Exchange Traded

Exchange Traded Fund Report | July 31, 2020 Fund (ETF) Report
Vanguard Total World Stock ETF (VT)
Price NAV Premium/Discount
Overall Rating « « « « « USD 79.59 (as of Jul 29, 2020) USD 79.53 (as of Jul 29, 2020) 0.08 %

Category Equities (Stocks) Type Global Equities Region Broad Regional

ETF Rating Details (as of 07/31/20)

Cost ETF Commentary (July 31, 2020):

69 Three broad input categories are used to calculate the overall star rating for VT within the
Most Expensive (-) Least Expensive (+) universe of 1412 rated Equity ETFs. Based on CFRA's proprietary Cost sub-category, we view
the VT as Slightly Positive. Separately we view the reward for VT as Positive. Finally, our
Reward assessment for risk leads to Neutral. For equity ETFs like VT, CFRA utilizes some past
performance metrics as well as CFRA STARS — our fundamental assessment of a stock's 12-
82 month investment outlook — and CFRA Earnings Score — our quantitative forensic
Low (-) High (+) accounting assessment of a company's earnings quality. VT's Top Ten holdings were 13.0% of
total assets.
Risk
48
Riskiest (-) Safest (+)

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

Key ETF Statistics (Yield as of 07/29/20; Performance as of 07/29/20)

12-Month (%) Return 7.27 12-Mth Yld(%) 2.04 Mkt Cap (07/29/20) 13,859.6M Inception Date 06/24/08
3-Year CAGR (%) Return 7.12 52-Week Range USD 53.70 - USD 83.23 Shares Outstanding 174,137,686 Exchange ARCX
5-Year CAGR (%) Return 7.81 Average Daily Volume 1,609,489 Turnover 10.00% Assets (07/29/20) 13,849.2M

Economic Sector Representation (as of 07/31/20) Performance of $10,000 Investment (08/01/15 - 07/31/20)

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
VT Vanguard Total World Stock ETF ««««« USD 79.59 0.08 7.27 7.12 7.81 6.26
Average Annual Market Price Returns (%)
Ticker Exchange Traded Fund Rating Market Price Exp. Ratio (%) 1 Year 3 Years 5 Years Since Inception

IXUS iShares Core MSCI Total International Stock ETF ««««« USD 58.42 0.09 3.41 2.27 4.20 4.94
ACWI iShares MSCI ACWI ETF ««««« USD 78.41 0.32 7.50 7.48 8.00 5.82
VSS Vanguard FTSE All World ex-US Small-Cap ETF ««««« USD 103.35 0.11 2.20 0.08 3.79 9.07
VEU Vanguard FTSE All-World ex-US ETF ««««« USD 50.96 0.08 3.76 2.44 4.12 2.71
VXUS Vanguard Total International Stock ETF ««««« USD 52.64 0.08 3.59 2.20 4.05 3.66
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 | July 31, 2020
Vanguard Total World Stock ETF (VT)
Shares Outstanding and Total Net Assets Additional Key ETF Characteristics
Expense Ratio (Net) 0.08 Sponsor Vanguard
Optionable NO Family Vanguard
Intraday NAV Ticker VT.IV International
Funds
IPO NAV USD 38.47
Underlying Index FTSE Global All
CUSIP 922042742 Cap Index
ISIN US9220427424
Number of Holdings 8620
Exchange ARCX
Inception Date 06/24/08

ETF Market Perspective Top 5 Country Holdings % of Assets (as of 07/31/20)

