ETF Research Center

The Vanguard Total Stock Market ETF seeks investment results that correspond to the price and yield performance of the MSCI US Broad Market Index. The index consists large-, mid-, and small-cap stocks diversified across growth and value styles.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard
Website	www.vanguard.com
Inception date	May 31, 2001
Assets (mns)	$130,613
Currency	USD
Expense ratio	3 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	JPMorgan Chase Bank
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	3585
Wgt avg mkt cap (mns)	$225,292
Large cap (>$10bn)	84.7%
Mid cap ($2-10bn)	11.8%
Small cap (<$2bn)	3.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.2 %
MICROSOFT CORP	3.6 %
APPLE INC	3.4 %
AMAZON.COM INC	2.4 %
FACEBOOK	1.5 %
BERKSHIRE HATHAWAY INC-CL B	1.4 %
JPMORGAN CHASE & CO	1.3 %
ALPHABET INC. CLASS C	1.3 %
ALPHABET INC. CLASS A	1.3 %
JOHNSON & JOHNSON	1.1 %
VISA INC-CLASS A SHARES	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.1 %
	IRELAND	1.6 %
	BRITAIN	0.9 %
	SWITZERLAND	0.3 %
	BERMUDA	0.3 %
	CANADA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.5%	13.4%	10.3%	13.6%	8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	99%
MSCI EAFE	0.88	62%
MSCI Emg. Mkts.	0.59	46%

Technical Indicators
Recent close	$157.35
30d moving avg.	$152.99
Annualized volatility	12.4%
Short interest (ETF)	0.5%
Short interest (Underlying)	2.9%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	2,350
Turnover	0.3%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$188,532

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard Total Market ETF based on the alternatives' overlap in portfolio holdings with VTI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VTI

Expense:

3 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VTI
Ticker	Fund Name	Overlap¹ vs VTI (%)	Expense ratio (bp)	Savings vs VTI (bp)	ALTAR Score™ (%)	ALTAR vs VTI (%)
SCHB	Schwab U.S. Broad Market	97.4	3	0	5.8	+0.1
ITOT	iShares Core S&P Total US	97.1	3	0	5.7	-0.0
IWV	iShares Russell 3000	97.1	20	-17	5.6	-0.1
VTHR	Vanguard Russell 3000	97.1	15	-12	5.6	-0.1
IYY	iShares DJ US Total Market	93.4	20	-17	5.7	-0.0
SCHK	Schwab 1000 Index	91.7	5	-2	5.9	+0.2
VONE	Vanguard Russell 1000	91.3	12	-9	5.8	+0.1
IWB	iShares Russell 1000	91.3	15	-12	5.8	+0.1
SPTM	SPDR Portfolio Total Stock Market	89.8	3	0	5.8	+0.1
SCHX	Schwab U.S. Large-Cap	89.0	3	0	5.9	+0.1
PBUS	Invesco PureBeta MSCI USA	85.7	4	-1	6.0	+0.3
BBUS	JP Morgan Betabuilders U.S. Equity	85.5	2	1	5.9	+0.2
VV	Vanguard Large-Cap ETF	85.2	4	-1	5.9	+0.2
PBP	Invesco S&P 500 Buy/Write	82.3	49	-46	5.6	-0.2
IVV	iShares Core S&P 500	82.3	4	-1	6.0	+0.3
SPY	S&P 500 SPDR	82.3	9	-6	5.9	+0.2
VOO	Vanguard S&P 500 ETF	82.3	3	0	6.0	+0.3
HSPX	Global X S&P 500 Covered Call	82.0	65	-62	5.4	-0.3
SPLG	SPDR Portfolio Large Cap	82.0	3	0	5.8	+0.1
TILT	Flexshares Morningstar US Market Factor Tilt	79.7	25	-22	6.1	+0.4

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Vanguard Total Market
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.7	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	3	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.55

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.