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)	$724
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	1522
Wgt avg mkt cap (mns)	$249,440
Large cap (>$10bn)	85.5%
Mid cap ($2-10bn)	12.6%
Small cap (<$2bn)	2.0%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	22.0 %
APPLE INC	4.6 %
MICROSOFT CORP	4.4 %
AMAZON.COM INC	2.9 %
FACEBOOK	1.8 %
JPMORGAN CHASE & CO	1.6 %
ALPHABET INC. CLASS C	1.6 %
ALPHABET INC. CLASS A	1.5 %
VISA INC-CLASS A SHARES	1.2 %
PROCTER & GAMBLE CO/THE	1.2 %
AT&T INC	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.1 %
	IRELAND	1.9 %
	BRITAIN	1.3 %
	BERMUDA	0.4 %
	SWITZERLAND	0.3 %
	NETHERLANDS	0.3 %
	ISRAEL	0.1 %
	LUXEMBOURG	0.1 %
	ARGENTINA	0.1 %
	CHINA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
24.8%	--	--	--	15.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	100%
MSCI EAFE	1.22	86%
MSCI Emg. Mkts.	0.90	70%

Technical Indicators
Recent close	$54.06
30d moving avg.	$52.46
Annualized volatility	17.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	60
Turnover	0.5%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$155,587

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard ESG U.S. Stock 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™:

5.9%

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 (%)
PBUS	Invesco PureBeta MSCI USA	82.2	4	8	6.1	+0.2
PBP	Invesco S&P 500 Buy/Write	82.2	49	-37	5.6	-0.3
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	82.1	20	-8	6.0	+0.1
SCHK	Schwab 1000 Index	81.9	5	7	5.9	+0.1
IWB	iShares Russell 1000	81.8	15	-3	5.8	-0.1
IYY	iShares DJ US Total Market	81.8	20	-8	5.7	-0.1
SPLG	SPDR Portfolio Large Cap	81.7	3	9	5.9	+0.0
SCHX	Schwab U.S. Large-Cap	81.6	3	9	5.9	+0.0
HSPX	Global X S&P 500 Covered Call	81.6	65	-53	5.4	-0.4
VONE	Vanguard Russell 1000	81.4	12	0	5.8	-0.0
BBUS	JP Morgan Betabuilders U.S. Equity	81.4	2	10	5.9	+0.1
SPXE	ProShares S&P 500 Ex-Energy	81.1	27	-15	5.9	+0.1
SPY	S&P 500 SPDR	81.0	9	3	6.0	+0.1
IVV	iShares Core S&P 500	81.0	4	8	6.0	+0.1
VOO	Vanguard S&P 500 ETF	80.8	3	9	6.0	+0.2
IWV	iShares Russell 3000	80.8	20	-8	5.6	-0.3
SCHB	Schwab U.S. Broad Market	80.7	3	9	5.8	-0.1
SPTM	SPDR Portfolio Total Stock Market	80.6	3	9	5.8	-0.1
VTHR	Vanguard Russell 3000	80.4	15	-3	5.7	-0.2
VV	Vanguard Large-Cap ETF	80.3	4	8	5.9	+0.0

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 ESG U.S. 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	17.4	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	5.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.55

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.