Exchange Traded

Exchange Traded Fund Report | September 30, 2022 Fund (ETF) Report
Vanguard S&P 500 ETF (VOO)
Price NAV Premium/Discount
Overall Rating « « « « « USD 340.48 (as of Sep 28, 2022) USD 340.45 (as of Sep 28, 2022) 0.01 %

Category Equities (Stocks) Type US Equities Region US

ETF Rating Details (as of 09/30/22)

Cost ETF Commentary (September 30, 2022):

38 Three broad input categories are used to calculate the overall star rating for VOO within the
Most Expensive (-) Least Expensive (+) universe of 1875 rated Equity ETFs. Based on CFRA's proprietary Cost sub-category, we view
the VOO as Slightly Negative. Separately we view the reward for VOO as Slightly Positive.
Reward Finally, our assessment for risk leads to Slightly Positive. For equity ETFs like VOO, CFRA
utilizes some past performance metrics as well as CFRA STARS — our fundamental
70 assessment of a stock's 12-month investment outlook — and CFRA Earnings Score — our
Low (-) High (+) quantitative forensic accounting assessment of a company's earnings quality. VOO's Top Ten
holdings were 27.6% of total assets.
Risk
78
Riskiest (-) Safest (+)

Scores range from 1 to 100; 100 is most favorable.

Key ETF Statistics (Yield as of 09/29/22; Performance as of 09/29/22)

12-Month (%) Return -15.52 12-Mth Yld(%) 1.72 Mkt Cap (09/28/22) 250,420.8M Inception Date 09/07/10
3-Year CAGR (%) Return 8.57 52-Week Range USD 330.53 - USD 441.26 Shares Outstanding 735,493,384 Exchange ARCX
5-Year CAGR (%) Return 9.58 Average Daily Volume 5,069,832 Turnover 3.00% AUM (09/28/22) 250,398.7M

Economic Sector Representation (as of 09/30/22) Performance of $10,000 Investment (10/01/17 - 09/30/22)

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of
investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance
may be lower or higher than the performance data quoted; current to the most recent month-end performance information can be
obtained at the fund company’s website. Total Return does not take into account fees and expenses. If fees and expenses had been
included, performance would have been lower. Index performance excludes management fees, transaction costs and expenses. Indexes
are unmanaged and one cannot invest directly in an index.

ETF Comparison
VOO Vanguard S&P 500 ETF ««««« USD 340.48 0.03 -15.52 8.57 9.58 12.53
Average Annual Market Price Returns (%)
Ticker Exchange Traded Fund Rating Market Price Exp. Ratio (%) 1 Year 3 Years 5 Years Since Inception

QQQ Invesco QQQ Trust ««««« USD 279.94 0.20 -24.14 13.45 14.17 7.98
IVV iShares Core S&P 500 ETF ««««« USD 372.02 0.03 -15.51 8.57 9.57 6.30
IWB iShares Russell 1000 ETF ««««« USD 204.19 0.15 -17.30 8.22 9.21 6.36
SCHX Schwab US Large-Cap ETF ««««« USD 43.87 0.03 -17.30 8.32 9.40 12.23
SPY SPDR S&P 500 ETF Trust ««««« USD 370.53 0.09 -15.49 8.54 9.53 9.38
Note: Comparisons are based on the classification assigned to the ETF and the overall CFRA Rating. Since Inception returns are annualized except for ETFs that are less than one year old. For ETFs that are less than one year old,
Since Inception performance is cumulative. Besides performance, unique differences exist between the ETFs shown including, among others, structure, objectives, costs and expenses. These differences should be carefully
reviewed before an investment determination is made.

