ETF Research Center

Vanguard Mega Cap 300 Growth ETF seeks investment results that correspond to the price and yield of the MSCI US Large Cap Growth Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Dec 17, 2007
Assets (mns)	$9,542
Currency	USD
Expense ratio	7 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	108
Wgt avg mkt cap (mns)	$796,743
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	56.1 %
APPLE INC	13.3 %
MICROSOFT CORP	12.1 %
AMAZON.COM INC	10.1 %
FACEBOOK	4.7 %
ALPHABET INC. CLASS A	3.3 %
ALPHABET INC. CLASS C	3.2 %
VISA INC-CLASS A SHARES	2.6 %
MASTERCARD INC-CLASS A	2.3 %
HOME DEPOT INC	2.3 %
NVIDIA CORP	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	104.6 %
	BRITAIN	1.3 %
	IRELAND	1.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
35.2%	49.9%	21.0%	19.2%	12.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	93%
MSCI EAFE	1.01	74%
MSCI Emg. Mkts.	0.73	61%

Technical Indicators
Recent close	$181.53
30d moving avg.	$186.28
Annualized volatility	18.8%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.1%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	530
Turnover	1.0%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$5,377

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

MGK

Expense:

7 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MGK
Ticker	Fund Name	Overlap¹ vs MGK (%)	Expense ratio (bp)	Savings vs MGK (bp)	ALTAR Score™ (%)	ALTAR vs MGK (%)
IWY	iShares Russell Top 200 Growth ETF	84.1	20	-13	6.1	-0.0
VUG	Vanguard Growth Index Fund	80.9	4	3	5.6	-0.6
VOOG	Vanguard S&P 500 Growth ETF	75.1	10	-3	5.8	-0.3
IVW	iShares S&P 500 Growth ETF	73.2	18	-11	5.7	-0.4
SPYG	SPDR Portfolio S&P 500 Growth ETF	72.0	4	3	5.9	-0.3
TMFC	Motley Fool 100 Index ETF	71.9	50	-43	5.2	-1.0
IWF	iShares Russell 1000 Growth ETF	71.2	19	-12	5.6	-0.6
QYLD	Global X NASDAQ 100 Covered Call ETF	69.7	60	-53	5.5	-0.7
QQQ	Invesco QQQ Trust	69.6	20	-13	5.8	-0.4
NUSI	Nationwide Risk-Managed Income ETF	69.6	68	-61	5.5	-0.7
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	69.4	60	-53	5.4	-0.8
IUSG	iShares Core S&P US Growth ETF	69.3	4	3	5.8	-0.3
VONG	Vanguard Russell 1000 Growth Index Fund	69.0	8	-1	5.7	-0.5
IETC	iShares Evolved U.S. Technology ETF	67.6	18	-11	5.9	-0.2
XOUT	GraniteShares XOUT U.S. Large Cap ETF	64.1	60	-53	5.4	-0.8
SCHG	Schwab U.S. Large-Cap Growth ETF	63.3	4	3	5.5	-0.6
IGM	iShares Expanded Tech Sector ETF	62.7	46	-39	5.3	-0.8
XLG	Invesco S&P 500 Top 50 ETF	62.5	20	-13	5.9	-0.3
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	61.7	49	-42	5.7	-0.5
MMTM	SPDR S&P 1500 Momentum Tilt ETF	61.7	12	-5	6.2	+0.1
IWL	iShares Russell Top 200 ETF	60.4	15	-8	5.8	-0.3
BKLC	BNY Mellon US Large Cap Core Equity ETF	59.9	0	7	6.0	-0.1
MGC	Vanguard Mega Cap Index Fund	58.7	7	0	6.0	-0.2
IQSU	IQ Candriam ESG US Equity ETF	58.4	9	-2	6.2	+0.1
OEF	iShares S&P 100 ETF	57.3	20	-13	5.9	-0.3
SNPE	Xtrackers S&P 500 ESG ETF	54.7	10	-3	6.0	-0.1
ESGV	Vanguard ESG U.S. Stock ETF	54.7	12	-5	5.9	-0.3
HIPR	Direxion High Growth ETF	54.6	40	-33	6.9	+0.7
SPXN	ProShares S&P 500 Ex-Financials ETF	54.3	27	-20	5.8	-0.3
SPXV	ProShares S&P 500 Ex-Health Care ETF	54.1	27	-20	5.8	-0.4
DSI	iShares MSCI KLD 400 Social ETF	53.4	25	-18	5.1	-1.0
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	52.2	20	-13	5.7	-0.5
SPXE	ProShares S&P 500 Ex-Energy ETF	51.2	27	-20	6.1	-0.1
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	51.1	7	0	6.0	-0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	50.9	20	-13	6.1	-0.1
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	50.6	21	-14	3.5	-2.6
SPY	SPDR S&P 500 ETF Trust	50.5	9	-2	6.1	-0.1
PBP	Invesco S&P 500 BuyWrite ETF	50.5	49	-42	5.7	-0.5
XYLG	Global X S&P 500 Covered Call & Growth ETF	50.4	60	-53	5.7	-0.5
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	50.2	10	-3	5.3	-0.8
