Search found 10960 matches

by MotoTrojan
Mon Apr 12, 2021 8:45 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

tradri wrote: Mon Apr 12, 2021 8:43 am
MotoTrojan wrote: Mon Apr 12, 2021 8:42 am
So borrowing costs go up and short-term equity performance gets hit, nice.
I am not making this stuff up. Look at the backtests yourself.
I have. Value backtests well in many markets (and assets). This blew up in everything but the US.
by MotoTrojan
Mon Apr 12, 2021 8:43 am
Forum: Personal Finance (Not Investing)
Topic: What's Your View Of the Fidelity 2% Cash Back Visa Credit Card
Replies: 60
Views: 4893

Re: What's Your View Of the Fidelity 2% Cash Back Visa Credit Card

While it is thru a 3rd party you still interface with it via the same Fidelity website, so the only time you'll notice is if you have to complain or cancel something you contact Elan (thru the Fidelity website interface) rather than regular Fidelity customer service. I do all my investing and banki...
by MotoTrojan
Mon Apr 12, 2021 8:42 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

tradri wrote: Sat Apr 10, 2021 8:23 am
MotoTrojan wrote: Sat Apr 10, 2021 8:21 am
What does conventional economics say happens to bond yields when inflation/growth picks up :D :twisted: :sharebeer.
That's where the 70% 3x-stocks come into play. :wink:
So borrowing costs go up and short-term equity performance gets hit, nice.
by MotoTrojan
Sat Apr 10, 2021 8:21 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

Looks like it would have been a fantastic strategy to be in back then. How does the next century look? That's the million dollar question. Conventional economics would tell us, that low interest rates encourage borrowing and therefore inflation/growth... What does conventional economics say happens...
by MotoTrojan
Sat Apr 10, 2021 8:19 am
Forum: Investing - Theory, News & General
Topic: FSMAX Shows 6% Loss Today?
Replies: 39
Views: 2479

Re: FSMAX Shows 6% Loss Today?

Capital-gains distribution, perhaps partly due to it having to sell it's TSLA holdings this year as it entered the S&P500. You learned an expensive tax-lesson... this is why you should use ETFs in taxable (except for Vanguard funds that have an equivalent ETF and can avoid cap-gains distribution...
by MotoTrojan
Sat Apr 10, 2021 8:13 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

You are correct I was sticking with your original 100% equity thesis to prove my point. Monthly releveraging means less volatility decay, so this just shows the directional impact of this strategy on non-US stocks but in reality the 3x daily funds would be even worse on those other assets. Look for...
by MotoTrojan
Sat Apr 10, 2021 8:03 am
Forum: Investing - Theory, News & General
Topic: Five Factor Investing with ETFs
Replies: 59
Views: 4643

Re: Five Factor Investing with ETFs

Looks good to me. Frankly 16% in SCV funds isn't enough to move the needle for me, I have 60% in factor funds (equal-weight VTI, VXUS, VBR, QVAL, and IVAL). The Avantis funds are pretty slick for the price. Daily trading, non-market-cap weighting (allows more tilt without reducing # of holdings), mo...
by MotoTrojan
Sat Apr 10, 2021 7:39 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

Here is a method of quickly comparing results. It doesn't include the 1% ER (trivial) or the daily rebalancing (significant) but will give conservative returns in each case (higher than UPRO or the ex-US equivalent). Raw EM since 1994 got a modest 6.45% CAGR, a good bit below the US 10.41% but stil...
by MotoTrojan
Sat Apr 10, 2021 7:28 am
Forum: Investing - Theory, News & General
Topic: VT or slice/dice during accumulation stage?
Replies: 10
Views: 1089

Re: VT or slice/dice during accumulation stage?

