Semiannual Report  |  February 28, 2022
Vanguard ESG International Stock ETF

Contents

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Table of Contents
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund‘s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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Table of Contents
Six Months Ended February 28, 2022      
ESG International Stock ETF Beginning
Account Value
8/31/2021
Ending
Account Value
2/28/2022
Expenses
Paid During
Period
Based on Actual Fund Return $1,000.00 $ 909.40 $0.57
Based on Hypothetical 5% Yearly Return 1,000.00 1,024.20 0.60
The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratio for that period is 0.12%. The dollar amounts shown as ”Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
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Table of Contents
ESG International Stock ETF
Fund Allocation
As of February 28, 2022
 
Japan 16.7%
China 9.6
United Kingdom 8.4
Canada 7.4
Switzerland 6.6
Taiwan 6.4
Australia 4.9
Germany 4.7
France 4.1
South Korea 3.9
India 3.6
Netherlands 3.2
Sweden 2.3
Hong Kong 2.0
Denmark 1.7
Brazil 1.4
Italy 1.3
South Africa 1.2
Spain 1.0
Other 9.6
The table reflects the fund’s investments, except for short-term investments and derivatives.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
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Table of Contents
ESG International Stock ETF
Financial Statements (unaudited)
Schedule of Investments
As of February 28, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
          Shares Market
Value

($000)
Common Stocks (99.6%)
Australia (4.9%)
Commonwealth Bank of Australia     244,708    16,602
CSL Ltd.      69,852    13,281
National Australia Bank Ltd.     465,975     9,787
Westpac Banking Corp.     510,998     8,445
Australia & New Zealand Banking Group Ltd.     397,619     7,528
Macquarie Group Ltd.      48,329     6,360
Wesfarmers Ltd.     152,198     5,338
Goodman Group     290,758     4,704
Transurban Group     441,992     4,082
Fortescue Metals Group Ltd.     241,034     3,211
James Hardie Industries plc       79,783     2,605
Amcor plc      215,013     2,475
Newcrest Mining Ltd.     132,522     2,458
Sonic Healthcare Ltd.      87,252     2,226
ASX Ltd.      36,524     2,194
Scentre Group     945,896     2,101
QBE Insurance Group Ltd.     249,779     2,084
Cochlear Ltd.      12,480     2,037
Telstra Corp. Ltd.     671,562     1,930
Brambles Ltd.     267,744     1,928
Dexus     235,763     1,866
Computershare Ltd.     116,727     1,844
Suncorp Group Ltd.     226,307     1,760
Ramsay Health Care Ltd.      35,310     1,647
GPT Group     454,057     1,620
Stockland     518,163     1,568
Mirvac Group     786,063     1,466
SEEK Ltd.      74,575     1,456
BlueScope Steel Ltd.      97,943     1,450
Insurance Australia Group Ltd.     432,466     1,444
Northern Star Resources Ltd.     192,351     1,434
Medibank Pvt Ltd.     593,510     1,369
          Shares Market
Value

($000)
OZ Minerals Ltd.      66,841     1,249
* Xero Ltd.      17,504     1,204
Bank of Queensland Ltd.     205,518     1,196
* Lynas Rare Earths Ltd.     146,713     1,111
Lendlease Corp. Ltd.     135,977     1,049
Vicinity Centres     798,056     1,039
Incitec Pivot Ltd.     416,535       935
Charter Hall Group      71,629       876
Alumina Ltd.     591,938       855
Orica Ltd.      78,097       833
Orora Ltd.     307,276       832
Evolution Mining Ltd.     259,493       802
IGO Ltd.      96,510       774
Mineral Resources Ltd.      20,962       699
JB Hi-Fi Ltd.      19,110       687
* Pilbara Minerals Ltd.     340,739       684
ALS Ltd.      75,676       656
Bendigo & Adelaide Bank Ltd.      93,789       655
Atlas Arteria Ltd.     133,861       637
IDP Education Ltd.      32,413       627
* NEXTDC Ltd.      78,598       615
Domino's Pizza Enterprises Ltd.      10,489       606
Downer EDI Ltd.     163,165       601
Steadfast Group Ltd.     163,940       549
Challenger Ltd.     104,825       516
Metcash Ltd.     165,198       496
GDI Property Group     583,571       445
United Malt Grp Ltd.     130,632       401
nib holdings Ltd.      80,923       382
Super Retail Group Ltd.      45,863       369
Credit Corp. Group Ltd.      15,994       357
Perpetual Ltd.      13,796       353
REA Group Ltd.       3,577       345
* AMP Ltd.     486,748       335
Domain Holdings Australia Ltd.     114,553       333
Reece Ltd.      23,338       330
Data#3 Ltd.      79,259       312
Eagers Automotive Ltd.      30,261       311
National Storage REIT     158,382       298
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Table of Contents
ESG International Stock ETF
          Shares Market
Value