As of mid-July 2020, equity ETFs gathered $78 billion of net inflows United States 22.06
during the year, though in the past month $4.8billion were incurred. Japan 15.71
Broadly diversified US Equities, including those tracking the S&P 500
Index, gathered $37 billion in 2020, after $2.6 billion of outflows in the China 7.58
past month. This year, the demand has been strong for U.S. sector and Hong Kong 6.50
industry funds, focused on the Information Technology, Energy, and South Korea 5.14
Health Care slices of the S&P 500. Sector and industry funds gathered
more than $18 billion this year. Meanwhile, U.S. factor and thematic Top 5 Total % of Assets 56.99
funds have been another bright spot pulling in $7.7 billion. ESG and
quality funds were among those topping the inflows list. In contrast,
global equity funds had $3.6 billion of net outflows in 2020, though $4.4
billion flowed into these funds in the past month. Investors have favored Total Return (%) (as of 07/31/20)
global thematic and industry focused funds as of late.
Return YTD 2019 2018 2017 2016 2015
ETF Market Price -0.87 26.81 -9.76 24.50 8.50 -1.86
Net Asset Value -0.40 26.79 -9.67 23.99 8.03 -1.75

Top 10 ETF Holdings (Holdings last reported on 07/29/20, ratings as of 07/31/20)

% of ETF YTD Earnings

Ticker Name Assets STARS Return Score
1 MSFT MICROSOFT CORP 2.83 ««««« 27.65 4
2 AAPL APPLE INC 2.77 ««««« 28.76 3
3 AMZN AMAZON.COM INC 2.17 ««««« 60.79 6
4 FB FACEBOOK INC-CLASS A 1.01 ««««« 11.78 4
5 GOOG ALPHABET INC-CL C 0.79 NR 12.00 NR
6 GOOG.L ALPHABET INC-CL A 0.78 ««««« 12.40 7
7 BABA ALIBABA GROUP HOLDING-SP ADR 0.70 ««««« 15.00 2
8 JNJ JOHNSON & JOHNSON 0.69 ««««« 1.94 2
9 700 TENCENT HOLDINGS LTD 0.68 ««««« 40.30 6
10 V VISA INC-CLASS A SHARES 0.61 ««««« 1.86 6
Top 10 Total % of Assets 13.04

* 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 | July 31, 2020
Vanguard Total World Stock ETF (VT)
Highest Scoring ETFs by Asset Grouping (as of 07/31/20)

US Equity
US Equities Large Cap
US Equities Mega Cap
US Equities Mid Cap
US Equities Multi Cap
US Equities Small Cap
Invesco QQQ Trust, Pacer Trendpilot 100 ETF, Goldman Sachs MarketBeta US Equity ETF
SPDR Dow Jones Industrial Average ETF Trust, Vanguard Mega Cap ETF, iShares S&P 100 ETF
Mid Cap US Equity Select ETF, iShares Russell 2500 ETF, Vanguard Extended Market ETF
iShares Core S&P Total U.S. Stock Market ETF, Schwab US Broad Market ETF, Vanguard Russell 3000
Small Cap US Equity Select ETF, First Trust Dow Jones Select Microcap Index Fund, Vanguard S&P Small-Cap 600 ETF

US Factor & Thematic

US Equities Cross Sector Thematic ClearBridge Large Cap Growth ESG ETF, Impact Shares NAACP Minority Empowerment ETF, NuShares ESG Large-Cap Growth ETF
US Equities Equal Weighted Strategy Arrow QVM Equity Factor ETF, First Trust Mid Cap Core AlphaDEX Fund, Direxion NASDAQ 100 Equal Weighted Index Shares
US Equities Factor Strategy & Active First Trust Dorsey Wright Momentum & Dividend ETF, Innovator IBD Breakout Opportunities ETF, FlexShares Quality Dividend Dynamic Index Fund