Other than saving a bit on weighted expense ratio, the only thing I can think of is easier tax-loss harvesting with the individual funds. If that doesn't interest you (wouldn't in a 401k as you simplified to) then yeah I think just holding VT is the move. Will avoid tons of behavioral issues too.
by MotoTrojan
Sat Apr 10, 2021 7:26 am
Forum: Personal Finance (Not Investing)
Topic: What's Your View Of the Fidelity 2% Cash Back Visa Credit Card
Replies: 60
Views: 4893

Re: What's Your View Of the Fidelity 2% Cash Back Visa Credit Card

While it is thru a 3rd party you still interface with it via the same Fidelity website, so the only time you'll notice is if you have to complain or cancel something you contact Elan (thru the Fidelity website interface) rather than regular Fidelity customer service. I do all my investing and bankin...
by MotoTrojan
Sat Apr 10, 2021 7:08 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

When dealing with leverage there is more to it than "they both went up". I'll let you backtest the ex-US stocks though. If you want accurate backtests, you should really ask siamond. I am a newbie when it comes to this. Still, I don't see a reason why results should be drastically differe...
by MotoTrojan
Fri Apr 09, 2021 2:25 pm
Forum: Personal Investments
Topic: No Bonds
Replies: 40
Views: 2479

Re: No Bonds

Expected return (and risk) is likely much higher for 70/30 VT/cash than a 60/40 equity/bond portfolio (your lifestrategy allocation). I presume you looked at the return comparison (example below) and used that to judge how much you should increase your equity allocation to give you the same return w...
by MotoTrojan
Fri Apr 09, 2021 2:17 pm
Forum: Investing - Theory, News & General
Topic: Why do Vanguard Target Date funds have such high tracking error?
Replies: 15
Views: 2028

Re: Why do Vanguard Target Date funds have such high tracking error?

I interpret that as meaning the benchmark's allocation changes as the fund's allocation changes, i.e. the benchmark is rebalanced. Do you have a different interpretation? I interpret it as the benchmark following the allocation changes, but still calculating it as a weighted average of the underlyi...
by MotoTrojan
Fri Apr 09, 2021 1:56 pm
Forum: Personal Investments
Topic: Simplicity over Small Cap Value
Replies: 83
Views: 5543

Re: Simplicity over Small Cap Value

As a reformed long term SCV tilter, my vote is keep it simple. Over more than two decades, I never saw a “premium”. It may not appear in my lifetime. Remember, a bet in favor of small value is a bet against all of the largest and most successful companies in America. Huh? Weren't all the current la...
by MotoTrojan
Fri Apr 09, 2021 1:53 pm
Forum: Personal Investments
Topic: Simplicity over Small Cap Value
Replies: 83
Views: 5543

Re: Simplicity over Small Cap Value

drumboy256 wrote: Thu Apr 08, 2021 7:47 am Stage 5: Owning the best of the total market by buying the SP500 + SCV and simply going on living your life 8-)
Stage 6: Deciding you miss the simplicity of 1 fund and going all in an SCV.
by MotoTrojan
Fri Apr 09, 2021 1:45 pm
Forum: Personal Investments
Topic: How to lose the desire of outperforming the market?
Replies: 112
Views: 6973

Re: How to lose the desire of outperforming the market?

I think my portfolio would be considered an unpopular one with most Bogleheads. It is half in emerging markets value, about 1/4 in international large and small value stocks, and the other 1/4 in US SCV and global commodity producers. Its the antithesis of most of the portfolios recommended here, a...
by MotoTrojan
Fri Apr 09, 2021 1:43 pm
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

Hydromods backtest included a sweeping starting point, where-as tradri you are also putting rebalance timing luck into the mix since Portfolio Visualizer is looking at annual calendar rebalances only. I think quarterly is the best mix of trading costs and optimization personally, but as Hydro said,...
by MotoTrojan
Fri Apr 09, 2021 1:40 pm
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

If it only works in one market, that suggests it is not a well founded strategy but is just overfitting. I am not talking about one-off situations like Japan. How would the 70% daily-resetting 3x equity exposure had worked in ex-US stocks? Or even total world? I bet you it would be pretty ugly with...
by MotoTrojan
Thu Apr 08, 2021 5:03 pm
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

I've been holding a small amount of UPRO (3x leveraged S&P500) in a tax-advantaged account for 3.5 years, and it's up about 170%. This forum is pretty against leveraged ETFs, which is fine except that some of the reasoning is using twisted logic. When I see posters using cherry picked data it m...
by MotoTrojan
Thu Apr 08, 2021 4:53 pm
Forum: Personal Investments
Topic: How to lose the desire of outperforming the market?
Replies: 112
Views: 6973

Re: How to lose the desire of outperforming the market?

