ETF Research Center

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

FUND BASICS
Category	International Equities
Fund Sponsor	Vanguard
Website	institutional.vanguard.com
Inception date	Sep 18, 2018
Assets (mns)	$515
Currency	USD
Expense ratio	15 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	3650
Wgt avg mkt cap (mns)	$56,677
Large cap (>$10bn)	69.8%
Mid cap ($2-10bn)	24.9%
Small cap (<$2bn)	5.1%
Developed mkts	76.5%
Emerging mkts	23.5%

TOP TEN HOLDINGS
Total	10.7 %
NESTLE SA-REG	1.6 %
ALIBABA GROUP HOLDING LTD. SPONSOR	1.4 %
TAIWAN SEMICONDUCTOR MANUFAC	1.3 %
TENCENT HOLDINGS LTD	1.3 %
SAMSUNG ELECTRONICS CO LTD	1.2 %
ROCHE HOLDING AG-GENUSSCHEIN	1.0 %
TOYOTA MOTOR CORP	1.0 %
ASTRAZENECA PLC	0.7 %
AIA GROUP LTD	0.7 %
ROYAL BANK OF CANADA	0.6 %

TOP COUNTRY EXPOSURE
	JAPAN	19.0 %
	BRITAIN	8.6 %
	CANADA	7.4 %
	SWITZERLAND	6.0 %
	FRANCE	5.0 %
	GERMANY	4.8 %
	CHINA	4.8 %
	AUSTRALIA	4.6 %
	TAIWAN	4.3 %
	SOUTH KOREA	3.4 %

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.
16.9%	--	--	--	12.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.79	88%
MSCI EAFE	1.06	96%
MSCI Emg. Mkts.	0.82	86%

Technical Indicators
Recent close	$51.51
30d moving avg.	$51.16
Annualized volatility	14.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	50
Turnover	0.5%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$60,462

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard ESG International Stock ETF based on the alternatives' overlap in portfolio holdings with VSGX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VSGX

Expense:

15 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VSGX
Ticker	Fund Name	Overlap¹ vs VSGX (%)	Expense ratio (bp)	Savings vs VSGX (bp)	ALTAR Score™ (%)	ALTAR vs VSGX (%)
SCHF	Schwab International Equity	65.1	6	9	7.5	+0.1
VEU	Vanguard FTSE All-World ex-US	64.9	9	6	7.6	+0.3
VEA	Vanguard Europe Pacific	64.4	5	10	7.4	+0.0
DBAW	Xtrackers MSCI All World ex-US Hedged	64.2	40	-25	7.3	-0.0
VXUS	Vanguard Total International Stock	64.2	9	6	7.6	+0.3
ACWX	iShares MSCI ACWI ex-US	64.1	31	-16	7.5	+0.1
IXUS	iShares Core International Stock	64.0	9	6	7.5	+0.1
IDEV	iShares Core MSCI Int'l Developed Markets	62.4	5	10	7.2	-0.2
PBDM	Invesco PureBeta FTSE Developed ex-North America	60.4	7	8	7.6	+0.2
SPDW	SPDR Portfolio World ex-US	60.2	4	11	7.2	-0.2
IEFA	iShares Core MSCI EAFE	58.6	7	8	7.1	-0.2
HFXI	IQ 50 Percent Hedged FTSE Int'l	57.2	20	-5	7.3	-0.1
EFAX	SPDR MSCI EAFE Fossil Fuel Free	55.0	20	-5	7.2	-0.2
EFA	iShares MSCI EAFE	54.5	31	-16	7.0	-0.4
CWI	SPDR MSCI ACWI ex-US	54.5	30	-15	7.5	+0.1
DBEF	Xtrackers MSCI EAFE Hedged	54.2	35	-20	6.9	-0.5
PXF	Invesco FTSE-RAFI Developed ex-US	49.5	45	-30	8.2	+0.8
ACSG	Xtrackers MSCI ACWI ex USA ESG Leaders Equity	49.0	16	-1	7.1	-0.2
FNDF	Schwab Fundamental Intl Large Cap	47.8	25	-10	7.6	+0.2
GSIE	Goldman Sachs ActiveBeta Int'l Equity	45.5	25	-10	6.7	-0.6

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 International 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	11.2	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.63

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.