ETF Research Center

Vanguard Growth ETF seeks to track the performance of the CI US Prime Market Growth Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Jan 30, 2004
Assets (mns)	$49,556
Currency	USD
Expense ratio	4 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	280
Wgt avg mkt cap (mns)	$466,908
Large cap (>$10bn)	98.8%
Mid cap ($2-10bn)	1.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	41.5 %
MICROSOFT CORP	9.4 %
APPLE INC	8.6 %
AMAZON.COM INC	6.1 %
FACEBOOK	3.5 %
ALPHABET INC. CLASS A	3.1 %
ALPHABET INC. CLASS C	3.0 %
VISA INC-CLASS A SHARES	2.4 %
MASTERCARD INC-CLASS A	2.1 %
HOME DEPOT INC	1.8 %
COMCAST CORP-CL A	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.6 %
	BRITAIN	1.4 %
	IRELAND	1.0 %
	CANADA	0.2 %

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.
3.1%	29.4%	14.2%	15.5%	10.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	92%
MSCI EAFE	0.93	62%
MSCI Emg. Mkts.	0.61	45%

Technical Indicators
Recent close	$189.89
30d moving avg.	$193.38
Annualized volatility	13.1%
Short interest (ETF)	0.3%
Short interest (Underlying)	2.8%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	983
Turnover	0.4%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$111,300

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VUG

Expense:

4 bp

ALTAR Score™:

4.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VUG
Ticker	Fund Name	Overlap¹ vs VUG (%)	Expense ratio (bp)	Savings vs VUG (bp)	ALTAR Score™ (%)	ALTAR vs VUG (%)
MGK	Vanguard Mega Cap Growth ETF	84.1	7	-3	4.6	+0.1
SCHG	Schwab U.S. Large-Cap Growth ETF	79.3	4	0	4.6	+0.1
VONG	Vanguard Russell 1000 Growth Index Fund	77.8	8	-4	4.9	+0.4
SPYG	SPDR Portfolio S&P 500 Growth ETF	77.7	4	0	5.0	+0.5
IVW	iShares S&P 500 Growth ETF	77.7	18	-14	4.8	+0.4
VOOG	Vanguard S&P 500 Growth ETF	77.6	10	-6	4.9	+0.4
IWF	iShares Russell 1000 Growth ETF	76.6	19	-15	4.8	+0.3
IUSG	iShares Core S&P US Growth ETF	73.1	4	0	4.9	+0.4
IWY	iShares Russell Top 200 Growth ETF	71.3	20	-16	4.9	+0.4
OQAL	Invesco Russell 1000 Quality Factor ETF	68.9	19	-15	6.0	+1.5
OMOM	Invesco Russell 1000 Momentum Factor ETF	66.0	19	-15	5.8	+1.4
TMFC	Motley Fool 100 Index ETF	61.7	50	-46	4.1	-0.4
IETC	iShares Evolved U.S. Technology ETF	61.0	18	-14	4.5	+0.0
XOUT	GraniteShares XOUT U.S. Large Cap ETF	60.2	60	-56	5.1	+0.6
IQSU	IQ Candriam ESG US Equity ETF	58.7	9	-5	5.7	+1.2
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	57.5	49	-45	5.0	+0.5
IGM	iShares North American Tech ETF	57.4	46	-42	4.4	-0.1
SFY	SoFi Select 500 ETF	56.6	0	4	5.6	+1.1
QYLD	Global X NASDAQ 100 Covered Call ETF	56.3	60	-56	4.6	+0.1
NUSI	Nationwide Risk-Managed Income ETF	56.3	68	-64	4.5	-0.0

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 Growth 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	25.8	%
Divided by: Fwd. P/BV	5.7	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	4.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.39	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.