Please read the Required Disclosures on the last page of this report. Page 1 of 6
Exchange Traded Fund Report | September 30, 2022
Vanguard S&P 500 ETF (VOO)
Shares Outstanding and Total Net Assets Additional Key ETF Characteristics
Expense Ratio (Net) 0.03 Family Vanguard US
Intraday NAV Ticker VOO.IV Core Equity
Funds
IPO NAV USD 79.83
Underlying Index S&P 500 Index
CUSIP 922908363
ISIN US9229083632
Number of Holdings 504
Exchange ARCX
Inception Date 09/07/10
Sponsor Vanguard

ETF Market Perspective Top 5 Country Holdings % of Assets (as of 09/30/22)

In the one-year period ended mid-February 2022, investors already United States 100.00
added $480 billion to U.S. equity ETFs and $190 billion to international
Top 5 Total % of Assets 100.00
equity ETFs. In addition to the $242 billion that went into broad
diversified U.S. equities, there was $63 billion of new money for sector
and industry ETFs, with value-oriented strategies the key drivers.
Meanwhile, $130 billion went into broad or regional international funds
with both developed and emerging market funds gaining traction.
Investors have also further embraced disruptive index-based and actively
managed thematic ETFs as an alternative to individual stock selection. In
addition, there have been mutual funds that converted into ETFs during
the past year.
Total Return (%) (as of 09/30/22)
Return YTD 2021 2020 2019 2018 2017
ETF Market Price -22.99 28.79 18.32 31.36 -4.50 21.77
Net Asset Value -- -- -- -- -- --

Top 10 ETF Holdings (Holdings last reported on 09/28/22, ratings as of 09/30/22)

% of ETF YTD Earnings

Ticker Name Assets STARS Return Score
1 AAPL APPLE INC 7.20 ««««« -21.39 2
2 MSFT MICROSOFT CORP 5.83 ««««« -28.59 6
3 AMZN AMAZON.COM INC 3.31 ««««« -32.63 9
4 TSLA TESLA INC 2.07 ««««« -32.94 4
5 GOOGL ALPHABET INC-CL A 1.94 ««««« -32.81 4
6 GOOG ALPHABET INC-CL C 1.80 ««««« -32.39 NR
7 BRK.B BERKSHIRE HATHAWAY INC-CL B 1.51 ««««« -10.38 5
8 UNH UNITEDHEALTH GROUP INC 1.45 ««««« 2.29 5
9 JNJ JOHNSON & JOHNSON 1.27 ««««« -2.20 3
10 XOM EXXON MOBIL CORP 1.20 ««««« 43.94 2
Top 10 Total % of Assets 27.57

* CFRA Earnings Quality Scores range from 1 to 10, with 1 being the best and 10 being the worst. See glossary for details.
'NR' Not Rated

Page 2 of 6
Exchange Traded Fund Report | September 30, 2022
Vanguard S&P 500 ETF (VOO)
Highest Scoring ETFs by Asset Grouping (as of 09/30/22)

US Equity
US Equities Large Cap (QQQM) Invesco NASDAQ 100 ETF, (QQQ) Invesco QQQ Trust, (IWB) iShares Russell 1000 ETF
US Equities Mega Cap (IWL) iShares Russell Top 200 ETF, (OEF) iShares S&P 100 ETF, (MGC) Vanguard Mega Cap ETF
US Equities Mid Cap (VO) Vanguard Mid-Cap ETF, (IMCB) iShares Morningstar Mid-Cap ETF, (IWR) iShares Russell Mid-Cap ETF
US Equities Multi Cap (IYY) iShares Dow Jones U.S. ETF, (TMFC) Motley Fool 100 Index ETF, (SCHB) Schwab US Broad Market ETF
US Equities Small Cap (CALF) Pacer US Small Cap Cash Cows 100 ETF, (PBSM) Invesco PureBeta MSCI USA Small Cap ETF, (RNSC) Small Cap US Equity Select ETF

US Factor & Thematic

US Equities Cross Sector Thematic (SPYX) SPDR S&P Fossil Fuel Reserves Free ETF, (VBB) Valkyrie Balance Sheet Opportunities ETF, (USXF) iShares ESG Advanced MSCI USA ETF
US Equities Equal Weighted Strategy (QQQE) Direxion NASDAQ 100 Equal Weighted Index Shares, (QQEW) First Trust NASDAQ 100 Equal Weighted Index Fund, (PEXL) Pacer US Export Leaders ETF
US Equities Factor Strategy & Active (FDMO) Fidelity Momentum Factor ETF, (PSET) Principal Quality ETF, (SPUC) Simplify US Equity PLUS Upside Convexity ETF

