ETF Research Center

Vanguard Small-Cap Value ETF seeks to track the performance of the MSCI US Small Cap Value Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Jan 30, 2004
Assets (mns)	$14,196
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	858
Wgt avg mkt cap (mns)	$4,359
Large cap (>$10bn)	4.3%
Mid cap ($2-10bn)	77.6%
Small cap (<$2bn)	18.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	5.3 %
SAIC INC	0.6 %
ATMOS ENERGY CORP	0.6 %
IDEX CORP	0.6 %
TERADYNE INC	0.5 %
ALLEGION PLC	0.5 %
BOOZ ALLEN HAMILTON HOLDINGS	0.5 %
PERKINELMER INC	0.5 %
VICI PROPERTIES INC	0.5 %
RPM INTERNATIONAL INC	0.5 %
NATIONAL RETAIL PROPERTIES	0.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.4 %
	BERMUDA	1.4 %
	BRITAIN	1.0 %
	IRELAND	0.6 %
	PUERTO RICO	0.5 %
	CAYMAN ISLANDS	0.3 %
	CANADA	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.
16.6%	5.6%	6.9%	12.5%	8.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.17	78%
MSCI EAFE	0.93	42%
MSCI Emg. Mkts.	0.56	25%

Technical Indicators
Recent close	$133.03
30d moving avg.	$131.53
Annualized volatility	16.0%
Short interest (ETF)	0.3%
Short interest (Underlying)	5.4%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	303
Turnover	0.3%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$19,704

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VBR

Expense:

7 bp

ALTAR Score™:

7.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VBR
Ticker	Fund Name	Overlap¹ vs VBR (%)	Expense ratio (bp)	Savings vs VBR (bp)	ALTAR Score™ (%)	ALTAR vs VBR (%)
SPMD	SPDR Portfolio Mid Cap	54.7	5	2	6.3	-1.5
VB	Vanguard Smallcap ETF	54.3	5	2	5.6	-2.2
SCHA	Schwab U.S. Small-Cap	50.8	4	3	5.1	-2.7
PBSM	Invesco PureBeta MSCI USA Small Cap	49.6	6	1	5.2	-2.6
SPSM	SPDR Portfolio Small Cap	49.4	5	2	4.6	-3.2
IVOO	Vanguard S&P Mid-Cap 400	47.9	15	-8	6.3	-1.5
EZM	WisdomTree Midcap Earnings	47.9	38	-31	7.8	0.0
IJH	iShares Core S&P MidCap	47.9	7	0	6.4	-1.5
MDY	S&P MidCap 400 SPDR	47.9	24	-17	6.2	-1.6
EWMC	Invesco S&P Mid Cap 400 Equal Weight	44.2	40	-33	6.8	-1.1
FNDA	Schwab Fundamental Small Cap	42.9	25	-18	6.2	-1.6
ESML	iShares MSCI USA Small-Cap ESG Optimized	42.3	17	-10	4.9	-3.0
IWM	iShares Russell 2000	42.2	19	-12	3.8	-4.0
VTWO	Vanguard Russell 2000	42.1	15	-8	3.8	-4.0
RNMC	First Trust Mid Cap US Equity Select	40.8	60	-53	6.7	-1.1
FSMD	Fidelity Small-Mid Factor ETF	39.9	29	-22	6.5	-1.3
FNX	First Trust Mid Cap Core Alpadex	39.0	62	-55	6.8	-1.1
SFYX	SoFi Next 500	38.6	0	7	5.7	-2.1
MDYV	SPDR S&P400 Mid Cap Value	37.9	15	-8	7.6	-0.2
IVOV	Vanguard S&P Mid-Cap 400 Value	37.9	20	-13	7.7	-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 Small-Cap Value ETF
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	11.8	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	7.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.