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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)	$30,484
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	341
Wgt avg mkt cap (mns)	$17,762
Large cap (>$10bn)	87.4%
Mid cap ($2-10bn)	12.5%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	7.2 %
NEWMONT MINING CORP	0.9 %
CENTENE CORP	0.8 %
SBA COMMUNICATIONS CORP. CLASS A	0.7 %
WEC ENERGY GROUP INC	0.7 %
TRANSDIGM GROUP INC	0.7 %
ONEOK INC	0.7 %
MOTOROLA SOLUTIONS	0.7 %
EVERSOURCE ENERGY	0.7 %
AMPHENOL CORP-CL A	0.7 %
IHS MARKIT LTD.	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.0 %
	BRITAIN	1.7 %
	BERMUDA	1.2 %
	IRELAND	0.8 %
	CANADA	0.6 %
	SWITZERLAND	0.3 %

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.
-0.3%	18.3%	9.6%	13.5%	9.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	95%
MSCI EAFE	0.97	69%
MSCI Emg. Mkts.	0.63	51%

Technical Indicators
Recent close	$178.82
30d moving avg.	$182.55
Annualized volatility	12.9%
Short interest (ETF)	0.2%
Short interest (Underlying)	5.3%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	604
Turnover	0.4%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$42,562

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard Mid-Cap Index Fund 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™:

5.6%

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 ETF	58.1	44	-40	5.8	+0.2
IWR	iShares Russell Midcap ETF	56.6	19	-15	5.6	+0.0
IWS	iShares Russell Mid-Cap Value ETF	52.5	24	-20	6.7	+1.0
VOT	Vanguard Mid-Cap Growth Index Fund	51.8	7	-3	3.8	-1.8
VOE	Vanguard Mid-Cap Value Index Fund	50.1	7	-3	7.5	+1.9
SIZE	iShares Edge MSCI USA Size Factor ETF	48.7	15	-11	6.1	+0.5
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	48.4	9	-5	6.0	+0.4
RVRS	Reverse Cap Weighted U.S. Large Cap ETF	48.4	29	-25	7.6	+2.0
EUSA	iShares MSCI USA Equal Weighted ETF	48.0	15	-11	6.1	+0.5
RSP	Invesco S&P 500 Equal Weight ETF	46.1	20	-16	6.7	+1.1
IWP	iShares Russell Mid-Cap Growth ETF	45.6	24	-20	4.4	-1.2
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity ETF	44.9	24	-20	6.0	+0.4
SCIU	Global X Scientific Beta US ETF	44.8	19	-15	5.8	+0.2
OSIZ	Invesco Russell 1000 Size Factor ETF	44.7	19	-15	6.1	+0.5
FEX	First Trust Large Cap Core AlphaDEX Fund	40.2	60	-56	6.1	+0.5
SSPY	Syntax Stratified LargeCap ETF	38.8	30	-26	6.0	+0.4
TPLC	Timothy Plan US Large Cap Core ETF	38.4	52	-48	5.5	-0.2
CFO	Victory CEMP US 500 Enhanced Volatility Weighted Index ETF	37.8	35	-31	6.1	+0.5
CFA	Victory CEMP US 500 Volatility Weighted Index ETF	37.6	35	-31	6.1	+0.5
ONEV	SPDR Russell 1000 Low Volatility Focus ETF	35.6	20	-16	7.1	+1.4

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 Mid-Cap 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	13.8	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	5.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.