US GICS Sectors
US Communication Services (FCOM) Fidelity MSCI Telecommunication Services Index ETF, (XLC) Communication Services Select Sector SPDR Fund, (IYZ) iShares U.S. Telecommunications ETF
US Consumer Discretionary (IYC) iShares U.S. Consumer Discretionary ETF, (EATZ) AdvisorShares Restaurant ETF, (BAD) BAD ETF
US Consumer Staples (FTXG) First Trust Nasdaq Food & Beverage ETF, (XLP) Consumer Staples Select Sector SPDR Fund, (FXG) First Trust Consumer Staples AlphaDEX Fund
US Energy (JHME) John Hancock Multifactor Energy ETF, (FENY) Fidelity MSCI Energy Index ETF, (XLE) Energy Select Sector SPDR Fund
US Financials (IAT) iShares US Regional Banks ETF, (KBWR) Invesco KBW Regional Banking ETF, (FTXO) First Trust Nasdaq Bank ETF
US Healthcare (BBP) Virtus LifeSci Biotech Products ETF, (XLV) Health Care Select Sector SPDR Fund, (IYH) iShares U.S. Healthcare ETF
US Industrials (XLI) Industrial Select Sector SPDR Fund, (FIDU) Fidelity MSCI Industrials Index ETF, (XTN) SPDR S&P Transportation ETF
US Materials (XLB) Materials Select Sector SPDR Fund, (FMAT) Fidelity MSCI Materials Index ETF, (IYM) iShares U.S. Basic Materials ETF
US Real Estate (XLRE) Real Estate Select Sector SPDR Fund, (REZ) iShares Residential Real Estate ETF, (ICF) iShares Cohen & Steers REIT ETF
US Sector Strategy (ARMR) Armor US Equity Index ETF, (DWEQ) AdvisorShares Dorsey Wright Alpha Equal Weight ETF, (FVC) First Trust Dorsey Wright Dynamic Focus 5 ETF
US Technology (FTEC) Fidelity MSCI Information Technology Index ETF, (VGT) Vanguard Information Technology ETF, (XLK) Technology Select Sector SPDR Fund
US Utilities (FXU) First Trust Utilities AlphaDEX Fund, (FUTY) Fidelity MSCI Utilities Index ETF, (JHMU) John Hancock Multifactor Utilities ETF

US Growth & Value

US Equities Growth - Large Cap (STLG) iShares Factors US Growth Style ETF, (AILG) Alpha Intelligent Large Cap Growth ETF, (VONG) Vanguard Russell 1000 Growth ETF
US Equities Growth - Mid Cap (TMFM) Motley Fool Mid Cap Growth ETF, (VOT) Vanguard Mid-Cap Growth ETF, (IWP) iShares Russell Mid-Cap Growth ETF
US Equities Growth - Small Cap (JSML) Janus Henderson Small Cap Growth Alpha ETF, (TMFS) Motley Fool Small-Cap Growth ETF, (IJT) iShares S&P Small-Cap 600 Growth ETF
US Equities Value - Large Cap (DEUS) Xtrackers Russell US Multifactor ETF, (QLC) FlexShares US Quality Large Cap Index Fund, (QVAL) Alpha Architect US Quantitative Value ETF
US Equities Value - Mid Cap (IMCV) iShares Morningstar Mid-Cap Value ETF, (VNMC) Natixis Vaughan Nelson Mid Cap ETF, (IVOV) Vanguard S&P Mid-Cap 400 Value ETF
US Equities Value - Small Cap (VBR) Vanguard Small-Cap Value ETF, (SVAL) iShares US Small Cap Value Factor ETF, (ISCV) iShares Morningstar Small-Cap Value ETF

