ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 22, 2010
Assets (mns)	$2,120
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	767
Wgt avg mkt cap (mns)	$126,272
Large cap (>$10bn)	87.1%
Mid cap ($2-10bn)	12.7%
Small cap (<$2bn)	0.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.5 %
BERKSHIRE HATHAWAY INC-CL B	3.1 %
JPMORGAN CHASE & CO	2.9 %
JOHNSON & JOHNSON	2.1 %
EXXON MOBIL CORP	2.1 %
AT&T INC	2.0 %
BANK OF AMERICA CORP	2.0 %
PROCTER & GAMBLE CO/THE	2.0 %
INTEL CORP	1.8 %
VERIZON COMMUNICATIONS INC	1.7 %
WALT DISNEY CO/THE	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.4 %
	IRELAND	2.3 %
	BRITAIN	1.4 %
	SWITZERLAND	0.6 %
	BERMUDA	0.4 %
	NETHERLANDS	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.5%	11.3%	7.5%	--	11.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.97	91%
MSCI EAFE	0.83	56%
MSCI Emg. Mkts.	0.54	39%

Technical Indicators
Recent close	$116.33
30d moving avg.	$113.24
Annualized volatility	12.2%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.5%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	58
Turnover	0.3%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$92,262

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VONV

Expense:

12 bp

ALTAR Score™:

7.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VONV
Ticker	Fund Name	Overlap¹ vs VONV (%)	Expense ratio (bp)	Savings vs VONV (bp)	ALTAR Score™ (%)	ALTAR vs VONV (%)
IWD	iShares Russell 1000 Value	99.1	19	-7	7.0	-0.1
VTV	Vanguard Value ETF	75.3	4	8	7.3	+0.2
SCHV	Schwab U.S. Large-Cap Value	72.8	4	8	7.0	-0.1
PRF	Invesco FTSE-RAFI U.S. 1000	67.5	39	-27	6.7	-0.4
IUSV	iShares Core U.S. Value	66.7	4	8	7.2	+0.1
IWX	iShares Russell Top 200 Value	65.9	20	-8	7.0	-0.1
IVE	iShares S&P 500 Value	63.7	18	-6	7.0	-0.1
SPYV	SPDR Portfolio S&P 500 Value	63.6	4	8	7.2	+0.1
VOOV	Vanguard S&P 500 Value	63.5	15	-3	7.0	-0.1
MGV	Vanguard Mega Cap 300 Value	63.4	7	5	7.1	+0.0
SPXT	ProShares S&P 500 Ex-Technology	63.0	27	-15	6.0	-1.1
FNDX	Schwab Fundamental Large Cap	62.5	25	-13	6.7	-0.4
VLU	SPDR S&P 1500 Value Tilt	61.6	12	0	7.5	+0.4
FNDB	Schwab Fundamental Broad Mkt	61.4	25	-13	6.6	-0.5
DTD	WisdomTree Total Dividend	61.1	28	-16	6.6	-0.5
OYLD	Invesco Russell 1000 Yield Factor ETF	58.9	19	-7	7.1	-0.0
DLN	WisdomTree Large Cap Dividend	58.7	28	-16	6.5	-0.6
OVLU	Invesco Russell 1000 Value Factor ETF	58.6	19	-7	7.9	+0.8
EPS	WisdomTree Earnings 500	56.2	8	4	7.0	-0.1
JHML	John Hancock Multifactor Large Cap	56.2	34	-22	6.0	-1.1

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

	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 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	13.2	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	7.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.