ETF Research Center

The Vanguard ESG U.S. Stock ETF tracks a market-cap-weighted index of US companies screened for environmental, social, and corporate governance (ESG) criteria.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard
Website	investor.vanguard.com
Inception date	Sep 18, 2018
Assets (mns)	$3,247
Currency	USD
Expense ratio	12 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1464
Wgt avg mkt cap (mns)	$665,096
Large cap (>$10bn)	89.3%
Mid cap ($2-10bn)	9.7%
Small cap (<$2bn)	0.9%
Developed mkts	99.7%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	40.3 %
APPLE INC	10.2 %
MICROSOFT CORP	7.7 %
AMAZON.COM INC	6.4 %
ALPHABET INC. CLASS C	3.1 %
FACEBOOK	3.0 %
TESLA MOTORS INC	2.9 %
ALPHABET INC. CLASS A	2.0 %
JPMORGAN CHASE & CO	1.9 %
VISA INC-CLASS A SHARES	1.6 %
UNITEDHEALTH GROUP INC	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	143.2 %
	IRELAND	2.4 %
	BRITAIN	1.9 %
	BERMUDA	0.5 %
	SWITZERLAND	0.5 %
	ARGENTINA	0.4 %
	NETHERLANDS	0.3 %
	LUXEMBOURG	0.2 %
	ISRAEL	0.2 %
	BRAZIL	0.1 %

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.
25.7%	25.7%	--	--	22.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	100%
MSCI EAFE	0.96	86%
MSCI Emg. Mkts.	0.80	72%

Technical Indicators
Recent close	$72.47
30d moving avg.	$70.30
Annualized volatility	21.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	429
Turnover	1.0%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$291,933

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the Vanguard ESG U.S. Stock ETF ETF based on the alternatives' overlap in portfolio holdings with ESGV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ESGV

Expense:

12 bp

ALTAR Score™:

