December 19,
2025
(as supplemented on June 30, 2026)
Prospectus
Vanguard S&P ETFs
Exchange-traded
fund shares that are not individually redeemable and are listed on NYSE
Arca
Vanguard S&P 500
Value Index Fund ETF Shares (VOOV)
Vanguard S&P 500 Growth Index Fund ETF Shares (VOOG)
Vanguard S&P Mid-Cap 400 Index Fund ETF Shares (IVOO)
Vanguard S&P Mid-Cap 400 Value Index Fund ETF Shares (IVOV)
Vanguard S&P Mid-Cap 400 Growth Index Fund ETF Shares (IVOG)
Vanguard S&P Small-Cap 600 Index Fund ETF Shares (VIOO)
Vanguard S&P Small-Cap 600 Value Index Fund ETF Shares (VIOV)
Vanguard S&P Small-Cap 600 Growth Index Fund ETF Shares (VIOG)
Vanguard S&P 500 Growth Index Fund ETF Shares (VOOG)
Vanguard S&P Mid-Cap 400 Index Fund ETF Shares (IVOO)
Vanguard S&P Mid-Cap 400 Value Index Fund ETF Shares (IVOV)
Vanguard S&P Mid-Cap 400 Growth Index Fund ETF Shares (IVOG)
Vanguard S&P Small-Cap 600 Index Fund ETF Shares (VIOO)
Vanguard S&P Small-Cap 600 Value Index Fund ETF Shares (VIOV)
Vanguard S&P Small-Cap 600 Growth Index Fund ETF Shares (VIOG)
This
Prospectus contains financial data for the Funds through the fiscal year ended
August 31, 2025.
The
Securities and Exchange Commission (SEC) has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus. Any representation to
the contrary is a criminal offense.
(Fees paid directly from your investment)
|
| |
|
Transaction
Fee on Purchases and Sales |
|
|
Transaction
Fee on Reinvested Dividends |
|
|
Transaction
Fee on Conversion to ETF Shares |
|
*
(Expenses that you pay each year as a percentage of the value of your investment)
|
| |
|
Management
Fees |
% |
|
12b-1
Distribution Fee |
|
|
Other
Expenses |
% |
|
Total
Annual Fund Operating Expenses |
% |
|
1
Year |
3
Years |
5
Years |
10
Years |
|
$ |
$ |
$ |
$ |
1
Principal
Risks
2
3
4
|
|
Total
Return |
Quarter |
|
|
% |
|
|
|
-
% |
|
|
|
% |
|
|
|
1
Year |
5
Years |
10
Years |
|
Vanguard
S&P 500 Value Index Fund ETF Shares |
|
|
|
|
Based
on NAV |
|
|
|
|
Return
Before Taxes |
% |
% |
% |
|
Return
After Taxes on Distributions |
|
|
|
|
Return
After Taxes on Distributions and Sale of
Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return
Before Taxes |
|
|
|
|
S&P
500 Value Index
(reflects
no deduction for fees, expenses, or taxes) |
% |
% |
% |
|
Dow
Jones U.S. Total Stock Market Float Adjusted
Index
(reflects
no deduction for fees, expenses, or taxes) |
|
|
|
5
Investment
Advisor
The Vanguard Group,
Inc. (Vanguard) through its wholly owned subsidiary, Vanguard Portfolio
Management (VPM). VPM exercises portfolio management responsibilities for the
Fund.
Portfolio
Managers
Kenny Narzikul,
CFA, Portfolio Manager at VPM. He has co-managed the Fund since
2023.
Chris Nieves, CFA,
Portfolio Manager at VPM. He has co-managed the Fund since
2025.
Purchase
and Sale of Fund Shares
ETF Shares may only
be bought and sold in the secondary market through a brokerage firm. The price
you pay or receive for ETF Shares will be the prevailing market price, which may
be more (premium) or less (discount) than the NAV of the shares. The brokerage
firm may charge you a commission to execute the transaction. Unless imposed by
your brokerage firm, there is no minimum dollar amount you must invest and no
minimum number of shares you must buy. ETF Shares of the Fund cannot be directly
purchased from or redeemed with the Fund, except by certain authorized
broker-dealers. These broker-dealers may purchase and redeem ETF Shares only in
large blocks known as creation units, typically in exchange for baskets of
securities.
An investor in ETF
Shares may incur costs attributable to the difference between the highest price
a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a
seller is willing to accept for ETF Shares (ask) when buying or selling shares
in the secondary market (bid-ask spread). Recent information about the Fund and
its ETF Shares, including information on the Fund’s NAV, market price, premiums
and discounts, and bid-ask spreads, is available online at vanguard.com.
6
Tax
Information
The Fund’s
distributions may be taxable as ordinary income or capital gains. If you are
investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply. You
should consult your own tax advisor with respect to any particular U.S. or
non-U.S. tax consequences of your investment in the Fund.
Payments
to Financial Intermediaries
The Fund and its
advisor do not pay financial intermediaries for sales of Fund
shares.
