ETF Research Center

Vanguard FTSE All World ex-US Small-Cap ETF seeks to track the performance of a benchmark index that measures the investment return of both developed and emerging international small cap companies.

FUND BASICS
Category	International Equities
Fund Sponsor	Vanguard Group Inc/The
Website	www.vanguard.com
Inception date	Apr 06, 2009
Assets (mns)	$5,277
Currency	USD
Expense ratio	11 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	3908
Wgt avg mkt cap (mns)	$1,901
Large cap (>$10bn)	0.8%
Mid cap ($2-10bn)	44.0%
Small cap (<$2bn)	55.0%
Developed mkts	77.1%
Emerging mkts	22.6%

TOP TEN HOLDINGS
Total	3.3 %
OPEN TEXT CORP	0.5 %
EMERA INC	0.4 %
CHINA LUMENA NEW MATERIALS	0.4 %
ALGONQUIN POWER & UTILITIES	0.3 %
CAE INC	0.3 %
GENIVAR INC	0.3 %
KINROSS GOLD CORP	0.3 %
CAN APARTMENT PROP REAL ESTA	0.3 %
KIRKLAND LAKE GOLD LTD.	0.3 %
INTERMEDIATE CAPITAL GROUP PLC	0.3 %

TOP COUNTRY EXPOSURE
	CANADA	13.1 %
	JAPAN	10.5 %
	BRITAIN	9.2 %
	TAIWAN	6.1 %
	AUSTRALIA	3.6 %
	GERMANY	3.0 %
	SWEDEN	3.0 %
	SOUTH KOREA	2.7 %
	SWITZERLAND	2.7 %
	INDIA	2.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.8%	8.6%	5.4%	6.1%	9.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.82	68%
MSCI EAFE	1.03	88%
MSCI Emg. Mkts.	0.76	84%

Technical Indicators
Recent close	$102.68
30d moving avg.	$109.42
Annualized volatility	12.1%
Short interest (ETF)	0.6%
Relative strength (RSI)	33

Liquidity measures
Avg. volume (thou.)	165
Turnover	0.3%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$12,371

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard FTSE All World (ex-US) Small Cap Index Fund ETF based on the alternatives' overlap in portfolio holdings with VSS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VSS

Expense:

11 bp

ALTAR Score™:

7.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VSS
Ticker	Fund Name	Overlap¹ vs VSS (%)	Expense ratio (bp)	Savings vs VSS (bp)	ALTAR Score™ (%)	ALTAR vs VSS (%)
SCHC	Schwab International Small-Cap Equity ETF	62.1	12	-1	7.0	-0.0
SCZ	iShares MSCI Eafe Small-Cap ETF	40.9	40	-29	6.6	-0.4
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	34.1	49	-38	7.4	+0.5
FNDC	Schwab Fundamental International Small Co. Index ETF	32.7	39	-28	5.6	-1.4
GWX	SPDR S&P International Small Cap ETF	30.2	40	-29	5.8	-1.1
IEUS	iShares MSCI Europe Small-Cap ETF	29.1	40	-29	6.5	-0.4
DDLS	WisdomTree Dynamic Currency Hedged Intl SmallCap Equity Fund	20.1	43	-32	8.7	+1.8
DLS	WisdomTree International SmallCap Dividend Fund	18.5	58	-47	8.7	+1.8
ISDS	Invesco Strategic Developed ex-US Small Company ETF	17.7	35	-24	6.2	-0.8
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	15.8	39	-28	9.0	+2.0
EEMS	iShares MSCI Emerging Markets Small Cap ETF	14.0	69	-58	6.9	-0.1
AVDE	Avantis International Equity ETF	13.4	23	-12	8.0	+1.0
ISCF	iShares Edge MSCI Multifactor Intl Small-Cap ETF	12.7	40	-29	7.9	+0.9
AVDV	Avantis International Small Cap Value ETF	11.9	36	-25	8.5	+1.6
EWX	SPDR S&P Emerging Markets Small Cap ETF	11.8	65	-54	8.3	+1.3
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	10.8	39	-28	6.6	-0.3
SCJ	iShares MSCI Japan Small-Cap ETF	9.9	47	-36	7.1	+0.2
DFE	WisdomTree Europe SmallCap Dividend Fund	9.9	58	-47	9.1	+2.2
EWUS	iShares MSCI United Kingdom Small Cap ETF	9.4	59	-48	7.7	+0.8
AVEM	Avantis Emerging Markets Equity ETF	9.1	33	-22	9.0	+2.0

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Vanguard FTSE All World (ex-US) Small Cap Index Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	8.1	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	11	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.64

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.