Global Regional Equity

Global Equities Africa (NGE) Global X MSCI Nigeria ETF, (EZA) iShares MSCI South Africa ETF, (FLZA) Franklin FTSE South Africa ETF
Global Equities Asia (TUR) iShares MSCI Turkey ETF, (DXJS) WisdomTree Japan Hedged SmallCap Equity Fund, (KWT) iShares MSCI Kuwait ETF
Global Equities Australia (EWA) iShares MSCI Australia ETF, (FLAU) Franklin FTSE Australia ETF, (ENZL) iShares MSCI New Zealand ETF
Global Equities Canada (EWC) iShares MSCI Canada ETF, (FLCA) Franklin FTSE Canada ETF, (HEWC) iShares Currency Hedged MSCI Canada ETF
Global Equities Developed Markets (ICOW) Pacer Developed Markets International Cash Cows 100 ETF, (TINY) ProShares Nanotechnology ETF, (HFXI) IQ FTSE International Equity Currency Neutral ETF
Global Equities Development (WOOD) iShares Global Timber & Forestry ETF, (FID) First Trust S&P International Dividend Aristocrats ETF, (IOO) iShares Global 100 ETF
Global Equities Emerging Markets (ECOW) Pacer Emerging Markets Cash Cows 100 ETF, (EMXC) iShares MSCI Emerging Markets ex China ETF, (EMFM) Global X Next Emerging & Frontier ETF
Global Equities Europe (IEV) iShares Europe ETF, (EDEN) iShares MSCI Denmark ETF, (EWO) iShares MSCI Austria ETF
Global Equities Latin America (FLBR) Franklin FTSE Brazil ETF, (AGT) iShares MSCI Argentina and Global Exposure ETF, (FLLA) Franklin FTSE Latin America ETF

Global Factor & Thematic

Global Developed Factor & Active (YSEP) FT Cboe Vest International Equity Buffer ETF - September, (DVYA) iShares Asia/Pacific Dividend ETF, (EFAS) Global X MSCI SuperDividend EAFE ETF
Global Emerging Factor & Active (EDOG) ALPS Emerging Sector Dividend Dogs ETF, (SDEM) Global X MSCI SuperDividend Emerging Markets ETF, (DEM) WisdomTree Emerging Markets High Dividend Fund
Global Pan-Region Factor & Active (ACWV) iShares Edge MSCI Min Vol Global ETF, (DIVS) SmartETFs Dividend Builder ETF, (CRBN) iShares MSCI ACWI Low Carbon Target ETF
* The CFRA Investment Policy Committee’s asset allocations are based on market expectations and are subject to change. The Highest Scoring ETFs by Asset Grouping listed above are based
on their Overall ETF Rating. No consideration was given to non-ranking issues as amount of assets under management, number of outstanding shareholders and length of time available to
investors. The above listing of ETFs is for informational purposes only and is not a recommendation to buy, sell, or hold the ETFs, nor is it considered to be investment advice.
All investment involves risks including the possible loss of principal and that there is no guarantee that any fund will achieve its objective. Please see each ETF's prospectus for the specific
risks associated with an investment in the ETF.

Page 3 of 6
Exchange Traded Fund Report | September 30, 2022
Vanguard S&P 500 ETF (VOO)
Glossary Premium/Discount. The percent by which the selling or purchase price of an ETF is greater
than (Premium) or less than (Discount) its net asset value (NAV).
12-Month Yield (%). A measure of the rate of return on the income distributions in the past
Price-to-NAV. Represents the relationship between the share price of the ETF and the net
12 months. The yield is computed by dividing the sum of the income dividends paid during the
asset value (NAV) per share of the underlying holdings. As an input to the ETF Rating, CFRA
previous twelve months (or the previous 52 weeks for periods ending at any time other than
evaluates the 5-day moving average Price-to-NAV of the ETF compared with other ETFs.
month-end) by the latest NAV or market price/maximum offer price, adjusted for capital gains
distributions. (The adjusted ending NAV/Market Price is calculated as the ending NAV/Market Peers. Peers include those ETFs that have the same CFRA style classification. CFRA uses
Price plus 100% of cap gains within last 3 months plus 50% of the cap gains between the last information pulled from an ETF’s prospectus to assign a classification based on 40 inputs. We
4 to 9 months). "NP" is shown when the Fund has not provided data for the Standardized 30- review an ETF’s classification on a regular basis and as such an ETF may periodically shift as
day SEC yield. new data becomes available.

