ETF Research Center

Vanguard Russell 1000 is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Russell 1000 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 20, 2010
Assets (mns)	$2,304
Currency	USD
Expense ratio	8 bp
Distributions	Quarterly

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	1021
Wgt avg mkt cap (mns)	$417,740
Large cap (>$10bn)	93.5%
Mid cap ($2-10bn)	6.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	22.6 %
APPLE INC	5.6 %
MICROSOFT CORP	4.2 %
AMAZON.COM INC	3.5 %
FACEBOOK	1.6 %
TESLA MOTORS INC	1.6 %
ALPHABET INC. CLASS A	1.4 %
ALPHABET INC. CLASS C	1.4 %
BERKSHIRE HATHAWAY INC-CL B	1.1 %
JOHNSON & JOHNSON	1.1 %
JPMORGAN CHASE & CO	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	88.1 %
	IRELAND	1.4 %
	BRITAIN	1.0 %
	SWITZERLAND	0.2 %
	BERMUDA	0.2 %
	LUXEMBOURG	0.1 %
	CHINA	0.1 %
	BRAZIL	0.0 %
	NETHERLANDS	0.0 %
	CAYMAN ISLANDS	0.0 %

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.
20.9%	20.9%	15.4%	13.9%	14.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	100%
MSCI EAFE	0.95	85%
MSCI Emg. Mkts.	0.77	70%

Technical Indicators
Recent close	$179.98
30d moving avg.	$175.80
Annualized volatility	19.3%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.6%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	72
Turnover	0.6%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$322,801

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the Vanguard Russell 1000 ETF ETF based on the alternatives' overlap in portfolio holdings with VONE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VONE

Expense:

8 bp

ALTAR Score™:

