Where do digital wealth managers invest? This is a valuable resource for: - Existing clients of digital wealth managers - Those considering opening an account with a digital wealth manager - DIY investors that want to find out which ETF's are used by the biggest digital wealth managers These slides provide details of the ETF's in which the popular digital wealth managers, or robo-advisors, invest for their standard portfolios. (source: company websites

1. Where Do Digital
Wealth Managers
Invest?
Portfolio comparison of some of the
world’s most popular robo-advisors

2. Axos Invest (US)
Security Symbol Exp. Ratio Description
iShares MSCI Emerging Markets ETF EEM 0.68% Track the investment results of an index composed of large- and mid-capitalization
emerging market equities.
iShares MSCI EAFE ETF EFA 0.32% Track the investment results of an index composed of large- and mid-capitalization
developed market equities, excluding the U.S. and Canada.
PIMCO 0-5 Year High Yield Corporate
Bond Index Exchange-Traded Fund
HYS 0.56% Seeks to provide total return that closely corresponds, before fees and expenses,
to the total return of The BofA Merrill Lynch 0-5 Year US High Yield Constrained
IndexSM
iShares Cohen & Steers REIT ETF ICF 0.34% Track the investment results of an index composed of U.S. real estate investment
trusts (“REITs”).
iShares Core MSCI Emerging Markets
ETF
IEMG 0.13% Track the investment results of an index composed of large-, mid- and small-
capitalization emerging market equities.
iShares U.S. Real Estate ETF IYR 0.42% Track the results of an index composed of U.S. equities in the real estate sector.
iShares iBoxx $ Investment Grade
Corporate Bond ETF
LQD 0.15% Track the investment results of an index composed of U.S. dollar-denominated,
investment grade corporate bonds.
Schwab US Broad Market ETF SCHB SCHB 0.03% Tracks the total return of the Dow Jones U.S. Broad Stock Market Index.
Schwab International Equity ETF SCHF 0.06% Track, before fees and expenses, the total return of the FTSE Developed ex US
Index.
iShares 0-5 Year High Yield Corporate
Bond ETF
SHYG 0.30% Track the investment results of an index composed of U.S. dollar-denominated,
high yield corporate bonds with remaining maturities of less than five years.

3. Axos Invest (US) (cont.)
Security Symbol Exp. Ratio Description
SPDR® Bloomberg Barclays Short Term High
Yield Bond ETF
SJNK 0.40% Exposure to short-term US dollar-denominated high yield corporate bonds
SPDR® S&P 500® ETF Trust SPY 0.09% Seeks to provide investment results that, before expenses, track price and
yield performance of the S&P 500® Index.
iShares TIPS Bond ETF TIP 0.19% Track the investment results of an index composed of inflation-protected U.S.
Treasury bonds.
Vanguard Intermediate-Term Corporate
Bond ETF
VCIT 0.05% Invests primarily in high-quality (investment-grade) corporate bonds.
Vanguard Short-Term Corporate Bond ETF VCSH 0.05% Invests primarily in high-quality (investment-grade) corporate bonds.
Maintains a dollar-weighted average maturity of 1 to 5 years.
Vanguard FTSE Developed Markets ETF VEA 0.05% Tracks the investment performance of the FTSE Developed All Cap ex US Index.
Vanguard Intermediate-Term Treasury ETF VGIT 0.05% Invests primarily in US government bonds. Moderate interest rate risk, with a
dollar-weighted average maturity of 5 to 10 years.
Vanguard Short-Term Treasury ETF VGSH 0.05% Invests primarily in high-quality (investment-grade) U.S. government bonds.
Maintains a dollar-weighted average maturity of 1 to 3 years.
Vanguard Real Estate ETF VNQ 0.12% Invests in stocks issued by real estate investment trusts (REITs), companies
that purchase office buildings, hotels, and other real property.
Vanguard Total Stock Market ETF VTI 0.03% Tracks performance of the CRSP US Total Market Index. Large-, mid-, and
small-cap equity diversified across growth and value styles.
Vanguard FTSE Emerging Markets ETF VWO 0.10% Tracks the return of the FTSE Emerging Markets All Cap China A Inclusion
Index.