30-day SEC Yield. The SEC yield, reported by the fund, is based on a 30-day period ending on Qualitative Risk Assessment. Reflects an equity analyst's view of a given company's
the last day of the previous month. 'NP' is shown when the Fund has not provided data. operational risk, or the risk of a firm's ability to continue as an ongoing concern. The Qualitative
Risk Assessment is a relative ranking to the U.S. STARS universe, and should be reflective of risk
Assets. Dollar value of assets in the ETF calculated by the ETF's Daily NAV and Daily Shares
factors related to a company's operations, as opposed to risk and volatility measures
Outstanding.
associated with share prices. For an ETF this reflects on a capitalization-weighted basis, the
Average Annual Total Return. Calculated as the average annual compounded rate of return average qualitative risk assessment assigned to holdings of the fund. As an input to the ETF
as of the end of the last calendar quarter. The calculation assumes reinvestment of Rating, CFRA evaluates the weighted average Qualitative Risk Assessment of the underlying
distributions. holdings of the ETF compared with other ranked ETFs.
Average Daily Volume. The average daily trading volume of the ETF for the past 20 days, shown STARS. Since January 1, 1987, CFRA Equity and Fund Research Services, and its predecessor
in millions. S&P Capital IQ Equity Research has ranked a universe of U.S. common stocks, ADRs (American
Average P/E Ratio. A weighted average calculation of stock price-to-earnings ratio for the Depositary Receipts), and ADSs (American Depositary Shares) based on a given equity’s
ETF’s equity holdings. potential for future performance. Similarly, we have ranked Asian and European equities since
June 30, 2002. Under proprietary STARS (STock Appreciation Ranking System), equity analysts
Average Price/Book. A weighted average calculation of stock price-to-book value ratio for the
rank equities according to their individual forecast of an equity’s future total return potential
ETF’s equity holdings.
versus the expected total return of a relevant benchmark (e.g., a regional index (S&P Asia 50
Average Price/Cash Flow. A weighted average calculation of stock price-to-cash flow ratio for Index, S&P Europe 350® Index or S&P 500® Index)), based on a 12-month time horizon. STARS
the ETF’s equity holdings. was designed to meet the needs of investors looking to put their investment decisions in
Bid/Ask Spread. A measurement of the relative gap between the offer price to buy shares of perspective. Data used to assist in determining the STARS ranking may be the result of the
an ETF, and the price at which another party is willing to sell. As an input to the ETF Rating, CFRA analyst’s own models as well as internal proprietary models resulting from dynamic data
evaluates the 5-day moving average Bid/Ask Spread of the ETF compared with other ranked inputs. As an input to the ETF Rating, CFRA evaluates the weighted average STARS of the
ETFs. underlying holdings of the ETF compared with other ranked ETFs.
Category. The asset class of the ETF. Shares Outstanding. Number of ETF shares owned by third parties.
CFRA Earnings quality score. CFRA Earnings Scores measures the more discretionary, non- Total Return. Calculated as a rate of return at the end of a specified period of time. The
cash components of earnings growth, indicating companies of higher earnings risk levels and calculation includes price changes and assumes reinvestment of all distributions of dividends
highlighting companies with understated earnings potential. The values are reported in deciles and capital gains. Total return can be calculated as an average annual or cumulative return.
with a value of 1 being the best and a value of 10 being the worst. Turnover. The frequency at which the portfolio is changed during a year, as reported by the
Cumulative Return. The actual return of an investment at the end of a specified period of time. fund. Type. CFRA designated type describing what CFRA believes is the investment emphasis
The calculation includes price changes and assumes reinvestment of all distributions of of a given ETF.
dividends and capital gains.
Rating Methodology & Inputs
Exchange. Principal exchange on which shares of the ETF are traded. ARX = NYSE Arca ASE =