4.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VONE
Ticker	Fund Name	Overlap¹ vs VONE (%)	Expense ratio (bp)	Savings vs VONE (bp)	ALTAR Score™ (%)	ALTAR vs VONE (%)
VTHR	Vanguard Russell 3000 Index Fund	91.1	10	-2	4.4	-0.2
IWB	iShares Russell 1000 ETF	91.0	15	-7	4.5	-0.1
IWV	iShares Russell 3000 ETF	91.0	20	-12	4.3	-0.3
SCHB	Schwab U.S. Broad Market ETF	90.4	3	5	4.5	-0.1
ITOT	iShares Core S&P Total U.S. Stock Market ETF	90.3	3	5	4.4	-0.2
IYY	iShares Dow Jones U.S. ETF	90.1	20	-12	4.4	-0.1
SCHK	Schwab 1000 Index ETF	89.5	5	3	4.6	+0.0
VTI	Vanguard Total Stock Market Index Fund	88.9	3	5	4.4	-0.1
SCHX	Schwab U.S. Large-Cap ETF	87.9	3	5	4.6	0.0
PBUS	Invesco PureBeta MSCI USA ETF	85.3	4	4	4.6	+0.0
SPTM	SPDR Portfolio Total Stock Market ETF	84.2	3	5	4.8	+0.2
BBUS	JP Morgan Betabuilders U.S. Equity ETF	84.1	2	6	4.6	+0.1
VV	Vanguard Large-Cap Index Fund	83.4	4	4	4.6	+0.0
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	82.4	7	1	4.5	-0.0
DFAU	Dimensional US Core Equity Market ETF	80.5	12	-4	4.7	+0.1
IVV	iShares Core S&P 500 ETF	80.4	3	5	4.7	+0.2
SPLG	SPDR Portfolio Large Cap ETF	80.4	3	5	4.7	+0.2
SPY	SPDR S&P 500 ETF Trust	80.4	9	-1	4.7	+0.1
PBP	Invesco S&P 500 BuyWrite ETF	80.4	49	-41	4.3	-0.3
VOO	VANGUARD S&P 500 ETF	80.4	3	5	4.8	+0.3
XYLG	Global X S&P 500 Covered Call & Growth ETF	80.4	60	-52	4.4	-0.2
SPXE	ProShares S&P 500 Ex-Energy ETF	77.9	27	-19	4.6	+0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	77.4	20	-12	4.8	+0.2
ESGV	Vanguard ESG U.S. Stock ETF	77.1	12	-4	4.5	-0.1
SFY	SoFi Select 500 ETF	75.7	0	8	4.6	+0.0
JHML	John Hancock Multifactor Large Cap ETF	74.9	29	-21	4.9	+0.3
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	71.8	25	-17	4.9	+0.3
XVV	iShares ESG Screened S&P 500 ETF	71.4	8	0	4.9	+0.3
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	70.8	20	-12	4.6	+0.0
ESGU	iShares MSCI USA ESG Optimized ETF	70.8	15	-7	4.4	-0.2
KOKU	Xtrackers MSCI Kokusai Equity ETF	70.6	9	-1	5.0	+0.5
TOK	iShares MSCI Kokusai ETF	70.5	25	-17	4.9	+0.3
SPXN	ProShares S&P 500 Ex-Financials ETF	69.6	27	-19	4.3	-0.2
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	69.4	9	-1	4.8	+0.2
MGC	Vanguard Mega Cap Index Fund	69.0	7	1	4.6	+0.0
SPXV	ProShares S&P 500 Ex-Health Care ETF	68.9	27	-19	4.3	-0.3
CATH	Global X S&P 500 Catholic Values Custom ETF	67.9	29	-21	4.6	0.0
BKLC	BNY Mellon US Large Cap Core Equity ETF	67.1	0	8	4.4	-0.1
IWL	iShares Russell Top 200 ETF	66.9	15	-7	4.4	-0.2
MMTM	SPDR S&P 1500 Momentum Tilt ETF	65.9	12	-4	4.0	-0.6
AVUS	Avantis U.S. Equity ETF	65.6	15	-7	4.8	+0.3
URTH	iShares MSCI World ETF	65.0	24	-16	5.0	+0.4
EPS	WisdomTree U.S. Earnings 500 Fund	63.9	8	0	5.9	+1.4
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	62.4	15	-7	4.7	+0.1
PRF	Invesco FTSE RAFI US 1000 ETF	61.7	39	-31	5.7	+1.2
QUS	SPDR MSCI USA StrategicFactors ETF	60.1	15	-7	5.3	+0.7
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	59.9	25	-17	5.7	+1.1
IQSU	IQ Candriam ESG US Equity ETF	59.8	9	-1	4.5	-0.1
DYNF	BlackRock U.S. Equity Factor Rotation ETF	59.7	30	-22	5.3	+0.7
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	59.6	25	-17	5.7	+1.2
SNPE	Xtrackers S&P 500 ESG ETF	58.6	10	-2	4.6	0.0
EFIV	SPDR S&P 500 ESG ETF	58.6	10	-2	4.6	0.0
SPXT	ProShares S&P 500 Ex-Technology ETF	57.8	27	-19	4.9	+0.3
IUSG	iShares Core S&P US Growth ETF	56.8	4	4	3.6	-0.9
ESG	FlexShares STOXX US ESG Impact Index Fund	56.4	32	-24	4.5	-0.1
ACWI	iShares MSCI ACWI ETF	56.2	32	-24	5.1	+0.5
DIVB	iShares U.S. Dividend & Buyback ETF	56.1	25	-17	5.9	+1.4
IUS	Invesco Strategic US ETF	56.0	19	-11	5.5	+0.9
XOUT	GraniteShares XOUT U.S. Large Cap ETF	55.0	60	-52	3.6	-1.0
CRBN	iShares MSCI ACWI Low Carbon Target ETF	54.6	20	-12	5.3	+0.8
VOOG	Vanguard S&P 500 Growth ETF	54.6	10	-2	3.9	-0.7
SPYG	SPDR Portfolio S&P 500 Growth ETF	54.5	4	4	3.6	-0.9
IVW	iShares S&P 500 Growth ETF	54.5	18	-10	3.5	-1.1
LOWC	SPDR MSCI ACWI Low Carbon Target ETF	54.4	20	-12	5.3	+0.8
VLU	SPDR S&P 1500 Value Tilt ETF	54.2	12	-4	6.2	+1.7
IWF	iShares Russell 1000 Growth ETF	53.8	19	-11	3.4	-1.2
OEF	iShares S&P 100 ETF	53.6	20	-12	4.2	-0.4
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	53.6	30	-22	5.1	+0.5
VONG	Vanguard Russell 1000 Growth Index Fund	53.5	8	0	3.5	-1.0
RWL	Invesco S&P 500 Revenue ETF	53.3	39	-31	6.3	+1.7
VT	Vanguard Total World Stock ETF	52.9	8	0	5.4	+0.8
IUSV	iShares Core S&P U.S. Value ETF	52.6	4	4	6.5	+1.9
VOOV	Vanguard S&P 500 Value ETF	51.6	10	-2	6.6	+2.1
VONV	Vanguard Russell 1000 Value Index Fund	51.3	8	0	6.2	+1.7
IWD	iShares Russell 1000 Value ETF	50.9	19	-11	6.1	+1.5
SPYV	SPDR Portfolio S&P 500 Value ETF	50.6	4	4	6.5	+1.9
IVE	iShares S&P 500 Value ETF	50.6	18	-10	6.3	+1.8
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	50.5	15	-7	0.0	-4.6
RESP	WisdomTree US ESG Fund of Benef Interest	50.2	28	-20	5.0	+0.5
DTD	WisdomTree U.S.Total Dividend Fund	49.1	28	-20	6.2	+1.7
VUG	Vanguard Growth Index Fund	48.4	4	4	3.5	-1.1
HIPR	Direxion High Growth ETF	47.5	40	-32	3.8	-0.8
QWLD	SPDR MSCI World StrategicFactors ETF	47.4	30	-22	5.4	+0.8
DLN	WisdomTree U.S. LargeCap Dividend Fund	47.4	28	-20	6.1	+1.6
ESGG	FlexShares STOXX Global ESG Impact Index Fund	47.4	42	-34	4.6	+0.0
AFLG	First Trust Active Factor Large Cap ETF	47.1	55	-47	4.7	+0.1
KRMA	Global X Conscious Companies ETF	46.7	43	-35	4.8	+0.3
SCHV	Schwab U.S. Large-Cap Value ETF	46.5	4	4	6.1	+1.5
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	46.5	9	-1	5.0	+0.5
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	46.0	9	-1	5.1	+0.6
EUSA	iShares MSCI USA Equal Weighted ETF	45.2	15	-7	5.2	+0.6
DSI	iShares MSCI KLD 400 Social ETF	44.5	25	-17	4.6	0.0
SUSA	iShares MSCI USA ESG Select ETF	44.4	25	-17	4.2	-0.3
IWY	iShares Russell Top 200 Growth ETF	44.1	20	-12	3.5	-1.0
SIZE	iShares MSCI USA Size Factor ETF	44.0	15	-7	5.2	+0.6
RECS	Columbia Research Enhanced Core ETF	43.9	15	-7	5.1	+0.5
RSP	Invesco S&P 500 Equal Weight ETF	43.8	20	-12	5.6	+1.1
NACP	Impact Shares NAACP Minority Empowerment ETF	43.4	49	-41	4.7	+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

	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 Russell 1000 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	16.6	%
Divided by: Fwd. P/BV	3.6	x
Less: Expense ratio	8	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	CATEGORY AVERAGE	1.49

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.