4. Betterment (US)
Security Symbol Exp. Ratio Description
iShares Emerging Markets USD Bond ETF EMB 0.39% International Emerging Market Bonds
Vanguard Total International Bond ETF BNDX 0.08% International Developed Market Bonds
Vanguard Total Stock Market ETF VTI 0.03% U.S. Total Stock Market
Vanguard FTSE Emerging Markets VWO 0.10% International Emerging Market Stocks
Vanguard Value ETF VTV 0.04% U.S. Value Stocks - Large Cap
Vanguard Short-Term Inflation-Protected Securities
ETF
VTIP 0.05% U.S. Inflation-Protected Bonds
Vanguard Small-Cap Value ETF VBR 0.07% U.S. Value Stocks - Small Cap
iShares National AMT-Free Muni Bond ETF MUB 0.07% U.S. Municipal Bonds
Vanguard FTSE Developed Markets VEA 0.05% International Developed Market Stocks
Vanguard Mid-Cap Value ETF VOE 0.07% U.S. Value Stocks - Mid Cap
iShares Core Total US Bond Market ETF AGG 0.04% U.S. High Quality Bonds

5. Ellevest (US)
Security Symbol Exp. Ratio Description
Vanguard Total Stock Market ETF VTI 0.03% Broad-based ownership of the entire US stock market, including stocks of different
sizes across all industries.
Vanguard Value ETF VTV 0.04% Stocks of large US companies that trade at lower prices relative to their peers.
Vanguard Mid Cap ETF VO 0.04% Stocks of US mid-sized companies, typically worth between $2 billion and $10
billion.
Vanguard Mid Cap Value ETF VOE 0.07% Stocks of US mid-size companies that trade at lower prices relative to their peers.
Vanguard Small Cap ETF VB 0.05% Stocks of US small companies, typically worth less than $2 billion.
Vanguard Small Cap Value ETF VBR 0.07% Stocks of US small companies, that trade at lower prices relative to their peers.
Vanguard FTSE Developed
Markets ETF
VEA 0.05% Primarily stocks of large companies in international developed countries like Europe,
Australia and Japan, representing a large part of the world economy.
Vanguard FTSE Emerging Markets
ETF
VWO 0.10% Primarily stocks of large companies in international emerging countries, such as
Brazil, India, China, and South Africa.
iShares National Muni Bond ETF MUB 0.07% Bonds issued by US state and local governments.
iShares Short-Term National
Muni Bond
SUB 0.07% Bonds issued by US state and local governments with remaining maturities of
between 1 month and 5 years.
Vanguard REIT ETF VNQ 0.12% US stocks issued by real estate investment trusts (REITs), companies that purchase
retail, residential, office, industrial, and other real property.
Vanguard Global ex-US Real
Estate ETF
VNQI 0.12% International stocks issued by real estate investment trusts (REITs), companies that
purchase retail, residential, office, industrial, and other real property.

6. Sarwa (UAE)
Security Symbol Exp. Ratio Description
Vanguard Total Stock Mkt Etf VTI 0.03% Over 3000 large, medium, small and micro-cap companies mirroring the US equity
market.
Ishares Core Msci Eafe Etf IEFA 0.07% Tracks the investment results of an index composed of large-, mid- and small-
capitalization developed market equities, excluding the U.S. and Canada.
Ishares Core Msci Emerging IEMG 0.13% Tracks the investment results of an index composed of large-, mid- and small-
capitalization emerging market equities.
Vanguard Real Estate Etf VNQ 0.12% Tracks a market-cap-weighted index of companies involved in the ownership and
operation of real estate in the United States.
Vanguard Total Bond Market BND 0.03% Tracks the performance of a broad, market-weighted bond index.
Vanguard Total Intl Bond Etf BNDX 0.08% Tracks the performance of a benchmark index that measures the investment return
of investment-grade bonds issued outside of the United States.

7. Schwab (US)
Security Symbol Exp. Ratio Description
Schwab Fundamental U.S. Large Company Index ETF FNDX 0.25% Track the total return of the Russell RAFI™ US Large Company Index.
Schwab U.S. Large-Cap ETF SCHX 0.03% Track the total return of the Dow Jones U.S. Large-Cap Total Stock
Market Index.
Schwab Fundamental U.S. Small Company Index ETF FNDA 0.25% Track the total return of the Russell RAFI™ US Small Company Index.
Schwab U.S. Small-Cap ETF SCHA 0.04% Track the total return of the Dow Jones U.S. Small-Cap Total Stock
Market Index.
Schwab Fundamental International Large Company
Index ETF
FNDF 0.25% Track the total return of the Russell RAFI™ Developed ex US Large
Company Index.
Schwab International Equity ETF SCHF 0.06% Track the total return of the FTSE Developed ex US Index.
Schwab Fundamental International Small Company
Index ETF
FNDC 0.39% Track the total return of the Russell RAFI™ Developed ex US Small
Company Index.
Schwab Fundamental Emerging Markets Large
Company Index ETF
FNDE 0.39% Track the total return of the Russell RAFI™ Emerging Markets Large
Company Index.
Schwab Emerging Markets Equity ETF SCHE 0.11% Track the total return of the FTSE Emerging Index.
Schwab International Small-Cap Equity ETF SCHC 0.11% Track the total return of the FTSE Developed Small Cap ex US Liquid
Index.
iShares 0-5 Year High Yield Corporate Bond ETF SHYG 0.30% Tracks a market-value-weighted index of high-yield US-dollar-
denominated corporate bonds with 0-5 years remaining in maturity.

