ETF Research Center

Vanguard Small-Cap Growth ETF seeks to track the performance of the MSCI US Small Cap Growth Index. The Fund invests all of its assets in the stocks that make up the Index holding each stock i

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Jan 30, 2004
Assets (mns)	$9,352
Currency	USD
Expense ratio	7 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	620
Wgt avg mkt cap (mns)	$4,933
Large cap (>$10bn)	6.4%
Mid cap ($2-10bn)	78.5%
Small cap (<$2bn)	15.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	6.7 %
BURLINGTON STORES INC	0.8 %
ZEBRA TECHNOLOGIES CORP-CL A	0.8 %
TELEDYNE TECHNOLOGIES INC	0.7 %
RINGCENTRAL, INC. CLASS A	0.7 %
WEST PHARMACEUTICAL SERVICES	0.6 %
TYLER TECHNOLOGIES INC	0.6 %
INSULET CORP	0.6 %
EPAM SYSTEMS INC	0.6 %
NEUROCRINE BIOSCIENCES INC	0.6 %
GUIDEWIRE SOFTWARE INC	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.9 %
	BERMUDA	0.7 %
	IRELAND	0.7 %
	BRITAIN	0.4 %
	NETHERLANDS	0.3 %
	SWITZERLAND	0.2 %
	CAYMAN ISLANDS	0.1 %
	CANADA	0.1 %
	LUXEMBOURG	0.1 %

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.
23.2%	12.2%	9.2%	14.1%	9.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.17	81%
MSCI EAFE	0.91	42%
MSCI Emg. Mkts.	0.59	29%

Technical Indicators
Recent close	$191.29
30d moving avg.	$185.46
Annualized volatility	15.6%
Short interest (ETF)	0.3%
Short interest (Underlying)	7.2%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	138
Turnover	0.3%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$22,568

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VBK

Expense:

7 bp

ALTAR Score™:

2.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VBK
Ticker	Fund Name	Overlap¹ vs VBK (%)	Expense ratio (bp)	Savings vs VBK (bp)	ALTAR Score™ (%)	ALTAR vs VBK (%)
VB	Vanguard Smallcap ETF	44.9	5	2	5.6	+2.8
PBSM	Invesco PureBeta MSCI USA Small Cap	41.9	6	1	5.2	+2.4
SFYX	SoFi Next 500	39.9	0	7	5.7	+2.9
ESML	iShares MSCI USA Small-Cap ESG Optimized	37.7	17	-10	4.9	+2.0
SCHA	Schwab U.S. Small-Cap	36.5	4	3	5.1	+2.3
FNY	First Trust Mid Cap Growth AlphaDEX	36.4	70	-63	3.7	+0.8
IJH	iShares Core S&P MidCap	34.8	7	0	6.4	+3.5
MDY	S&P MidCap 400 SPDR	34.8	24	-17	6.2	+3.3
SPMD	SPDR Portfolio Mid Cap	34.5	5	2	6.3	+3.5
IVOO	Vanguard S&P Mid-Cap 400	34.2	15	-8	6.3	+3.4
SPSM	SPDR Portfolio Small Cap	33.8	5	2	4.6	+1.7
IWM	iShares Russell 2000	33.4	19	-12	3.8	+0.9
SCHM	Schwab US Mid Cap	32.6	4	3	6.3	+3.5
VTWO	Vanguard Russell 2000	32.5	15	-8	3.8	+0.9
VTWG	Vanguard Russell 2000 Growth	32.3	20	-13	0.9	-2.0
VXF	Vanguard Extended Market	32.1	7	0	3.4	+0.6
FSMD	Fidelity Small-Mid Factor ETF	32.0	29	-22	6.5	+3.6
IWO	iShares Russell 2000 Growth	32.0	24	-17	0.9	-2.0
IJK	iShares S&P MidCap 400 Growth	30.8	24	-17	5.0	+2.1
MDYG	SPDR S&P400 Mid Cap Growth	30.8	15	-8	5.1	+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

	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 Small-Cap Growth ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.2	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	2.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	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.