Not sure it's the only reason, but I suspect its the primary reason. Home country bias probably plays a role, but I'd bet a good chunck of money that if you take away the outperformance of the last decade the number of people overweighting US stocks would be considerably less. You can, for example,...
by MotoTrojan
Thu Apr 08, 2021 11:38 am
Forum: Investing - Theory, News & General
Topic: S&P 500 High Dividend ETF - SPYD
Replies: 46
Views: 3709

Re: S&P 500 High Dividend ETF - SPYD

If you are okay equal-weighting at <100 holdings, you'd get far more diversification and expected-return by something like QVAL. If you are turned of by the higher turnover, there are far more efficient ways to tilt away from tech. Fundamental index like FNDX, large-value like VTV, small-value like ...
by MotoTrojan
Thu Apr 08, 2021 11:35 am
Forum: Personal Investments
Topic: Why not use cash for RE rentals?
Replies: 29
Views: 2444

Re: Why not use cash for RE rentals?

Seems like a reasonable strategy but you would be lying to yourself if you thought the risk was equal to the original 50/50 baseline. Personally I would just increase my equity allocation and stick with equity/bonds.
by MotoTrojan
Thu Apr 08, 2021 11:27 am
Forum: Investing - Theory, News & General
Topic: Vanguard Multifactor
Replies: 3
Views: 396

Re: Vanguard Multifactor

One of the best multi-factor options out there with a really great methodology and an unbeatable price. I don't personally hold it, but if you want broad (size wise) multi-factor exposure it can't be beat IMHO. Many people prefer multi-factor all-in funds (bottoms up) and there is good evidence for ...
by MotoTrojan
Thu Apr 08, 2021 11:15 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

I don't think it's true that rebalancing as often as possible is superior. Rebalancing UPRO/TMF monthly, instead of quarterly, actually produces lower returns in Portfolio Visualizer. I did some fairly exhaustive testing a while back. It turns out that end of month and end of quarter have historica...
by MotoTrojan
Thu Apr 08, 2021 11:10 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

70/30 may have improved returns with the prior history which had a higher than normal optimal leverage ratio but that means nothing for the future. Also make sure you are comparing starting/ending points with similar yields, otherwise you are seeing a tailwind which wont occur in the future most li...
by MotoTrojan
Thu Apr 08, 2021 11:06 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

DFSVX has a lot of distributions, total return matters. Here is since inception: https://www.portfoliovisualizer.com/backtest-portfolio?s=y&timePeriod=2&startYear=1985&firstMonth=1&endYear=2021&lastMonth=12&calendarAligned=true&includeYTD=false&initialAmount=10000&am...
by MotoTrojan
Thu Apr 08, 2021 11:05 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

DFSVX has a lot of distributions, total return matters. Here is since inception: https://www.portfoliovisualizer.com/backtest-portfolio?s=y&timePeriod=2&startYear=1985&firstMonth=1&endYear=2021&lastMonth=12&calendarAligned=true&includeYTD=false&initialAmount=10000&am...
by MotoTrojan
Thu Apr 08, 2021 8:35 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

If you think 70/30 UPRO/TMF is a more efficient way to outperform by 2% than best of luck to you. For what it is worth, the godfather of small-value funds DFSVX has outperformed the S&P500 by 1.34% yet still sits at one of the largest valuation spreads in history in favor of SCV. Rolling 10-yea...
by MotoTrojan
Thu Apr 08, 2021 8:07 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

After following several LETF discussion threads on Bogleheads for last couple of years, I observed few things. Analysis paralysis is real. Most discussion get into the weeds losing sight of the goal. No one reads original two threads completely. Over the years, I have noticed same discussion of try...
by MotoTrojan
Thu Apr 08, 2021 7:46 am
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

Proud of you. Now come to the dark-side and get into deep-factor tilts! If you can convince me that factor funds produce a higher long-term CAGR than 70/30 UPRO/TMF, I sure will. :beer I looked a bit into factor investing (multifactor, small cap value...) but they all produced inferior results than...
by MotoTrojan
Wed Apr 07, 2021 8:03 pm
Forum: Investing - Theory, News & General
Topic: What is your contrarian/alternative play?
Replies: 101
Views: 8580

Re: What is your contrarian/alternative play?