7
(Fees paid directly from your investment)
|
| |
|
Transaction
Fee on Purchases and Sales |
|
|
Transaction
Fee on Reinvested Dividends |
|
|
Transaction
Fee on Conversion to ETF Shares |
|
*
(Expenses that you pay each year as a percentage of the value of your investment)
|
| |
|
Management
Fees |
% |
|
12b-1
Distribution Fee |
|
|
Other
Expenses |
% |
|
Total
Annual Fund Operating Expenses |
% |
|
1
Year |
3
Years |
5
Years |
10
Years |
|
$ |
$ |
$ |
$ |
8
Principal
Risks
9
10
11
|
|
Total
Return |
Quarter |
|
|
% |
|
|
|
-
% |
|
|
|
% |
|
12
|
|
1
Year |
5
Years |
10
Years |
|
Vanguard
S&P 500 Growth Index Fund ETF Shares |
|
|
|
|
Based
on NAV |
|
|
|
|
Return
Before Taxes |
% |
% |
% |
|
Return
After Taxes on Distributions |
|
|
|
|
Return
After Taxes on Distributions and Sale of
Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return
Before Taxes |
|
|
|
|
S&P
500 Growth Index
(reflects
no deduction for fees, expenses, or taxes) |
% |
% |
% |
|
Dow
Jones U.S. Total Stock Market Float Adjusted
Index
(reflects
no deduction for fees, expenses, or taxes) |
|
|
|
Investment
Advisor
The Vanguard Group,
Inc. (Vanguard) through its wholly owned subsidiary, Vanguard Portfolio
Management (VPM). VPM exercises portfolio management responsibilities for the
Fund.
Portfolio
Managers
Kenny Narzikul,
CFA, Portfolio Manager at VPM. He has co-managed the Fund since
2023.
Chris Nieves, CFA,
Portfolio Manager at VPM. He has co-managed the Fund since
2025.
Purchase
and Sale of Fund Shares
ETF Shares may only
be bought and sold in the secondary market through a brokerage firm. The price
you pay or receive for ETF Shares will be the prevailing market price, which may
be more (premium) or less (discount) than the NAV of the shares. The brokerage
firm may charge you a commission to
13
execute the
transaction. Unless imposed by your brokerage firm, there is no minimum dollar
amount you must invest and no minimum number of shares you must buy. ETF Shares
of the Fund cannot be directly purchased from or redeemed with the Fund, except
by certain authorized broker-dealers. These broker-dealers may purchase and
redeem ETF Shares only in large blocks known as creation units, typically in
exchange for baskets of securities.
An investor in ETF
Shares may incur costs attributable to the difference between the highest price
a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a
seller is willing to accept for ETF Shares (ask) when buying or selling shares
in the secondary market (bid-ask spread). Recent information about the Fund and
its ETF Shares, including information on the Fund’s NAV, market price, premiums
and discounts, and bid-ask spreads, is available online at vanguard.com.
Tax
Information
The Fund’s
distributions may be taxable as ordinary income or capital gains. If you are
investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply. You
should consult your own tax advisor with respect to any particular U.S. or
non-U.S. tax consequences of your investment in the Fund.
Payments
to Financial Intermediaries
The Fund and its
advisor do not pay financial intermediaries for sales of Fund
shares.
14
(Fees paid directly from your investment)
|
| |
|
Transaction
Fee on Purchases and Sales |
|
|
Transaction
Fee on Reinvested Dividends |
|
|
Transaction
Fee on Conversion to ETF Shares |
|
*
(Expenses that you pay each year as a percentage of the value of your investment)
|
| |
|
Management
Fees |
% |
|
12b-1
Distribution Fee |
|
|
Other
Expenses |
% |
|
Total
Annual Fund Operating Expenses |
% |
|
1
Year |
3
Years |
5
Years |
10
Years |
|
$ |
$ |
$ |
$ |
15
Principal
Risks
16
17
18
|
|
Total
Return |
Quarter |
|
|
% |
|
|
|
-
% |
|
|
|
% |
|
|
|
1
Year |
5
Years |
10
Years |
|
Vanguard
S&P Mid-Cap 400 Index Fund ETF Shares |
|
|
|
|
Based
on NAV |
|
|
|
|
Return
Before Taxes |
% |
% |
% |
|
Return
After Taxes on Distributions |
|
|
|
|
Return
After Taxes on Distributions and Sale of
Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return
Before Taxes |
|
|
|
|
S&P
MidCap 400 Index
(reflects
no deduction for fees, expenses, or taxes) |
% |
% |
% |
|
Dow
Jones U.S. Total Stock Market Float Adjusted
Index
(reflects
no deduction for fees, expenses, or taxes) |
|
|
|
19
Investment
Advisor
The Vanguard Group,
Inc. (Vanguard) through its wholly owned subsidiary, Vanguard Portfolio
Management (VPM). VPM exercises portfolio management responsibilities for the
Fund.
Portfolio
Managers
Kenny Narzikul,
CFA, Portfolio Manager at VPM. He has co-managed the Fund since
2023.
Chris Nieves, CFA,
Portfolio Manager at VPM. He has co-managed the Fund since
2025.
Purchase
and Sale of Fund Shares
ETF Shares may only
be bought and sold in the secondary market through a brokerage firm. The price
you pay or receive for ETF Shares will be the prevailing market price, which may
be more (premium) or less (discount) than the NAV of the shares. The brokerage
firm may charge you a commission to execute the transaction. Unless imposed by
your brokerage firm, there is no minimum dollar amount you must invest and no
minimum number of shares you must buy. ETF Shares of the Fund cannot be directly
purchased from or redeemed with the Fund, except by certain authorized
broker-dealers. These broker-dealers may purchase and redeem ETF Shares only in
large blocks known as creation units, typically in exchange for baskets of
securities.
An investor in ETF
Shares may incur costs attributable to the difference between the highest price
a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a
seller is willing to accept for ETF Shares (ask) when buying or selling shares
in the secondary market (bid-ask spread). Recent information about the Fund and
its ETF Shares, including information on the Fund’s NAV, market price, premiums
and discounts, and bid-ask spreads, is available online at vanguard.com.
