ETF Research Center

Vanguard Mid-Cap ETF seeks to track the performance of the MSCI US Mid Cap 450 Index. The Fund invests all of its assets in the stocks that make up the Index, holding each stock in the same pr

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Jan 30, 2004
Assets (mns)	$28,560
Currency	USD
Expense ratio	4 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	367
Wgt avg mkt cap (mns)	$16,549
Large cap (>$10bn)	83.1%
Mid cap ($2-10bn)	16.8%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	6.9 %
ADVANCED MICRO DEVICES	1.0 %
NEWMONT MINING CORP	0.7 %
AMPHENOL CORP-CL A	0.7 %
ONEOK INC	0.7 %
TRANSDIGM GROUP INC	0.7 %
KLA-TENCOR CORPORATION	0.7 %
WEC ENERGY GROUP INC	0.6 %
IHS MARKIT LTD.	0.6 %
MOTOROLA SOLUTIONS	0.6 %
SBA COMMUNICATIONS CORP. CLASS A	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.4 %
	BRITAIN	1.7 %
	BERMUDA	1.2 %
	IRELAND	0.9 %
	CANADA	0.5 %
	SWITZERLAND	0.3 %

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.
23.9%	14.3%	8.7%	13.7%	9.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	94%
MSCI EAFE	0.92	61%
MSCI Emg. Mkts.	0.62	46%

Technical Indicators
Recent close	$172.61
30d moving avg.	$170.31
Annualized volatility	13.0%
Short interest (ETF)	0.3%
Short interest (Underlying)	5.3%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	406
Turnover	0.3%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$43,491

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VO

Expense:

4 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VO
Ticker	Fund Name	Overlap¹ vs VO (%)	Expense ratio (bp)	Savings vs VO (bp)	ALTAR Score™ (%)	ALTAR vs VO (%)
JHMM	John Hancock Multifactor Mid Cap	58.8	44	-40	6.0	+0.2
IWR	iShares Russell Midcap	56.5	19	-15	5.9	+0.1
VOE	Vanguard Mid-Cap Value	52.0	7	-3	7.7	+1.9
IWS	iShares Russell Midcap Value	51.8	24	-20	7.1	+1.3
VOT	Vanguard Mid-Cap Growth	51.5	7	-3	4.0	-1.8
SIZE	iShares MSCI USA Size Factor	49.4	15	-11	6.3	+0.5
EUSA	iShares MSCI USA Equal Weight	48.4	15	-11	6.5	+0.7
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	48.1	9	-5	6.4	+0.6
RVRS	Reverse Cap Weighted US Large Cap	47.0	29	-25	8.0	+2.2
RSP	Invesco S&P 500 Equal Weight	46.6	20	-16	6.9	+1.1
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	45.7	24	-20	6.2	+0.4
IWP	iShares Russell Midcap Growth	45.5	24	-20	4.5	-1.3
OSIZ	Invesco Russell 1000 Size Factor ETF	43.6	19	-15	6.3	+0.5
SCIU	Global X Scientific Beta US	43.3	19	-15	5.7	-0.1
FEX	First Trust Large Cap Core Alphadex	39.8	61	-57	6.4	+0.6
CFA	Compass EMP US 500 Volatility Weighted	38.5	35	-31	6.1	+0.3
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	38.4	35	-31	6.1	+0.3
TPLC	Timothy Plan US Large Cap Core	38.4	52	-48	5.6	-0.2
ONEO	SPDR Russell 1000 Momentum Focus	36.3	20	-16	6.5	+0.7
DEUS	Xtrackers Russell 1000 Comprehensive Factor	36.0	17	-13	6.4	+0.6

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Mid-Cap ETF
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	13.9	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.