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 22, 2010
Assets (mns)	$1,283
Currency	USD
Expense ratio	12 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	1003
Wgt avg mkt cap (mns)	$262,460
Large cap (>$10bn)	91.5%
Mid cap ($2-10bn)	8.4%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.1 %
APPLE INC	4.1 %
MICROSOFT CORP	3.9 %
AMAZON.COM INC	2.5 %
FACEBOOK	1.6 %
BERKSHIRE HATHAWAY INC-CL B	1.5 %
JPMORGAN CHASE & CO	1.4 %
ALPHABET INC. CLASS C	1.4 %
ALPHABET INC. CLASS A	1.3 %
JOHNSON & JOHNSON	1.3 %
VISA INC-CLASS A SHARES	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.8 %
	IRELAND	1.7 %
	BRITAIN	1.0 %
	SWITZERLAND	0.3 %
	BERMUDA	0.3 %
	LUXEMBOURG	0.1 %
	CHINA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
27.6%	16.2%	10.6%	--	13.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.01	100%
MSCI EAFE	0.91	68%
MSCI Emg. Mkts.	0.64	54%

Technical Indicators
Recent close	$143.00
30d moving avg.	$141.59
Annualized volatility	12.1%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.6%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	20
Turnover	0.2%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$183,762

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard Russell 1000 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:

12 bp

ALTAR Score™:

5.8%

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 (%)
IWB	iShares Russell 1000	98.9	15	-3	5.7	-0.1
SCHK	Schwab 1000 Index	97.2	5	7	5.8	+0.1
IYY	iShares DJ US Total Market	96.6	20	-8	5.7	-0.1
SCHX	Schwab U.S. Large-Cap	95.7	3	9	5.8	+0.0
IWV	iShares Russell 3000	93.2	20	-8	5.5	-0.3
VTHR	Vanguard Russell 3000	93.1	15	-3	5.6	-0.2
SCHB	Schwab U.S. Broad Market	92.7	3	9	5.7	-0.1
ITOT	iShares Core S&P Total US	92.4	3	9	5.6	-0.1
PBUS	Invesco PureBeta MSCI USA	92.4	4	8	6.0	+0.2
VTI	Vanguard Total Market	92.2	3	9	5.7	-0.1
BBUS	JP Morgan Betabuilders U.S. Equity	92.1	2	10	5.9	+0.1
VV	Vanguard Large-Cap ETF	91.6	4	8	5.8	+0.1
SPTM	SPDR Portfolio Total Stock Market	90.5	3	9	5.7	-0.1
IVV	iShares Core S&P 500	89.0	4	8	5.9	+0.2
VOO	Vanguard S&P 500 ETF	89.0	3	9	6.0	+0.2
PBP	Invesco S&P 500 Buy/Write	89.0	49	-37	5.5	-0.3
SPY	S&P 500 SPDR	89.0	9	3	5.9	+0.1
SPLG	SPDR Portfolio Large Cap	88.7	3	9	5.8	-0.0
HSPX	Global X S&P 500 Covered Call	88.7	65	-53	5.3	-0.5
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	85.6	20	-8	5.9	+0.2

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 Russell 1000
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	16.8	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	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.