Tax
Information
The Fund’s
distributions may be taxable as ordinary income or capital gains. If you are
investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply. You
should consult your own tax advisor with respect to any particular U.S. or
non-U.S. tax consequences of your investment in the Fund.
Payments
to Financial Intermediaries
The Fund and its
advisor do not pay financial intermediaries for sales of Fund
shares.
20
(Fees paid directly from your investment)
|
| |
|
Transaction
Fee on Purchases and Sales |
|
|
Transaction
Fee on Reinvested Dividends |
|
|
Transaction
Fee on Conversion to ETF Shares |
|
*
(Expenses that you pay each year as a percentage of the value of your investment)
|
| |
|
Management
Fees |
% |
|
12b-1
Distribution Fee |
|
|
Other
Expenses |
% |
|
Total
Annual Fund Operating Expenses1
|
% |
1
|
1
Year |
3
Years |
5
Years |
10
Years |
|
$ |
$ |
$ |
$ |
21
Principal
Risks
22
23
24
|
|
Total
Return |
Quarter |
|
|
% |
|
|
|
-
% |
|
|
|
% |
|
|
|
1
Year |
5
Years |
10
Years |
|
Vanguard
S&P Mid-Cap 400 Value Index Fund
ETF
Shares |
|
|
|
|
Based
on NAV |
|
|
|
|
Return
Before Taxes |
% |
% |
% |
|
Return
After Taxes on Distributions |
|
|
|
|
Return
After Taxes on Distributions and Sale of
Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return
Before Taxes |
|
|
|
|
S&P
MidCap 400 Value Index
(reflects
no deduction for fees, expenses, or taxes) |
% |
% |
% |
|
Dow
Jones U.S. Total Stock Market Float Adjusted
Index
(reflects
no deduction for fees, expenses, or taxes) |
|
|
|
25
Investment
Advisor
The Vanguard Group,
Inc. (Vanguard) through its wholly owned subsidiary, Vanguard Portfolio
Management (VPM). VPM exercises portfolio management responsibilities for the
Fund.
Portfolio
Managers
Kenny Narzikul,
CFA, Portfolio Manager at VPM. He has co-managed the Fund since
2023.
Chris Nieves, CFA,
Portfolio Manager at VPM. He has co-managed the Fund since
2025.
Purchase
and Sale of Fund Shares
ETF Shares may only
be bought and sold in the secondary market through a brokerage firm. The price
you pay or receive for ETF Shares will be the prevailing market price, which may
be more (premium) or less (discount) than the NAV of the shares. The brokerage
firm may charge you a commission to execute the transaction. Unless imposed by
your brokerage firm, there is no minimum dollar amount you must invest and no
minimum number of shares you must buy. ETF Shares of the Fund cannot be directly
purchased from or redeemed with the Fund, except by certain authorized
broker-dealers. These broker-dealers may purchase and redeem ETF Shares only in
large blocks known as creation units, typically in exchange for baskets of
securities.
An investor in ETF
Shares may incur costs attributable to the difference between the highest price
a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a
seller is willing to accept for ETF Shares (ask) when buying or selling shares
in the secondary market (bid-ask spread). Recent information about the Fund and
its ETF Shares, including information on the Fund’s NAV, market price, premiums
and discounts, and bid-ask spreads, is available online at vanguard.com.
Tax
Information
The Fund’s
distributions may be taxable as ordinary income or capital gains. If you are
investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply. You
should consult your own tax advisor with respect to any particular U.S. or
non-U.S. tax consequences of your investment in the Fund.
26
Payments
to Financial Intermediaries
The Fund and its
advisor do not pay financial intermediaries for sales of Fund
shares.
27
(Fees paid directly from your investment)
|
| |
|
Transaction
Fee on Purchases and Sales |
|
|
Transaction
Fee on Reinvested Dividends |
|
|
Transaction
Fee on Conversion to ETF Shares |
|
*
(Expenses that you pay each year as a percentage of the value of your investment)
|
| |
|
Management
Fees |
% |
|
12b-1
Distribution Fee |
|
|
Other
Expenses |
% |
|
Total
Annual Fund Operating Expenses1
|
% |
1
|
1
Year |
3
Years |
5
Years |
10
Years |
|
$ |
$ |
$ |
$ |
28
Principal
Risks
29
30
31
|
|
Total
Return |
Quarter |
|
|
% |
|
|
|
-
% |
|
|
|
% |
|
|
|
1
Year |
5
Years |
10
Years |
|
Vanguard
S&P Mid-Cap 400 Growth Index Fund
ETF
Shares |
|
|
|
|
Based
on NAV |
|
|
|
|
Return
Before Taxes |
% |
% |
% |
|
Return
After Taxes on Distributions |
|
|
|
|
Return
After Taxes on Distributions and Sale of
Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return
Before Taxes |
|
|
|
|
S&P
MidCap 400 Growth Index
(reflects
no deduction for fees, expenses, or taxes) |
% |
% |
% |
|
Dow
Jones U.S. Total Stock Market Float Adjusted
Index
(reflects
no deduction for fees, expenses, or taxes) |
|
|
|
32
Investment
Advisor
The Vanguard Group,
Inc. (Vanguard) through its wholly owned subsidiary, Vanguard Portfolio
Management (VPM). VPM exercises portfolio management responsibilities for the
Fund.
Portfolio
Managers
Kenny Narzikul,
CFA, Portfolio Manager at VPM. He has co-managed the Fund since
2023.
