ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 09, 2010
Assets (mns)	$771
Currency	USD
Expense ratio	20 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	297
Wgt avg mkt cap (mns)	$5,532
Large cap (>$10bn)	5.7%
Mid cap ($2-10bn)	89.8%
Small cap (<$2bn)	4.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	9.7 %
ALLEGHANY CORP	1.3 %
WR BERKLEY CORP	1.1 %
REINSURANCE GROUP OF AMERICA	1.1 %
JONES LANG LASALLE INC	1.0 %
RENAISSANCERE HOLDINGS LTD	0.9 %
AMERICAN FINANCIAL GROUP INC	0.9 %
RELIANCE STEEL & ALUMINUM	0.9 %
CAESARS ENTERTAINMENT CORP	0.8 %
KILROY REALTY CORP	0.8 %
AECOM TECHNOLOGY CORP	0.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.8 %
	BRITAIN	1.0 %
	BERMUDA	0.9 %
	SWITZERLAND	0.2 %
	IRELAND	0.2 %
	NETHERLANDS	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
25.9%	25.9%	7.9%	--	11.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.18	82%
MSCI EAFE	1.08	57%
MSCI Emg. Mkts.	0.69	40%

Technical Indicators
Recent close	$131.84
30d moving avg.	$129.56
Annualized volatility	15.8%
Short interest (ETF)	0.0%
Short interest (Underlying)	5.9%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.2%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$10,872

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IVOV

Expense:

20 bp

ALTAR Score™:

7.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IVOV
Ticker	Fund Name	Overlap¹ vs IVOV (%)	Expense ratio (bp)	Savings vs IVOV (bp)	ALTAR Score™ (%)	ALTAR vs IVOV (%)
IJJ	iShares S&P MidCap 400 Value	65.8	25	-5	7.5	+0.4
MDYV	SPDR S&P400 Mid Cap Value	65.8	15	5	7.6	+0.5
IVOO	Vanguard S&P Mid-Cap 400	64.4	15	5	5.9	-1.2
MDY	S&P MidCap 400 SPDR	63.6	24	-4	5.8	-1.2
IJH	iShares Core S&P MidCap	63.5	7	13	6.0	-1.0
EWMC	Invesco S&P Mid Cap 400 Equal Weight	62.9	40	-20	6.3	-0.8
RWK	Invesco S&P MidCap 400 Revenue ETF	57.0	39	-19	7.4	+0.3
SPMD	SPDR Portfolio Mid Cap	47.3	5	15	6.0	-1.1
MDYG	SPDR S&P400 Mid Cap Growth	41.5	15	5	4.7	-2.4
IJK	iShares S&P MidCap 400 Growth	41.4	24	-4	4.6	-2.5
EZM	WisdomTree Midcap Earnings	39.3	38	-18	8.2	+1.2
VBR	Vanguard Small-Cap Value ETF	38.4	7	13	7.3	+0.3
JHSC	John Hancock Multifactor Small Cap	36.3	50	-30	5.4	-1.6
AFMC	First Trust Active Factor Mid Cap	35.2	65	-45	6.7	-0.3
RNMC	First Trust Mid Cap US Equity Select	35.2	60	-40	6.3	-0.7
JKL	iShares Morningstar Small Cap Value	34.9	30	-10	8.7	+1.6
FNK	First Trust Mid Cap Value AlphaDEX	33.3	70	-50	8.5	+1.5
PXMV	Invesco Fundamental Pure Mid Value	33.3	39	-19	8.3	+1.2
FNX	First Trust Mid Cap Core Alpadex	33.2	62	-42	6.3	-0.8
SFYX	SoFi Next 500	33.2	0	20	5.4	-1.7

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 Value
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.1	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	7.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	CATEGORY AVERAGE	1.55

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.