ETF Research Center

Vanguard Russell 2000 Growth is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Russell 2000 Growth Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 22, 2010
Assets (mns)	$322
Currency	USD
Expense ratio	20 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	1177
Wgt avg mkt cap (mns)	$2,464
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	57.9%
Small cap (<$2bn)	42.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	5.3 %
NOVOCURE LIMITED	0.8 %
HAEMONETICS CORP/MASS	0.6 %
TELADOC INC	0.6 %
GENERAC HOLDINGS INC	0.6 %
TREX COMPANY INC	0.5 %
AMEDISYS INC	0.5 %
ACADIA PHARMACEUTICALS INC	0.5 %
EASTGROUP PROPERTIES INC	0.5 %
SCIENCE APPLICATIONS INTE	0.5 %
MAXIMUS INC	0.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.8 %
	BRITAIN	1.3 %
	BERMUDA	0.8 %
	CANADA	0.4 %
	NETHERLANDS	0.4 %
	CAYMAN ISLANDS	0.3 %
	IRELAND	0.3 %
	PUERTO RICO	0.2 %
	LUXEMBOURG	0.1 %
	SINGAPORE	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.
25.9%	11.0%	9.5%	--	12.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.23	79%
MSCI EAFE	1.06	49%
MSCI Emg. Mkts.	0.70	35%

Technical Indicators
Recent close	$151.75
30d moving avg.	$148.03
Annualized volatility	16.7%
Short interest (ETF)	0.5%
Short interest (Underlying)	8.3%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	12
Turnover	0.6%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$15,699

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard Russell 2000 Growth ETF based on the alternatives' overlap in portfolio holdings with VTWG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VTWG

Expense:

20 bp

ALTAR Score™:

0.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VTWG
Ticker	Fund Name	Overlap¹ vs VTWG (%)	Expense ratio (bp)	Savings vs VTWG (bp)	ALTAR Score™ (%)	ALTAR vs VTWG (%)
IWO	iShares Russell 2000 Growth	97.4	24	-4	0.9	-0.0
IWM	iShares Russell 2000	56.1	19	1	3.6	+2.7
VTWO	Vanguard Russell 2000	54.9	15	5	3.6	+2.8
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	48.1	20	0	5.3	+4.5
PQSG	PGIM QMA Strategic Alpha Small-Cap Growth	45.0	29	-9	1.2	+0.3
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	43.5	29	-9	4.1	+3.3
JKK	iShares Morningstar Small Cap Growth	41.0	30	-10	1.1	+0.2
SPSM	SPDR Portfolio Small Cap	40.6	5	15	4.8	+3.9
SCHA	Schwab U.S. Small-Cap	39.8	4	16	5.0	+4.1
SLY	SPDR S&P 600 Small Cap	33.9	15	5	5.7	+4.8
IJR	iShares Core S&P Small-Cap	33.7	7	13	5.8	+4.9
VIOO	Vanguard S&P Small-Cap 600	33.6	15	5	5.8	+4.9
ISMD	Inspire Small/Mid Cap Impact	33.3	61	-41	4.6	+3.8
FLQS	Franklin LibertyQ U.S. Small Cap Equity	33.1	35	-15	6.2	+5.3
VBK	Vanguard Small-Cap Growth ETF	32.7	7	13	2.8	+2.0
PBSM	Invesco PureBeta MSCI USA Small Cap	31.7	6	14	5.3	+4.5
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	31.1	39	-19	4.6	+3.7
JHSC	John Hancock Multifactor Small Cap	30.1	50	-30	5.7	+4.8
SLYG	SPDR S&P600 Small Cap Growth	28.6	15	5	4.6	+3.7
IJT	iShares S&P 600 SmallCap Growth	28.6	25	-5	4.5	+3.6

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%.

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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 Russell 2000 Growth
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	4.1	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	0.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	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.