Vanguard U.S. Liquidity Factor ETF
ALTAR
Score™
4.2% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
34.4x P/Sales
ratio
1.4x
P/BV
ratio
1.7x Div.
yield
2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
VFLQ is an actively managed fund that invests in US equities with low trading liquidity. The fund seeks long-term capital appreciation.

FUND BASICS
Category US Equities
Fund Sponsor Vanguard
Website www.vangaurd.com
Inception date Feb 13, 2018
Assets (mns) $38
Currency USD
Expense ratio 14 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 784
Wgt avg mkt cap (mns) $18,231
Large cap (>$10bn) 38.3%
Mid cap ($2-10bn) 28.7%
Small cap (<$2bn) 32.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ILLINOIS TOOL WORKS 1.0 %
MOODY'S CORP 0.9 %
ROPER INDUSTRIES INC 0.9 %
WEC ENERGY GROUP INC 0.8 %
KEURIG DR PEPPER INC. 0.8 %
PROLOGIS INC 0.8 %
EATON CORP PLC 0.8 %
STRYKER CORP 0.8 %
SOUTHERN COPPER CORP 0.7 %
AIR PRODUCTS & CHEMICALS INC 0.7 %
Total 8.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.1 %
BRITAIN 2.1 %
IRELAND 1.5 %
BERMUDA 0.9 %
SWITZERLAND 0.8 %
PUERTO RICO 0.2 %
NETHERLANDS 0.2 %
CANADA 0.1 %
LUXEMBOURG 0.1 %
GERMANY 0.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-12.8% -5.5% -- -- 1.5%

Market Correlations
versus... Beta R-squared
S&P500 1.13 92%
MSCI EAFE 1.21 84%
MSCI Emg. Mkts. 0.88 69%

Technical Indicators
Recent close $79.74
30d moving avg. $79.28
Annualized volatility 22.1%
Short interest (ETF) 0.0%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $30,559