($000)
AddLife AB Class B      12,688       289
Aurizon Holdings Ltd.     101,718       259
Breville Group Ltd.      12,982       257
WiseTech Global Ltd.       8,017       257
carsales.com Ltd.      15,881       240
Centuria Capital Group     111,358       235
Altium Ltd.       9,910       234
InvoCare Ltd.      24,245       228
* Chalice Mining Ltd.      41,530       226
Iluka Resources Ltd.      22,839       180
Ansell Ltd.       9,500       178
* Syrah Resources Ltd.     167,282       174
Champion Iron Ltd.      35,065       165
* Aurelia Metals Ltd.     498,016       163
* West African Resources Ltd.     201,913       161
HUB24 Ltd.       7,789       160
* Qantas Airways Ltd.      42,527       158
Reliance Worldwide Corp. Ltd.      46,940       158
Qube Holdings Ltd.      71,968       156
Nine Entertainment Co. Holdings Ltd.      74,037       150
Boral Ltd.      54,758       145
Cleanaway Waste Management Ltd.      69,633       141
* ioneer Ltd.     350,386       135
Ramelius Resources Ltd.     109,506       121
* Flight Centre Travel Group Ltd.       9,113       117
Insignia Financial Ltd.      40,515       113
Harvey Norman Holdings Ltd.      29,036       111
Shopping Centres Australasia Property Group      52,856       111
Link Administration Holdings Ltd.      28,529       110
* Uniti Group Ltd.      45,815       110
* Corporate Travel Management Ltd.       6,734       107
Nickel Mines Ltd.      95,314       107
ARB Corp. Ltd.       3,342       102
CSR Ltd.      24,170       101
*,1 Zip Co. Ltd.      60,175       101
Healius Ltd.      31,342        98
Sims Ltd.       7,140        95
* Perseus Mining Ltd.      66,708        88
TPG Telecom Ltd.      21,539        88
* Bellevue Gold Ltd.     123,881        86
Premier Investments Ltd.       4,095        83
Pro Medicus Ltd.       2,399        82
CIMIC Group Ltd.       5,063        81
* Webjet Ltd.      19,517        76
Sandfire Resources Ltd.      15,246        75
* De Grey Mining Ltd.      88,500        73
          Shares Market
Value

($000)
* Megaport Ltd.       6,994        70
*,2 Life360 Inc.      18,422        70
Bapcor Ltd.      14,467        68
Adbri Ltd.      27,646        67
Ingenia Communities Group      18,150        67
Arena REIT      18,438        66
GrainCorp Ltd. Class A      10,221        63
* Redbubble Ltd.      46,071        62
Elders Ltd.       7,156        60
AUB Group Ltd.       3,556        56
Gold Road Resources Ltd.      48,819        54
Genworth Mortgage Insurance Australia Ltd.      24,057        52
* Eclipx Group Ltd.      30,424        51
* Mayne Pharma Group Ltd.     298,792        50
Aventus Group      18,495        49
MyState Ltd.      13,978        49
* Australian Strategic Materials Ltd.       8,162        49
Monadelphous Group Ltd.       5,827        48
* Nuix Ltd.      51,812        48
Collins Foods Ltd.       5,870        47
Netwealth Group Ltd.       4,523        46
Lovisa Holdings Ltd.       3,122        46
Costa Group Holdings Ltd.      22,436        44
Blackmores Ltd.         715        43
Clinuvel Pharmaceuticals Ltd.       2,896        43
Regis Resources Ltd.      30,025        43
Pendal Group Ltd.      12,652        43
* G8 Education Ltd.      46,012        42
* oOh!media Ltd.      34,176        42
Nufarm Ltd.      10,332        41
* Temple & Webster Group Ltd.       8,273        41
Cromwell Property Group      61,810        40
St. Barbara Ltd.      41,818        40
Abacus Property Group      15,527        40
NRW Holdings Ltd.      25,309        40
Codan Ltd.       7,258        39
Accent Group Ltd.      27,592        38
Pinnacle Investment Management Group Ltd.       4,886        37
IRESS Ltd.       4,726        36
Kelsian Group Ltd.       6,017        32
* Western Areas Ltd.      11,417        29
* Nanosonics Ltd.       9,467        29
* EML Payments Ltd.      16,303        29
* Seven West Media Ltd.      62,345        28
* Mesoblast Ltd.      34,468        28
 
