ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 09, 2010
Assets (mns)	$2,990
Currency	USD
Expense ratio	15 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	298
Wgt avg mkt cap (mns)	$327,213
Large cap (>$10bn)	99.0%
Mid cap ($2-10bn)	1.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	31.8 %
MICROSOFT CORP	8.3 %
AMAZON.COM INC	5.3 %
FACEBOOK	3.5 %
ALPHABET INC. CLASS C	2.9 %
ALPHABET INC. CLASS A	2.8 %
VISA INC-CLASS A SHARES	2.3 %
MASTERCARD INC-CLASS A	1.8 %
VERIZON COMMUNICATIONS INC	1.8 %
MERCK & CO. INC.	1.6 %
JOHNSON & JOHNSON	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.6 %
	IRELAND	2.1 %
	BRITAIN	1.0 %
	SWITZERLAND	0.1 %

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.
27.3%	16.5%	12.5%	--	15.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	93%
MSCI EAFE	0.87	62%
MSCI Emg. Mkts.	0.62	50%

Technical Indicators
Recent close	$168.67
30d moving avg.	$166.80
Annualized volatility	12.2%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.2%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	59
Turnover	0.3%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$96,692

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VOOG

Expense:

15 bp

ALTAR Score™:

5.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VOOG
Ticker	Fund Name	Overlap¹ vs VOOG (%)	Expense ratio (bp)	Savings vs VOOG (bp)	ALTAR Score™ (%)	ALTAR vs VOOG (%)
IVW	iShares S&P 500 Growth	99.6	18	-3	4.9	-0.1
SPYG	SPDR Portfolio S&P 500 Growth	99.3	4	11	5.1	+0.1
IUSG	iShares Core U.S. Growth	93.3	4	11	5.1	+0.1
IWF	iShares Russell 1000 Growth	67.6	19	-4	5.0	+0.0
VONG	Vanguard Russell 1000 Growth	67.5	12	3	5.1	+0.1
SPXN	ProShares S&P 500 Ex-Financials	67.3	27	-12	5.9	+0.9
PBP	Invesco S&P 500 Buy/Write	66.7	49	-34	5.5	+0.5
VOO	Vanguard S&P 500 ETF	66.2	3	12	6.0	+1.0
IVV	iShares Core S&P 500	66.2	4	11	5.9	+1.0
SPXE	ProShares S&P 500 Ex-Energy	66.2	27	-12	5.9	+0.9
HSPX	Global X S&P 500 Covered Call	66.2	65	-50	5.3	+0.4
SPY	S&P 500 SPDR	66.0	9	6	5.9	+0.9
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	65.9	20	-5	5.9	+1.0
VUG	Vanguard Growth ETF	65.8	4	11	4.9	-0.1
OMOM	Invesco Russell 1000 Momentum Factor ETF	65.0	19	-4	5.3	+0.3
SFY	SoFi Select 500	65.0	0	15	5.6	+0.6
VV	Vanguard Large-Cap ETF	64.0	4	11	5.8	+0.9
MGC	Vanguard Mega Cap 300 ETF	63.8	7	8	5.8	+0.9
BBUS	JP Morgan Betabuilders U.S. Equity	63.2	2	13	5.9	+0.9
IWL	iShares Russell Top 200	63.1	15	0	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 S&P 500 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	22.8	%
Divided by: Fwd. P/BV	4.5	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	5.0	%

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.