Chris Nieves, CFA,
Portfolio Manager at VPM. He has co-managed the Fund since
2025.
Purchase
and Sale of Fund Shares
ETF Shares may only
be bought and sold in the secondary market through a brokerage firm. The price
you pay or receive for ETF Shares will be the prevailing market price, which may
be more (premium) or less (discount) than the NAV of the shares. The brokerage
firm may charge you a commission to execute the transaction. Unless imposed by
your brokerage firm, there is no minimum dollar amount you must invest and no
minimum number of shares you must buy. ETF Shares of the Fund cannot be directly
purchased from or redeemed with the Fund, except by certain authorized
broker-dealers. These broker-dealers may purchase and redeem ETF Shares only in
large blocks known as creation units, typically in exchange for baskets of
securities.
An investor in ETF
Shares may incur costs attributable to the difference between the highest price
a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a
seller is willing to accept for ETF Shares (ask) when buying or selling shares
in the secondary market (bid-ask spread). Recent information about the Fund and
its ETF Shares, including information on the Fund’s NAV, market price, premiums
and discounts, and bid-ask spreads, is available online at vanguard.com.
Tax
Information
The Fund’s
distributions may be taxable as ordinary income or capital gains. If you are
investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply. You
should consult your own tax advisor with respect to any particular U.S. or
non-U.S. tax consequences of your investment in the Fund.
33
Payments
to Financial Intermediaries
The Fund and its
advisor do not pay financial intermediaries for sales of Fund
shares.
34
(Fees paid directly from your investment)
|
| |
|
Transaction
Fee on Purchases and Sales |
|
|
Transaction
Fee on Reinvested Dividends |
|
|
Transaction
Fee on Conversion to ETF Shares |
|
*
(Expenses that you pay each year as a percentage of the value of your investment)
|
| |
|
Management
Fees |
% |
|
12b-1
Distribution Fee |
|
|
Other
Expenses |
% |
|
Total
Annual Fund Operating Expenses |
% |
|
1
Year |
3
Years |
5
Years |
10
Years |
|
$ |
$ |
$ |
$ |
35
Principal
Risks
36
37
38
|
|
Total
Return |
Quarter |
|
|
% |
|
|
|
-
% |
|
|
|
% |
|
|
|
1
Year |
5
Years |
10
Years |
|
Vanguard
S&P Small-Cap 600 Index Fund ETF Shares |
|
|
|
|
Based
on NAV |
|
|
|
|
Return
Before Taxes |
% |
% |
% |
|
Return
After Taxes on Distributions |
|
|
|
|
Return
After Taxes on Distributions and Sale of
Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return
Before Taxes |
|
|
|
|
S&P
SmallCap 600 Index
(reflects
no deduction for fees, expenses, or taxes) |
% |
% |
% |
|
Dow
Jones U.S. Total Stock Market Float Adjusted
Index
(reflects
no deduction for fees, expenses, or taxes) |
|
|
|
39
Investment
Advisor
The Vanguard Group,
Inc. (Vanguard) through its wholly owned subsidiary, Vanguard Portfolio
Management (VPM). VPM exercises portfolio management responsibilities for the
Fund.
Portfolio
Managers
Kenny Narzikul,
CFA, Portfolio Manager at VPM. He has co-managed the Fund since
2023.
Jena Stenger,
Portfolio Manager at VPM. She has co-managed the Fund since
2025.
Purchase
and Sale of Fund Shares
ETF Shares may only
be bought and sold in the secondary market through a brokerage firm. The price
you pay or receive for ETF Shares will be the prevailing market price, which may
be more (premium) or less (discount) than the NAV of the shares. The brokerage
firm may charge you a commission to execute the transaction. Unless imposed by
your brokerage firm, there is no minimum dollar amount you must invest and no
minimum number of shares you must buy. ETF Shares of the Fund cannot be directly
purchased from or redeemed with the Fund, except by certain authorized
broker-dealers. These broker-dealers may purchase and redeem ETF Shares only in
large blocks known as creation units, typically in exchange for baskets of
securities.
An investor in ETF
Shares may incur costs attributable to the difference between the highest price
a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a
seller is willing to accept for ETF Shares (ask) when buying or selling shares
in the secondary market (bid-ask spread). Recent information about the Fund and
its ETF Shares, including information on the Fund’s NAV, market price, premiums
and discounts, and bid-ask spreads, is available online at vanguard.com.
Tax
Information
The Fund’s
distributions may be taxable as ordinary income or capital gains. If you are
investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply. You
should consult your own tax advisor with respect to any particular U.S. or
non-U.S. tax consequences of your investment in the Fund.
Payments
to Financial Intermediaries
The Fund and its
advisor do not pay financial intermediaries for sales of Fund
shares.