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Table of Contents
ESG International Stock ETF
          Shares Market
Value

($000)
Bega Cheese Ltd.       8,184        28
GUD Holdings Ltd.       3,226        27
* PolyNovo Ltd.      36,969        27
Lifestyle Communities Ltd.       2,146        27
Westgold Resources Ltd.      15,645        26
Select Harvests Ltd.       6,347        25
Perenti Global Ltd.      44,483        25
Technology One Ltd.       3,371        24
Hansen Technologies Ltd.       6,467        23
* EVENT Hospitality & Entertainment Ltd.       2,209        23
Virtus Health Ltd.       4,070        22
IPH Ltd.       3,562        22
* Omni Bridgeway Ltd.       9,325        22
Australian Finance Group Ltd.      13,403        22
* City Chic Collective Ltd.       7,253        21
* Australian Agricultural Co. Ltd.      16,440        20
* Tyro Payments Ltd.      17,724        20
Vita Group Ltd.      87,934        19
Emeco Holdings Ltd.      28,238        19
Platinum Asset Management Ltd.      11,273        19
* Andromeda Metals Ltd.     141,867        19
Australian Ethical Investment Ltd.       3,651        19
Southern Cross Media Group Ltd.      14,219        18
* Audinate Group Ltd.       3,334        18
Baby Bunting Group Ltd.       4,663        16
* Nearmap Ltd.      17,505        15
Sigma Healthcare Ltd.      41,235        15
Growthpoint Properties Australia Ltd.       4,631        14
BWX Ltd.       7,540        13
* Starpharma Holdings Ltd. Class A      19,552        12
GWA Group Ltd.       7,421        12
SG Fleet Group Ltd.       6,490        12
* Superloop Ltd.      18,891        12
Jupiter Mines Ltd.      74,019        12
Integral Diagnostics Ltd.       4,784        12
Humm Group Ltd.      18,121        12
Bravura Solutions Ltd.       8,726        11
* Telix Pharmaceuticals Ltd.       2,785        10
Mount Gibson Iron Ltd.      22,959         9
MACA Ltd.      15,474         9
* AMA Group Ltd.      35,873         9
Infomedia Ltd.       8,559         9
Navigator Global Investments Ltd.       7,694         8
* Bubs Australia Ltd.      24,806         8
          Shares Market
Value

($000)
* Paradigm Biopharmaceuticals Ltd.      10,110         8
* Myer Holdings Ltd.      20,551         6
McMillan Shakespeare Ltd.         588         5
Pact Group Holdings Ltd.       2,475         5
Service Stream Ltd.       5,780         4
* Falcon Metals Ltd.      12,750         4
* Integral Diagnostics Ltd.         617         2
                      155,243
Austria (0.2%)
Erste Group Bank AG      58,649     2,085
Verbund AG      10,327     1,245
*,2 BAWAG Group AG      14,386       777
Raiffeisen Bank International AG      40,270       656
Wienerberger AG      13,670       409
*,3 IMMOFINANZ AG       8,746       225
ANDRITZ AG       4,228       189
CA Immobilien Anlagen AG       4,074       139
AT&S Austria Technologie & Systemtechnik AG       1,913       105
* Lenzing AG         778        86
Mayr Melnhof Karton AG         437        82
* DO & CO AG         639        63
Oesterreichische Post AG       1,401        57
Vienna Insurance Group AG Wiener Versicherung Gruppe       1,829        48
UNIQA Insurance Group AG       4,150        33
Palfinger AG         963        29
* Telekom Austria AG Class A       3,162        26
EVN AG         933        26
Strabag SE         534        22
* Porr AG         657         9
*,1 CA Immobilien Anlagen AG Rights Exp. 3/30/22       3,557        —
                        6,311
Belgium (0.6%)
KBC Group NV      43,098     3,105
* Argenx SE       7,983     2,311
UCB SA      20,399     2,226
Ageas SA/NV      34,256     1,648
Solvay SA      13,233     1,476
Ackermans & van Haaren NV       5,431     1,014
Groupe Bruxelles Lambert SA       8,885       923
Elia Group SA/NV       6,119       881
Warehouses De Pauw CVA      20,498       806
Aedifica SA       6,242       706
KBC Ancora      14,486       652
 
