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 26, 2004
Assets (mns)	$61,308
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	270
Wgt avg mkt cap (mns)	$655,179
Large cap (>$10bn)	98.9%
Mid cap ($2-10bn)	1.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	44.0 %
APPLE INC	10.4 %
MICROSOFT CORP	9.6 %
AMAZON.COM INC	8.0 %
FACEBOOK	3.9 %
ALPHABET INC. CLASS A	2.7 %
ALPHABET INC. CLASS C	2.6 %
VISA INC-CLASS A SHARES	1.9 %
MASTERCARD INC-CLASS A	1.8 %
HOME DEPOT INC	1.7 %
NVIDIA CORP	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.2 %
	BRITAIN	1.2 %
	IRELAND	0.9 %
	CANADA	0.2 %
	BERMUDA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.9%	31.3%	15.9%	16.8%	10.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	94%
MSCI EAFE	1.00	75%
MSCI Emg. Mkts.	0.72	65%

Technical Indicators
Recent close	$223.44
30d moving avg.	$214.74
Annualized volatility	18.1%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.8%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	811
Turnover	0.3%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$174,940

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™:

3.8%

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	81.9	7	-3	3.9	+0.1
SCHG	Schwab U.S. Large-Cap Growth ETF	81.8	4	0	3.9	+0.1
VOOG	Vanguard S&P 500 Growth ETF	79.4	10	-6	4.1	+0.3
SPYG	SPDR Portfolio S&P 500 Growth ETF	79.4	4	0	4.2	+0.4
IVW	iShares S&P 500 Growth ETF	79.4	18	-14	4.0	+0.2
IWF	iShares Russell 1000 Growth ETF	77.9	19	-15	3.6	-0.2
VONG	Vanguard Russell 1000 Growth Index Fund	77.9	8	-4	3.7	-0.1
IUSG	iShares Core S&P US Growth ETF	76.4	4	0	4.2	+0.4
IWY	iShares Russell Top 200 Growth ETF	70.1	20	-16	3.7	-0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	68.4	60	-56	3.9	+0.2
TMFC	Motley Fool 100 Index ETF	65.8	50	-46	3.3	-0.5
MMTM	SPDR S&P 1500 Momentum Tilt ETF	65.6	12	-8	4.5	+0.7
IQSU	IQ Candriam ESG US Equity ETF	64.0	9	-5	4.9	+1.1
IETC	iShares Evolved U.S. Technology ETF	63.8	18	-14	3.7	-0.1
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	63.0	21	-17	3.0	-0.8
QQQ	Invesco QQQ Trust	59.9	20	-16	3.7	-0.1
QYLD	Global X NASDAQ 100 Covered Call ETF	59.9	60	-56	3.3	-0.5
NUSI	Nationwide Risk-Managed Income ETF	59.9	68	-64	3.3	-0.5
SPXV	ProShares S&P 500 Ex-Health Care ETF	59.7	27	-23	4.7	+1.0
SPXN	ProShares S&P 500 Ex-Financials ETF	59.6	27	-23	4.7	+1.0
BKLC	BNY Mellon US Large Cap Core Equity ETF	59.3	0	4	4.9	+1.2
IWL	iShares Russell Top 200 ETF	59.3	15	-11	4.7	+1.0
IGM	iShares Expanded Tech Sector ETF	59.1	46	-42	3.7	-0.1
PBP	Invesco S&P 500 BuyWrite ETF	58.7	49	-45	4.7	+1.0
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	58.3	49	-45	3.8	+0.0
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	58.0	7	-3	5.0	+1.2
HSPX	Global X S&P 500 Covered Call ETF	57.6	65	-61	4.6	+0.8
SNPE	Xtrackers S&P 500 ESG ETF	57.4	11	-7	4.9	+1.1
SPXE	ProShares S&P 500 Ex-Energy ETF	57.3	27	-23	5.1	+1.3
VV	Vanguard Large-Cap Index Fund	57.1	4	0	5.0	+1.2
PBUS	Invesco PureBeta MSCI USA ETF	57.1	4	0	5.0	+1.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	57.0	20	-16	5.1	+1.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	56.8	2	2	5.1	+1.3
MGC	Vanguard Mega Cap Index Fund	56.7	7	-3	5.0	+1.2
SPY	SPDR S&P 500 ETF Trust	56.3	9	-5	5.1	+1.3
SPLG	SPDR Portfolio Large Cap ETF	56.2	3	1	5.2	+1.4
IVV	iShares Core S&P 500 ETF	56.2	4	0	5.2	+1.4
ESGV	Vanguard ESG U.S. Stock ETF	56.2	12	-8	4.9	+1.1
VOO	VANGUARD S&P 500 ETF	56.0	3	1	5.2	+1.4
OEF	iShares S&P 100 ETF	56.0	20	-16	4.6	+0.8
XLG	Invesco S&P 500 Top 50 ETF	55.9	20	-16	4.3	+0.5
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	55.8	20	-16	4.7	+0.9
CATH	Global X S&P 500 Catholic Values Custom ETF	55.8	29	-25	5.0	+1.2