40
(Fees paid directly from your investment)
|
| |
|
Transaction
Fee on Purchases and Sales |
|
|
Transaction
Fee on Reinvested Dividends |
|
|
Transaction
Fee on Conversion to ETF Shares |
|
*
(Expenses that you pay each year as a percentage of the value of your investment)
|
| |
|
Management
Fees |
% |
|
12b-1
Distribution Fee |
|
|
Other
Expenses |
% |
|
Total
Annual Fund Operating Expenses1
|
% |
1
|
1
Year |
3
Years |
5
Years |
10
Years |
|
$ |
$ |
$ |
$ |
41
Principal
Risks
42
43
44
|
|
Total
Return |
Quarter |
|
|
% |
|
|
|
-
% |
|
|
|
% |
|
|
|
1
Year |
5
Years |
10
Years |
|
Vanguard
S&P Small-Cap 600 Value Index Fund
ETF
Shares |
|
|
|
|
Based
on NAV |
|
|
|
|
Return
Before Taxes |
% |
% |
% |
|
Return
After Taxes on Distributions |
|
|
|
|
Return
After Taxes on Distributions and Sale of
Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return
Before Taxes |
|
|
|
|
S&P
SmallCap 600 Value Index
(reflects
no deduction for fees, expenses, or taxes) |
% |
% |
% |
|
Dow
Jones U.S. Total Stock Market Float Adjusted
Index
(reflects
no deduction for fees, expenses, or taxes) |
|
|
|
45
Investment
Advisor
The Vanguard Group,
Inc. (Vanguard) through its wholly owned subsidiary, Vanguard Portfolio
Management (VPM). VPM exercises portfolio management responsibilities for the
Fund.
Portfolio
Managers
Kenny Narzikul,
CFA, Portfolio Manager at VPM. He has co-managed the Fund since
2023.
Jena Stenger,
Portfolio Manager at VPM. She has co-managed the Fund since
2025.
Purchase
and Sale of Fund Shares
ETF Shares may only
be bought and sold in the secondary market through a brokerage firm. The price
you pay or receive for ETF Shares will be the prevailing market price, which may
be more (premium) or less (discount) than the NAV of the shares. The brokerage
firm may charge you a commission to execute the transaction. Unless imposed by
your brokerage firm, there is no minimum dollar amount you must invest and no
minimum number of shares you must buy. ETF Shares of the Fund cannot be directly
purchased from or redeemed with the Fund, except by certain authorized
broker-dealers. These broker-dealers may purchase and redeem ETF Shares only in
large blocks known as creation units, typically in exchange for baskets of
securities.
An investor in ETF
Shares may incur costs attributable to the difference between the highest price
a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a
seller is willing to accept for ETF Shares (ask) when buying or selling shares
in the secondary market (bid-ask spread). Recent information about the Fund and
its ETF Shares, including information on the Fund’s NAV, market price, premiums
and discounts, and bid-ask spreads, is available online at vanguard.com.
Tax
Information
The Fund’s
distributions may be taxable as ordinary income or capital gains. If you are
investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply. You
should consult your own tax advisor with respect to any particular U.S. or
non-U.S. tax consequences of your investment in the Fund.
46
Payments
to Financial Intermediaries
The Fund and its
advisor do not pay financial intermediaries for sales of Fund
shares.
47
(Fees paid directly from your investment)
|
| |
|
Transaction
Fee on Purchases and Sales |
|
|
Transaction
Fee on Reinvested Dividends |
|
|
Transaction
Fee on Conversion to ETF Shares |
|
*
(Expenses that you pay each year as a percentage of the value of your investment)
|
| |
|
Management
Fees |
% |
|
12b-1
Distribution Fee |
|
|
Other
Expenses |
% |
|
Total
Annual Fund Operating Expenses1
|
% |
1
|
1
Year |
3
Years |
5
Years |
10
Years |
|
$ |
$ |
$ |
$ |
48
Principal
Risks
49
50
51
|
|
Total
Return |
Quarter |
|
|
% |
|
|
|
-
% |
|
|
|
% |
|
|
|
1
Year |
5
Years |
10
Years |
|
Vanguard
S&P Small-Cap 600 Growth Index Fund
ETF
Shares |
|
|
|
|
Based
on NAV |
|
|
|
|
Return
Before Taxes |
% |
% |
% |
|
Return
After Taxes on Distributions |
|
|
|
|
Return
After Taxes on Distributions and Sale of
Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return
Before Taxes |
|
|
|
|
S&P
SmallCap 600 Growth Index
(reflects
no deduction for fees, expenses, or taxes) |
% |
% |
% |
|
Dow
Jones U.S. Total Stock Market Float Adjusted
Index
(reflects
no deduction for fees, expenses, or taxes) |
|
|
|
52
Investment
Advisor
The Vanguard Group,
Inc. (Vanguard) through its wholly owned subsidiary, Vanguard Portfolio
Management (VPM). VPM exercises portfolio management responsibilities for the
Fund.
Portfolio
Managers
Kenny Narzikul,
CFA, Portfolio Manager at VPM. He has co-managed the Fund since
2023.
Jena Stenger,
Portfolio Manager at VPM. She has co-managed the Fund since
2025.
Purchase
and Sale of Fund Shares
ETF Shares may only
be bought and sold in the secondary market through a brokerage firm. The price
you pay or receive for ETF Shares will be the prevailing market price, which may
be more (premium) or less (discount) than the NAV of the shares. The brokerage
firm may charge you a commission to execute the transaction. Unless imposed by
your brokerage firm, there is no minimum dollar amount you must invest and no
minimum number of shares you must buy. ETF Shares of the Fund cannot be directly
purchased from or redeemed with the Fund, except by certain authorized
broker-dealers. These broker-dealers may purchase and redeem ETF Shares only in
large blocks known as creation units, typically in exchange for baskets of
securities.
An investor in ETF
Shares may incur costs attributable to the difference between the highest price
a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a
seller is willing to accept for ETF Shares (ask) when buying or selling shares
in the secondary market (bid-ask spread). Recent information about the Fund and
its ETF Shares, including information on the Fund’s NAV, market price, premiums
and discounts, and bid-ask spreads, is available online at vanguard.com.
Tax
Information
The Fund’s
distributions may be taxable as ordinary income or capital gains. If you are
investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply. You
should consult your own tax advisor with respect to any particular U.S. or
non-U.S. tax consequences of your investment in the Fund.