6

Table of Contents
ESG International Stock ETF
          Shares Market
Value

($000)
Sofina SA       1,534       596
Cofinimmo SA       4,317       564
Proximus SADP      25,171       500
Xior Student Housing NV       6,903       375
Etablissements Franz Colruyt NV       6,024       241
D'ieteren Group       1,457       235
Montea NV       1,034       129
Euronav NV      11,403       127
Melexis NV       1,313       120
Befimmo SA       2,034       108
VGP NV         410       105
* AGFA-Gevaert NV      25,005       101
Barco NV       4,253        97
Bekaert SA       1,577        69
Telenet Group Holding NV       1,974        69
Retail Estates NV         838        67
Fagron       3,571        62
Shurgard Self Storage SA       1,007        58
Gimv NV         870        52
Wereldhave Belgium Comm VA         768        51
Econocom Group SA/NV      11,140        45
* bpost SA       5,723        39
Orange Belgium SA       1,695        37
* Kinepolis Group NV         550        35
* Ontex Group NV       4,403        31
Cie d'Entreprises CFE         216        29
* Tessenderlo Group SA         292        11
* Mithra Pharmaceuticals SA         173         3
                       19,704
Brazil (1.4%)
UBS Group AG (Registered)     447,962     8,241
* Itau Unibanco Holding SA Preference Shares     538,078     2,642
Banco Bradesco SA Preference Shares     640,224     2,508
B3 SA - Brasil Bolsa Balcao     831,430     2,339
2 Hapvida Participacoes e Investimentos SA     547,274     1,281
Itausa SA Preference Shares     590,765     1,144
WEG SA     197,662     1,120
Suzano SA      93,025     1,003
Localiza Rent a Car SA      77,321       861
Banco do Brasil SA     109,204       738
Equatorial Energia SA     147,576       730
Gerdau SA Preference Shares     140,800       698
* Itau Unibanco Holding SA     161,000       676
Raia Drogasil SA     149,320       676
* Natura & Co. Holding SA     140,787       628
          Shares Market
Value

($000)
Lojas Renner SA     124,942       618
2 Rede D'Or Sao Luiz SA      61,097       602
* Banco BTG Pactual SA     112,200       557
Telefonica Brasil SA      56,400       553
* Americanas SA      90,116       528
Banco Bradesco SA     157,123       515
* Magazine Luiza SA     433,716       500
* Rumo SA     163,079       489
* BRF SA     149,580       472
BB Seguridade Participacoes SA      99,500       439
TOTVS SA      64,388       413
Klabin SA      91,200       410
Alupar Investimento SA      81,400       406
Cia Siderurgica Nacional SA      80,834       398
Transmissora Alianca de Energia Eletrica SA      48,000       368
* Sul America SA      53,090       362
Sendas Distribuidora SA     133,700       348
Energisa SA      35,800       305
CCR SA     130,658       297
* TIM SA     110,500       293
EDP - Energias do Brasil SA      71,400       287
Neoenergia SA      91,200       284
* Cia de Saneamento Basico do Estado de Sao Paulo      35,130       282
* Cia de Locacao das Americas      56,600       276
* Gol Linhas Aereas Inteligentes SA Preference Shares      76,579       250
* BR Malls Participacoes SA     137,700       250
* Hypera SA      38,600       250
Sao Martinho SA      31,500       244
Cia Energetica de Minas Gerais      75,049       243
Banco Santander Brasil SA      39,832       236
Marfrig Global Foods SA      48,705       211
Braskem SA Preference Shares Class A      22,400       210
Pet Center Comercio e Participacoes SA      62,300       210
Cia Energetica de Minas Gerais Preference Shares      82,528       203
Engie Brasil Energia SA      24,300       188
* Azul SA Preference Shares      38,463       186
CPFL Energia SA      30,200       177
Metalurgica Gerdau SA Preference Shares      87,300       175
 
