VCEB vs. MFDX ETF Comparison

Comparison of Vanguard ESG U.S. Corporate Bond ETF (VCEB) to PIMCO Equitiy Series PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX)

VCEB

Vanguard ESG U.S. Corporate Bond ETF

VCEB Description

The investment seeks to track the performance of the Bloomberg Barclays MSCI US Corporate SRI Select Index (the ?index?). The index excludes bonds with maturities of 1 year or less and with less than $750 million outstanding, and is screened for certain environmental, social, and governance (ESG) criteria by the index provider, which is independent of Vanguard. All of the fund?s investments will be selected through the sampling process, and under normal circumstances, at least 80% of the fund?s assets will be invested in bonds included in the index.

Grade (RS Rating)

Last Trade

$62.73

Average Daily Volume

37,148

Number of Holdings ^*

245

* may have additional holdings in another (foreign) market

MFDX

PIMCO Equitiy Series PIMCO RAFI Dynamic Multi-Factor International Equity ETF

MFDX Description

The investment seeks to track the investment results of the RAFI Dynamic Multi-Factor Emerging Markets Index. The fund seeks to achieve its investment objective by investing at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities of the RAFI Dynamic Multi-Factor Emerging Markets Index. The underlying index is constructed by RAFI Indices, LLC using a rules-based approach to construct factor portfolios within the underlying index. The underlying index consists of "factor portfolios," each of which emphasizes one of the following factors: value, low volatility, quality and momentum.

Grade (RS Rating)

Last Trade

$30.33

Average Daily Volume

24,135

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	VCEB	MFDX
30 Days	-0.25%	-1.45%
60 Days	-2.76%	-5.23%
90 Days	-1.73%	-4.02%
12 Months	7.45%	11.37%

7 Overlapping Holdings

Symbol	Grade	Weight in VCEB	Weight in MFDX	Overlap
ABBV	D	0.03%	0.7%	0.03%
AER	B	0.01%	0.01%	0.01%
MDT	D	0.05%	0.34%	0.05%
MUFG	B	0.01%	0.39%	0.01%
NXPI	D	0.01%	0.32%	0.01%
STLA	F	0.04%	0.06%	0.04%
TT	A	0.02%	0.37%	0.02%