NYSE Amex NGM = NASDAQ Global Market NNM = NASDAQ National Market NYS = NYSE OTC = ETF overall rating provides quantitative and holistic assessment of the relative costs, rewards
OTC Market and risks of a given ETF compared with all ETFs in its Category. Our approach incorporates a
Expense Ratio (Gross, Net). Operating expense as a percentage of average assets, before (or combination of holdings-analysis, total cost of ownership and certain relative performance
net of) management fees, disbursements or other expenses as published in the ETF's metrics focused on consistency and limiting downside during times of market stress. ETFs
prospectus. As an input to the ETF Rating, CFRA evaluates the ETF's Net Expense Ratio receive ratings ranging from 5 STARS (highest) to 1 STAR (lowest), using machine-learning
compared with other ranked ETFs. techniques, in an effort to identify which funds have the highest and lowest probability of
Fiscal Year End. For financial accounting purposes, the month when the ETF’s operating year outperformance of a broad category over the next nine months.
ends. For equity funds, the approach blends CFRA’s proprietary forensic and fundamental
GICS. An industry classification standard, developed by S&P Global Market Intelligence in approaches, including quantitative earnings quality scores and STARS (Stock Appreciation
collaboration with Morgan Stanley Capital International (MSCI). Under the GICS structure, Ranking System), which offer a proven approach to equities analysis. Separately, we rate fixed
companies are classified in one of 157 sub-industries, which are grouped into 68 industries, income ETFs utilizing the portfolio’s yield and duration attributes. Additional key cost factors
24 industry groups, and 11 economic sectors (consumer discretionary, consumer staples, and performance metrics further support the ratings for all ETFs.
energy, financials, health care, industrials, information technology, materials, real estate, The Overall Ratings breakdown is as follows:
telecom services, and utilities). This four-tier structure accommodates companies across the Total return is expected to outperform the total return of a relevant
world and facilitates sector analysis and investing. 5-STARS
benchmark over the coming 9 months.
Inception Date. Date on which shares of the ETF began publicly trading. Total return is expected to slightly outperform the total return of a relevant
4-STARS
benchmark over the coming 9 months.
IPO NAV. The NAV at the inception date of the fund.
Total return is expected to closely approximate the total return of a relevant
Market Cap. ETF market price multiplied by number of shares outstanding. 3-STARS
benchmark over the coming 9 months.
Market Price Total Return. The Total Return of an ETF, based on the 4PM closing market price Total return is expected to slightly underperform the total return of a
2-STARS
at the beginning and end of the holding period, which does not represent the returns an relevant benchmark over the coming 9 months.
investor would receive if shares were traded at other times. Market price return may be Total return is expected to underperform the total return of a relevant
1-STARS
benchmark over the coming 9 months.
different from the ETF's NAV return.
NAV Total Return. The Total Return of an ETF, based on its NAV at the beginning and end of the All of the views expressed in this research report accurately reflect our quantitative research
holding period. This may be different from the ETF's Market Price Return. models regarding any and all of the subject securities or issuers. No part of our compensation
was, is, or will be, directly or indirectly, related to the specific recommendations or views
Net Asset Value. This is a calculation, on a per share basis, of the ETF’s underlying net worth.
expressed in this research report.
It is derived, at a given point in time, by subtracting the value of the ETF’s liabilities from the
value of the ETF’s assets, and then dividing this by the number of ETF shares outstanding. An ETF may receive an overall ETF rating even when the ETF does not have a rating for each of
the input factors.
Optionable. This depicts whether stock options related to the ETF’s shares are available.