7

Table of Contents
ESG International Stock ETF
          Shares Market
Value

($000)
Cia Paranaense de Energia Preference Shares     130,100       174
YDUQS Participacoes SA      40,900       168
* Marcopolo SA Preference Shares     296,900       166
* Instituto Hermes Pardini SA      44,000       157
Santos Brasil Participacoes SA     123,581       154
Usinas Siderurgicas de Minas Gerais SA Usiminas Preference Shares Class A      53,400       151
* Banco Inter SA unit      38,100       148
Bradespar SA Preference Shares      24,509       141
Mahle-Metal Leve SA      26,600       138
* M Dias Branco SA      30,700       136
Dexco SA      50,380       134
Porto Seguro SA      32,200       131
* Anima Holding SA      94,213       131
* Grupo De Moda Soma SA      50,688       127
Omega Energia SA      60,353       127
* CVC Brasil Operadora e Agencia de Viagens SA      51,283       123
* Iguatemi SA      33,220       123
LOG Commercial Properties e Participacoes SA      22,667       121
Cia Paranaense de Energia     101,500       120
Light SA      62,200       118
SIMPAR SA      58,300       118
* Camil Alimentos SA      64,100       114
* Multiplan Empreendimentos Imobiliarios SA      26,300       112
Banco do Estado do Rio Grande do Sul SA Preference Shares Class B      57,200       111
Cia de Saneamento de Minas Gerais-COPASA      40,200       110
Atacadao SA      29,700       110
* Cia de Saneamento do Parana      27,700       108
Alpargatas SA Preference Shares      21,500       107
Cia Energetica de Sao Paulo Preference Shares Class B      23,400       103
Banco Pan SA Preference Shares      53,100       102
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira      15,600       101
          Shares Market
Value

($000)
Cyrela Brazil Realty SA Empreendimentos e Participacoes      34,200       100
Lojas Quero Quero SA      64,700       100
Unipar Carbocloro SA Preference Shares Class B       5,383        98
JHSF Participacoes SA      92,000        98
* Grupo SBF SA      22,200        98
BR Properties SA      65,481        95
AES Brasil Energia SA      42,847        95
Cia Brasileira de Distribuicao      19,800        91
* Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA      82,700        91
Arezzo Industria e Comercio SA       5,600        88
Fleury SA      25,100        87
* Cia Ferro Ligas da Bahia - FERBASA Preference Shares      10,100        86
Cia de Transmissao de Energia Eletrica Paulista Preference Shares      17,400        82
Usinas Siderurgicas de Minas Gerais SA Usiminas      30,700        81
* Cogna Educacao     181,500        80
* EcoRodovias Infraestrutura e Logistica SA      63,100        79
* Banco Inter SA Ordinary Shares      60,255        78
Grendene SA      45,600        74
Aliansce Sonae Shopping Centers sa      17,300        74
* Hidrovias do Brasil SA     121,500        71
* BK Brasil Operacao e Assessoria a Restaurantes SA      54,706        70
Odontoprev SA      30,100        67
* Sequoia Logistica e Transportes SA      22,000        63
2 Meliuz SA     133,005        60
Randon SA Implementos e Participacoes Preference Shares      27,400        56
2 Ser Educacional SA      25,900        56
* C&A Modas Ltda.      56,600        56
Ambipar Participacoes e Empreendimentos SA       7,800        51
Vivara Participacoes SA       9,700        49
Minerva SA      22,907        48
Direcional Engenharia SA      18,900        44
 
