ETF Research Center

Vanguard Mega Cap 300 ETF seeks investment results that correspond to the MSCI US Large Cap 300 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Dec 17, 2007
Assets (mns)	$3,178
Currency	USD
Expense ratio	7 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	233
Wgt avg mkt cap (mns)	$515,928
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	31.3 %
APPLE INC	7.1 %
MICROSOFT CORP	6.3 %
AMAZON.COM INC	5.2 %
FACEBOOK	2.6 %
ALPHABET INC. CLASS A	2.1 %
ALPHABET INC. CLASS C	2.0 %
BERKSHIRE HATHAWAY INC-CL B	1.7 %
JOHNSON & JOHNSON	1.5 %
TESLA MOTORS INC	1.4 %
JPMORGAN CHASE & CO	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.5 %
	IRELAND	1.7 %
	BRITAIN	0.8 %
	SWITZERLAND	0.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.4%	12.6%	12.6%	13.4%	9.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	100%
MSCI EAFE	1.00	84%
MSCI Emg. Mkts.	0.71	65%

Technical Indicators
Recent close	$129.17
30d moving avg.	$123.66
Annualized volatility	17.7%
Short interest (ETF)	0.2%
Short interest (Underlying)	1.9%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	78
Turnover	0.3%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$168,667

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Vanguard Mega Cap Index Fund ETF based on the alternatives' overlap in portfolio holdings with MGC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

MGC

Expense:

