ETF Research Center

Vanguard S&P Small-Cap 600 ETF is an exchange-traded incorporated in the USA. The Fund seeks to track the performance of the S&P Small-Cap 600 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 09, 2010
Assets (mns)	$1,059
Currency	USD
Expense ratio	15 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	607
Wgt avg mkt cap (mns)	$1,828
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	42.1%
Small cap (<$2bn)	57.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	5.0 %
CABOT MICROELECTRONICS CORP	0.6 %
MEDICINES COMPANY	0.5 %
ARROWHEAD PHARMACEUTICALS, INC.	0.5 %
FTI CONSULTING INC	0.5 %
MERCURY COMPUTER SYSTEMS INC	0.5 %
RLI CORP	0.5 %
GLACIER BANCORP INC	0.5 %
LHC GROUP INC	0.5 %
SOLAREDGE TECHNOLOGIES, INC.	0.5 %
DARLING INTERNATIONAL INC	0.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.2 %
	PUERTO RICO	0.7 %
	BERMUDA	0.4 %
	CAYMAN ISLANDS	0.3 %
	BRITAIN	0.2 %
	IRELAND	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.
15.7%	3.3%	8.8%	--	12.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.24	70%
MSCI EAFE	0.92	33%
MSCI Emg. Mkts.	0.50	16%

Technical Indicators
Recent close	$148.65
30d moving avg.	$144.20
Annualized volatility	17.9%
Short interest (ETF)	0.6%
Short interest (Underlying)	6.5%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	54
Turnover	0.8%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$7,696

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard S&P Small-Cap 600 ETF based on the alternatives' overlap in portfolio holdings with VIOO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VIOO

Expense:

15 bp

ALTAR Score™:

5.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VIOO
Ticker	Fund Name	Overlap¹ vs VIOO (%)	Expense ratio (bp)	Savings vs VIOO (bp)	ALTAR Score™ (%)	ALTAR vs VIOO (%)
SLY	SPDR S&P 600 Small Cap	95.6	15	0	6.1	+0.2
IJR	iShares Core S&P Small-Cap	95.3	7	8	6.1	+0.2
EWSC	Invesco S&P Small Cap 600 Equal Weight	71.4	40	-25	5.7	-0.3
VIOV	Vanguard S&P Small-Cap 600 Value	63.9	20	-5	7.3	+1.3
SLYV	SPDR S&P600 Small Cap Value	62.6	15	0	7.4	+1.5
IJS	iShares S&P 600 SmallCap Value	62.6	25	-10	7.3	+1.4
VIOG	Vanguard S&P Small-Cap 600 Growth	61.8	20	-5	4.6	-1.4
IJT	iShares S&P 600 SmallCap Growth	60.0	25	-10	4.6	-1.4
SLYG	SPDR S&P600 Small Cap Growth	60.0	15	0	4.7	-1.2
RWJ	Invesco S&P SmallCap 600 Revenue ETF	52.6	39	-24	4.9	-1.1
ISMD	Inspire Small/Mid Cap Impact	48.6	61	-46	4.7	-1.2
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	46.6	29	-14	5.0	-1.0
CSF	Compass EMP US Discovery 500 Enhanced Vol.	41.8	35	-20	7.2	+1.3
EES	WisdomTree SmallCap Earnings	40.1	38	-23	9.2	+3.3
CSA	Victory CEMP US Small Cap Volatility Wtd	40.0	35	-20	7.2	+1.2
DESC	Xtrackers Russell 2000 Comprehensive Factor	40.0	30	-15	6.5	+0.6
FYX	First Trust Small Cap Core Alphadex	39.1	66	-51	5.7	-0.3
IWN	iShares Russell 2000 Value	39.0	24	-9	6.5	+0.6
VTWV	Vanguard Russell 2000 Value	38.6	20	-5	6.5	+0.6
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	38.4	20	-5	5.8	-0.1

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 S&P Small-Cap 600
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	9.6	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	5.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.