8

Table of Contents
ESG International Stock ETF
          Shares Market
Value

($000)
Wiz Solucoes e Corretagem de Seguros SA      31,400        44
* Iochpe Maxion SA      16,900        43
Qualicorp Consultoria e Corretora de Seguros SA      16,200        40
Even Construtora e Incorporadora SA      32,600        38
MRV Engenharia e Participacoes SA      15,100        35
Boa Vista Servicos SA      33,200        33
* Guararapes Confeccoes SA      13,700        32
Bradespar SA       6,300        32
* Tupy SA       8,800        31
* Cia de Saneamento do Parana Preference Shares      37,400        29
Ez Tec Empreendimentos e Participacoes SA       7,700        26
*,2 Banco Inter SA Preference Shares      16,218        21
Construtora Tenda SA       7,000        17
* Via SA      20,800        15
* Getnet Adquirencia e Servicos para Meios de Pagamento SA       8,058         5
* Americanas SA Rights Exp. 3/3/22       1,595         2
Iguatemi SA          20        —
                       45,113
Canada (7.4%)
Royal Bank of Canada     196,818    21,772
Toronto-Dominion Bank     251,413    20,288
Bank of Nova Scotia     163,416    11,842
* Shopify Inc. Class A (XNYS)      15,748    10,933
Canadian National Railway Co.      84,459    10,478
Bank of Montreal      86,324     9,857
Canadian Pacific Railway Ltd.     133,010     9,366
Canadian Imperial Bank of Commerce      58,370     7,388
Nutrien Ltd.      85,628     7,364
3 Manulife Financial Corp.     254,804     5,162
Waste Connections Inc.      41,048     5,068
Alimentation Couche-Tard Inc.     118,828     4,664
Franco-Nevada Corp.      29,620     4,362
National Bank of Canada      46,572     3,734
Sun Life Financial Inc.      70,853     3,726
Agnico Eagle Mines Ltd.      65,183     3,293
Wheaton Precious Metals Corp.      74,995     3,286
Magna International Inc.      42,122     3,130
          Shares Market
Value

($000)
* CGI Inc.      38,107     3,124
Fortis Inc.      61,637     2,824
Rogers Communications Inc. Class B      54,347     2,808
Intact Financial Corp.      19,221     2,757
Restaurant Brands International Inc.      49,001     2,743
Thomson Reuters Corp.      26,665     2,696
First Quantum Minerals Ltd.      87,844     2,576
Dollarama Inc.      47,556     2,458
Open Text Corp.      49,932     2,173
Loblaw Cos. Ltd.      27,020     2,108
Shaw Communications Inc. Class B      62,691     1,880
Algonquin Power & Utilities Corp.     117,198     1,696
RioCan REIT      81,503     1,615
Canadian Apartment Properties REIT      37,856     1,576
George Weston Ltd.      14,232     1,543
BCE Inc.      29,308     1,539
Metro Inc. Class A      29,219     1,525
Toromont Industries Ltd.      17,625     1,494
Gildan Activewear Inc.      36,110     1,418
West Fraser Timber Co. Ltd.      14,207     1,418
* CAE Inc.      52,511     1,405
CCL Industries Inc. Class B      29,667     1,337
2 Hydro One Ltd.      51,795     1,279
Granite REIT      17,221     1,275
Finning International Inc.      43,043     1,252
Empire Co. Ltd. Class A      40,368     1,250
Lundin Mining Corp.     128,451     1,239
* Bausch Health Cos. Inc.      51,443     1,237
Saputo Inc.      49,118     1,204
Ritchie Bros Auctioneers Inc.      22,620     1,186
Northland Power Inc.      36,953     1,175
Emera Inc.      23,214     1,086
Kinross Gold Corp.     203,921     1,017
Chartwell Retirement Residences     101,153       971
Yamana Gold Inc.     188,873       928
TELUS Corp.      34,848       880
H&R REIT      83,996       857
CI Financial Corp.      52,053       852
Boardwalk REIT      18,768       836
* Descartes Systems Group Inc.      11,453       816
Brookfield Infrastructure Corp. Class A (XTSE)      11,454       808
* Kinaxis Inc.       6,630       760
Choice Properties REIT      65,180       747
FirstService Corp.       5,215       742
 