US GICS Sectors
US Communication Services Fidelity MSCI Telecommunication Services Index ETF, Invesco S&P 500 Equal Weight Communication Services ETF, Communication Services Select Sector SPDR Fund
US Consumer Discretionary iShares U.S. Consumer Services ETF, SPDR S&P Homebuilders ETF, Fidelity MSCI Consumer Discretionary Index ETF
US Consumer Staples Consumer Staples Select Sector SPDR Fund, Fidelity MSCI Consumer Staples Index ETF, Invesco DWA Consumer Staples Momentum ETF
US Energy iShares U.S. Energy ETF, Invesco S&P 500 Equal Weight Energy ETF, iShares U.S. Oil Equipment & Services ETF
US Financials iShares U.S. Broker-Dealers & Securities Exchanges ETF, Invesco S&P SmallCap Financials ETF, iShares US Financials ETF
US Healthcare Health Care Select Sector SPDR Fund, iShares U.S. Medical Devices ETF, Fidelity MSCI Health Care Index ETF
US Industrials iShares U.S. Aerospace & Defense ETF, Fidelity MSCI Industrials Index ETF, Invesco Aerospace & Defense ETF
US Materials Fidelity MSCI Materials Index ETF, Materials Select Sector SPDR Fund, Invesco S&P 500 Equal Weight Materials ETF
US Real Estate Invesco S&P 500 Equal Weight Real Estate ETF, SPDR Dow Jones REIT ETF, Vanguard Real Estate ETF
US Sector Strategy Armor US Equity Index ETF, Barclays ETN+ Shiller CAPETM ETN, First Trust Dorsey Wright Focus 5 ETF
US Technology Fidelity MSCI Information Technology Index ETF, SPDR NYSE Technology ETF, Invesco DWA Technology Momentum ETF
US Utilities Invesco S&P 500 Equal Weight Utilities ETF, iShares US Utilities ETF, First Trust Utilities AlphaDEX Fund

US Growth & Value

US Equities Growth - Large Cap
US Equities Growth - Mid Cap
US Equities Growth - Small Cap
US Equities Value - Large Cap
US Equities Value - Mid Cap
US Equities Value - Small Cap
Vanguard Growth ETF, iShares S&P 500 Growth ETF, iShares Morningstar Large-Cap Growth ETF
Janus Small/Mid Cap Growth Alpha ETF, Vanguard S&P Mid-Cap 400 Growth ETF, Invesco S&P MidCap 400 Pure Growth ETF
Janus Small Cap Growth Alpha ETF, First Trust Small Cap Growth AlphaDEX Fund, Vanguard Russell 2000 Growth
WisdomTree U.S. Quality Shareholder Yield Fund, First Trust Large Cap Value AlphaDEX Fund, First Trust Multi Cap Value AlphaDEX Fund
First Trust Mid Cap Value AlphaDEX Fund, Vanguard Mid-Cap Value ETF, iShares S&P Mid-Cap 400 Value ETF
First Trust Small Cap Value AlphaDEX Fund, PGIM QMA Strategic Alpha Small Cap Value ETF, iShares Russell 2000 Value ETF

Global Regional Equity

Global Equities Africa
Global Equities Asia
Global Equities Australia
Global Equities Canada
Global Equities Developed Markets
Global Equities Development
Global Equities Emerging Markets
Global Equities Europe
Global Equities Latin America
VanEck Vectors Egypt Index ETF, Global X MSCI Nigeria ETF, VanEck Vectors Africa Index ETF
VanEck Vectors ChinaAMC SME-ChiNext ETF, VanEck Vectors India Growth Leaders ETF, WisdomTree India ex-State-Owned Enterprises Fund
iShares Currency Hedged MSCI Australia ETF, First Trust Australia AlphaDEX Fund, iShares MSCI New Zealand ETF
JPMorgan BetaBuilders Canada ETF, Franklin FTSE Canada ETF, SPDR Solactive Canada ETF
Goldman Sachs Finance Reimagined ETF, Global X FinTech Thematic ETF, Goldman Sachs Data-Driven World ETF
Vanguard FTSE All-World ex-US ETF, First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund, Infusive Compounding Global Equities ETF
Invesco BLDRS Emerging Markets 50 ADR Index Fund, iShares Emerging Markets Infrastructure ETF, iShares Currency Hedged MSCI Emerging Markets
JPMorgan Diversified Return Europe Equity ETF, iShares Currency Hedged MSCI Spain ETF, WisdomTree Europe Quality Dividend Growth Fund
Global X MSCI Argentina ETF, iShares Currency Hedged MSCI Mexico ETF, iShares MSCI Argentina and Global Exposure ETF

