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)	$53,919
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	278
Wgt avg mkt cap (mns)	$503,951
Large cap (>$10bn)	98.7%
Mid cap ($2-10bn)	1.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	42.6 %
MICROSOFT CORP	9.7 %
APPLE INC	8.8 %
AMAZON.COM INC	7.1 %
FACEBOOK	3.7 %
ALPHABET INC. CLASS A	3.0 %
ALPHABET INC. CLASS C	2.9 %
VISA INC-CLASS A SHARES	2.3 %
HOME DEPOT INC	1.9 %
MASTERCARD INC-CLASS A	1.9 %
NVIDIA CORP	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	BRITAIN	1.3 %
	IRELAND	0.9 %
	CANADA	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
6.2%	27.1%	13.5%	15.6%	10.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	95%
MSCI EAFE	0.98	75%
MSCI Emg. Mkts.	0.72	62%

Technical Indicators
Recent close	$197.41
30d moving avg.	$184.07
Annualized volatility	17.7%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.8%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	1,128
Turnover	0.4%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$180,301

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™:

4.2%

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	83.1	7	-3	4.3	+0.1
SCHG	Schwab U.S. Large-Cap Growth ETF	81.2	4	0	4.3	+0.1
SPYG	SPDR Portfolio S&P 500 Growth ETF	79.3	4	0	4.4	+0.3
VOOG	Vanguard S&P 500 Growth ETF	79.2	10	-6	4.4	+0.2
IVW	iShares S&P 500 Growth ETF	79.2	18	-14	4.3	+0.1
IWF	iShares Russell 1000 Growth ETF	77.5	19	-15	4.3	+0.1
VONG	Vanguard Russell 1000 Growth Index Fund	77.5	8	-4	4.4	+0.2
IUSG	iShares Core S&P US Growth ETF	75.5	4	0	4.5	+0.3
IWY	iShares Russell Top 200 Growth ETF	71.3	20	-16	4.3	+0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	64.0	60	-56	4.5	+0.3
TMFC	Motley Fool 100 Index ETF	63.2	50	-46	3.9	-0.3
IETC	iShares Evolved U.S. Technology ETF	62.1	18	-14	4.1	-0.1
IQSU	IQ Candriam ESG US Equity ETF	61.6	9	-5	5.2	+1.0
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	61.4	21	-17	3.2	-1.0
MMTM	SPDR S&P 1500 Momentum Tilt ETF	59.8	12	-8	5.1	+0.9
PBP	Invesco S&P 500 BuyWrite ETF	59.2	49	-45	5.1	+0.9
QQQ	Invesco QQQ Trust	58.3	20	-16	4.1	-0.1
QYLD	Global X NASDAQ 100 Covered Call ETF	58.3	60	-56	3.7	-0.5
NUSI	Nationwide Risk-Managed Income ETF	58.3	68	-64	3.6	-0.6
SPXV	ProShares S&P 500 Ex-Health Care ETF	58.2	27	-23	5.1	+0.9
HSPX	Global X S&P 500 Covered Call ETF	57.8	65	-61	4.9	+0.7
SPXN	ProShares S&P 500 Ex-Financials ETF	57.8	27	-23	5.1	+0.9
VEGN	US Vegan Climate ETF	57.7	60	-56	5.2	+1.0
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	57.4	49	-45	4.1	-0.0
IGM	iShares North American Tech ETF	56.8	46	-42	4.0	-0.2
VV	Vanguard Large-Cap Index Fund	56.2	4	0	5.3	+1.1
SPXE	ProShares S&P 500 Ex-Energy ETF	55.9	27	-23	5.4	+1.2
DSI	iShares MSCI KLD 400 Social ETF	55.9	25	-21	5.2	+1.0
SNPE	Xtrackers S&P 500 ESG ETF	55.8	11	-7	5.2	+1.0
ESGV	Vanguard ESG U.S. Stock ETF	55.8	12	-8	5.3	+1.1
PBUS	Invesco PureBeta MSCI USA ETF	55.6	4	0	5.3	+1.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	55.4	20	-16	5.4	+1.3
IWL	iShares Russell Top 200 ETF	55.4	15	-11	5.1	+1.0
MGC	Vanguard Mega Cap Index Fund	55.0	7	-3	5.3	+1.1
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor ETF	55.0	29	-25	4.3	+0.1
BBUS	JP Morgan Betabuilders U.S. Equity ETF	54.9	2	2	5.4	+1.2
SPLG	SPDR Portfolio Large Cap ETF	54.7	3	1	5.5	+1.3
IVV	iShares Core S&P 500 ETF	54.7	4	0	5.4	+1.3
SPY	SPDR S&P 500 ETF Trust	54.6	9	-5	5.4	+1.2
CATH	Global X S&P 500 Catholic Values Custom ETF	54.5	29	-25	5.3	+1.1
VOO	VANGUARD S&P 500 ETF	54.3	3	1	5.5	+1.3
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	54.2	20	-16	5.0	+0.8
SCHX	Schwab U.S. Large-Cap ETF	53.8	3	1	5.3	+1.2
JKE	iShares Morningstar Large-Cap Growth ETF	53.7	25	-21	3.4	-0.7