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Exchange Traded Fund Report | September 30, 2022
Vanguard S&P 500 ETF (VOO)
Disclosures, Disclaimers & Notices

S&P GLOBAL™ is used under license. The owner of this trademark is S&P Global Inc. or its During periods of market volatility the trading price of Shares may deviate significantly from
affiliate, which are not affiliated with CFRA or the author of this content. the NAV.
ETFs may not be appropriate for all investors. To determine if this ETF is an appropriate Market risk. ETFs are typically designed to track the performance of certain indices, market
investment for you, carefully consider the ETF’s investment objectives, risk factors and sectors, or groups of assets such as stocks, bonds, or commodities. The market value of an ETF
charges and expenses before investing. This and other information can be found in the ETF’s may decline due to general market conditions and the volatility associated with the underlying
prospectus. indices or assets can result in a loss of the ETF’s value.
This report is for informational purposes only. When using this report, investors are advised to Tracking error risk. The ETF’s goal is to track a specific market index or asset, normally
consult the accompanying glossary of investment terms. Total return performance is historical referred as fund target index. The discrepancy between the ETF’s performance and the
and assumes reinvestment of all dividends and capital gain distributions. Past performance performance of its target index is known as tracking error. A variety of factors can create a
is no guarantee of future results. Investment return and principal value will fluctuate so that, performance gap between ETF and its target index such as the impact of transaction fees and
when redeemed, an investor's shares may be worth more or less than their original cost. expenses incurred by the ETF, changes in composition of the underlying index/assets, the ETF
Current performance may be lower or higher than the performance data quoted. This report manager’s replication strategy and sampling techniques, and the timing of purchases and
may contain forward-looking statements or forecasts; such forecasts are not a reliable redemptions of fund shares.
indicator of future performance. Concentration risk. An ETF's portfolio reflects the underlying Index's concentration in the
This report and the opinions expressed herein: (i) are those of CFRA based upon publicly- securities of a particular issuer or issuers, which means that the fund may invest a relatively
available information that CFRA believes to be reliable and the opinions are subject to change high percentage of its assets in a limited number of issuers. Therefore, the ETF's performance
without notice; and (ii) have not been submitted to, nor received approval from, the United may be more vulnerable to changes in the market value of a single issuer or group of issuers
States Securities and Exchange Commission or any other regulatory body. CFRA, ITS RELATED and more susceptible to risks.
ENTITIES, AND SUPPLIERS SPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS AND IMPLIED,
Equity Investing Risk
to the full extent permitted by law, regarding the accuracy, completeness, timeliness, or
usefulness of this report and assumes no liability with respect to the consequences of relying The ETF invests in equity securities, which are subject to changes in value that may be
on this information for investment, tax or other purposes. No part of this report or its delivery attributable to market perception of a particular issuer or to general stock market fluctuations
methods may be modified, reverse engineered, reproduced or distributed in any form by any that affect all issuers. Investments in equity securities may be more volatile than those in other
means, or stored in a database or retrieval system, without the prior written permission of asset classes. Special risks are involved with significant exposure to a particular sector,
CFRA. This report: (i) shall not be used for any unlawful or unauthorized purposes; (ii) is including increased susceptibility related to economic, business or other developments
intended only for recipients authorized by applicable laws and regulations; and (iii) is not for affecting that sector.
use or distribution where such use or distribution would subject CFRA entities to any additional Small and midsize company risk. Small and midsize companies carry additional risks because
registration or licensing requirement within such jurisdiction. the operating histories of these companies tend to be more limited, their earnings and
This report is not intended to, and does not, constitute an offer or solicitation to buy or sell revenues less predictable, and their share prices more volatile than those of larger, more
securities, or engage in any investment activity. Ratings and statements in this report are not established companies. The shares of smaller companies tend to trade less frequently than
made with respect to any particular investor or type of investor. Securities, financial those of larger, more established companies, which can adversely affect the pricing of these
instruments or strategies mentioned herein may not be suitable for all investors and this report securities and the ETF's ability to sell these securities.
is not intended for any specific investor and does not take into account an investor's particular Large cap stock risk. Stocks of large cap companies may underperform the stocks of lower