I hold the majority of my portfolio in value funds, but would say the majority of them (40% of portfolio in QVAL/IVAL) are not in consensus Boglehead value fashion because they don't regress well on standard factor models (lots of alpha, in both directions) and concentrate deeply (50 holdings). http...
by MotoTrojan
Wed Apr 07, 2021 7:55 pm
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

The OP was comparing ^GSPC*3 to UPRO, I think, cumulative daily returns. So price only versus UPRO. I see, I misunderstood that entirely and apologize to Rogue_trader. I still don't quite understand how that can be the case, that implies that UPRO outperforms its gross index every day? Where is the...
by MotoTrojan
Wed Apr 07, 2021 7:50 pm
Forum: Personal Investments
Topic: Did son get wrong Roth advice from Vanguard?
Replies: 6
Views: 1109

Re: Did son get wrong Roth advice from Vanguard?

These two things sound like they are describing the same situation so I am a little confused as to what you are getting at. Did Vanguard not do a recharacterization (you say they moved the entire amount to a tIRA, not sure how they moved it if not a recharacterization)? Then he converted back to Ro...
by MotoTrojan
Wed Apr 07, 2021 7:46 pm
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

Volatility drag is totally irrelevant here. I am talking about daily returns and their cumulative product not annual returns! Have you tried to compare UPRO and 3*S&P500? You can easily do it in excel. UPRO beats it and it beats it big. I think you need to bust out excel a bit more as it appare...
by MotoTrojan
Wed Apr 07, 2021 7:41 pm
Forum: Personal Investments
Topic: Did son get wrong Roth advice from Vanguard?
Replies: 6
Views: 1109

Re: Did son get wrong Roth advice from Vanguard?

These two things sound like they are describing the same situation so I am a little confused as to what you are getting at. Did Vanguard not do a recharacterization (you say they moved the entire amount to a tIRA, not sure how they moved it if not a recharacterization)? Then he converted back to Rot...
by MotoTrojan
Wed Apr 07, 2021 6:53 pm
Forum: Personal Investments
Topic: Simplicity over Small Cap Value
Replies: 83
Views: 5543

Re: Simplicity over Small Cap Value

How much extra would I reasonably earn if I did the 25% tilt to SCV? Thanks Great question. Most honest SCV holders would be thrilled to get a 2% long-term premium, so you are talking about a 0.5% increase to overall returns. 1% wouldn't be crazy though, so 0.25% there. Only you can decide if that ...
by MotoTrojan
Wed Apr 07, 2021 6:25 pm
Forum: Investing - Theory, News & General
Topic: TSLA gamed the system - Could Index Funds Be ‘Worse Than Marxism’?
Replies: 107
Views: 11160

Re: TSLA gamed the system - Could Index Funds Be ‘Worse Than Marxism’?

I suppose an interesting side effect might be that Tesla is one of the most innovative companies we've seen in our lifetimes... I still don't understand the haters that still, to this day, think it's a gigantic charade that will fall apart at any minute. You can be innovative and still wildly overv...
by MotoTrojan
Wed Apr 07, 2021 6:16 pm
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

The same risk free rate should be also emended in UPRO, because UPRO cannot borrow for free, but it seems that it can and not only that they are even borrowing at negative rates. Or there must be some other source of return boost, which makes UPRO to beat 3*S&P500. What exactly is the fund borr...
by MotoTrojan
Wed Apr 07, 2021 6:00 pm
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

Volatility drag is totally irrelevant here. I am talking about daily returns and their cumulative product not annual returns! Have you tried to compare UPRO and 3*S&P500? You can easily do it in excel. UPRO beats it and it beats it big. I think you need to bust out excel a bit more as it appare...
by MotoTrojan
Wed Apr 07, 2021 5:56 pm
Forum: Investing - Theory, News & General
Topic: Are 3x leveraged ETFs the long-term winning strategy?
Replies: 689
Views: 32265

Re: Are 3x leveraged ETFs the long-term winning strategy?

After reading through all the arguments for and against leverage, it seems to me that all the hassle isn't worth it. Convincing backtests have shown, that using leveraged ETFs like UPRO doesn't produce superior results long-term. Guess I will have to stick to 100% stocks to get the maximum reliable...
by MotoTrojan
Wed Apr 07, 2021 5:53 pm
Forum: Personal Investments
Topic: How to lose the desire of outperforming the market?
Replies: 112
Views: 6973

Re: How to lose the desire of outperforming the market?

