™ (%)	ALTAR vs IVOG (%)
MDYG	SPDR S&P 400 Mid Cap Growth ETF	98.8	15	0	4.3	+0.0
IJK	iShares S&P Mid-Cap 400 Growth ETF	98.8	24	-9	4.2	-0.1
IVOO	Vanguard S&P Mid-Cap 400 ETF	66.0	10	5	6.4	+2.1
MDY	SPDR S&P Midcap 400 ETF Trust	65.8	23	-8	6.2	+2.0
IJH	iShares Core S&P Mid-Cap ETF	65.6	6	9	6.4	+2.2
SPMD	SPDR Portfolio Mid Cap ETF	65.6	5	10	6.4	+2.2
EWMC	Invesco S&P MidCap 400 Equal Weight ETF	53.2	40	-25	7.0	+2.7
RFG	Invesco S&P Midcap 400 Pure Growth ETF	52.5	35	-20	2.1	-2.2
SMDY	Syntax Stratified MidCap ETF	49.8	30	-15	6.9	+2.7
SFYX	Sofi Next 500 ETF	35.7	0	15	5.6	+1.3
RWK	Invesco S&P MidCap 400 Revenue ETF	35.2	39	-24	8.2	+4.0
VBK	Vanguard Small-Cap Growth Index Fund	34.5	7	8	2.4	-1.8
FNY	First Trust Mid Cap Growth AlphaDEX Fund	33.9	70	-55	3.4	-0.8
XMMO	Invesco S&P MidCap Momentum ETF	32.8	39	-24	4.2	-0.1
AFMC	First Trust Active Factor Mid Cap ETF	32.5	65	-50	7.4	+3.1
JHSC	John Hancock Multifactor Small Cap ETF	31.6	50	-35	6.2	+2.0
RNMC	Mid Cap US Equity Select ETF	31.0	60	-45	7.3	+3.0
FSMD	Fidelity Small-Mid Factor ETF	30.6	29	-14	6.9	+2.6
EQWM	Invesco S&P MidCap Quality ETF	30.3	25	-10	5.7	+1.5
SCHM	Schwab U.S. Mid-Cap ETF	30.1	4	11	6.4	+2.2

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Vanguard S&P Mid-Cap 400 Growth ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.4	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	4.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.