53
Payments
to Financial Intermediaries
The Fund and its
advisor do not pay financial intermediaries for sales of Fund
shares.
54
More
on the Funds
The following ETF
Shares are offered through this Prospectus:
|
Vanguard
Fund |
Vanguard
ETF Shares |
|
Vanguard
S&P 500 Value Index Fund |
Vanguard
S&P 500 Value ETF |
|
Vanguard
S&P 500 Growth Index Fund |
Vanguard
S&P 500 Growth ETF |
|
Vanguard
S&P Mid-Cap 400 Index Fund |
Vanguard
S&P Mid-Cap 400 ETF |
|
Vanguard
S&P Mid-Cap 400 Value Index
Fund |
Vanguard
S&P Mid-Cap 400 Value ETF |
|
Vanguard
S&P Mid-Cap 400 Growth Index
Fund |
Vanguard
S&P Mid-Cap 400 Growth ETF |
|
Vanguard
S&P Small-Cap 600 Index Fund |
Vanguard
S&P Small-Cap 600 ETF |
|
Vanguard
S&P Small-Cap 600 Value Index
Fund |
Vanguard
S&P Small-Cap 600 Value ETF |
|
Vanguard
S&P Small-Cap 600 Growth Index
Fund |
Vanguard
S&P Small-Cap 600 Growth
ETF |
Each Fund is a
series of Vanguard Admiral Funds® (the “Trust”).
Unlike conventional mutual fund shares, ETF Shares cannot be purchased directly
from or redeemed directly with the issuing fund by an individual investor.
Instead, only certain authorized broker-dealers (“Authorized Participants”) can
purchase and redeem ETF Shares directly from the issuing fund at net asset
value. Authorized Participants may purchase and redeem ETF Shares from the
issuing fund only in large blocks (creation units), usually in exchange for
baskets of securities. Funds may also issue and redeem creation units in
exchange for solely cash or a combination of cash and securities. These trades
may occur in-kind between Vanguard and the Authorized Participant. Individual
investors can purchase ETF Shares on the secondary market through a broker.
Reading this Prospectus will help you decide whether a Fund’s ETF Shares are the
right investment for you.
As you consider an
investment in a Fund’s ETF Shares, you should take into account your tolerance
for fluctuations in the securities markets. The costs of investing are another
important consideration. As a Fund shareholder, you will pay a proportionate
share of the costs of operating a Fund and any transaction costs incurred when a
Fund buys or sells securities, including costs generated by shareholders of
other share classes to the extent a Fund offers more than one share class. These
costs can erode a substantial portion of the gross income or the capital
appreciation a Fund achieves. Even seemingly small differences can, over time,
have a dramatic effect on a Fund’s performance.
55
Investment
Objectives and More on Principal Investment Strategies
In this section,
you will find more information about each Fund’s investment objective and the
principal investment strategies and policies that each Fund uses in pursuit of
its investment objective. The Trust’s board of trustees (the “Board”) oversees
each Fund’s management. The Board may approve changes to a Fund’s strategies or
policies in the interest of shareholders without shareholder approval unless the
strategy or policy is designated as fundamental.
Investment
Objectives
The Funds’
investment objectives are as follows:
• Vanguard
S&P 500 Value Index Fund seeks to track the
performance of a benchmark index that measures the investment return of
large-capitalization value stocks in the United States.
• Vanguard S&P 500 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks in the United States.
• Vanguard S&P Mid-Cap 400 Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks in the United States.
• Vanguard S&P Mid-Cap 400 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks in the United States.
• Vanguard S&P Mid-Cap 400 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization growth stocks in the United States.
• Vanguard S&P Small-Cap 600 Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks in the United States.
• Vanguard S&P Small-Cap 600 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks in the United States.
• Vanguard S&P Small-Cap 600 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks in the United States.
• Vanguard S&P 500 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks in the United States.
• Vanguard S&P Mid-Cap 400 Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks in the United States.
• Vanguard S&P Mid-Cap 400 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks in the United States.
• Vanguard S&P Mid-Cap 400 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization growth stocks in the United States.
• Vanguard S&P Small-Cap 600 Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks in the United States.
• Vanguard S&P Small-Cap 600 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks in the United States.
• Vanguard S&P Small-Cap 600 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks in the United States.
Each Fund’s
investment objective is not fundamental and may be changed without shareholder
approval.
