VFMV vs. IPO ETF Comparison

Comparison of Vanguard U.S. Minimum Volatility ETF (VFMV) to Renaissance IPO ETF (IPO)

VFMV

Vanguard U.S. Minimum Volatility ETF

VFMV Description

The investment seeks to provide long-term capital appreciation with lower volatility relative to the broad U.S. equity market. The fund invests primarily in a group of U.S. common stocks that together are deemed by the advisor to have the potential to generate lower volatility relative to the broad U.S. equity market. The portfolio will include a diverse mix of companies representing many different market sectors and industry groups. Under normal circumstances, at least 80% of the fund's assets will be invested in securities issued by U.S. companies.

Grade (RS Rating)

Last Trade

$108.24

Average Daily Volume

5,722

Number of Holdings ^*

156

* may have additional holdings in another (foreign) market

IPO

Renaissance IPO ETF

IPO Description

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Renaissance IPO Index (the "index"). The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index, the Renaissance IPO Index. The remaining 20% may be used to purchase securities not in the index that are an appropriate substitute for certain securities in the index in order to track the index. The index is comprised of common stocks, American Depositary Receipts ("ADRs"), real estate investment trusts ("REITS") and master limited partnerships ("MLPs"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$38.06

Average Daily Volume

53,083

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	VFMV	IPO
30 Days	-2.07%	-5.56%
60 Days	-0.90%	-4.08%
90 Days	1.69%	8.53%
12 Months	13.47%	39.91%

1 Overlapping Holdings

	Symbol	Grade	Weight in VFMV	Weight in IPO	Overlap
	INST	F	1.01%	0.14%	0.14%

VFMV Overweight 155 Positions Relative to IPO

Symbol	Grade	Weight
CBOE	D	1.56%
IBM	D	1.56%
ROP	D	1.55%
CVLT	A	1.54%
TJX	C	1.53%
MRK	B	1.53%
ABBV	D	1.52%
IDT	B	1.52%
CME	D	1.52%
RSG	B	1.52%
EA	D	1.51%
JNJ	D	1.51%
TMUS	A	1.5%
LRN	A	1.5%
MCK	B	1.5%
MCD	D	1.49%
FCN	A	1.48%
MCS	F	1.48%
KEX	A	1.45%
NOC	B	1.45%
LMT	A	1.43%
AAPL	C	1.42%
ORLY	D	1.42%
NTAP	B	1.41%
CHD	B	1.33%
VZ	D	1.29%
TXN	A	1.29%
PG	A	1.29%
IDCC	B	1.24%
DOX	F	1.23%
GILD	F	1.21%
WMT	D	1.16%
EQC	B	1.15%
DLB	D	1.11%
SAFT	A	1.09%
GIS	B	1.08%
BLKB	A	1.07%
CHE	F	1.07%
WM	B	1.05%
LLY	C	1.04%
AVGO	D	1.01%
AMGN	B	1.0%
MGEE	A	0.99%
XOM	B	0.98%
MUSA	B	0.97%
WTM	A	0.97%
OSIS	B	0.97%
HSTM	B	0.94%
CL	A	0.92%
CSCO	F	0.91%
THFF	A	0.91%
BMY	F	0.91%
YELP	B	0.86%
CAH	D	0.82%
NSIT	D	0.79%
UNH	B	0.79%
GPOR	B	0.79%
CVX	B	0.78%
LAUR	B	0.76%
GOOGL	A	0.73%
MSFT	D	0.7%
CRUS	D	0.64%
DUK	A	0.6%
CASS	C	0.59%
AMSF	F	0.59%
WMB	B	0.57%
ED	A	0.55%
NEU	D	0.55%
HURN	F	0.52%
LOPE	B	0.52%
NABL	D	0.51%
FLO	A	0.51%
ESGR	B	0.5%
HSY	C	0.49%
PBH	B	0.49%
CPK	A	0.46%
WEC	A	0.44%
TRV	C	0.43%
CHCO	A	0.43%
K	A	0.41%
CLBK	F	0.41%
WSBF	B	0.4%
KMB	A	0.4%
MO	A	0.4%
PSN	D	0.39%
AZO	D	0.39%
AJG	C	0.39%
REGN	C	0.38%
MDLZ	B	0.36%
VECO	B	0.36%
LDOS	A	0.36%
NVEC	D	0.35%
HRL	A	0.33%
JBSS	C	0.3%
NHC	B	0.28%
ACN	F	0.28%
ADI	A	0.28%
SPOK	F	0.28%
EXEL	B	0.27%
OSG	B	0.27%
ROL	B	0.27%
UVV	B	0.27%
HPE	D	0.27%
MSGS	B	0.26%
META	D	0.26%
JJSF	F	0.26%
PGR	B	0.26%
EBF	C	0.26%
AGYS	B	0.26%
RLI	D	0.25%
NWE	A	0.24%
SHEN	F	0.23%
IMMR	B	0.22%
KMI	A	0.22%
DGICA	F	0.19%
GSBC	A	0.18%
ODC	B	0.16%
SPNS	B	0.16%
OLLI	D	0.14%
MLR	A	0.13%
HMN	A	0.12%
SR	A	0.12%
IRDM	B	0.12%
BRK.A	D	0.12%
KO	A	0.11%
GHC	B	0.1%
HTLD	D	0.09%
CNXN	F	0.09%
DJCO	B	0.09%
INCY	D	0.09%
VRTX	C	0.07%
ATGE	B	0.07%
ATNI	F	0.07%
QNST	A	0.07%
NWN	A	0.07%
PSX	D	0.07%
NBIX	A	0.07%
GOOG	A	0.07%
MACK	A	0.07%
GD	A	0.06%
REYN	C	0.06%
LANC	C	0.06%
PEP	A	0.06%
GLRE	A	0.05%
ICE	D	0.05%
EIG	D	0.04%
DTE	A	0.04%
NTCT	D	0.04%
TRUE	C	0.04%
BLFY	C	0.04%
MSI	B	0.03%
CMS	A	0.03%
TBPH	B	0.03%
CARS	D	0.03%
AGX	B	0.02%

VFMV Underweight 44 Positions Relative to IPO

Symbol	Grade	Weight
KVUE	F	-9.85%
COIN	C	-9.62%
NU	C	-9.54%
APP	A	-5.48%
HOOD	B	-4.18%
ARM	D	-3.87%
CNM	A	-3.67%
PATH	F	-2.73%
ONON	C	-2.56%
BZ	A	-2.42%
DUOL	A	-2.41%
RIVN	F	-2.26%
CRBG	A	-2.24%
YMM	A	-2.17%
CFLT	F	-2.1%
PCOR	D	-2.06%
S	C	-1.91%
GTLB	D	-1.86%
MNDY	C	-1.74%
RYAN	B	-1.74%
DV	D	-1.57%
EDR	A	-1.55%
GFS	D	-1.4%
HCP	A	-1.17%
TPG	C	-1.16%
GLBE	F	-1.14%
FRSH	F	-1.09%
DOCS	D	-0.99%
MQ	D	-0.93%
BRZE	D	-0.82%
DOCN	D	-0.75%
SQSP	B	-0.74%
NUVL	C	-0.65%
AGL	F	-0.54%
YOU	D	-0.53%
INFA	D	-0.51%
BROS	F	-0.5%
DLO	F	-0.48%
BIRK	D	-0.42%
PYCR	F	-0.42%
FLNC	B	-0.36%
PWSC	F	-0.36%
ACT	A	-0.32%
BLCO	F	-0.19%