VFMF
Vanguard U.S. Multifactor ETF
VFMF is an actively managed fund that invests in US equities exhibiting value, momentum, quality, and low volatility factors. The fund seeks long-term capital appreciation.
US
EQUITY
Active
MANAGEMENT STYLE
18 bp
EXPENSES
$274.6 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Vanguard |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 13, 2018 |
| Assets (mns) | $275 |
| Expense ratio | 18 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Delayed |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| ALPHABET INC. CLASS C | 1.4 % |
| APPLIED MATERIALS INC | 1.1 % |
| MCKESSON CORP | 1.1 % |
| AFLAC INC | 1.0 % |
| AMERICAN INTERNATIONAL GROUP | 1.0 % |
| ALPHABET INC. CLASS A | 1.0 % |
| ABBVIE INC | 1.0 % |
| MARATHON PETROLEUM | 1.0 % |
| APOLLO GLOBAL MANAGEMENT INC. | 0.9 % |
| LAM RESEARCH CORP | 0.9 % |
Constituent Breakdown
| Number of holdings | 503 |
| Herfindahl-Hirschman Index | 39 |
| Wgt avg mkt cap (mns) | $129,839 |
| Large cap (>$10bn) | 52.4% |
| Mid cap ($2-10bn) | 30.6% |
| Small cap (<$2bn) | 16.8% |
| Developed mkts. | 99.9% |
| Emerging mkts. | 0.1% |
Country Exposure
 |
UNITED STATES | 89.2 % |
 |
PUERTO RICO | 1.7 % |
 |
BERMUDA | 1.3 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 7.4% | 20.3% | 19.5% | 8.9% | 12.2% | -- | 9.7% | Volatility | 12.8% | 14.1% | 17.7% | 18.5% | 23.6% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.93 | 78% |
| MSCI EAFE | 0.92 | 70% |
| MSCI Emg Mkts | 0.60 | 31% |
Liquidity Measures
| Avg. volume (000) | 7 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.20% |
| ADV of underlying (mns) | $228,487 |
Technical Indicators
| Recent close | $128.00 |
| 30d moving avg. | $124.01 |
| Annualized volatility | 19.0% |
| Relative strength (RSI) | 50 |
| Short interest (ETF) | 0.1% |
| Short interest (underlying) | 3.4% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. VFMF |
Expenses vs. VFMF |
ALTAR Score™ vs. VFMF |
|---|---|---|---|---|
| VFVA | Vanguard U.S. Value Factor ETF | 33.9% | -5 bp | +1.8% |
| AVLV | Avantis U.S. Large Cap Value ETF | 32.2% | -3 bp | -1.0% |
| ROUS | Hartford Multifactor US Equity ETF | 30.9% | +1 bp | -1.6% |
| VFQY | Vanguard U.S. Quality Factor ETF | 30.8% | -5 bp | -1.1% |
| VFMO | Vanguard U.S. Momentum Factor ETF | 30.8% | -5 bp | -6.2% |
| AVUS | Avantis U.S. Equity ETF | 30.6% | -3 bp | -2.6% |
| MFUS | PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 29.6% | +11 bp | -2.4% |
| DEUS | Xtrackers Russell US Multifactor ETF | 28.2% | -1 bp | -1.4% |
| ONEO | SPDR Russell 1000 Momentum Focus ETF | 28.1% | +2 bp | -1.3% |
| QARP | Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 27.3% | +1 bp | -2.0% |
Risk and Returns: VFMF vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
VFMF
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
VFMF
8.5%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 8.5% |
Recommendation
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. VFMF's ALTAR Score™ is approximately
1.2 standard deviations
above
the category average. This places VFMF in the 87th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
VFMF
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| VFMF (18 bp) Percentile rank | 9 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| VFMF | 18.0 | 20.3 | 38.3 |
| Peer Avg. | 47.5 | 20.2 | 67.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .