ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 22, 2010
Assets (mns)	$3,806
Currency	USD
Expense ratio	12 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Multi-Factor
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	530
Wgt avg mkt cap (mns)	$450,661
Large cap (>$10bn)	95.2%
Mid cap ($2-10bn)	4.8%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	37.9 %
APPLE INC	8.7 %
MICROSOFT CORP	8.4 %
AMAZON.COM INC	5.3 %
FACEBOOK	3.1 %
ALPHABET INC. CLASS C	2.8 %
ALPHABET INC. CLASS A	2.7 %
VISA INC-CLASS A SHARES	2.2 %
MASTERCARD INC-CLASS A	1.8 %
UNITEDHEALTH GROUP INC	1.7 %
CISCO SYSTEMS INC	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.2 %
	IRELAND	1.1 %
	BRITAIN	0.6 %
	BERMUDA	0.1 %
	LUXEMBOURG	0.1 %
	CHINA	0.1 %
	CANADA	0.0 %
	CAYMAN ISLANDS	0.0 %

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.
2.2%	27.8%	15.4%	--	16.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	93%
MSCI EAFE	0.93	61%
MSCI Emg. Mkts.	0.62	47%

Technical Indicators
Recent close	$196.40
30d moving avg.	$188.44
Annualized volatility	13.1%
Short interest (ETF)	0.4%
Short interest (Underlying)	2.8%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	77
Turnover	0.4%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$141,112

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard Russell 1000 Growth ETF based on the alternatives' overlap in portfolio holdings with VONG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VONG

Expense:

12 bp

ALTAR Score™:

4.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VONG
Ticker	Fund Name	Overlap¹ vs VONG (%)	Expense ratio (bp)	Savings vs VONG (bp)	ALTAR Score™ (%)	ALTAR vs VONG (%)
IWF	iShares Russell 1000 Growth	99.0	19	-7	4.5	-0.1
IWY	iShares Russell Top 200 Growth	79.0	20	-8	4.6	-0.0
IUSG	iShares Core U.S. Growth	76.6	4	8	4.7	+0.1
VUG	Vanguard Growth ETF	76.4	4	8	4.3	-0.4
IVW	iShares S&P 500 Growth	76.1	18	-6	4.6	-0.0
SPYG	SPDR Portfolio S&P 500 Growth	76.1	4	8	4.7	+0.1
VOOG	Vanguard S&P 500 Growth	76.1	15	-3	4.6	0.0
OQAL	Invesco Russell 1000 Quality Factor ETF	75.7	19	-7	6.0	+1.4
SCHG	Schwab U.S. Large-Cap Growth	75.4	4	8	4.3	-0.3
OMOM	Invesco Russell 1000 Momentum Factor ETF	73.1	19	-7	5.8	+1.2
XOUT	GraniteShares XOUT US Large Cap	67.7	60	-48	4.8	+0.2
MGK	Vanguard Mega Cap 300 Growth	66.8	7	5	4.4	-0.2
IQSU	IQ Candriam ESG US Equity ETF	64.4	9	3	5.4	+0.8
SPXN	ProShares S&P 500 Ex-Financials	63.4	27	-15	5.5	+0.9
SFY	SoFi Select 500	61.6	0	12	5.3	+0.7
MMTM	SPDR S&P1500 Momentum Tilt	60.9	12	0	5.1	+0.5
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	60.6	19	-7	6.6	+2.0
IWL	iShares Russell Top 200	60.3	15	-3	5.3	+0.7
SPXE	ProShares S&P 500 Ex-Energy	60.1	27	-15	5.5	+0.9
ESGV	Vanguard ESG U.S. Stock	59.9	12	0	5.4	+0.8

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 Growth
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	30.9	%
Divided by: Fwd. P/BV	6.5	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	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.