ETF Research Center

Vanguard Information Technology Index ETF seeks to track the performance of the MSCI US Investable Market Information Technology Index. The Fund invests all of its assets in the stocks that ma

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Jan 30, 2004
Assets (mns)	$27,171
Currency	USD
Expense ratio	10 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	325
Wgt avg mkt cap (mns)	$594,501
Large cap (>$10bn)	91.2%
Mid cap ($2-10bn)	7.5%
Small cap (<$2bn)	1.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	59.4 %
APPLE INC	18.7 %
MICROSOFT CORP	17.2 %
VISA INC-CLASS A SHARES	4.4 %
MASTERCARD INC-CLASS A	4.1 %
INTEL CORP	3.8 %
CISCO SYSTEMS INC	2.6 %
ADOBE SYSTEMS INC	2.4 %
NVIDIA CORP	2.3 %
SALESFORCE.COM INC	2.1 %
ACCENTURE PLC-CL A	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.0 %
	IRELAND	2.0 %
	SWITZERLAND	0.4 %
	BERMUDA	0.2 %
	SINGAPORE	0.1 %
	ISRAEL	0.1 %
	BRITAIN	0.0 %
	CAYMAN ISLANDS	0.0 %
	PUERTO RICO	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.8%	42.9%	21.8%	18.9%	11.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	76%
MSCI EAFE	0.99	47%
MSCI Emg. Mkts.	0.65	35%

Technical Indicators
Recent close	$253.85
30d moving avg.	$262.09
Annualized volatility	16.0%
Short interest (ETF)	0.7%
Short interest (Underlying)	2.5%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	715
Turnover	0.7%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$52,775

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard Information Technology Index Fund ETF based on the alternatives' overlap in portfolio holdings with VGT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VGT

Expense:

10 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VGT
Ticker	Fund Name	Overlap¹ vs VGT (%)	Expense ratio (bp)	Savings vs VGT (bp)	ALTAR Score™ (%)	ALTAR vs VGT (%)
FTEC	Fidelity MSCI Information Technology Index ETF	99.4	8	2	5.2	0.0
XLK	Technology Select Sector SPDR Fund	89.4	13	-3	5.3	+0.1
IXN	iShares Global Tech ETF	80.3	46	-36	5.0	-0.2
IYW	iShares U.S. Technology ETF	76.6	42	-32	5.0	-0.3
IGM	iShares North American Tech ETF	70.4	46	-36	4.4	-0.9
IETC	iShares Evolved U.S. Technology ETF	68.2	18	-8	4.5	-0.7
JHMT	John Hancock Multifactor Technology ETF	55.6	40	-30	6.0	+0.8
QYLD	Global X NASDAQ 100 Covered Call ETF	48.6	60	-50	4.6	-0.6
TECB	iShares US Tech Breakthrough Multisector ETF	46.9	40	-30	4.5	-0.7
QQQ	Invesco QQQ Trust	46.3	20	-10	4.8	-0.4
NUSI	Nationwide Risk-Managed Income ETF	45.0	68	-58	4.5	-0.8
RYT	Invesco S&P 500 Equal Weight Technology ETF	43.8	40	-30	6.5	+1.3
TDIV	First Trust NASDAQ Technology Dividend Index Fund	41.6	50	-40	6.8	+1.6
MGK	Vanguard Mega Cap Growth ETF	41.5	7	3	4.6	-0.6
IWY	iShares Russell Top 200 Growth ETF	40.8	20	-10	4.9	-0.3
VONG	Vanguard Russell 1000 Growth Index Fund	39.9	8	2	4.9	-0.3
OQAL	Invesco Russell 1000 Quality Factor ETF	39.9	19	-9	6.0	+0.8
IWF	iShares Russell 1000 Growth ETF	39.3	19	-9	4.8	-0.4
VUG	Vanguard Growth Index Fund	39.3	4	6	4.5	-0.7
SPYG	SPDR Portfolio S&P 500 Growth ETF	37.9	4	6	5.0	-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

	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 Information Technology 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	29.9	%
Divided by: Fwd. P/BV	5.6	x
Less: Expense ratio	10	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.42	CATEGORY AVERAGE	1.56

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.