ETF Research Center

The Vanguard Extended Market ETF seeks investment results that correspond to the price and yield performance of the S&P Completion Index. The index consists mid- and small-cap stocks diversified across growth and value styles.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard
Website	www.vanguard.com
Inception date	Jan 04, 2002
Assets (mns)	$8,058
Currency	USD
Expense ratio	7 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	JPMorgan Chase Bank
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	3268
Wgt avg mkt cap (mns)	$7,573
Large cap (>$10bn)	21.7%
Mid cap ($2-10bn)	57.6%
Small cap (<$2bn)	20.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	5.5 %
SERVICENOW INC	1.0 %
TESLA MOTORS INC	0.9 %
BLACKSTONE GROUP LP/THE	0.7 %
LULULEMON ATHLETICA INC	0.5 %
WORKDAY INC-CLASS A	0.5 %
SQUARE, INC. CLASS A	0.4 %
PALO ALTO NETWORKS INC	0.4 %
COSTAR GROUP INC	0.4 %
SPLUNK INC	0.4 %
DEXCOM INC	0.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.4 %
	BERMUDA	1.6 %
	BRITAIN	0.7 %
	IRELAND	0.4 %
	PUERTO RICO	0.2 %
	CAYMAN ISLANDS	0.2 %
	NETHERLANDS	0.1 %
	SWITZERLAND	0.1 %
	CANADA	0.0 %
	BAHAMAS	0.0 %

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.
25.3%	11.9%	8.8%	13.4%	10.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	86%
MSCI EAFE	0.99	55%
MSCI Emg. Mkts.	0.67	40%

Technical Indicators
Recent close	$123.99
30d moving avg.	$121.31
Annualized volatility	14.6%
Short interest (ETF)	0.3%
Short interest (Underlying)	5.9%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	296
Turnover	0.5%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$61,244

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VXF

Expense:

7 bp

ALTAR Score™:

3.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VXF
Ticker	Fund Name	Overlap¹ vs VXF (%)	Expense ratio (bp)	Savings vs VXF (bp)	ALTAR Score™ (%)	ALTAR vs VXF (%)
VB	Vanguard Smallcap ETF	67.1	5	2	5.5	+2.2
PBSM	Invesco PureBeta MSCI USA Small Cap	64.0	6	1	5.3	+2.0
SCHA	Schwab U.S. Small-Cap	52.6	4	3	4.9	+1.7
SPSM	SPDR Portfolio Small Cap	50.5	5	2	4.7	+1.5
SPMD	SPDR Portfolio Mid Cap	48.4	5	2	6.0	+2.8
OSIZ	Invesco Russell 1000 Size Factor ETF	47.7	19	-12	6.2	+2.9
ESML	iShares MSCI USA Small-Cap ESG Optimized	45.5	17	-10	4.7	+1.4
SFYX	SoFi Next 500	45.3	0	7	5.6	+2.4
SMMD	iShares Russell 2500	42.8	15	-8	5.5	+2.3
SCHM	Schwab US Mid Cap	42.5	4	3	6.2	+3.0
IUSS	Invesco Strategic US Small Company	41.4	23	-16	6.1	+2.9
FNDA	Schwab Fundamental Small Cap	41.1	25	-18	5.9	+2.7
VTWO	Vanguard Russell 2000	38.5	15	-8	3.6	+0.3
JHMM	John Hancock Multifactor Mid Cap	38.5	44	-37	5.8	+2.6
FSMD	Fidelity Small-Mid Factor ETF	38.4	29	-22	6.3	+3.1
IWM	iShares Russell 2000	38.3	19	-12	3.5	+0.3
EZM	WisdomTree Midcap Earnings	38.0	38	-31	7.6	+4.4
VBR	Vanguard Small-Cap Value ETF	37.3	7	0	7.6	+4.4
TUSA	First Trust Total US Market AlphaDEX	36.8	70	-63	6.5	+3.3
IWR	iShares Russell Midcap	34.9	19	-12	5.8	+2.6

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 Extended Market
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.0	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	3.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.