ETF Research Center

Vanguard S&P 500 ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the S&P 500 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 09, 2010
Assets (mns)	$126,026
Currency	USD
Expense ratio	3 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	JPMorgan Chase Bank
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	514
Wgt avg mkt cap (mns)	$288,916
Large cap (>$10bn)	98.0%
Mid cap ($2-10bn)	2.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	22.2 %
MICROSOFT CORP	4.4 %
APPLE INC	4.3 %
AMAZON.COM INC	2.8 %
FACEBOOK	1.8 %
JPMORGAN CHASE & CO	1.6 %
BERKSHIRE HATHAWAY INC-CL B	1.6 %
ALPHABET INC. CLASS C	1.5 %
ALPHABET INC. CLASS A	1.5 %
JOHNSON & JOHNSON	1.4 %
VISA INC-CLASS A SHARES	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.1 %
	IRELAND	1.9 %
	BRITAIN	1.1 %
	SWITZERLAND	0.4 %

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%	16.3%	11.0%	--	14.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	100%
MSCI EAFE	0.90	69%
MSCI Emg. Mkts.	0.63	54%

Technical Indicators
Recent close	$286.64
30d moving avg.	$283.72
Annualized volatility	11.9%
Short interest (ETF)	0.8%
Short interest (Underlying)	2.3%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	2,157
Turnover	0.5%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$147,130

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard S&P 500 ETF ETF based on the alternatives' overlap in portfolio holdings with VOO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VOO

Expense:

3 bp

ALTAR Score™:

6.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VOO
Ticker	Fund Name	Overlap¹ vs VOO (%)	Expense ratio (bp)	Savings vs VOO (bp)	ALTAR Score™ (%)	ALTAR vs VOO (%)
IVV	iShares Core S&P 500	99.5	4	-1	5.9	-0.0
PBP	Invesco S&P 500 Buy/Write	99.2	49	-46	5.5	-0.5
SPY	S&P 500 SPDR	99.2	9	-6	5.9	-0.1
HSPX	Global X S&P 500 Covered Call	98.4	65	-62	5.3	-0.6
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	95.8	20	-17	5.9	-0.0
VV	Vanguard Large-Cap ETF	95.1	4	-1	5.8	-0.1
SPXE	ProShares S&P 500 Ex-Energy	94.9	27	-24	5.9	-0.1
PBUS	Invesco PureBeta MSCI USA	94.3	4	-1	6.0	-0.0
BBUS	JP Morgan Betabuilders U.S. Equity	94.1	2	1	5.9	-0.1
SCHX	Schwab U.S. Large-Cap	91.5	3	0	5.8	-0.2
SPLG	SPDR Portfolio Large Cap	90.2	3	0	5.8	-0.2
VONE	Vanguard Russell 1000	89.0	12	-9	5.8	-0.2
SCHK	Schwab 1000 Index	89.0	5	-2	5.8	-0.1
IWB	iShares Russell 1000	88.9	15	-12	5.7	-0.2
IYY	iShares DJ US Total Market	87.2	20	-17	5.7	-0.3
MGC	Vanguard Mega Cap 300 ETF	85.6	7	-4	5.8	-0.1
SPXV	ProShares S&P 500 Ex-Health Care	85.4	27	-24	5.7	-0.3
SFY	SoFi Select 500	84.7	0	3	5.6	-0.4
CATH	Global X S&P 500 Catholic Values	84.2	29	-26	5.9	-0.1
IWV	iShares Russell 3000	83.5	20	-17	5.5	-0.4

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 S&P 500 ETF
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	17.5	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	3	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	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.