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)	$3,229
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	531
Wgt avg mkt cap (mns)	$387,055
Large cap (>$10bn)	95.0%
Mid cap ($2-10bn)	5.0%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	36.3 %
APPLE INC	8.2 %
MICROSOFT CORP	7.7 %
AMAZON.COM INC	4.8 %
FACEBOOK	3.2 %
ALPHABET INC. CLASS C	2.7 %
ALPHABET INC. CLASS A	2.7 %
VISA INC-CLASS A SHARES	2.1 %
UNITEDHEALTH GROUP INC	1.8 %
MASTERCARD INC-CLASS A	1.7 %
MERCK & CO. INC.	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.3 %
	IRELAND	1.2 %
	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 November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
32.1%	21.1%	13.6%	--	15.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	93%
MSCI EAFE	0.94	62%
MSCI Emg. Mkts.	0.68	51%

Technical Indicators
Recent close	$175.94
30d moving avg.	$172.07
Annualized volatility	13.1%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.8%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	69
Turnover	0.4%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$124,207

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™:

5.1%

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	98.9	19	-7	5.0	-0.1
IWY	iShares Russell Top 200 Growth	78.1	20	-8	5.0	-0.0
VUG	Vanguard Growth ETF	75.0	4	8	4.9	-0.2
SCHG	Schwab U.S. Large-Cap Growth	74.0	4	8	4.9	-0.2
IUSG	iShares Core U.S. Growth	68.8	4	8	5.0	-0.1
OQAL	Invesco Russell 1000 Quality Factor ETF	68.5	19	-7	5.3	+0.2
VOOG	Vanguard S&P 500 Growth	67.5	15	-3	4.9	-0.1
SPYG	SPDR Portfolio S&P 500 Growth	67.4	4	8	5.0	-0.0
IVW	iShares S&P 500 Growth	67.4	18	-6	4.9	-0.2
XOUT	GraniteShares XOUT US Large Cap	66.1	60	-48	5.1	0.0
MGK	Vanguard Mega Cap 300 Growth	65.0	7	5	5.0	-0.1
SPXN	ProShares S&P 500 Ex-Financials	62.0	27	-15	5.9	+0.8
OMOM	Invesco Russell 1000 Momentum Factor ETF	60.7	19	-7	5.2	+0.2
SFY	SoFi Select 500	60.2	0	12	5.6	+0.5
PRID	InsightShares LGBT Employment Equality	59.6	65	-53	5.4	+0.3
ESGV	Vanguard ESG U.S. Stock	58.8	12	0	5.8	+0.7
IWL	iShares Russell Top 200	58.6	15	-3	5.6	+0.6
SPXE	ProShares S&P 500 Ex-Energy	58.5	27	-15	5.8	+0.7
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	58.0	20	-8	5.9	+0.8
SPLG	SPDR Portfolio Large Cap	58.0	3	9	5.7	+0.7

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 Growth
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	30.6	%
Divided by: Fwd. P/BV	5.9	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	5.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	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.