Global Factor & Thematic

Global Developed Factor & Active Invesco DWA Developed Markets Momentum ETF, Franklin LibertyQ International Equity Hedged ETF, WisdomTree International ESG Fund
Global Emerging Factor & Active ALPS Emerging Sector Dividend Dogs ETF, First Trust BICK Index Fund, JPMorgan Diversified Return Emerging Markets Equity ETF
Global Pan-Region Factor & Active Impact Shares Sustainable Development Goals Global Equity ETF, VanEck Vectors Morningstar Global Wide Moat ETF, American Century Quality Diversified International 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 | July 31, 2020
Vanguard Total World Stock ETF (VT)
Glossary
12-Month Yield (%). A measure of the rate of return on the income distributions in the past
12 months. The yield is computed by dividing the sum of the income dividends paid during the
previous twelve months (or the previous 52 weeks for periods ending at any time other than
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
Price plus 100% of cap gains within last 3 months plus 50% of the cap gains between the last
4 to 9 months). "NP" is shown when the Fund has not provided data for the Standardized 30-
day SEC yield.
30-day SEC Yield. The SEC yield, reported by the fund, is based on a 30-day period ending on
the last day of the previous month. 'NP' is shown when the Fund has not provided data.
Assets. Dollar value of assets in the ETF calculated by the ETF's Daily NAV and Daily Shares
Outstanding.
Average Annual Total Return. Calculated as the average annual compounded rate of return
as of the end of the last calendar quarter. The calculation assumes reinvestment of
distributions.
Average Daily Volume. The average daily trading volume of the ETF for the past 20 days, shown
in millions.
Average P/E Ratio. A weighted average calculation of stock price-to-earnings ratio for the
ETF’s equity holdings.
Average Price/Book. A weighted average calculation of stock price-to-book value ratio for the
ETF’s equity holdings.
Average Price/Cash Flow. A weighted average calculation of stock price-to-cash flow ratio for
the ETF’s equity holdings.
Bid/Ask Spread. A measurement of the relative gap between the offer price to buy shares of
an ETF, and the price at which another party is willing to sell. As an input to the ETF Rating, CFRA
evaluates the 5-day moving average Bid/Ask Spread of the ETF compared with other ranked
ETFs.
Category. The asset class of the ETF.
CFRA Earnings quality score. CFRA Earnings Scores measures the more discretionary, non-
cash components of earnings growth, indicating companies of higher earnings risk levels and
highlighting companies with understated earnings potential. The values are reported in deciles
with a value of 1 being the best and a value of 10 being the worst.
Cumulative Return. The actual return of an investment at the end of a specified period of time.
The calculation includes price changes and assumes reinvestment of all distributions of
dividends and capital gains.
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 =
OTC Market
Expense Ratio (Gross, Net). Operating expense as a percentage of average assets, before (or
net of) management fees, disbursements or other expenses as published in the ETF's
prospectus. As an input to the ETF Rating, CFRA evaluates the ETF's Net Expense Ratio
compared with other ranked ETFs.
Fiscal Year End. For financial accounting purposes, the month when the ETF’s operating year
ends.
GICS. An industry classification standard, developed by S&P Global Market Intelligence in
collaboration with Morgan Stanley Capital International (MSCI). Under the GICS structure,
companies are classified in one of 157 sub-industries, which are grouped into 68 industries,
24 industry groups, and 11 economic sectors (consumer discretionary, consumer staples,
energy, financials, health care, industrials, information technology, materials, real estate,
telecom services, and utilities). This four-tier structure accommodates companies across the
world and facilitates sector analysis and investing.
Inception Date. Date on which shares of the ETF began publicly trading.
IPO NAV. The NAV at the inception date of the fund.
Market Cap. ETF market price multiplied by number of shares outstanding.
Market Price Total Return. The Total Return of an ETF, based on the 4PM closing market price
at the beginning and end of the holding period, which does not represent the returns an
investor would receive if shares were traded at other times. Market price return may be
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
holding period. This may be different from the ETF's Market Price Return.
Net Asset Value. This is a calculation, on a per share basis, of the ETF’s underlying net worth.
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.
Optionable. This depicts whether stock options related to the ETF’s shares are available.
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).
