ETF Research Center

Vanguard Mid-Cap Value Index Fund seeks to track the performance of the Morgan Stanley Capital International US Mid Cap Value Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Aug 24, 2006
Assets (mns)	$10,518
Currency	USD
Expense ratio	7 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	201
Wgt avg mkt cap (mns)	$16,319
Large cap (>$10bn)	81.2%
Mid cap ($2-10bn)	18.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.1 %
NEWMONT MINING CORP	1.6 %
WEC ENERGY GROUP INC	1.3 %
MOTOROLA SOLUTIONS	1.3 %
EVERSOURCE ENERGY	1.3 %
WILLIS TOWERS WATSON PUBLIC LIMITE	1.2 %
FIRSTENERGY CORP	1.2 %
ENTERGY CORP	1.1 %
DTE ENERGY COMPANY	1.1 %
AMERICAN WATER WORKS CO INC	1.0 %
ROYAL CARIBBEAN CRUISES LTD	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.8 %
	BERMUDA	2.4 %
	BRITAIN	2.0 %
	IRELAND	1.5 %
	SWITZERLAND	0.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
27.8%	27.8%	8.2%	12.6%	8.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	90%
MSCI EAFE	1.02	70%
MSCI Emg. Mkts.	0.67	52%

Technical Indicators
Recent close	$120.90
30d moving avg.	$118.72
Annualized volatility	13.4%
Short interest (ETF)	0.2%
Short interest (Underlying)	4.9%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	224
Turnover	0.3%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$19,560

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VOE

Expense:

7 bp

ALTAR Score™:

7.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VOE
Ticker	Fund Name	Overlap¹ vs VOE (%)	Expense ratio (bp)	Savings vs VOE (bp)	ALTAR Score™ (%)	ALTAR vs VOE (%)
JKI	iShares Morningstar Mid Cap Value	54.6	30	-23	8.3	+1.1
VO	Vanguard Mid-Cap ETF	51.2	4	3	5.4	-1.8
IWS	iShares Russell Midcap Value	41.9	24	-17	6.6	-0.7
RVRS	Reverse Cap Weighted US Large Cap	39.3	29	-22	7.3	+0.0
JKG	iShares Morningstar MidCap Core	39.2	25	-18	5.6	-1.6
JHMM	John Hancock Multifactor Mid Cap	35.0	44	-37	5.6	-1.7
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	33.7	29	-22	9.0	+1.7
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	33.4	24	-17	5.7	-1.6
FTA	First Trust Large Cap Value	33.2	62	-55	8.2	+1.0
ONEY	SPDR Russell 1000 Yield Focus	32.1	20	-13	7.9	+0.7
ULVM	USAA MSCI USA Value Momentum Blend Index	31.3	20	-13	7.1	-0.2
ONEV	SPDR Russell 1000 Low Volatility Focus	31.2	20	-13	6.7	-0.6
SCIU	Global X Scientific Beta US	31.0	19	-12	5.5	-1.7
RSP	Invesco S&P 500 Equal Weight	30.3	20	-13	6.4	-0.9
IWR	iShares Russell Midcap	30.3	19	-12	5.5	-1.7
OSIZ	Invesco Russell 1000 Size Factor ETF	29.2	19	-12	5.9	-1.3
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	28.8	17	-10	6.6	-0.6
SIZE	iShares MSCI USA Size Factor	28.6	15	-8	5.9	-1.4
RBUS	Nationwide Risk-Based U.S. Equity	28.3	30	-23	5.8	-1.5
EUSA	iShares MSCI USA Equal Weight	28.0	15	-8	5.8	-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

	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 Mid-Cap Value
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.3	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.