8. Schwab (US) (cont.)
Security Symbol Exp. Ratio Description
VanEck Vectors J.P. Morgan EM Local Currency Bond
ETF
EMLC 0.30% This ETF offers exposure to debt of emerging markets issuers that is
denominated in local currencies.
Vanguard Mortgage-Backed Securities ETF (VMBS) VMBS 0.05% Invests primarily in U.S. agency mortgage-backed pass-through
securities issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and
Freddie Mac (FHLMC).
Vanguard Total International Bond ETF (BNDX) BNDX 0.08% Attempts to track the performance of the Bloomberg Barclays
Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD
Hedged).
iShares Gold Trust IAU 0.25% The iShares Gold Trust (the 'Trust') seeks to reflect generally the
performance of the price of gold.
Schwab U.S. REIT ETF SCHH 0.07% Track the total return of the Dow Jones U.S. Select REIT Index™.
Vanguard Global ex-U.S. Real Estate ETF VNQI 0.12% Invests in stocks in the S&P Global ex-U.S. Property Index,
representing real estate stocks in more than 30 countries.

9. Stashaway (Singapore)
Security Symbol Exp. Ratio Description
iShares TIPS Bond ETF TIP 0.19% Tracks the Bloomberg Barclays Capital Index of US Treasury Inflation
Notes.
iShares J.P. Morgan USD Emerging Markets Bond
ETF
EMB 0.39% Seeks to track the investment results of an index composed of U.S.
dollar-denominated, emerging market bonds.
iShares Floating Rate Bond ETF FLOT 0.20% Exposure to U.S. floating rate bonds, whose interest payments adjust
to reflect changes in interest rates.
Vanguard Total International Bond ETF BNDX 0.08% The Fund seeks to track the performance of a benchmark index that
measures the investment return of non-U.S. dollar-denominated
investment-grade bonds.
Health Care Select Sector SPDR Fund XLV 0.13% Tracks the price and yield performance of the Health Care Select
Sector Index.
Consumer Discretionary Select Sector SPDR Fund XLY 0.13% Tracks the Consumer Discretionary Select Sector Index holding
primarily US large cap companies.
Vanguard FTSE Europe ETF VGK 0.08% Seeks to track the performance of the FTSE Developed Europe All Cap
Index, which measures the investment return of stocks issued by
companies located in the major markets of Europe.
SPDR Gold Trust GLD 0.40% Tracks the performance of the price of gold bullion (spot), less the
expenses in doing so.

10. Wahed (US)
Security Symbol Exp. Ratio Description
Wahed FTSE USA Shariah ETF HLAL 0.50% Offers passive index exposure to US Shariah-compliant stocks
Amana Participation Fund AMIPX 0.64% The fund seeks capital preservation and current income, consistent with Islamic
principles; capital preservation is its primary objective.
SPDR Gold MiniShares GLDM 0.18% Tracks the price volatility of gold in the spot market, thereby generating a return
that is similar to the returns in the spot market.

11. Wealthfront (US)
Security Symbol Exp. Ratio Description
Vanguard Total Stock Market ETF VTI 0.03% Seeks to track the performance of the CRSP US Total Market Index.
Large-, mid-, and small-cap equity diversified across growth and value
styles.
Vanguard Dividend Appreciation ETF VIG 0.06% Seeks to track the performance of the NASDAQ US Dividend Achievers
Select Index. Provides a convenient way to track the performance of
stocks of companies with a record of growing their dividends year over
year.
Vanguard FTSE Developed Markets ETF VEA 0.05% Seeks to track the investment performance of the FTSE Developed All
Cap ex US Index.
Vanguard FTSE Emerging Markets ETF VWO 0.10% Invests in stocks of companies located in emerging markets around the
world, such as China, Brazil, Taiwan, and South Africa.
iShares iBoxx USD Investment Grade Bond ETF LQD 0.15% Exposure to a broad range of U.S. investment grade corporate bonds
iShares JP Morgan USD Emerging Markets Bond ETF EMB 0.39% Exposure to U.S. dollar-denominated government bonds issued by
emerging market countries
Vanguard REIT ETF VNQ 0.12% Invests in stocks issued by real estate investment trusts (REITs),
companies that purchase office buildings, hotels, and other real
property.