To put it frankly, you failed to the point where I think there is no coming back. Dumping value after a few bad weeks and then immediately doubting your move to tech shows you don't have what it takes. Imagine a 10 year period of underperformance, if you can't make it weeks you can't make it years, ...
by MotoTrojan
Wed Apr 07, 2021 5:50 pm
Forum: Personal Investments
Topic: Re-balancing tutorial
Replies: 14
Views: 1203

Re: Re-balancing tutorial

Frankly I would just put it into a single fund-of-funds that mirrors your appropriate/desired allocation and be done with it, especially if you are only going to rebalance annually.
by MotoTrojan
Wed Apr 07, 2021 5:46 pm
Forum: Investing - Theory, News & General
Topic: How long to turn 1 million to 2 millions for you?
Replies: 88
Views: 30390

Re: How long to turn 1 million to 2 millions for you?

Agreed, I got jealous as well, then I read this and realized the OP will probably be on their way to $2M again soon. I really doubt it. Even if Tesla comes crashing down, it's not like the OP has to sit & stay in. Pretty sure they'd pull the plug way before 2M. They claim they are holding for a...
by MotoTrojan
Wed Apr 07, 2021 5:34 pm
Forum: Personal Investments
Topic: Short TLT as inflation hedge?
Replies: 15
Views: 824

Re: Short TLT as inflation hedge?

Earlier 2021, TLT was around $157. Now around $137, because rates rose. A short would have gained $20. Thx for your thoughts. Shorting isn't free, you have to pay a borrow rate. Fintel says that is currently 0.99% for TLT, not a bad rate, but for what you are getting it is pretty piss-poor. Why not...
by MotoTrojan
Wed Apr 07, 2021 5:31 pm
Forum: Investing - Theory, News & General
Topic: How long to turn 1 million to 2 millions for you?
Replies: 88
Views: 30390

Re: How long to turn 1 million to 2 millions for you?

His AA listed in the op is "1. My AA: 40% US, 30% Int'l, 30% Bonds 2. All in low cost index funds." So it doesn't look like they made it there yet with this AA but according to 'Stoptothink' above they are now at 10m due to an investment in Tesla. So I would say congrats are still in orde...
by MotoTrojan
Wed Apr 07, 2021 5:29 pm
Forum: Personal Investments
Topic: Buy more bonds now or wait?
Replies: 25
Views: 4904

Re: Buy more bonds now or wait?

Do you know more than the market does about bonds? You make it sound so easy to time the bond market (wait until rates are neutral) but bonds are priced openly, not by the Fed, and all of this (and much more) information is baked into the price available today. Inflation expectations, rate expectat...
by MotoTrojan
Tue Apr 06, 2021 10:27 pm
Forum: Investing - Theory, News & General
Topic: Factorheads Opinions Please VFMF/VSS
Replies: 19
Views: 1549

Re: Factorheads Opinions Please VFMF/VSS

pascalwager wrote: Tue Apr 06, 2021 10:24 pm

Sorry, it's "XCEM", not "VCEM".
Thanks for clarifying, pretty reasonable ER at 16 bp.
by MotoTrojan
Tue Apr 06, 2021 10:04 pm
Forum: Personal Investments
Topic: Buy more bonds now or wait?
Replies: 25
Views: 4904

Re: Buy more bonds now or wait?

Do you know more than the market does about bonds? You make it sound so easy to time the bond market (wait until rates are neutral) but bonds are priced openly, not by the Fed, and all of this (and much more) information is baked into the price available today. Inflation expectations, rate expectati...
by MotoTrojan
Tue Apr 06, 2021 9:33 pm
Forum: Personal Investments
Topic: Anxiety/Overthinking
Replies: 35
Views: 2716

Re: Anxiety/Overthinking

I like your tilts, nothing extreme about 25% in SCV, I have 60% of my portfolio in small/deep-value. If I were you I would just let the BTC position on the wallet sit there (assuming you won't sell it) but stop adding to it. You don't need triple-digit CAGR to have substantial wealth when you start...
by MotoTrojan
Tue Apr 06, 2021 9:31 pm
Forum: Investing - Theory, News & General
Topic: Factorheads Opinions Please VFMF/VSS
Replies: 19
Views: 1549

Re: Factorheads Opinions Please VFMF/VSS

I use VFVA (Vanguard Factor Value ETF) rather than VFMF; I have more faith in the value factor, and don't want to give up the deep-value exposure to hold other factors. I do use VSS for international small-cap blend, but I also hold value factors in international stock: IVLU (iShares EAFE Factor Va...