ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Sep 22, 2010
Assets (mns)	$280
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	1411
Wgt avg mkt cap (mns)	$2,008
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	44.2%
Small cap (<$2bn)	55.9%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	4.7 %
RADIAN GROUP INC	0.5 %
LUMENTUM HOLDINGS, INC.	0.5 %
REXFORD INDUSTRIAL REALTY IN	0.5 %
PORTLAND GENERAL ELECTRIC CO	0.5 %
BLACK HILLS CORP	0.5 %
TECH DATA CORP	0.5 %
ONE GAS INC	0.5 %
CAPITAL TRUST-CL A	0.5 %
MARRIOTT VACATIONS WORLD	0.4 %
KBR INC	0.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.4 %
	BERMUDA	1.7 %
	PUERTO RICO	0.4 %
	IRELAND	0.4 %
	MONACO	0.2 %
	CAYMAN ISLANDS	0.2 %
	BRITAIN	0.2 %
	LUXEMBOURG	0.1 %
	CANADA	0.1 %
	PANAMA	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.
18.3%	3.9%	6.7%	--	10.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	70%
MSCI EAFE	1.01	48%
MSCI Emg. Mkts.	0.61	28%

Technical Indicators
Recent close	$108.58
30d moving avg.	$108.22
Annualized volatility	16.0%
Short interest (ETF)	0.2%
Short interest (Underlying)	5.6%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	11
Turnover	0.4%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$12,573

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VTWV

Expense:

20 bp

ALTAR Score™:

6.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VTWV
Ticker	Fund Name	Overlap¹ vs VTWV (%)	Expense ratio (bp)	Savings vs VTWV (bp)	ALTAR Score™ (%)	ALTAR vs VTWV (%)
IWN	iShares Russell 2000 Value	98.0	24	-4	6.2	-0.1
IWM	iShares Russell 2000	54.9	19	1	3.6	-2.7
VTWO	Vanguard Russell 2000	53.9	15	5	3.6	-2.6
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	49.4	20	0	5.3	-0.9
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	46.0	39	-19	4.6	-1.7
PQSV	PGIM QMA Strategic Alpha Small-Cap Value	44.3	29	-9	6.2	-0.0
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	43.0	29	-9	4.1	-2.1
SPSM	SPDR Portfolio Small Cap	39.8	5	15	4.8	-1.5
ISMD	Inspire Small/Mid Cap Impact	39.2	61	-41	4.6	-1.6
IJR	iShares Core S&P Small-Cap	38.7	7	13	5.8	-0.5
SLY	SPDR S&P 600 Small Cap	38.7	15	5	5.7	-0.6
VIOO	Vanguard S&P Small-Cap 600	38.7	15	5	5.8	-0.5
SCHA	Schwab U.S. Small-Cap	38.5	4	16	5.0	-1.3
EES	WisdomTree SmallCap Earnings	36.9	38	-18	9.1	+2.8
FYX	First Trust Small Cap Core Alphadex	35.8	66	-46	5.5	-0.8
FNDA	Schwab Fundamental Small Cap	35.5	25	-5	6.0	-0.2
EWSC	Invesco S&P Small Cap 600 Equal Weight	35.3	40	-20	3.0	-3.3
IUSS	Invesco Strategic US Small Company	35.0	23	-3	6.2	-0.1
VBR	Vanguard Small-Cap Value ETF	33.3	7	13	7.7	+1.4
DES	WisdomTree Smallcap Dividend	33.1	38	-18	7.0	+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%.

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

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.6	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	6.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.