ETF Research Center

Vanguard Total International Stock Index Fund ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI All Country World ex USA IMI Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Vanguard Group
Website	www.vanguard.com
Inception date	Jan 28, 2011
Assets (mns)	$19,317
Currency	USD
Expense ratio	9 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	7383
Wgt avg mkt cap (mns)	$67,375
Large cap (>$10bn)	72.6%
Mid cap ($2-10bn)	21.2%
Small cap (<$2bn)	5.8%
Developed mkts	75.0%
Emerging mkts	24.5%

TOP TEN HOLDINGS
Total	9.0 %
ALIBABA GROUP HOLDING LTD. SPONSOR	1.3 %
NESTLE SA-REG	1.2 %
TENCENT HOLDINGS LTD	1.1 %
TAIWAN SEMICONDUCTOR MANUFAC	1.1 %
SAMSUNG ELECTRONICS CO LTD	0.9 %
ROCHE HOLDING AG-GENUSSCHEIN	0.9 %
NOVARTIS AG-REG	0.8 %
TOYOTA MOTOR CORP	0.7 %
HSBC HOLDINGS PLC	0.6 %
AIA GROUP LTD	0.5 %

TOP COUNTRY EXPOSURE
	JAPAN	16.3 %
	BRITAIN	10.4 %
	CHINA	7.1 %
	CANADA	6.6 %
	FRANCE	6.0 %
	SWITZERLAND	5.9 %
	GERMANY	5.4 %
	AUSTRALIA	4.5 %
	TAIWAN	3.4 %
	HONG KONG	3.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.7%	21.7%	5.9%	--	4.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	69%
MSCI EAFE	1.04	95%
MSCI Emg. Mkts.	0.76	88%

Technical Indicators
Recent close	$56.46
30d moving avg.	$55.51
Annualized volatility	11.7%
Short interest (ETF)	0.7%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	1,581
Turnover	0.5%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$114,522

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Vanguard Total International Stock ETF based on the alternatives' overlap in portfolio holdings with VXUS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VXUS

Expense:

9 bp

ALTAR Score™:

7.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VXUS
Ticker	Fund Name	Overlap¹ vs VXUS (%)	Expense ratio (bp)	Savings vs VXUS (bp)	ALTAR Score™ (%)	ALTAR vs VXUS (%)
IXUS	iShares Core International Stock	89.5	9	0	7.1	-0.1
VEU	Vanguard FTSE All-World ex-US	85.8	9	0	7.2	+0.0
DBAW	Xtrackers MSCI All World ex-US Hedged	81.9	40	-31	6.9	-0.4
ACWX	iShares MSCI ACWI ex-US	78.8	31	-22	7.0	-0.2
VEA	Vanguard Europe Pacific	74.2	5	4	7.0	-0.2
SCHF	Schwab International Equity	67.6	6	3	7.0	-0.2
IDEV	iShares Core MSCI Int'l Developed Markets	67.2	5	4	6.9	-0.4
SPDW	SPDR Portfolio World ex-US	66.3	4	5	6.9	-0.4
VSGX	Vanguard ESG International Stock	65.5	15	-6	7.0	-0.3
IEFA	iShares Core MSCI EAFE	62.9	7	2	6.8	-0.4
PBDM	Invesco PureBeta FTSE Developed ex-North America	62.2	7	2	7.3	+0.0
CWI	SPDR MSCI ACWI ex-US	61.9	30	-21	7.0	-0.2
TLTD	FlexShares Mngstr Developed Mkts ex-US Factor Tilt	58.4	39	-30	8.1	+0.9
HFXI	IQ 50 Percent Hedged FTSE Int'l	56.4	20	-11	7.0	-0.2
PXF	Invesco FTSE-RAFI Developed ex-US	55.9	45	-36	7.9	+0.7
EFA	iShares MSCI EAFE	55.8	31	-22	6.7	-0.5
DBEF	Xtrackers MSCI EAFE Hedged	55.6	35	-26	6.6	-0.6
FNDF	Schwab Fundamental Intl Large Cap	54.0	25	-16	7.4	+0.2
GSIE	Goldman Sachs ActiveBeta Int'l Equity	51.7	25	-16	6.3	-0.9

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 International Stock
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	10.8	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.63

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.