ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 22, 2010
Assets (mns)	$1,595
Currency	USD
Expense ratio	10 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	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1995
Wgt avg mkt cap (mns)	$2,279
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	52.3%
Small cap (<$2bn)	47.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	3.1 %
TELADOC INC	0.4 %
NOVOCURE LIMITED	0.4 %
GENERAC HOLDINGS INC	0.3 %
LUMENTUM HOLDINGS, INC.	0.3 %
TREX COMPANY INC	0.3 %
AMEDISYS INC	0.3 %
HEALTHEQUITY INC	0.3 %
HAEMONETICS CORP/MASS	0.3 %
REXFORD INDUSTRIAL REALTY IN	0.3 %
FIRST INDUSTRIAL REALTY TR	0.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.5 %
	BERMUDA	1.3 %
	BRITAIN	0.7 %
	IRELAND	0.3 %
	CANADA	0.3 %
	CAYMAN ISLANDS	0.3 %
	PUERTO RICO	0.3 %
	NETHERLANDS	0.2 %
	MONACO	0.1 %
	LUXEMBOURG	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.2%	9.2%	8.3%	--	11.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.19	79%
MSCI EAFE	1.07	53%
MSCI Emg. Mkts.	0.67	36%

Technical Indicators
Recent close	$130.19
30d moving avg.	$133.56
Annualized volatility	16.2%
Short interest (ETF)	5.2%
Short interest (Underlying)	7.0%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	254
Turnover	2.1%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$19,834

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VTWO

Expense:

10 bp

ALTAR Score™:

3.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VTWO
Ticker	Fund Name	Overlap¹ vs VTWO (%)	Expense ratio (bp)	Savings vs VTWO (bp)	ALTAR Score™ (%)	ALTAR vs VTWO (%)
IWM	iShares Russell 2000 ETF	98.5	19	-9	3.7	-0.1
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	72.7	20	-10	5.7	+2.0
SCHA	Schwab U.S. Small-Cap ETF	67.9	4	6	5.0	+1.2
VTWG	Vanguard Russell 2000 Growth Index Fund	57.1	15	-5	1.2	-2.5
IWO	iShares Russell 2000 Growth ETF	57.1	24	-14	1.2	-2.6
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	56.6	29	-19	4.2	+0.5
PBSM	Invesco PureBeta MSCI USA Small Cap ETF	55.0	6	4	5.1	+1.3
OMFS	Oppenheimer Russell 2000 Dynamic Multifactor ETF	54.5	39	-29	5.4	+1.7
VTWV	Vanguard Russell 2000 Value Index Fund	53.2	15	-5	6.4	+2.7
IWN	iShares Russell 2000 Value ETF	52.9	24	-14	6.3	+2.6
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	51.9	39	-29	4.8	+1.0
ESML	iShares MSCI USA Small-Cap ESG Optimized ETF	44.1	17	-7	4.7	+1.0
IUSS	Invesco Strategic US Small Company ETF	43.9	23	-13	6.1	+2.4
ISMD	Inspire Small/Mid Cap Impact ETF	42.1	61	-51	5.3	+1.6
VBR	Vanguard Small Cap Value Index Fund	42.0	7	3	7.9	+4.2
VB	Vanguard Small-Cap ETF	41.3	5	5	5.4	+1.6
FNDA	Schwab Fundamental U.S. Small Co. Index ETF	40.9	25	-15	6.2	+2.4
VXF	Vanguard Extended Market Index Fund	38.4	7	3	3.6	-0.2
PQSG	PGIM QMA Strategic Alpha Small-Cap Growth ETF	36.4	29	-19	0.1	-3.7
SPSM	SPDR Portfolio Small Cap ETF	35.7	5	5	6.4	+2.7

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 Index Fund
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	7.0	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	10	bp
Equals: ALTAR Score	3.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.