Price-to-NAV. Represents the relationship between the share price of the ETF and the net
asset value (NAV) per share of the underlying holdings. As an input to the ETF Rating, CFRA
evaluates the 5-day moving average Price-to-NAV of the ETF compared with other ETFs.
Peers. Peers include those ETFs that have the same CFRA style classification. CFRA uses
information pulled from an ETF’s prospectus to assign a classification based on 40 inputs. We
review an ETF’s classification on a regular basis and as such an ETF may periodically shift as
new data becomes available.
Qualitative Risk Assessment. Reflects an equity analyst's view of a given company's
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
factors related to a company's operations, as opposed to risk and volatility measures
associated with share prices. For an ETF this reflects on a capitalization-weighted basis, the
average qualitative risk assessment assigned to holdings of the fund. As an input to the ETF
Rating, CFRA evaluates the weighted average Qualitative Risk Assessment of the underlying
holdings of the ETF compared with other ranked ETFs.
STARS. Since January 1, 1987, CFRA Equity and Fund Research Services, and its predecessor
S&P Capital IQ Equity Research has ranked a universe of U.S. common stocks, ADRs (American
Depositary Receipts), and ADSs (American Depositary Shares) based on a given equity’s
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
rank equities according to their individual forecast of an equity’s future total return potential
versus the expected total return of a relevant benchmark (e.g., a regional index (S&P Asia 50
Index, S&P Europe 350® Index or S&P 500® Index)), based on a 12-month time horizon. STARS
was designed to meet the needs of investors looking to put their investment decisions in
perspective. Data used to assist in determining the STARS ranking may be the result of the
analyst’s own models as well as internal proprietary models resulting from dynamic data
inputs. As an input to the ETF Rating, CFRA evaluates the weighted average STARS of the
underlying holdings of the ETF compared with other ranked ETFs.
Shares Outstanding. Number of ETF shares owned by third parties.
Total Return. Calculated as a rate of return at the end of a specified period of time. The
calculation includes price changes and assumes reinvestment of all distributions of dividends
and capital gains. Total return can be calculated as an average annual or cumulative return.
Turnover. The frequency at which the portfolio is changed during a year, as reported by the
fund. Type. CFRA designated type describing what CFRA believes is the investment emphasis
of a given ETF.
Rating Methodology & Inputs
ETF overall rating provides quantitative and holistic assessment of the relative costs, rewards
and risks of a given ETF compared with all ETFs in its Category. Our approach incorporates a
combination of holdings-analysis, total cost of ownership and certain relative performance
metrics focused on consistency and limiting downside during times of market stress. ETFs
receive ratings ranging from 5 STARS (highest) to 1 STAR (lowest), using machine-learning
techniques, in an effort to identify which funds have the highest and lowest probability of
outperformance of a broad category over the next nine months.
For equity funds, the approach blends CFRA’s proprietary forensic and fundamental
approaches, including quantitative earnings quality scores and STARS (Stock Appreciation
Ranking System), which offer a proven approach to equities analysis. Separately, we rate fixed
income ETFs utilizing the portfolio’s yield and duration attributes. Additional key cost factors
and performance metrics further support the ratings for all ETFs.
The Overall Ratings breakdown is as follows:
Total return is expected to outperform the total return of a relevant
5-STARS
benchmark over the coming 9 months.
Total return is expected to slightly outperform the total return of a relevant
4-STARS
benchmark over the coming 9 months.
Total return is expected to closely approximate the total return of a relevant
3-STARS
benchmark over the coming 9 months.
Total return is expected to slightly underperform the total return of a
2-STARS
relevant benchmark over the coming 9 months.
Total return is expected to underperform the total return of a relevant
1-STARS
benchmark over the coming 9 months.
All of the views expressed in this research report accurately reflect our quantitative research
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
expressed in this research report.
An ETF may receive an overall ETF rating even when the ETF does not have a rating for each of
the input factors.
Page 4 of 6
Exchange Traded Fund Report | July 31, 2020
Vanguard Total World Stock ETF (VT)
Disclosures, Disclaimers & Notices
S&P GLOBAL™ is used under license. The owner of this trademark is S&P Global Inc. or its
affiliate, which are not affiliated with CFRA or the author of this content.