investment objectives, financial situations or needs. Before acting on any information or quality, or smaller capitalization companies during periods when the stocks of such companies
statements in this report, you should consider whether it is suitable for your particular are in favor.
circumstances and to seek professional advice.
Growth securities risk. Growth companies generally seek to achieve high earning growth
CFRA may license certain intellectual property or provide services to, or otherwise have a regardless of market conditions. Growth stocks usually have high price-to-earnings and price-
business relationship with, certain issuers of securities that are the subject of CFRA research to-book ratios, which means that these stocks are relatively high-priced in comparison with
reports, including exchange-traded investments whose investment objective is to the companies' Net Asset Values (NAVs). Stocks of growth companies or “growth securities”
substantially replicate the returns of a proprietary index of CFRA. In cases where CFRA is paid have market values that may be more volatile than those of other types of investments. Growth
fees that are tied to the amount of assets invested in a fund or the volume of trading activity securities typically do not pay a dividend, which can help cushion stock prices in market
in a fund, investment in the fund may result in CFRA receiving compensation in addition to the downturns and reduce potential losses.
subscription fees or other compensation for services rendered by CFRA, however, no part of
Value securities risk. Value stocks are those that generally have fallen out of favor in the
CFRA's compensation for services is tied to any recommendation or rating. Additional
marketplace and are considered bargain-priced compared with book value, replacement
information on a subject company may be available upon request.
value, or liquidation value. Typically, value stocks are priced much lower than stocks of similar
This report is published and originally distributed by Accounting Research & Analytics, LLC d/b/ companies in the same industry. The prices of value stocks may lag the stock market for long
a CFRA (“CFRA US”), with the following exceptions: for residents in the UK/EU/EEA, this report periods of time if the market fails to recognize the company’s intrinsic worth.
is published and originally distributed by CFRA UK Limited with its registered office at New
Derwent House, 69-73 Theobalds Road, London, WC1X 8TA, United Kingdom, and regulated by International Equity Risk
the Financial Conduct Authority (No. 775151); and for residents in Malaysia, this report is Foreign investment risk. ETF’s investments in foreign securities may be subject to political,
published and originally distributed by CFRA MY Sdn Bhd having Company No. 683377-A social and economic factors affecting investments in foreign issuers. Special risks associated
(“CFRA Malaysia”), which is regulated by Securities Commission Malaysia (No. CMSL/ with investments in foreign issuers include exposure to currency fluctuations, less liquidity,
A0181/2007). CFRA UK and CFRA Malaysia are wholly owned subsidiaries of CFRA US. CFRA less developed or less efficient trading markets, lack of comprehensive company information,
entities are not responsible for reports redistributed by third parties such as brokers or political and economic instability and differing auditing and legal standards.
advisors. Foreign currency risk. Investments in foreign currencies are subject to the risk that those
Where a report is made available in a language other than English, and in the case of currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that
inconsistencies between the English and translated versions of a report, the English version will the U.S. dollar will decline relative to the currency being hedged. Currency exchange rates may
control and supersede any ambiguities or conflicts between such versions. CFRA entities are fluctuate significantly over short periods of time. Foreign currencies are also subject to risks
not responsible for the creation or accuracy of any translation. caused by inflation, interest rates, budget deficits and low savings rates, political factors and
government intervention and controls.
Risk disclaimers:
Emerging market risk. The securities of issuers located in emerging markets tend to be more
Investments are subject to investment risks including the possible loss of the principal amount
volatile and less liquid than securities of issuers located in more developed economies, and
invested. The ETF may be subject, but not limited, to the following investment risks:
emerging markets generally have less diverse and less developed economic structures and
ETF Risk less stable political systems than those of developed countries. The securities of issuers
Shares of an ETF may trade above or below their NAV. Shares will fluctuate in price due to daily located or doing substantial business in emerging markets are often subject to rapid and large
volume changes. However, the market prices of Shares will generally fluctuate in accordance changes in price.
with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange.

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Exchange Traded Fund Report | September 30, 2022
Vanguard S&P 500 ETF (VOO)
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