SUSL	iShares ESG MSCI USA Leaders ETF	50.2	10	-3	5.3	-0.8
SPLG	SPDR Portfolio Large Cap ETF	50.1	3	4	6.1	-0.0
HSPX	Global X S&P 500 Covered Call ETF	50.0	60	-53	5.5	-0.6
VOO	VANGUARD S&P 500 ETF	49.8	3	4	6.1	-0.0
IVV	iShares Core S&P 500 ETF	49.7	3	4	6.1	-0.0
CATH	Global X S&P 500 Catholic Values Custom ETF	49.6	29	-22	5.9	-0.2
PBUS	Invesco PureBeta MSCI USA ETF	49.4	4	3	6.0	-0.2
VEGN	US Vegan Climate ETF	49.2	60	-53	5.8	-0.4
JKE	iShares Morningstar Large-Cap Growth ETF	49.1	25	-18	2.8	-3.3
VV	Vanguard Large-Cap Index Fund	48.9	4	3	5.9	-0.3
ESGU	iShares MSCI USA ESG Optimized ETF	48.8	15	-8	5.8	-0.4
GBGR	Global Beta Momentum-Growth ETF	48.6	29	-22	4.4	-1.8
IYW	iShares U.S. Technology ETF	48.5	43	-36	7.2	+1.1
ESG	FlexShares STOXX US ESG Impact Index Fund	48.5	32	-25	5.7	-0.4
SCHX	Schwab U.S. Large-Cap ETF	48.2	3	4	5.9	-0.2
FTEC	Fidelity MSCI Information Technology Index ETF	47.8	8	-1	8.0	+1.9
VGT	Vanguard Information Technology Index Fund	47.8	10	-3	8.0	+1.8
FDMO	Fidelity Momentum Factor ETF	47.4	29	-22	4.2	-2.0
XLK	Technology Select Sector SPDR Fund	46.9	13	-6	8.7	+2.6
IXN	iShares Global Tech ETF	46.9	46	-39	7.1	+1.0
IWB	iShares Russell 1000 ETF	46.8	15	-8	5.7	-0.4
SPTM	SPDR Portfolio Total Stock Market ETF	46.7	3	4	6.2	+0.0
SCHK	Schwab 1000 Index ETF	46.6	5	2	5.9	-0.2
SFY	SoFi Select 500 ETF	46.4	0	7	5.6	-0.5
IYY	iShares Dow Jones U.S. ETF	46.4	20	-13	5.8	-0.4
STLG	iShares Factors US Growth Style ETF	46.2	25	-18	6.1	-0.0
VONE	Vanguard Russell 1000 ETF	45.9	8	-1	5.8	-0.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	45.4	2	5	6.0	-0.2
WOMN	Impact Shares YWCA Women's Empowerment ETF	45.4	75	-68	5.1	-1.0
VTHR	Vanguard Russell 3000 Index Fund	44.8	10	-3	5.7	-0.5
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	44.7	9	-2	6.2	+0.1
SYG	SPDR MFS Systematic Growth Equity ETF	44.5	60	-53	5.4	-0.8
SCHB	Schwab U.S. Broad Market ETF	44.4	3	4	5.8	-0.3
ITOT	iShares Core S&P Total U.S. Stock Market ETF	44.3	3	4	5.8	-0.4
IOO	iShares Global 100 ETF	44.2	40	-33	6.1	-0.1
MMLG	First Trust Multi-Manager Large Growth ETF	44.1	85	-78	2.6	-3.6
IWV	iShares Russell 3000 ETF	44.1	20	-13	5.6	-0.6
NACP	Impact Shares NAACP Minority Empowerment ETF	43.8	75	-68	5.7	-0.5
MTUM	iShares Edge MSCI USA Momentum Factor ETF	42.9	15	-8	5.1	-1.1
VTI	Vanguard Total Stock Market Index Fund	42.2	3	4	5.7	-0.5
SFYF	SoFi 50 ETF	42.0	29	-22	2.7	-3.4
JMOM	JPMorgan U.S. Momentum Factor ETF	41.9	12	-5	4.0	-2.2
TECB	iShares US Tech Breakthrough Multisector ETF	41.7	40	-33	4.8	-1.4
LRGE	ClearBridge Large Cap Growth ESG ETF	41.7	59	-52	4.5	-1.6
ADME	Aptus Drawdown Managed Equity ETF	41.1	79	-72	4.3	-1.8
JOYY	Infusive Compounding Global Equities ETF	40.9	50	-43	6.2	+0.0
FQAL	Fidelity Quality Factor ETF	40.8	29	-22	6.3	+0.1
RECS	Columbia Research Enhanced Core ETF	40.7	15	-8	6.6	+0.4
SPQQ	Siren Large Cap Blend Index ETF	39.8	20	-13	5.3	-0.8
ACIO	Aptus Collared Income Opportunity ETF	39.7	79	-72	5.2	-1.0
EXT	WisdomTree U.S. Total Earnings Fund	39.3	28	-21	6.1	-0.1
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	39.3	19	-12	6.8	+0.6
JKD	iShares Morningstar Large-Cap ETF	38.6	20	-13	8.1	+2.0
SPMO	Invesco S&P 500 Momentum ETF	38.5	13	-6	5.9	-0.3
JQUA	JPMorgan U.S. Quality Factor ETF	38.1	12	-5	5.7	-0.5
EPS	WisdomTree U.S. Earnings 500 Fund	38.0	8	-1	7.2	+1.1
NULC	Nuveen ESG Large-Cap ETF	37.8	20	-13	5.1	-1.1
SPXT	ProShares S&P 500 Ex-Technology ETF	37.8	27	-20	5.6	-0.5
ECOZ	TrueMark ESG Active Opportunities ETF	37.4	58	-51	4.3	-1.9
SYE	SPDR MFS Systematic Core Equity ETF	37.3	60	-53	6.6	+0.5

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 Growth ETF
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	39.6	%
Divided by: Fwd. P/BV	6.4	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.35	CATEGORY AVERAGE	1.51

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.