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

$276.3 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorVanguard
CategoryUS
Asset classEquity
Websitelink...
Inception dateFeb 13, 2018
Assets (mns)$276
Expense ratio18 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsQuarterly
Taxation1099
Stock selectionProprietary
WeightingProprietary
Holdings TransparencyDelayed
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
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 holdings503
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)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
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...BetaR-squared
S&P 5000.9378%
MSCI EAFE0.9270%
MSCI Emg Mkts0.6031%
Liquidity Measures
Avg. volume (000)8
Turnover0.4%
Avg. Bid/Ask (% of price)0.20%
ADV of underlying (mns)$228,487
Technical Indicators
Recent close$128.20
30d moving avg.$124.00
Annualized volatility19.0%
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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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 --%
1.1 12.4 2.0 1.8% --
Based on closing prices from 7/18/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
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 88th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
VFMF
Peer Average
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 .