4.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ESGV
Ticker	Fund Name	Overlap¹ vs ESGV (%)	Expense ratio (bp)	Savings vs ESGV (bp)	ALTAR Score™ (%)	ALTAR vs ESGV (%)
IQSU	IQ Candriam ESG US Equity ETF	91.6	9	3	4.5	+0.0
XVV	iShares ESG Screened S&P 500 ETF	91.4	8	4	4.9	+0.4
EFIV	SPDR S&P 500 ESG ETF	90.5	10	2	4.6	+0.1
SNPE	Xtrackers S&P 500 ESG ETF	90.4	10	2	4.6	+0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	88.3	60	-48	3.6	-0.9
PBP	Invesco S&P 500 BuyWrite ETF	87.3	49	-37	4.3	-0.2
MMTM	SPDR S&P 1500 Momentum Tilt ETF	87.2	12	0	4.0	-0.5
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	87.1	20	-8	4.6	+0.1
MGC	Vanguard Mega Cap Index Fund	86.7	7	5	4.6	+0.1
IWL	iShares Russell Top 200 ETF	86.3	15	-3	4.4	-0.1
BKLC	BNY Mellon US Large Cap Core Equity ETF	86.2	0	12	4.4	-0.0
VTHR	Vanguard Russell 3000 Index Fund	86.1	10	2	4.4	-0.1
SPXE	ProShares S&P 500 Ex-Energy ETF	85.9	27	-15	4.6	+0.2
XYLG	Global X S&P 500 Covered Call & Growth ETF	85.7	60	-48	4.4	-0.1
IWF	iShares Russell 1000 Growth ETF	85.7	19	-7	3.4	-1.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	85.6	20	-8	4.8	+0.3
VONG	Vanguard Russell 1000 Growth Index Fund	84.9	8	4	3.5	-0.9
PBUS	Invesco PureBeta MSCI USA ETF	84.6	4	8	4.6	+0.1
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	84.5	7	5	4.5	+0.1
SPY	SPDR S&P 500 ETF Trust	84.5	9	3	4.7	+0.2
SPLG	SPDR Portfolio Large Cap ETF	84.4	3	9	4.7	+0.3
IVV	iShares Core S&P 500 ETF	84.4	3	9	4.7	+0.3
SCHK	Schwab 1000 Index ETF	84.3	5	7	4.6	+0.1
IWB	iShares Russell 1000 ETF	84.2	15	-3	4.4	-0.0
IUSG	iShares Core S&P US Growth ETF	84.2	4	8	3.6	-0.8
SCHX	Schwab U.S. Large-Cap ETF	84.1	3	9	4.5	+0.1
SPTM	SPDR Portfolio Total Stock Market ETF	83.8	3	9	4.8	+0.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	83.8	2	10	4.6	+0.2
SPXN	ProShares S&P 500 Ex-Financials ETF	83.8	27	-15	4.3	-0.1
IYY	iShares Dow Jones U.S. ETF	83.8	20	-8	4.4	-0.1
OEF	iShares S&P 100 ETF	83.5	20	-8	4.2	-0.3
VOOG	Vanguard S&P 500 Growth ETF	83.4	10	2	3.9	-0.6
VV	Vanguard Large-Cap Index Fund	82.9	4	8	4.6	+0.1
VOO	VANGUARD S&P 500 ETF	82.8	3	9	4.8	+0.3
IWV	iShares Russell 3000 ETF	82.8	20	-8	4.3	-0.2
SPXV	ProShares S&P 500 Ex-Health Care ETF	82.8	27	-15	4.3	-0.2
SCHB	Schwab U.S. Broad Market ETF	82.5	3	9	4.4	-0.0
ITOT	iShares Core S&P Total U.S. Stock Market ETF	82.0	3	9	4.4	-0.1
VUG	Vanguard Growth Index Fund	81.7	4	8	3.5	-1.0
SPYG	SPDR Portfolio S&P 500 Growth ETF	81.6	4	8	3.6	-0.8
IVW	iShares S&P 500 Growth ETF	81.6	18	-6	3.5	-1.0
ESGU	iShares MSCI USA ESG Optimized ETF	81.2	15	-3	4.4	-0.1
CATH	Global X S&P 500 Catholic Values Custom ETF	80.5	29	-17	4.6	+0.1
VTI	Vanguard Total Stock Market Index Fund	79.8	3	9	4.4	-0.1
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	79.6	15	-3	4.6	+0.2
DFAU	Dimensional US Core Equity Market ETF	79.2	12	0	4.7	+0.2
ESG	FlexShares STOXX US ESG Impact Index Fund	78.0	32	-20	4.4	-0.0
SPXT	ProShares S&P 500 Ex-Technology ETF	77.9	27	-15	4.9	+0.4
VONE	Vanguard Russell 1000 ETF	77.1	8	4	4.5	+0.1
JHML	John Hancock Multifactor Large Cap ETF	76.8	29	-17	4.8	+0.4
DSI	iShares MSCI KLD 400 Social ETF	76.6	25	-13	4.5	+0.1
SFY	SoFi Select 500 ETF	75.5	0	12	4.6	+0.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	75.0	9	3	4.8	+0.3
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	75.0	21	-9	2.8	-1.6
IWY	iShares Russell Top 200 Growth ETF	73.7	20	-8	3.5	-0.9
SCHG	Schwab U.S. Large-Cap Growth ETF	72.8	4	8	3.1	-1.3
EPS	WisdomTree U.S. Earnings 500 Fund	72.7	8	4	5.9	+1.4
AVUS	Avantis U.S. Equity ETF	72.2	15	-3	4.8	+0.4
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	70.8	49	-37	3.4	-1.1
XLG	Invesco S&P 500 Top 50 ETF	70.1	20	-8	4.0	-0.4
MGK	Vanguard Mega Cap Growth ETF	70.0	7	5	3.6	-0.8
DYNF	BlackRock U.S. Equity Factor Rotation ETF	69.6	30	-18	5.2	+0.8
QUS	SPDR MSCI USA StrategicFactors ETF	69.3	15	-3	5.3	+0.8
SUSL	iShares ESG MSCI USA Leaders ETF	68.7	10	2	4.8	+0.4
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	68.7	10	2	4.8	+0.4
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	67.8	25	-13	4.9	+0.4
VEGN	US Vegan Climate ETF	67.2	60	-48	3.9	-0.5
IETC	iShares Evolved U.S. Technology ETF	66.5	18	-6	3.4	-1.0
RECS	Columbia Research Enhanced Core ETF	65.8	15	-3	5.1	+0.6
HIPR	Direxion High Growth ETF	65.7	40	-28	3.8	-0.7
NACP	Impact Shares NAACP Minority Empowerment ETF	65.5	49	-37	4.7	+0.2
TMFC	Motley Fool 100 Index ETF	65.1	50	-38	3.0	-1.5
RESP	WisdomTree US ESG Fund of Benef Interest	64.6	28	-16	5.0	+0.6
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	64.4	30	-18	5.0	+0.6
PRF	Invesco FTSE RAFI US 1000 ETF	64.3	39	-27	5.8	+1.3
SCHV	Schwab U.S. Large-Cap Value ETF	63.7	4	8	6.1	+1.6
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	63.3	25	-13	5.7	+1.2
WOMN	Impact Shares YWCA Women's Empowerment ETF	63.3	75	-63	3.5	-1.0
DTD	WisdomTree U.S.Total Dividend Fund	63.0	28	-16	6.2	+1.8
DIVB	iShares U.S. Dividend & Buyback ETF	62.8	25	-13	5.9	+1.4
QQQM	Invesco NASDAQ 100 ETF	62.7	15	-3	3.5	-1.0
QQQ	Invesco QQQ Trust	62.7	20	-8	3.4	-1.0
QYLD	Global X NASDAQ 100 Covered Call ETF	62.7	60	-48	3.1	-1.3
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	62.7	60	-48	3.1	-1.4
NUSI	Nationwide Risk-Managed Income ETF	62.7	68	-56	3.1	-1.4
IGM	iShares Expanded Tech Sector ETF	62.7	46	-34	3.3	-1.2
VONV	Vanguard Russell 1000 Value Index Fund	62.4	8	4	6.2	+1.7
VOOV	Vanguard S&P 500 Value ETF	62.4	10	2	6.6	+2.1
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	62.1	25	-13	5.7	+1.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	62.0	15	-3	5.8	+1.3
IWD	iShares Russell 1000 Value ETF	61.6	19	-7	6.0	+1.6
DLN	WisdomTree U.S. LargeCap Dividend Fund	60.7	28	-16	6.1	+1.7
KOKU	Xtrackers MSCI Kokusai Equity ETF	60.6	9	3	5.0	+0.6
TOK	iShares MSCI Kokusai ETF	60.5	25	-13	4.9	+0.4
USXF	iShares ESG Advanced MSCI USA ETF	60.4	10	2	4.5	+0.1
IUSV	iShares Core S&P U.S. Value ETF	60.2	4	8	6.4	+2.0
IUS	Invesco Strategic US ETF	58.5	19	-7	5.5	+1.0
SUSA	iShares MSCI USA ESG Select ETF	57.8	25	-13	4.2	-0.2

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 ESG U.S. Stock ETF
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	17.7	%
Divided by: Fwd. P/BV	3.9	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	4.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	CATEGORY AVERAGE	1.49

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.