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: VFLQ Expense: 14 bp ALTAR Score™: 4.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VFLQ
Ticker Fund
Name
Overlap1
vs VFLQ
(%)
Expense
ratio
(bp)
Savings
vs VFLQ
(bp)
ALTAR
Score™
(%)
ALTAR
vs VFLQ
(%)
VFVA Vanguard U.S. Value Factor ETF 26.7 14 0 11.0 +6.8
PBSM Invesco PureBeta MSCI USA Small Cap ETF 26.0 6 8 5.1 +0.9
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 25.9 29 -15 6.8 +2.6
SCHA Schwab U.S. Small-Cap ETF 25.3 4 10 4.7 +0.5
VFQY Vanguard U.S. Quality Factor ETF 25.0 13 1 6.3 +2.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 24.8 39 -25 4.5 +0.4
FNDA Schwab Fundamental U.S. Small Co. Index ETF 23.5 25 -11 7.3 +3.1
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 23.4 17 -3 4.8 +0.6
FSMD Fidelity Small-Mid Factor ETF 23.2 29 -15 6.2 +2.0
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 22.6 20 -6 4.8 +0.6
VB Vanguard Small-Cap ETF 22.4 5 9 5.2 +1.0
EQAL Invesco Russell 1000 Equal Weight ETF 22.0 20 -6 5.9 +1.7
IUSS Invesco Strategic US Small Company ETF 21.8 23 -9 5.2 +1.0
FAB First Trust Multi Cap Value AlphaDEX Fund 21.5 71 -57 9.6 +5.4
TUSA First Trust Total US Market AlphaDEX ETF 21.5 70 -56 5.7 +1.5
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 21.2 17 -3 6.3 +2.1
IWM iShares Russell 2000 ETF 21.1 19 -5 3.3 -0.9
VTWO Vanguard Russell 2000 Index Fund 20.9 10 4 3.5 -0.6
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 20.9 7 7 5.1 +0.9
VXF Vanguard Extended Market Index Fund 20.7 6 8 3.5 -0.7
SFYX Sofi Next 500 ETF 20.1 0 14 5.8 +1.6
VFMF Vanguard U.S. Multifactor ETF 20.0 19 -5 7.3 +3.1
ONEO SPDR Russell 1000 Momentum Focus ETF 20.0 20 -6 6.3 +2.2
BKSE BNY Mellon US Small Cap Core Equity ETF 19.8 4 10 5.6 +1.5
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 19.7 35 -21 5.4 +1.2
EWMC Invesco S&P MidCap 400 Equal Weight ETF 19.5 40 -26 7.3 +3.1
RNMC Mid Cap US Equity Select ETF 19.2 60 -46 7.5 +3.3
VBR Vanguard Small Cap Value Index Fund 19.1 7 7 8.0 +3.9
SCHM Schwab U.S. Mid-Cap ETF 19.1 4 10 5.9 +1.8
FNX First Trust Mid Cap Core AlphaDEX Fund 19.0 61 -47 6.4 +2.2
EZM WisdomTree U.S. MidCap Earnings Fund 18.9 38 -24 8.7 +4.6
MDY SPDR S&P Midcap 400 ETF Trust 18.8 23 -9 6.3 +2.2
SPMD SPDR Portfolio Mid Cap ETF 18.8 5 9 6.5 +2.3
IJH iShares Core S&P Mid-Cap ETF 18.8 5 9 6.5 +2.4
VONV Vanguard Russell 1000 Value Index Fund 18.6 8 6 7.0 +2.8
IVOO Vanguard S&P Mid-Cap 400 ETF 18.6 10 4 6.3 +2.1
IWD iShares Russell 1000 Value ETF 18.5 19 -5 6.9 +2.7
CFA VictoryShares US 500 Volatility Weighted Index ETF 18.5 35 -21 5.7 +1.5
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 18.5 35 -21 5.7 +1.5
IYF iShares U.S. Financials ETF 18.1 42 -28 7.0 +2.9
IWN iShares Russell 2000 Value ETF 17.9 24 -10 6.8 +2.6
JPUS JPMorgan Diversified Return U.S. Equity ETF 17.7 18 -4 6.1 +2.0
DON WisdomTree U.S. MidCap Dividend Fund 17.7 38 -24 7.6 +3.4
JHSC John Hancock Multifactor Small Cap ETF 17.3 42 -28 5.5 +1.3
AVUS Avantis U.S. Equity ETF 17.3 15 -1 5.5 +1.3
SCHV Schwab U.S. Large-Cap Value ETF 17.0 4 10 6.8 +2.7
IWC iShares Micro-Cap ETF 16.8 60 -46 -3.9 -8.1
ONEV SPDR Russell 1000 Low Volatility Focus ETF 16.8 20 -6 6.9 +2.7
FNCL Fidelity MSCI Financials Index ETF 16.8 8 6 8.8 +4.6
EUSA iShares MSCI USA Equal Weighted ETF 16.8 15 -1 6.1 +1.9
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 16.7 29 -15 5.7 +1.6
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 16.7 9 5 5.9 +1.7
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 16.7 25 -11 6.2 +2.0
SMDY Syntax Stratified MidCap ETF 16.6 30 -16 6.7 +2.5
IEFN iShares Evolved U.S. Financials ETF 16.6 18 -4 9.3 +5.1
TPLC Timothy Plan US Large Cap Core ETF 16.5 52 -38 5.3 +1.1
VFH Vanguard Financials Index Fund 16.4 10 4 8.8 +4.6
BFOR Barron's 400 ETF 16.2 65 -51 6.4 +2.3
USDY Pacific Global US Equity Income ETF 16.2 29 -15 7.0 +2.8
SIZE iShares MSCI USA Size Factor ETF 16.1 15 -1 6.0 +1.9
IWX iShares Russell Top 200 Value ETF 16.0 20 -6 6.8 +2.7
IUSV iShares Core S&P U.S. Value ETF 15.9 4 10 7.5 +3.3
DTD WisdomTree U.S.Total Dividend Fund 15.7 28 -14 6.7 +2.6
RSP Invesco S&P 500 Equal Weight ETF 15.7 20 -6 6.5 +2.4
JHMM John Hancock Multifactor Mid Cap ETF 15.7 42 -28 5.5 +1.3
JHML John Hancock Multifactor Large Cap ETF 15.7 29 -15 5.4 +1.2
JMIN JPMorgan U.S. Minimum Volatility ETF 15.6 12 2 5.5 +1.3
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 15.5 17 -3 6.8 +2.6
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 15.4 29 -15 5.0 +0.8
VLU SPDR S&P 1500 Value Tilt ETF 15.3 12 2 7.3 +3.2
SCIU Global X Scientific Beta US ETF 15.3 19 -5 0.0 -4.2
VTWV Vanguard Russell 2000 Value Index Fund 15.3 15 -1 6.9 +2.8
EES WisdomTree SmallCap Earnings Fund 15.3 38 -24 10.2 +6.0
FVD First Trust Value Line Dividend Index Fund 15.2 70 -56 6.2 +2.0
FNDB Schwab Fundamental U.S. Broad Market Index ETF 15.2 25 -11 6.7 +2.6
PRF Invesco FTSE RAFI US 1000 ETF 15.0 39 -25 6.8 +2.6
QUS SPDR MSCI USA StrategicFactors ETF 14.8 15 -1 5.8 +1.6
VTHR Vanguard Russell 3000 Index Fund 14.8 10 4 4.9 +0.7
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 14.7 29 -15 0.2 -4.0
SPXT ProShares S&P 500 Ex-Technology ETF 14.7 27 -13 5.5 +1.3
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 14.7 40 -26 7.2 +3.0
FAD First Trust Multi Cap Growth AlphaDEX Fund 14.7 66 -52 2.3 -1.9
VYM Vanguard High Dividend Yield Index ETF 14.7 6 8 7.5 +3.3
SCHB Schwab U.S. Broad Market ETF 14.7 3 11 5.0 +0.8
ITOT iShares Core S&P Total U.S. Stock Market ETF 14.7 3 11 4.9 +0.8
IWV iShares Russell 3000 ETF 14.6 20 -6 4.8 +0.7
STSB iShares Factors US Small Blend Style ETF 14.6 35 -21 3.6 -0.5
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 14.6 29 -15 5.9 +1.7
VOOV Vanguard S&P 500 Value ETF 14.6 10 4 7.3 +3.2
USMV iShares Edge MSCI Min Vol USA ETF 14.5 15 -1 5.5 +1.4
ESGV Vanguard ESG U.S. Stock ETF 14.4 12 2 5.0 +0.8
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 14.4 20 -6 4.6 +0.5
SPTM SPDR Portfolio Total Stock Market ETF 14.4 3 11 5.4 +1.2
SCHK Schwab 1000 Index ETF 14.4 5 9 5.1 +0.9
IWR iShares Russell Midcap ETF 14.4 19 -5 5.4 +1.2
SMMD iShares Russell 2500 ETF 14.3 15 -1 5.7 +1.5
IYY iShares Dow Jones U.S. ETF 14.3 20 -6 4.9 +0.8
VTI Vanguard Total Stock Market Index Fund 14.2 3 11 4.9 +0.8
JQUA JPMorgan U.S. Quality Factor ETF 14.2 12 2 5.4 +1.2
RWK Invesco S&P MidCap 400 Revenue ETF 14.2 39 -25 8.1 +3.9

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 info ** ** ** ** ** ** **
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 U.S. Liquidity Factor ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 7.2 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 14 bp
Equals: ALTAR Score 4.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.