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)	$44,926
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	281
Wgt avg mkt cap (mns)	$401,860
Large cap (>$10bn)	98.5%
Mid cap ($2-10bn)	1.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	39.7 %
MICROSOFT CORP	8.7 %
APPLE INC	8.3 %
AMAZON.COM INC	5.5 %
FACEBOOK	3.6 %
ALPHABET INC. CLASS A	3.0 %
ALPHABET INC. CLASS C	3.0 %
VISA INC-CLASS A SHARES	2.3 %
MASTERCARD INC-CLASS A	2.0 %
HOME DEPOT INC	1.8 %
COMCAST CORP-CL A	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.9 %
	BRITAIN	1.4 %
	IRELAND	1.0 %
	CANADA	0.2 %

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.
33.1%	21.9%	12.3%	14.6%	9.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	93%
MSCI EAFE	0.95	64%
MSCI Emg. Mkts.	0.68	52%

Technical Indicators
Recent close	$177.10
30d moving avg.	$173.48
Annualized volatility	13.1%
Short interest (ETF)	0.3%
Short interest (Underlying)	2.8%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	530
Turnover	0.2%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$93,924

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard Growth ETF 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™:

4.9%

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 300 Growth	82.0	7	-3	5.0	+0.2
SCHG	Schwab U.S. Large-Cap Growth	78.1	4	0	4.9	0.0
IWF	iShares Russell 1000 Growth	75.0	19	-15	5.0	+0.1
VONG	Vanguard Russell 1000 Growth	75.0	12	-8	5.1	+0.2
IWY	iShares Russell Top 200 Growth	69.0	20	-16	5.0	+0.2
VOOG	Vanguard S&P 500 Growth	65.8	15	-11	4.9	+0.1
SPYG	SPDR Portfolio S&P 500 Growth	65.8	4	0	5.0	+0.2
IVW	iShares S&P 500 Growth	65.8	18	-14	4.9	+0.0
IUSG	iShares Core U.S. Growth	62.3	4	0	5.0	+0.2
XOUT	GraniteShares XOUT US Large Cap	59.9	60	-56	5.1	+0.2
OQAL	Invesco Russell 1000 Quality Factor ETF	59.7	19	-15	5.3	+0.4
TMFC	Motley Fool 100 Index	58.4	50	-46	4.3	-0.6
IETC	iShares Evolved U.S. Technology	58.0	18	-14	4.8	-0.0
IGM	iShares S&P N. American Technology	55.2	46	-42	4.6	-0.3
SFY	SoFi Select 500	54.7	0	4	5.6	+0.7
DSI	iShares MSCI KLD 400 Social	53.6	25	-21	5.5	+0.7
JKE	iShares Morningstar Large Cap Growth	53.4	25	-21	4.0	-0.9
QQQ	Invesco QQQ	53.3	20	-16	5.2	+0.3
QYLD	Global X NASDAQ 100 Covered Call ETF	53.3	60	-56	4.8	-0.1
SPXN	ProShares S&P 500 Ex-Financials	53.0	27	-23	5.9	+1.0

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

	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 Growth ETF
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	25.9	%
Divided by: Fwd. P/BV	5.3	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	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.