ETFs may not be appropriate for all investors. To determine if this ETF is an appropriate
investment for you, carefully consider the ETF’s investment objectives, risk factors and
charges and expenses before investing. This and other information can be found in the ETF’s
prospectus.
This report is for informational purposes only. When using this report, investors are advised to
consult the accompanying glossary of investment terms. Total return performance is historical
and assumes reinvestment of all dividends and capital gain distributions. Past performance
is no guarantee of future results. Investment return and principal value will fluctuate so that,
when redeemed, an investor's shares may be worth more or less than their original cost.
Current performance may be lower or higher than the performance data quoted. This report
may contain forward-looking statements or forecasts; such forecasts are not a reliable
indicator of future performance.
This report and the opinions expressed herein: (i) are those of CFRA based upon publicly-
available information that CFRA believes to be reliable and the opinions are subject to change
without notice; and (ii) have not been submitted to, nor received approval from, the United
States Securities and Exchange Commission or any other regulatory body. CFRA, ITS RELATED
ENTITIES, AND SUPPLIERS SPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS AND IMPLIED,
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
on this information for investment, tax or other purposes. No part of this report or its delivery
methods may be modified, reverse engineered, reproduced or distributed in any form by any
means, or stored in a database or retrieval system, without the prior written permission of
CFRA. This report: (i) shall not be used for any unlawful or unauthorized purposes; (ii) is
intended only for recipients authorized by applicable laws and regulations; and (iii) is not for
use or distribution where such use or distribution would subject CFRA entities to any additional
registration or licensing requirement within such jurisdiction.
This report is not intended to, and does not, constitute an offer or solicitation to buy or sell
securities, or engage in any investment activity. Ratings and statements in this report are not
made with respect to any particular investor or type of investor. Securities, financial
instruments or strategies mentioned herein may not be suitable for all investors and this report
is not intended for any specific investor and does not take into account an investor's particular
investment objectives, financial situations or needs. Before acting on any information or
statements in this report, you should consider whether it is suitable for your particular
circumstances and to seek professional advice.
CFRA may license certain intellectual property or provide services to, or otherwise have a
business relationship with, certain issuers of securities that are the subject of CFRA research
reports, including exchange-traded investments whose investment objective is to
substantially replicate the returns of a proprietary index of CFRA. In cases where CFRA is paid
fees that are tied to the amount of assets invested in a fund or the volume of trading activity
in a fund, investment in the fund may result in CFRA receiving compensation in addition to the
subscription fees or other compensation for services rendered by CFRA, however, no part of
CFRA's compensation for services is tied to any recommendation or rating. Additional
information on a subject company may be available upon request.
This report is published and originally distributed by Accounting Research & Analytics, LLC d/b/
a CFRA (“CFRA US”), with the following exceptions: for residents in the UK/EU/EEA, this report
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
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Where a report is made available in a language other than English, and in the case of
inconsistencies between the English and translated versions of a report, the English version will
control and supersede any ambiguities or conflicts between such versions. CFRA entities are
not responsible for the creation or accuracy of any translation.
Risk disclaimers:
Investments are subject to investment risks including the possible loss of the principal amount
invested. The ETF may be subject, but not limited, to the following investment risks:
ETF Risk
Shares of an ETF may trade above or below their NAV. Shares will fluctuate in price due to daily
volume changes. However, the market prices of Shares will generally fluctuate in accordance
with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange.
During periods of market volatility the trading price of Shares may deviate significantly from
the NAV.
Market risk. ETFs are typically designed to track the performance of certain indices, market
sectors, or groups of assets such as stocks, bonds, or commodities. The market value of an ETF
