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)	$2,232
Currency	USD
Expense ratio	8 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	764
Wgt avg mkt cap (mns)	$131,749
Large cap (>$10bn)	87.8%
Mid cap ($2-10bn)	12.0%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.6 %
BERKSHIRE HATHAWAY INC-CL B	3.2 %
JPMORGAN CHASE & CO	3.0 %
JOHNSON & JOHNSON	2.4 %
PROCTER & GAMBLE CO/THE	2.1 %
AT&T INC	2.0 %
INTEL CORP	2.0 %
BANK OF AMERICA CORP	2.0 %
EXXON MOBIL CORP	1.8 %
WALT DISNEY CO/THE	1.7 %
VERIZON COMMUNICATIONS INC	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.3 %
	IRELAND	2.5 %
	BRITAIN	1.5 %
	SWITZERLAND	0.6 %
	BERMUDA	0.4 %
	NETHERLANDS	0.1 %
	PUERTO RICO	0.0 %
	PANAMA	0.0 %
	CAYMAN ISLANDS	0.0 %
	CHINA	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.
-2.1%	14.8%	8.6%	--	11.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	92%
MSCI EAFE	0.90	67%
MSCI Emg. Mkts.	0.60	52%

Technical Indicators
Recent close	$117.30
30d moving avg.	$120.33
Annualized volatility	12.1%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.5%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	99
Turnover	0.5%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$95,609

Distributions

FINDING ALTERNATIVE FUNDS

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

8 bp

ALTAR Score™:

7.0%

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 ETF	99.4	19	-11	6.9	-0.1
VTV	Vanguard Value Index Fund	76.2	4	4	7.3	+0.3
IUSV	iShares Core S&P U.S. Value ETF	75.0	4	4	7.3	+0.3
SCHV	Schwab U.S. Large-Cap Value ETF	72.9	4	4	7.1	+0.1
IVE	iShares S&P 500 Value ETF	72.3	18	-10	7.2	+0.1
VOOV	Vanguard S&P 500 Value ETF	72.2	15	-7	7.2	+0.2
SPYV	SPDR Portfolio S&P 500 Value ETF	72.2	4	4	7.3	+0.3
IWX	iShares Russell Top 200 Value ETF	67.2	20	-12	7.0	+0.0
PRF	Invesco FTSE RAFI US 1000 ETF	66.8	39	-31	6.6	-0.4
MGV	Vanguard Mega Cap Value ETF	63.8	7	1	7.2	+0.2
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	62.2	25	-17	5.8	-1.3
SPXT	ProShares S&P 500 Ex-Technology ETF	61.9	27	-19	6.0	-1.1
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	61.8	19	-11	6.6	-0.4
VLU	SPDR S&P 1500 Value Tilt ETF	61.3	12	-4	7.4	+0.4
DTD	WisdomTree U.S.Total Dividend Fund	61.1	28	-20	6.8	-0.2
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	60.9	25	-17	5.8	-1.2
OYLD	Invesco Russell 1000 Yield Factor ETF	59.4	19	-11	7.4	+0.4
DLN	WisdomTree U.S. LargeCap Dividend Fund	58.0	28	-20	6.7	-0.4
OVLU	Invesco Russell 1000 Value Factor ETF	57.5	19	-11	7.6	+0.6
EPS	WisdomTree U.S. Earnings 500 Fund	57.1	8	0	7.0	-0.0

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Value Index Fund
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	1.9	x
Less: Expense ratio	8	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	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.