ETF Research Center

Vanguard Mid-Cap Growth Index Fund seeks to track the performance of the Morgan Stanley Capital International US Mid Cap Growth Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Aug 24, 2006
Assets (mns)	$6,632
Currency	USD
Expense ratio	7 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	174
Wgt avg mkt cap (mns)	$17,886
Large cap (>$10bn)	87.6%
Mid cap ($2-10bn)	12.3%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	13.1 %
ADVANCED MICRO DEVICES	1.8 %
AMPHENOL CORP-CL A	1.4 %
ONEOK INC	1.4 %
TRANSDIGM GROUP INC	1.3 %
IHS MARKIT LTD.	1.2 %
DOLLAR TREE INC	1.2 %
SBA COMMUNICATIONS CORP. CLASS A	1.2 %
FLEETCOR TECHNOLOGIES INC	1.2 %
GLOBAL PAYMENTS INC	1.1 %
DIGITAL REALTY TRUST INC	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.8 %
	BRITAIN	1.4 %
	CANADA	1.1 %
	IRELAND	0.3 %

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.
26.7%	18.2%	9.7%	14.1%	9.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	89%
MSCI EAFE	0.89	56%
MSCI Emg. Mkts.	0.62	45%

Technical Indicators
Recent close	$151.08
30d moving avg.	$149.25
Annualized volatility	13.2%
Short interest (ETF)	0.1%
Short interest (Underlying)	5.7%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	147
Turnover	0.3%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$25,956

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VOT

Expense:

7 bp

ALTAR Score™:

4.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VOT
Ticker	Fund Name	Overlap¹ vs VOT (%)	Expense ratio (bp)	Savings vs VOT (bp)	ALTAR Score™ (%)	ALTAR vs VOT (%)
JKH	iShares Morningstar Mid Cap Growth	59.7	30	-23	2.8	-1.3
VO	Vanguard Mid-Cap ETF	51.1	4	3	5.8	+1.8
IWP	iShares Russell Midcap Growth	48.5	24	-17	4.6	+0.5
FTC	First Trust Large Cap Growth	30.1	61	-54	3.7	-0.4
IWR	iShares Russell Midcap	29.1	19	-12	6.0	+1.9
NUMG	NuShares ESG Mid-Cap Growth	28.8	40	-33	4.4	+0.4
JHMM	John Hancock Multifactor Mid Cap	28.3	44	-37	6.0	+1.9
JKG	iShares Morningstar MidCap Core	25.4	25	-18	6.2	+2.1
FLQM	Franklin LibertyQ U.S. Mid Cap Equity	25.0	30	-23	6.9	+2.8
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	25.0	9	-2	6.5	+2.4
TPLC	Timothy Plan US Large Cap Core	24.1	52	-45	5.6	+1.5
SIZE	iShares MSCI USA Size Factor	24.1	15	-8	6.4	+2.3
PSET	Principal Price Setters	23.9	29	-22	5.6	+1.5
RPG	Invesco S&P 500 Pure Growth ETF	23.7	35	-28	4.5	+0.4
EUSA	iShares MSCI USA Equal Weight	23.2	15	-8	6.6	+2.5
RVRS	Reverse Cap Weighted US Large Cap	21.9	29	-22	7.9	+3.9
ETHO	Etho Climate Leadership U.S.	21.8	45	-38	4.9	+0.8
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	21.4	24	-17	6.1	+2.1
RSP	Invesco S&P 500 Equal Weight	20.8	20	-13	6.9	+2.8
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation	20.5	60	-53	6.7	+2.6

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

	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

Content on this tab for subscribers only

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 Mid-Cap 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	15.8	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	4.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.