ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 09, 2010
Assets (mns)	$996
Currency	USD
Expense ratio	15 bp
Distributions	Quarterly

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	401
Wgt avg mkt cap (mns)	$5,940
Large cap (>$10bn)	11.9%
Mid cap ($2-10bn)	84.2%
Small cap (<$2bn)	3.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	6.3 %
ZEBRA TECHNOLOGIES CORP-CL A	0.8 %
TELEDYNE TECHNOLOGIES INC	0.7 %
DOMINO'S PIZZA INC	0.6 %
OLD DOMINION FREIGHT LINE	0.6 %
ALLEGHANY CORP	0.6 %
TYLER TECHNOLOGIES INC	0.6 %
WEST PHARMACEUTICAL SERVICES	0.6 %
TERADYNE INC	0.6 %
CAMDEN PROPERTY TRUST	0.6 %
FAIR ISAAC CORP	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.0 %
	BRITAIN	0.7 %
	BERMUDA	0.7 %
	SWITZERLAND	0.2 %
	NETHERLANDS	0.1 %
	IRELAND	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.8%	8.9%	8.5%	--	12.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.14	88%
MSCI EAFE	1.02	59%
MSCI Emg. Mkts.	0.69	43%

Technical Indicators
Recent close	$136.82
30d moving avg.	$134.44
Annualized volatility	14.7%
Short interest (ETF)	0.4%
Short interest (Underlying)	5.7%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	14
Turnover	0.2%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$16,524

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IVOO

Expense:

15 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IVOO
Ticker	Fund Name	Overlap¹ vs IVOO (%)	Expense ratio (bp)	Savings vs IVOO (bp)	ALTAR Score™ (%)	ALTAR vs IVOO (%)
IJH	iShares Core S&P MidCap	97.6	7	8	6.2	+0.1
MDY	S&P MidCap 400 SPDR	97.0	24	-9	6.0	-0.1
EWMC	Invesco S&P Mid Cap 400 Equal Weight	78.4	40	-25	6.5	+0.4
SPMD	SPDR Portfolio Mid Cap	69.1	5	10	6.0	-0.1
IJK	iShares S&P MidCap 400 Growth	63.8	24	-9	4.9	-1.3
IVOG	Vanguard S&P Mid-Cap 400 Growth	63.8	20	-5	5.0	-1.2
MDYG	SPDR S&P400 Mid Cap Growth	63.8	15	0	5.0	-1.2
IVOV	Vanguard S&P Mid-Cap 400 Value	63.6	20	-5	7.3	+1.2
IJJ	iShares S&P MidCap 400 Value	63.5	25	-10	7.3	+1.1
MDYV	SPDR S&P400 Mid Cap Value	63.2	15	0	7.4	+1.2
RWK	Invesco S&P MidCap 400 Revenue ETF	55.5	39	-24	7.6	+1.5
EZM	WisdomTree Midcap Earnings	50.1	38	-23	7.6	+1.5
VBR	Vanguard Small-Cap Value ETF	48.4	7	8	7.6	+1.5
SFYX	SoFi Next 500	48.3	0	15	5.6	-0.5
VB	Vanguard Smallcap ETF	42.7	5	10	5.5	-0.7
RNMC	First Trust Mid Cap US Equity Select	42.0	60	-45	6.6	+0.4
JHSC	John Hancock Multifactor Small Cap	40.8	50	-35	5.6	-0.5
SCHM	Schwab US Mid Cap	40.8	4	11	6.2	+0.1
FNX	First Trust Mid Cap Core Alpadex	40.2	62	-47	6.5	+0.4
FSMD	Fidelity Small-Mid Factor ETF	39.9	29	-14	6.3	+0.2

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
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
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.4	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.