56
Implementation
of Investment Objectives
To achieve its
investment objective, each Fund employs an indexing, or passive, investment
approach designed to track the performance of its Target Index (each a “Target
Index,” and collectively, the “Target Indexes”):
|
Vanguard
Fund |
Target
Index |
|
Vanguard
S&P 500 Value Index Fund |
S&P
500 Value Index |
|
Vanguard
S&P 500 Growth Index Fund |
S&P
500 Growth Index |
|
Vanguard
S&P Mid-Cap 400 Index Fund |
S&P
MidCap 400 Index |
|
Vanguard
S&P Mid-Cap 400 Value Index Fund |
S&P
MidCap 400 Value Index |
|
Vanguard
S&P Mid-Cap 400 Growth Index Fund |
S&P
MidCap 400 Growth Index |
|
Vanguard
S&P Small-Cap 600 Index Fund |
S&P
SmallCap 600 Index |
|
Vanguard
S&P Small-Cap 600 Value Index Fund |
S&P
SmallCap 600 Value Index |
|
Vanguard
S&P Small-Cap 600 Growth Index Fund |
S&P
SmallCap 600 Growth Index |
|
What
are Index Funds? |
|
Index
funds attempt to track—not outperform—the performance of a
specified
market index. An index is a group of securities whose overall
performance
is used as a standard to measure the investment
performance
of a particular market. Some indexes represent entire
markets,
such as the U.S. stock market, while others cover a segment of a
market,
such as short-term bonds. |
|
One
cannot invest directly in an index. Instead, an index fund’s advisor will
typically
seek to hold all, or substantially all, of the securities that make up
the
fund’s target index (often referred to as “replicating” an index or a
“full
replication”
approach) or a representative sample of the securities that
make
up a fund’s target index (“sampling” an
index). |
Under normal
circumstances, each Fund invests at least 80% of its net assets, plus the amount
of any borrowings for investment purposes, in the stocks that make up its Target
Index. Investments in derivatives may be counted toward a Fund’s 80% policy to
the extent that they provide investment exposure to the securities included
within the policy or to one or more market risk factors associated with such
securities. Each Fund may change its 80% policy only upon 60 days’ notice to
shareholders.
Vanguard S&P
500 Value Index Fund and Vanguard S&P 500 Growth Index Fund may become
nondiversified, as defined under the Investment Company Act of 1940, solely as a
result of tracking an index. This could occur due to
57
events such as an
index rebalance or market movement. A nondiversified fund may invest a greater
percentage of its assets in the securities of particular issuers as compared
with diversified funds. A fund becomes nondiversified if, with respect to 75% of
its total assets, the fund: (1) purchases more than 10% of the outstanding
voting securities of any one issuer, or (2) purchases securities of any issuer
when, as a result, more than 5% of the fund’s total assets are invested in that
issuer’s securities. Each Fund may become nondiversified without shareholder
approval pursuant to SEC relief.
In addition, each
of the above Funds could become concentrated in an industry or group of
industries if its Target Index becomes concentrated due to market conditions or
the performance of a single or related group of issuers.
Security
Selection
Each Fund uses the
replication method of indexing, meaning that a Fund generally holds the same
stocks as those in its Target Index and in approximately the same proportions.
The advisor buys and sells securities for a Fund for the purpose of tracking the
Target Index.
Vanguard
S&P 500 Value Index Fund. The Fund tracks the
performance of the S&P 500 Value Index, a modified market cap-weighted
index. The Fund’s Target Index is made up of constituents from a corresponding
index (S&P 500 Index) that are classified as value stocks. The Fund’s Target
Index is rebalanced annually in December, with quarterly reviews in March, June,
and September. As of August 31, 2025, the number of stocks (constituents) in the
Fund’s Target Index was 397. The constituents are reviewed for inclusion by the
index provider and are likely to change over time.
Vanguard
S&P 500 Growth Index Fund. The Fund tracks
the performance of the S&P 500 Growth Index, a modified market cap-weighted
index. The Fund’s Target Index is made up of constituents from a corresponding
index (S&P 500 Index) that are classified as growth stocks. The Fund’s
Target Index is rebalanced annually in December, with quarterly reviews in
March, June, and September. As of August 31, 2025, the number of stocks
(constituents) in the Fund’s Target Index was 213. The constituents are reviewed
for inclusion by the index provider and are likely to change over
time.
Vanguard
S&P Mid-Cap 400 Index Fund. The Fund tracks
the performance of the S&P MidCap 400 Index, a float-adjusted market
cap-weighted index that seeks to measure the mid-cap segment of the U.S. equity
market. The Fund’s Target Index is rebalanced quarterly in March, June,
September, and December. As of August 31, 2025, the number of stocks
(constituents) in the Fund’s Target Index was 401. The constituents are reviewed
for inclusion by the index provider and are likely to change over
time.
58
Vanguard
S&P Mid-Cap 400 Value Index Fund. The Fund tracks the
performance of the S&P MidCap 400 Value Index, a modified market
cap-weighted index. The Fund’s Target Index is made up of constituents from a
corresponding index (S&P MidCap 400 Index) that are classified as value
stocks. The Fund’s Target Index is rebalanced annually in December, with
quarterly reviews in March, June, and September. As of August 31, 2025, the
number of stocks (constituents) in the Fund’s Target Index was 296. The
constituents are reviewed for inclusion by the index provider and are likely to
change over time.
Vanguard
S&P Mid-Cap 400 Growth Index Fund. The Fund tracks
the performance of the S&P MidCap 400 Growth Index, a modified market
cap-weighted index. The Fund’s Target Index is made up of constituents from a
corresponding index (S&P MidCap 400 Index) that are classified as growth
stocks. The Fund’s Target Index is rebalanced annually in December, with
quarterly reviews in March, June, and September. As of August 31, 2025, the
number of stocks (constituents) in the Fund’s Target Index was 242. The
constituents are reviewed for inclusion by the index provider and are likely to
change over time.
Vanguard
S&P Small-Cap 600 Index Fund. The Fund tracks
the performance of the S&P SmallCap 600 Index, a float-adjusted market
cap-weighted index that seeks to measure the small-cap segment of the U.S.
equity market. The Fund’s Target Index is rebalanced quarterly in March, June,
September, and December. As of August 31, 2025, the number of stocks
(constituents) in the Fund’s Target Index was 602. The constituents are reviewed
for inclusion by the index provider and are likely to change over
time.