may decline due to general market conditions and the volatility associated with the underlying
indices or assets can result in a loss of the ETF’s value.
Tracking error risk. The ETF’s goal is to track a specific market index or asset, normally
referred as fund target index. The discrepancy between the ETF’s performance and the
performance of its target index is known as tracking error. A variety of factors can create a
performance gap between ETF and its target index such as the impact of transaction fees and
expenses incurred by the ETF, changes in composition of the underlying index/assets, the ETF
manager’s replication strategy and sampling techniques, and the timing of purchases and
redemptions of fund shares.
Concentration risk. An ETF's portfolio reflects the underlying Index's concentration in the
securities of a particular issuer or issuers, which means that the fund may invest a relatively
high percentage of its assets in a limited number of issuers. Therefore, the ETF's performance
may be more vulnerable to changes in the market value of a single issuer or group of issuers
and more susceptible to risks.
Equity Investing Risk
The ETF invests in equity securities, which are subject to changes in value that may be
attributable to market perception of a particular issuer or to general stock market fluctuations
that affect all issuers. Investments in equity securities may be more volatile than those in other
asset classes. Special risks are involved with significant exposure to a particular sector,
including increased susceptibility related to economic, business or other developments
affecting that sector.
Small and midsize company risk. Small and midsize companies carry additional risks because
the operating histories of these companies tend to be more limited, their earnings and
revenues less predictable, and their share prices more volatile than those of larger, more
established companies. The shares of smaller companies tend to trade less frequently than
those of larger, more established companies, which can adversely affect the pricing of these
securities and the ETF's ability to sell these securities.
Large cap stock risk. Stocks of large cap companies may underperform the stocks of lower
quality, or smaller capitalization companies during periods when the stocks of such companies
are in favor.
Growth securities risk. Growth companies generally seek to achieve high earning growth
regardless of market conditions. Growth stocks usually have high price-to-earnings and price-
to-book ratios, which means that these stocks are relatively high-priced in comparison with
the companies' Net Asset Values (NAVs). Stocks of growth companies or “growth securities”
have market values that may be more volatile than those of other types of investments. Growth
securities typically do not pay a dividend, which can help cushion stock prices in market
downturns and reduce potential losses.
Value securities risk. Value stocks are those that generally have fallen out of favor in the
marketplace and are considered bargain-priced compared with book value, replacement
value, or liquidation value. Typically, value stocks are priced much lower than stocks of similar
companies in the same industry. The prices of value stocks may lag the stock market for long
periods of time if the market fails to recognize the company’s intrinsic worth.
International Equity Risk
Foreign investment risk. ETF’s investments in foreign securities may be subject to political,
social and economic factors affecting investments in foreign issuers. Special risks associated
with investments in foreign issuers include exposure to currency fluctuations, less liquidity,
less developed or less efficient trading markets, lack of comprehensive company information,
political and economic instability and differing auditing and legal standards.
Foreign currency risk. Investments in foreign currencies are subject to the risk that those
currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that
the U.S. dollar will decline relative to the currency being hedged. Currency exchange rates may
fluctuate significantly over short periods of time. Foreign currencies are also subject to risks
caused by inflation, interest rates, budget deficits and low savings rates, political factors and
government intervention and controls.
Emerging market risk. The securities of issuers located in emerging markets tend to be more
volatile and less liquid than securities of issuers located in more developed economies, and
emerging markets generally have less diverse and less developed economic structures and
less stable political systems than those of developed countries. The securities of issuers
located or doing substantial business in emerging markets are often subject to rapid and large
changes in price.
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Exchange Traded Fund Report | July 31, 2020
Vanguard Total World Stock ETF (VT)
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