OEF	iShares S&P 100 ETF	53.3	20	-16	4.9	+0.7
XLG	Invesco S&P 500 Top 50 ETF	53.1	20	-16	4.7	+0.5
IWB	iShares Russell 1000 ETF	52.4	15	-11	5.2	+1.0
SCHK	Schwab 1000 Index ETF	52.1	5	-1	5.3	+1.1
VONE	Vanguard Russell 1000 ETF	52.0	8	-4	5.3	+1.1
IYY	iShares Dow Jones U.S. ETF	51.6	20	-16	5.2	+1.0
SUSL	iShares ESG MSCI USA Leaders ETF	50.9	10	-6	5.4	+1.2
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	50.9	10	-6	5.4	+1.2
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	50.8	9	-5	5.5	+1.4
SPTM	SPDR Portfolio Total Stock Market ETF	50.7	3	1	5.5	+1.4
SFY	SoFi Select 500 ETF	50.6	0	4	5.3	+1.1
VTI	Vanguard Total Stock Market Index Fund	49.8	3	1	5.2	+1.0
SCHB	Schwab U.S. Broad Market ETF	49.6	3	1	5.3	+1.1
ESGU	iShares MSCI USA ESG Optimized ETF	49.6	15	-11	5.1	+0.9
IWV	iShares Russell 3000 ETF	49.4	20	-16	5.1	+0.9
ITOT	iShares Core S&P Total U.S. Stock Market ETF	49.4	3	1	5.2	+1.0
VTHR	Vanguard Russell 3000 Index Fund	49.2	10	-6	5.2	+1.0
JHML	John Hancock Multifactor Large Cap ETF	46.3	34	-30	5.5	+1.3
NACP	Impact Shares NAACP Minority Empowerment ETF	46.1	75	-71	4.5	+0.3
JMOM	JPMorgan U.S. Momentum Factor ETF	44.2	12	-8	3.9	-0.3
SPXT	ProShares S&P 500 Ex-Technology ETF	43.6	27	-23	5.6	+1.4
ESG	FlexShares STOXX US ESG Impact Index Fund	43.5	32	-28	5.1	+1.0
RECS	Columbia Research Enhanced Core ETF	43.3	15	-11	5.6	+1.4
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	42.9	19	-15	5.6	+1.4
WOMN	Impact Shares YWCA Women's Empowerment ETF	42.8	75	-71	4.5	+0.3
MTUM	iShares Edge MSCI USA Momentum Factor ETF	42.6	15	-11	4.8	+0.6
QUS	SPDR MSCI USA StrategicFactors ETF	41.9	15	-11	5.8	+1.6
LRGE	ClearBridge Large Cap Growth ESG ETF	41.4	60	-56	3.9	-0.3
AVUS	Avantis U.S. Equity ETF	41.1	15	-11	5.7	+1.5
FDMO	Fidelity Momentum Factor ETF	41.1	29	-25	3.9	-0.3
SPMO	Invesco S&P 500 Momentum ETF	41.0	13	-9	4.4	+0.3
EPS	WisdomTree U.S. Earnings 500 Fund	40.4	8	-4	6.4	+2.2
EXT	WisdomTree U.S. Total Earnings Fund	40.0	28	-24	5.7	+1.5
VGT	Vanguard Information Technology Index Fund	39.5	10	-6	4.8	+0.6
FTEC	Fidelity MSCI Information Technology Index ETF	39.4	8	-4	4.8	+0.6
JQUA	JPMorgan U.S. Quality Factor ETF	39.4	12	-8	5.2	+1.0
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	39.2	75	-71	3.6	-0.5
TOK	iShares MSCI Kokusai ETF	39.2	25	-21	5.7	+1.5
IYW	iShares U.S. Technology ETF	39.1	42	-38	4.3	+0.1
FQAL	Fidelity Quality Factor ETF	39.1	29	-25	5.4	+1.2
IUS	Invesco Strategic US ETF	38.9	19	-15	6.1	+1.9
TECB	iShares US Tech Breakthrough Multisector ETF	38.7	40	-36	4.1	-0.1
SYG	SPDR MFS Systematic Growth Equity ETF	38.5	60	-56	4.6	+0.4
XLK	Technology Select Sector SPDR Fund	37.8	13	-9	5.0	+0.8
IXN	iShares Global Tech ETF	37.8	46	-42	4.8	+0.6
ADME	Aptus Drawdown Managed Equity ETF	37.5	81	-77	3.8	-0.4
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	37.3	25	-21	6.1	+1.9
KRMA	Global X Conscious Companies ETF	36.6	43	-39	5.2	+1.0
URTH	iShares MSCI World ETF	36.6	24	-20	5.8	+1.6
IOO	iShares Global 100 ETF	36.4	40	-36	4.8	+0.7
JOYY	Infusive Compounding Global Equities ETF	35.8	50	-46	3.9	-0.3
FDLO	Fidelity Low Volatility Factor ETF	35.8	29	-25	5.2	+1.0
RFFC	RiverFront Dynamic US Flex-Cap ETF	35.5	52	-48	5.4	+1.2
CACG	ClearBridge All Cap Growth ETF	35.4	54	-50	4.4	+0.2
ACIO	Aptus Collared Income Opportunity ETF	35.2	79	-75	4.5	+0.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	35.2	15	-11	6.3	+2.1

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	25.7	%
Divided by: Fwd. P/BV	6.1	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	4.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.37	CATEGORY AVERAGE	1.53

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.