VCEB Overweight 238 Positions Relative to MFDX

Symbol	Grade	Weight
DT	C	0.19%
MTB	A	0.07%
TJX	A	0.07%
MOS	F	0.06%
WEST	C	0.06%
DD	D	0.06%
PGR	A	0.05%
AFL	B	0.05%
EQH	B	0.05%
MCHP	D	0.04%
LEN	D	0.04%
KMB	D	0.04%
GWW	B	0.04%
OTIS	C	0.04%
NOW	A	0.04%
AZO	C	0.04%
CTAS	B	0.04%
CPT	B	0.04%
VRSK	A	0.04%
MMC	B	0.04%
EXPE	B	0.04%
FTV	C	0.03%
EQR	B	0.03%
DGX	A	0.03%
VRSN	F	0.03%
CMA	A	0.03%
BWA	D	0.03%
BG	F	0.03%
SJM	D	0.03%
ROP	B	0.03%
RF	A	0.03%
EG	C	0.03%
PWR	A	0.03%
PPG	F	0.03%
DOC	D	0.03%
ORLY	B	0.03%
AMP	A	0.03%
ACGL	D	0.03%
NVR	D	0.03%
LH	C	0.03%
K	A	0.03%
IFF	D	0.03%
HAS	D	0.03%
LLY	F	0.03%
NTRS	A	0.03%
BHF	B	0.03%
SYF	B	0.03%
CFG	B	0.03%
GIS	D	0.03%
DG	F	0.03%
WAB	B	0.03%
ITW	B	0.03%
ADP	B	0.03%
MU	D	0.03%
BDX	F	0.03%
ETN	A	0.03%
EQIX	A	0.03%
ZBH	C	0.03%
MA	C	0.03%
ALLY	C	0.03%
BMY	B	0.03%
ABT	B	0.03%
VOD	F	0.03%
HUN	F	0.02%
HST	C	0.02%
HRL	D	0.02%
HIG	B	0.02%
MKC	D	0.02%
MCK	B	0.02%
LEA	D	0.02%
AJG	B	0.02%
NTAP	C	0.02%
A	D	0.02%
QRVO	F	0.02%
APH	A	0.02%
RL	B	0.02%
BEN	C	0.02%
BAX	D	0.02%
VTR	C	0.02%
VMC	B	0.02%
UHS	D	0.02%
CAH	B	0.02%
XRAY	F	0.02%
CSL	C	0.02%
CMI	A	0.02%
EMN	D	0.02%
VFC	C	0.02%
CF	B	0.02%
RJF	A	0.02%
AWK	D	0.02%
O	D	0.02%
MLM	B	0.02%
HBAN	A	0.02%
BLK	C	0.02%
SWK	D	0.02%
REGN	F	0.02%
TRV	B	0.02%
EFX	F	0.02%
DLTR	F	0.02%
DE	A	0.02%
CME	A	0.02%
WBA	F	0.02%
ADM	D	0.02%
BR	A	0.02%
BKNG	A	0.02%
SHW	A	0.02%
SBUX	A	0.02%
CPB	D	0.02%
GLW	B	0.02%
OMC	C	0.02%
NEM	D	0.02%
APD	A	0.02%
FITB	A	0.02%
CRM	B	0.02%
BABA	D	0.02%
DB	D	0.02%
CSCO	B	0.02%
CARR	D	0.02%
IBM	C	0.02%
HCA	F	0.02%
GOOGL	C	0.02%
HSBC	B	0.02%
AVGO	D	0.02%
GSK	F	0.02%
AZN	D	0.02%
V	A	0.02%
ORCL	B	0.02%
BAC	A	0.02%
CHTR	C	0.02%
VZ	C	0.02%
EXP	A	0.01%
ADI	D	0.01%
GLPI	C	0.01%
EA	A	0.01%
WM	A	0.01%
WB	D	0.01%
MRVL	B	0.01%
MDLZ	F	0.01%
GPN	B	0.01%
PLD	D	0.01%
PH	A	0.01%
AMAT	F	0.01%
MSI	B	0.01%
RSG	A	0.01%
AON	A	0.01%
BRX	A	0.01%
EBAY	D	0.01%
MMM	D	0.01%
MAR	B	0.01%
KEY	B	0.01%
RPRX	D	0.01%
ARE	D	0.01%
SCHW	B	0.01%
DLR	B	0.01%
DHR	F	0.01%
ZTS	D	0.01%
TXN	C	0.01%
MET	A	0.01%
KO	D	0.01%
KLAC	D	0.01%
HUM	C	0.01%
USB	A	0.01%
TSN	B	0.01%
BXP	D	0.01%
BSX	B	0.01%
TMO	F	0.01%
BMO	A	0.01%
BK	A	0.01%
BERY	B	0.01%
STT	A	0.01%
AXP	A	0.01%
PYPL	B	0.01%
FIS	C	0.01%
WELL	A	0.01%
CM	A	0.01%
CCI	D	0.01%
ADBE	C	0.01%
NVDA	C	0.01%
NKE	D	0.01%
MRK	F	0.01%
LOW	D	0.01%
KDP	D	0.01%
HPQ	B	0.01%
CB	C	0.01%
CAT	B	0.01%
CAG	D	0.01%
BNS	A	0.01%
SYY	B	0.01%
SPG	B	0.01%
PRU	A	0.01%
AMT	D	0.01%
FDX	B	0.01%
DOW	F	0.01%
DFS	B	0.01%
PNC	B	0.01%
PFE	D	0.01%
PEP	F	0.01%
AL	B	0.01%
LUV	C	0.01%
LRCX	F	0.01%
ICE	C	0.01%
HPE	B	0.01%
GM	B	0.01%
COF	B	0.01%
CI	F	0.01%
TGT	F	0.01%
TD	F	0.01%
BIIB	F	0.01%
SYK	C	0.01%
VTRS	A	0.01%
UNH	C	0.01%
TFC	A	0.01%
PG	A	0.01%
AMGN	D	0.01%
NWG	C	0.01%
JNJ	D	0.01%
UPS	C	0.01%
QCOM	F	0.01%
AIG	B	0.01%
MCD	D	0.01%
INTC	D	0.01%
HD	A	0.01%
GILD	C	0.01%
RY	A	0.01%
C	A	0.01%
FOXA	B	0.01%
DIS	B	0.01%
AMZN	C	0.01%
CMCSA	B	0.01%
DELL	C	0.01%
JPM	A	0.01%
AAPL	C	0.01%
TMUS	B	0.01%
GS	A	0.01%
T	A	0.01%
MSFT	F	0.01%
MS	A	0.01%
CVS	D	0.01%

VCEB Underweight 44 Positions Relative to MFDX

Symbol	Grade	Weight
UL	D	-1.11%
NVS	D	-0.61%
HSBH	B	-0.4%
MFG	B	-0.36%
BCS	C	-0.28%
ARM	D	-0.28%
SMFG	B	-0.27%
GRMN	B	-0.26%
SE	B	-0.22%
SPOT	B	-0.22%
WCN	A	-0.21%
TM	D	-0.21%
CNI	D	-0.16%
HMC	F	-0.16%
DEO	F	-0.14%
LOGI	D	-0.13%
CHKP	D	-0.12%
RBA	A	-0.11%
LYG	F	-0.1%
TEVA	D	-0.1%
GOLD	D	-0.09%
E	F	-0.08%
WFG	D	-0.08%
ICLR	D	-0.08%
NMR	B	-0.07%
LULU	C	-0.07%
CCEP	C	-0.06%
WIX	B	-0.06%
ALLE	D	-0.05%
AGCO	D	-0.04%
CYBR	B	-0.04%
QGEN	D	-0.04%
ALV	C	-0.04%
SONY	B	-0.03%
PDS	C	-0.03%
AEI	D	-0.03%
DOOO	F	-0.02%
ASND	D	-0.02%
MNDY	C	-0.02%
FRO	F	-0.02%
SFL	D	-0.01%
YY	C	-0.01%
MBAVU	D	-0.0%
CSIQ	F	-0.0%