7 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MGC
Ticker	Fund Name	Overlap¹ vs MGC (%)	Expense ratio (bp)	Savings vs MGC (bp)	ALTAR Score™ (%)	ALTAR vs MGC (%)
IWL	iShares Russell Top 200 ETF	96.2	15	-8	4.6	-0.2
BKLC	BNY Mellon US Large Cap Core Equity ETF	93.9	0	7	4.8	0.0
PBP	Invesco S&P 500 BuyWrite ETF	85.7	49	-42	4.7	-0.1
ESGV	Vanguard ESG U.S. Stock ETF	85.2	12	-5	4.7	-0.1
XYLG	Global X S&P 500 Covered Call & Growth ETF	85.0	60	-53	4.6	-0.2
HSPX	Global X S&P 500 Covered Call ETF	84.9	60	-53	4.6	-0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	84.3	20	-13	4.9	+0.2
SPXN	ProShares S&P 500 Ex-Financials ETF	84.2	27	-20	4.6	-0.2
SPY	SPDR S&P 500 ETF Trust	84.1	9	-2	4.9	+0.2
SPLG	SPDR Portfolio Large Cap ETF	84.1	3	4	5.0	+0.2
IVV	iShares Core S&P 500 ETF	84.1	3	4	5.0	+0.2
SPXE	ProShares S&P 500 Ex-Energy ETF	83.9	27	-20	4.9	+0.1
VOO	VANGUARD S&P 500 ETF	82.8	3	4	5.0	+0.2
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	82.8	7	0	4.8	+0.0
SPXV	ProShares S&P 500 Ex-Health Care ETF	82.5	27	-20	4.6	-0.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	81.9	20	-13	4.6	-0.2
BBUS	JP Morgan Betabuilders U.S. Equity ETF	81.1	2	5	4.8	+0.1
PBUS	Invesco PureBeta MSCI USA ETF	80.4	4	3	4.8	+0.0
VV	Vanguard Large-Cap Index Fund	80.1	4	3	4.8	+0.0
SCHX	Schwab U.S. Large-Cap ETF	77.9	3	4	4.8	0.0
SPTM	SPDR Portfolio Total Stock Market ETF	77.1	3	4	5.1	+0.3
SNPE	Xtrackers S&P 500 ESG ETF	76.9	10	-3	4.7	-0.1
EFIV	SPDR S&P 500 ESG ETF	76.9	10	-3	4.7	-0.0
ESGU	iShares MSCI USA ESG Optimized ETF	76.6	15	-8	4.7	-0.1
SCHK	Schwab 1000 Index ETF	76.1	5	2	4.8	+0.0
OEF	iShares S&P 100 ETF	76.0	20	-13	4.5	-0.3
IWB	iShares Russell 1000 ETF	75.9	15	-8	4.7	-0.1
IYY	iShares Dow Jones U.S. ETF	75.3	20	-13	4.6	-0.1
IQSU	IQ Candriam ESG US Equity ETF	75.2	9	-2	4.7	-0.0
VTHR	Vanguard Russell 3000 Index Fund	73.4	10	-3	4.6	-0.2
CATH	Global X S&P 500 Catholic Values Custom ETF	73.0	29	-22	4.7	-0.1
SCHB	Schwab U.S. Broad Market ETF	71.4	3	4	4.7	-0.1
IWV	iShares Russell 3000 ETF	71.2	20	-13	4.5	-0.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	71.0	3	4	4.7	-0.1
SFY	SoFi Select 500 ETF	70.8	0	7	4.7	-0.0
MMTM	SPDR S&P 1500 Momentum Tilt ETF	70.1	12	-5	4.2	-0.6
XOUT	GraniteShares XOUT U.S. Large Cap ETF	69.9	60	-53	3.8	-1.0
VOOG	Vanguard S&P 500 Growth ETF	69.7	10	-3	4.1	-0.7
EPS	WisdomTree U.S. Earnings 500 Fund	69.3	8	-1	5.9	+1.1
VONE	Vanguard Russell 1000 ETF	69.1	8	-1	4.8	-0.0
VTI	Vanguard Total Stock Market Index Fund	69.0	3	4	4.6	-0.1
SPYG	SPDR Portfolio S&P 500 Growth ETF	68.8	4	3	4.2	-0.6
IVW	iShares S&P 500 Growth ETF	68.7	18	-11	4.0	-0.7
SPXT	ProShares S&P 500 Ex-Technology ETF	68.5	27	-20	5.1	+0.4
IUSG	iShares Core S&P US Growth ETF	67.4	4	3	4.2	-0.6
ESG	FlexShares STOXX US ESG Impact Index Fund	65.4	32	-25	4.7	-0.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	65.2	9	-2	5.2	+0.5
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	63.6	15	-8	5.8	+1.1
XLG	Invesco S&P 500 Top 50 ETF	62.4	20	-13	4.3	-0.5
QUS	SPDR MSCI USA StrategicFactors ETF	61.5	15	-8	5.4	+0.7
IWY	iShares Russell Top 200 Growth ETF	61.4	20	-13	3.8	-1.0
JHML	John Hancock Multifactor Large Cap ETF	61.0	29	-22	5.0	+0.3
IWF	iShares Russell 1000 Growth ETF	60.6	19	-12	3.6	-1.2
VONG	Vanguard Russell 1000 Growth Index Fund	60.3	8	-1	3.7	-1.0
DIVB	iShares U.S. Dividend & Buyback ETF	59.7	25	-18	6.1	+1.3
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	59.5	25	-18	5.9	+1.2
DLN	WisdomTree U.S. LargeCap Dividend Fund	59.2	28	-21	5.9	+1.2
MGK	Vanguard Mega Cap Growth ETF	57.8	7	0	3.8	-0.9
PRF	Invesco FTSE RAFI US 1000 ETF	57.6	39	-32	6.0	+1.3
TOK	iShares MSCI Kokusai ETF	57.5	25	-18	5.1	+0.3
KOKU	Xtrackers MSCI Kokusai Equity ETF	57.3	9	-2	5.2	+0.4
NACP	Impact Shares NAACP Minority Empowerment ETF	56.9	75	-68	4.5	-0.3
VUG	Vanguard Growth Index Fund	56.9	4	3	3.7	-1.1
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	56.4	25	-18	5.9	+1.2
IUS	Invesco Strategic US ETF	56.3	19	-12	5.7	+0.9
DTD	WisdomTree U.S.Total Dividend Fund	56.2	28	-21	6.1	+1.4
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	55.8	25	-18	5.6	+0.8
AVUS	Avantis U.S. Equity ETF	55.7	15	-8	5.1	+0.3
WOMN	Impact Shares YWCA Women's Empowerment ETF	54.3	75	-68	3.8	-1.0
RECS	Columbia Research Enhanced Core ETF	54.1	15	-8	5.2	+0.5
DSI	iShares MSCI KLD 400 Social ETF	53.3	25	-18	4.7	-0.0
URTH	iShares MSCI World ETF	53.1	24	-17	5.2	+0.4
KRMA	Global X Conscious Companies ETF	52.9	43	-36	4.8	+0.0
EQWL	Invesco Russell Top 200 Equal Weight ETF	52.0	25	-18	5.6	+0.9
VOOV	Vanguard S&P 500 Value ETF	51.6	10	-3	6.6	+1.9
TMFC	Motley Fool 100 Index ETF	51.6	50	-43	3.2	-1.5
ESGG	FlexShares STOXX Global ESG Impact Index Fund	51.6	42	-35	4.8	+0.0
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	51.4	49	-42	3.9	-0.9
DYNF	BlackRock U.S. Equity Factor Rotation ETF	51.3	30	-23	6.1	+1.3
EXT	WisdomTree U.S. Total Earnings Fund	51.3	28	-21	5.2	+0.4
SCHV	Schwab U.S. Large-Cap Value ETF	51.0	4	3	6.2	+1.4
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	50.8	10	-3	4.9	+0.1
SUSL	iShares ESG MSCI USA Leaders ETF	50.8	10	-3	4.9	+0.1
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	50.8	29	-22	5.2	+0.4
IVE	iShares S&P 500 Value ETF	50.5	18	-11	6.5	+1.8
SPYV	SPDR Portfolio S&P 500 Value ETF	50.5	4	3	6.7	+1.9
AFLG	First Trust Active Factor Large Cap ETF	50.5	55	-48	4.9	+0.1
ACIO	Aptus Collared Income Opportunity ETF	50.5	79	-72	4.3	-0.5
RWL	Invesco S&P 500 Revenue ETF	50.3	39	-32	6.4	+1.6
IWX	iShares Russell Top 200 Value ETF	50.0	20	-13	6.2	+1.4
VLU	SPDR S&P 1500 Value Tilt ETF	49.8	12	-5	6.4	+1.6
VONV	Vanguard Russell 1000 Value Index Fund	49.6	8	-1	6.3	+1.6
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	49.3	19	-12	5.5	+0.7
IWD	iShares Russell 1000 Value ETF	49.3	19	-12	6.2	+1.4
IUSV	iShares Core S&P U.S. Value ETF	49.3	4	3	6.7	+2.0
FVAL	Fidelity Value Factor ETF	49.2	29	-22	7.1	+2.3
SCHG	Schwab U.S. Large-Cap Growth ETF	49.1	4	3	3.4	-1.4
VEGN	US Vegan Climate ETF	48.9	60	-53	4.7	-0.1
HIPR	Direxion High Growth ETF	48.7	40	-33	4.4	-0.4
QLC	FlexShares US Quality Large Cap Index Fund	48.5	32	-25	4.8	+0.1

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 Mega Cap Index Fund
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	18.1	%
Divided by: Fwd. P/BV	3.7	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	CATEGORY AVERAGE	1.50

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.