SCHX	Schwab U.S. Large-Cap ETF	55.5	3	1	5.1	+1.3
ESGU	iShares MSCI USA ESG Optimized ETF	55.1	15	-11	4.9	+1.1
DSI	iShares MSCI KLD 400 Social ETF	55.0	25	-21	5.0	+1.2
SCHK	Schwab 1000 Index ETF	54.0	5	-1	5.0	+1.3
VONE	Vanguard Russell 1000 ETF	54.0	8	-4	5.0	+1.2
IWB	iShares Russell 1000 ETF	53.9	15	-11	4.9	+1.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	53.6	9	-5	5.3	+1.5
IYY	iShares Dow Jones U.S. ETF	53.4	20	-16	4.9	+1.1
VEGN	US Vegan Climate ETF	53.1	60	-56	5.0	+1.2
SFY	SoFi Select 500 ETF	52.9	0	4	5.0	+1.2
SPTM	SPDR Portfolio Total Stock Market ETF	52.1	3	1	5.3	+1.5
SCHB	Schwab U.S. Broad Market ETF	51.3	3	1	5.0	+1.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	51.1	3	1	4.9	+1.2
IWV	iShares Russell 3000 ETF	51.1	20	-16	4.8	+1.0
VTHR	Vanguard Russell 3000 Index Fund	51.0	10	-6	4.8	+1.1
VTI	Vanguard Total Stock Market Index Fund	50.1	3	1	4.9	+1.1
SUSL	iShares ESG MSCI USA Leaders ETF	48.2	10	-6	5.1	+1.4
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	48.2	10	-6	5.1	+1.4
ESG	FlexShares STOXX US ESG Impact Index Fund	47.7	32	-28	4.8	+1.0
HIPR	Direxion High Growth ETF	47.7	40	-36	4.3	+0.5
JHML	John Hancock Multifactor Large Cap ETF	46.7	29	-25	5.3	+1.5
JMOM	JPMorgan U.S. Momentum Factor ETF	44.7	12	-8	3.6	-0.2
SPXT	ProShares S&P 500 Ex-Technology ETF	43.5	27	-23	5.4	+1.6
MTUM	iShares Edge MSCI USA Momentum Factor ETF	43.4	15	-11	4.1	+0.3
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	43.2	75	-71	3.9	+0.2
FDMO	Fidelity Momentum Factor ETF	43.1	29	-25	3.7	-0.1
JKE	iShares Morningstar Large-Cap Growth ETF	42.9	25	-21	2.8	-1.0
SYG	SPDR MFS Systematic Growth Equity ETF	42.5	60	-56	4.2	+0.4
STLG	iShares Factors US Growth Style ETF	42.5	25	-21	3.5	-0.3
RECS	Columbia Research Enhanced Core ETF	42.4	15	-11	5.4	+1.6
AVUS	Avantis U.S. Equity ETF	42.1	15	-11	5.4	+1.6
IYW	iShares U.S. Technology ETF	42.1	42	-38	3.9	+0.1
EXT	WisdomTree U.S. Total Earnings Fund	41.9	28	-24	5.0	+1.2
SPMO	Invesco S&P 500 Momentum ETF	41.5	13	-9	4.1	+0.3
EPS	WisdomTree U.S. Earnings 500 Fund	41.4	8	-4	6.2	+2.4
NACP	Impact Shares NAACP Minority Empowerment ETF	41.4	75	-71	4.6	+0.8
FTEC	Fidelity MSCI Information Technology Index ETF	41.2	8	-4	4.4	+0.6
VGT	Vanguard Information Technology Index Fund	41.2	10	-6	4.4	+0.6
TOK	iShares MSCI Kokusai ETF	41.1	25	-21	5.3	+1.6
KOKU	Xtrackers MSCI Kokusai Equity ETF	41.0	9	-5	5.5	+1.7
QUS	SPDR MSCI USA StrategicFactors ETF	40.1	15	-11	5.6	+1.8
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	39.8	19	-15	5.8	+2.0
TECB	iShares US Tech Breakthrough Multisector ETF	39.3	40	-36	4.0	+0.2
FQAL	Fidelity Quality Factor ETF	39.2	29	-25	5.3	+1.5
ADME	Aptus Drawdown Managed Equity ETF	38.7	81	-77	3.2	-0.6
XLK	Technology Select Sector SPDR Fund	38.7	13	-9	4.6	+0.8
IXN	iShares Global Tech ETF	38.7	46	-42	4.3	+0.5
URTH	iShares MSCI World ETF	38.3	24	-20	5.5	+1.7
JQUA	JPMorgan U.S. Quality Factor ETF	38.2	12	-8	5.1	+1.4
KRMA	Global X Conscious Companies ETF	37.8	43	-39	4.9	+1.2
IOO	iShares Global 100 ETF	37.7	40	-36	4.6	+0.8
DYNF	BlackRock U.S. Equity Factor Rotation ETF	37.4	30	-26	6.2	+2.4
SFYF	SoFi 50 ETF	37.3	29	-25	1.7	-2.1
AFLG	First Trust Active Factor Large Cap ETF	37.2	55	-51	5.3	+1.5
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	36.9	25	-21	6.2	+2.4
LRGE	ClearBridge Large Cap Growth ESG ETF	36.9	59	-55	3.6	-0.2
SUSA	iShares MSCI USA ESG Select ETF	36.7	25	-21	4.6	+0.8

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	26.2	%
Divided by: Fwd. P/BV	6.9	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.37	CATEGORY AVERAGE	1.52

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.