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)	$142,573
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	3526
Wgt avg mkt cap (mns)	$272,987
Large cap (>$10bn)	85.8%
Mid cap ($2-10bn)	11.0%
Small cap (<$2bn)	3.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	19.9 %
MICROSOFT CORP	4.2 %
APPLE INC	3.8 %
AMAZON.COM INC	2.7 %
FACEBOOK	1.6 %
ALPHABET INC. CLASS A	1.4 %
BERKSHIRE HATHAWAY INC-CL B	1.3 %
ALPHABET INC. CLASS C	1.3 %
JPMORGAN CHASE & CO	1.2 %
JOHNSON & JOHNSON	1.2 %
VISA INC-CLASS A SHARES	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.2 %
	IRELAND	1.7 %
	BRITAIN	0.9 %
	SWITZERLAND	0.3 %
	BERMUDA	0.3 %
	CANADA	0.1 %
	PUERTO RICO	0.0 %
	CAYMAN ISLANDS	0.0 %
	NETHERLANDS	0.0 %
	U.S. VIRGIN ISLANDS	0.0 %

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.
-0.1%	20.3%	11.8%	13.8%	8.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	99%
MSCI EAFE	0.93	69%
MSCI Emg. Mkts.	0.61	52%

Technical Indicators
Recent close	$164.30
30d moving avg.	$168.27
Annualized volatility	12.4%
Short interest (ETF)	1.2%
Short interest (Underlying)	2.9%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	3,307
Turnover	0.4%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$214,385

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard Total Stock Market Index Fund 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™:

5.6%

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 (%)
VTHR	Vanguard Russell 3000 Index Fund	99.2	10	-7	5.5	-0.0
SCHB	Schwab U.S. Broad Market ETF	98.4	3	0	5.6	+0.1
ITOT	iShares Core S&P Total U.S. Stock Market ETF	98.1	3	0	5.6	0.0
IWV	iShares Russell 3000 ETF	98.0	20	-17	5.4	-0.1
IYY	iShares Dow Jones U.S. ETF	95.4	20	-17	5.6	0.0
SCHK	Schwab 1000 Index ETF	94.4	5	-2	5.7	+0.2
VONE	Vanguard Russell 1000 ETF	93.5	8	-5	5.7	+0.1
IWB	iShares Russell 1000 ETF	93.5	15	-12	5.6	+0.1
SPTM	SPDR Portfolio Total Stock Market ETF	91.9	3	0	5.9	+0.4
SCHX	Schwab U.S. Large-Cap ETF	91.1	3	0	5.7	+0.2
PBUS	Invesco PureBeta MSCI USA ETF	88.3	4	-1	5.8	+0.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	88.0	2	1	5.8	+0.3
VV	Vanguard Large-Cap Index Fund	87.4	4	-1	5.7	+0.2
VOO	VANGUARD S&P 500 ETF	84.2	3	0	5.9	+0.3
PBP	Invesco S&P 500 BuyWrite ETF	84.1	49	-46	5.4	-0.2
SPY	SPDR S&P 500 ETF Trust	84.1	9	-6	5.8	+0.3
IVV	iShares Core S&P 500 ETF	84.1	4	-1	5.9	+0.3
SPLG	SPDR Portfolio Large Cap ETF	84.1	3	0	5.9	+0.3
HSPX	Global X S&P 500 Covered Call ETF	83.9	65	-62	5.3	-0.3
ESGV	Vanguard ESG U.S. Stock ETF	81.6	12	-9	5.6	+0.1

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 Total Stock Market Index Fund
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	15.8	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	3	bp
Equals: ALTAR Score	5.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.56

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.