ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 09, 2010
Assets (mns)	$1,141
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	384
Wgt avg mkt cap (mns)	$225,546
Large cap (>$10bn)	96.2%
Mid cap ($2-10bn)	3.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.4 %
APPLE INC	9.2 %
JPMORGAN CHASE & CO	3.4 %
AT&T INC	2.3 %
BANK OF AMERICA CORP	2.2 %
UNITEDHEALTH GROUP INC	2.1 %
CHEVRON CORP	1.9 %
BERKSHIRE HATHAWAY INC-CL B	1.8 %
WELLS FARGO & CO	1.8 %
WAL-MART STORES INC	1.4 %
CITIGROUP INC	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.3 %
	IRELAND	1.7 %
	BRITAIN	1.2 %
	SWITZERLAND	0.9 %
	BERMUDA	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.
23.1%	14.4%	8.6%	--	12.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	90%
MSCI EAFE	0.89	57%
MSCI Emg. Mkts.	0.58	40%

Technical Indicators
Recent close	$121.37
30d moving avg.	$118.73
Annualized volatility	13.1%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.4%
Relative strength (RSI)	83

Liquidity measures
Avg. volume (thou.)	47
Turnover	0.5%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$86,697

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VOOV

Expense:

15 bp

ALTAR Score™:

7.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VOOV
Ticker	Fund Name	Overlap¹ vs VOOV (%)	Expense ratio (bp)	Savings vs VOOV (bp)	ALTAR Score™ (%)	ALTAR vs VOOV (%)
IVE	iShares S&P 500 Value	99.0	18	-3	7.0	-0.0
SPYV	SPDR Portfolio S&P 500 Value	98.9	4	11	7.2	+0.1
IUSV	iShares Core U.S. Value	92.8	4	11	7.2	+0.2
FNDX	Schwab Fundamental Large Cap	66.0	25	-10	6.7	-0.4
PRF	Invesco FTSE-RAFI U.S. 1000	65.5	39	-24	6.7	-0.3
VTV	Vanguard Value ETF	64.9	4	11	7.2	+0.2
EPS	WisdomTree Earnings 500	64.8	8	7	7.0	-0.1
PBP	Invesco S&P 500 Buy/Write	63.8	49	-34	5.6	-1.5
OVLU	Invesco Russell 1000 Value Factor ETF	63.6	19	-4	7.9	+0.9
IWD	iShares Russell 1000 Value	63.5	19	-4	7.0	-0.0
VONV	Vanguard Russell 1000 Value	63.4	12	3	7.1	+0.1
HSPX	Global X S&P 500 Covered Call	62.6	65	-50	5.5	-1.6
FNDB	Schwab Fundamental Broad Mkt	62.4	25	-10	6.6	-0.4
VLU	SPDR S&P 1500 Value Tilt	62.3	12	3	7.5	+0.5
DLN	WisdomTree Large Cap Dividend	62.2	28	-13	6.5	-0.5
SPY	S&P 500 SPDR	61.9	9	6	5.9	-1.1
IVV	iShares Core S&P 500	61.9	4	11	6.0	-1.1
VOO	Vanguard S&P 500 ETF	61.8	3	12	6.0	-1.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	60.8	20	-5	5.9	-1.1
SPXT	ProShares S&P 500 Ex-Technology	60.6	27	-12	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 S&P 500 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	15.0	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	15	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	1.55

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.