9

Table of Contents
ESG International Stock ETF
          Shares Market
Value

($000)
Canadian Western Bank      24,076       705
SSR Mining Inc.      35,083       694
* Air Canada      36,703       694
Canadian Utilities Ltd. Class A      24,836       692
Brookfield Renewable Corp.      17,617       660
Element Fleet Management Corp.      66,834       656
Atco Ltd.      19,856       652
Laurentian Bank of Canada      17,693       594
SmartCentres REIT      23,581       592
TMX Group Ltd.       5,848       591
BRP Inc.       7,942       569
* BlackBerry Ltd.      82,705       568
* Ivanhoe Mines Ltd. Class A      55,778       568
First Capital REIT      38,034       545
GFL Environmental Inc. (XTSE)      17,916       524
Canadian Tire Corp. Ltd. Class A       3,529       520
B2Gold Corp.     125,717       508
Alamos Gold Inc. Class A      67,934       501
Great-West Lifeco Inc.      16,608       500
* Bombardier Inc. Class B     380,611       474
* Lightspeed Commerce Inc.      17,870       470
AltaGas Ltd.      21,245       468
Capital Power Corp.      15,193       467
Colliers International Group Inc.       3,300       453
Innergex Renewable Energy Inc.      30,154       438
*,2 Nuvei Corp.       8,052       437
iA Financial Corp. Inc.       7,270       432
First Majestic Silver Corp.      35,489       400
* Aritzia Inc.       9,966       379
* IAMGOLD Corp.     128,321       377
Primo Water Corp.      25,477       370
* Ballard Power Systems Inc.      29,382       336
Linamar Corp.       6,420       335
Boyd Group Services Inc.       2,519       329
Artis REIT      31,356       322
* Eldorado Gold Corp.      28,302       311
* Shopify Inc. Class A (XTSE)         445       309
Dream Office REIT      14,680       303
* Novagold Resources Inc.      41,492       290
Methanex Corp.       5,237       273
Cascades Inc.      25,363       263
Primaris REIT      20,999       237
ECN Capital Corp.      52,397       236
* Pretium Resources Inc.      15,108       220
          Shares Market
Value

($000)
Premium Brands Holdings Corp. Class A       2,309       213
* Canada Goose Holdings Inc.       8,077       211
Centerra Gold Inc.      18,761       183
* Equinox Gold Corp.      25,223       179
NFI Group Inc.      11,061       165
Quebecor Inc. Class B       7,347       161
IGM Financial Inc.       3,371       120
Osisko Gold Royalties Ltd.       9,083       112
Hudbay Minerals Inc.      12,934       105
* Home Capital Group Inc. Class B       3,295       100
Boralex Inc. Class A       3,323        97
* OceanaGold Corp.      44,664        84
Cominar REIT       7,440        69
Maple Leaf Foods Inc.       3,285        69
Stella-Jones Inc.       2,122        67
* Celestica Inc.       5,525        66
Enghouse Systems Ltd.       1,844        60
* Torex Gold Resources Inc.       4,656        59
Stelco Holdings Inc.       1,927        59
* Canfor Corp.       2,478        56
GFL Environmental Inc.       1,931        56
Mullen Group Ltd.       5,514        54
Brookfield Infrastructure Corp. Class A         700        49
Transcontinental Inc. Class A       2,624        42
Winpak Ltd.       1,013        31
Cogeco Communications Inc.         300        24
Martinrea International Inc.       2,613        20
First National Financial Corp.         384        13
                      235,609
Chile (0.2%)
Sociedad Quimica y Minera de Chile SA Preference Shares Class B      12,917       858
Banco de Chile   6,986,440       741
Sociedad Quimica y Minera de Chile SA ADR       4,927       326
Banco Santander Chile   6,286,523       309
Falabella SA      93,106       307
Cia Sud Americana de Vapores SA   2,903,876       283
Enel Americas SA   2,092,009       245
Empresas CMPC SA     140,502       232
Banco de Credito e Inversiones SA       5,624       201
Cencosud SA     102,937       189
CAP SA      15,639       181
 
10

Table of Contents
ESG International Stock ETF
          Shares Market
Value

($000)
Inversiones Aguas Metropolitanas SA     261,548       131
* Parque Arauco SA     127,417       127
Salfacorp SA     307,581       108
SONDA SA     278,933        99
Empresa Nacional de Telecomunicaciones SA      25,073        93
Engie Energia Chile SA     147,532        90
Aguas Andinas SA Class A     389,042        82
Embotelladora Andina SA Preference Shares Class B      36,365        79
SMU SA     775,148        78
* Itau CorpBanca Chile SA