Vanguard
S&P Small-Cap 600 Value Index Fund. The Fund tracks
the performance of the S&P SmallCap 600 Value Index, a modified market
cap-weighted index. The Fund’s Target Index is made up of constituents from a
corresponding index (S&P SmallCap 600 Index) that are classified as value
stocks. The Fund’s Target Index is rebalanced annually in December, with
quarterly reviews in March, June, and September. As of August 31, 2025, the
number of stocks (constituents) in the Fund’s Target Index was 458. The
constituents are reviewed for inclusion by the index provider and are likely to
change over time.
Vanguard
S&P Small-Cap 600 Growth Index Fund. The Fund tracks
the performance of the S&P SmallCap 600 Growth Index, a modified
market-capitalization weighted index. The Fund’s Target Index is made up of
constituents from a corresponding index (S&P SmallCap 600 Index) that are
classified as growth stocks. The Fund’s Target Index is rebalanced annually in
December, with quarterly reviews in March, June, and September. As of August 31,
2025, the number of stocks (constituents) in the Fund’s Target Index was 343.
The constituents are reviewed for inclusion by the index provider and are likely
to change over time.
59
The Target Indexes
are owned, calculated, and controlled by the index provider in its sole
discretion. Neither the advisor nor any of its affiliates has discretion to
select Target Index components or change a Target Index’s
methodology.
Stocks of publicly
traded companies are often classified according to market capitalization, which
is the market value of a company’s outstanding shares. These classifications
typically include small-cap, mid-cap, and large-cap. It is important to
understand that there is no “official” definition of each type of small-cap,
mid-cap, or large-cap and that market capitalization ranges can change over
time.
A fund’s median
market capitalization, which is the midpoint of the market capitalization of the
fund’s stocks weighted by the proportion of the fund’s assets invested in each
stock, can be used as an indicator of the size of the companies in which it
invests. Stocks representing half of a fund’s assets will have market
capitalizations above the median, and the rest will fall below it. As of August
31, 2025, the asset-weighted median market capitalization of each Fund’s stock
holdings was:
|
Vanguard
Fund |
Asset-Weighted
Median
Market
Capitalization |
|
Vanguard
S&P 500 Growth Index Fund |
$1.1
trillion |
|
Vanguard
S&P 500 Value Index Fund |
$177
billion |
|
Vanguard
S&P Mid-Cap 400 Growth Index
Fund |
$11.3
billion |
|
Vanguard
S&P Mid-Cap 400 Index Fund |
$9.8
billion |
|
Vanguard
S&P Mid-Cap 400 Value Index
Fund |
$8.3
billion |
|
Vanguard
S&P Small-Cap 600 Growth
Index
Fund |
$4.2
billion |
|
Vanguard
S&P Small-Cap 600 Index Fund |
$3.5
billion |
|
Vanguard
S&P Small-Cap 600 Value Index
Fund |
$2.8
billion |
Additional
Information Regarding the Funds’ Investments
The Funds’
investments are described in more detail below.
• Large-Cap
Stocks
represent the largest publicly traded companies, which are often
well-established and widely recognized. These companies typically have
significant market share, global reach, and a history of financial stability.
While they may not offer as much growth potential as smaller companies, they are
generally considered more resilient during economic downturns but still not
immune from a decrease in price.
• Mid-Cap
Stocks represent
medium-sized companies, which can be companies that are more established than
small-cap companies but do not have the market share of large-cap companies.
These companies may be more agile than large-cap companies in responding to
market changes,
60
while
also benefiting from more resources and operational maturity than small-cap
companies. However, they can still face challenges during economic
downturns.
• Small-Cap
Stocks represent smaller
companies, which may be newer or operate in niche markets. These companies can
offer higher growth potential than larger companies and may be more agile in
adapting to market changes. However, they also face greater risks, such as
limited access to capital and vulnerability during economic
downturns.
• Value
Stocks
typically represent companies that appear to be undervalued based on financial
metrics like price-to-earnings or book value. These stocks are often priced
lower relative to their fundamentals, which may reflect temporary challenges,
such as recent earnings or negative market sentiment, rather than long-term
issues. Value stocks typically offer higher dividend yields than other types of
stocks, which can make them attractive to investors seeking income as well as
potential price appreciation.
• Growth
Stocks
typically represent companies that are expected to deliver above-average
increases in revenue, earnings, cash flow, or other similar criteria. These
stocks typically reinvest profits into the business rather than paying
dividends, which results in low or no dividend yields. Growth stocks often trade
at higher valuations relative to financial metrics like price-to-earnings or
book value, as their prices are largely based on projections of future
performance.
More
on Fund Risks
Investing in the
securities markets can result in a loss of principal. Each Fund is subject to a
variety of risks, including the principal risks listed below, that can impact
its net asset value (NAV), performance, and ability to achieve its investment
objective.
More
on Principal Risks
General
Market Risk. The markets in
which the Funds invest can be affected by a variety of factors. These factors,
which can be real or perceived, may include economic, market, political, and
regulatory conditions and developments as well as local, regional, or global
events such as wars, military conflicts, natural disasters, and public health
issues. In addition, investor sentiment and expectations regarding these factors
can also impact the markets. Different parts of the market, including different
industries and sectors as well as different types of securities, may react
differently to factors that affect the market. These factors can contribute to
market uncertainty, market volatility, and fluctuations in the value of the
Funds’ investments, thereby resulting in potential losses to the Funds over
short or long periods.
61
Investing
in Equity Markets. The Funds invest
in the equity markets. Equity markets have historically been cyclical, having
periods of time when stock values rise and fall. These periods of rising and
falling values can occur for unpredictable timeframes over the short- and
long-term. Market volatility also is unpredictable and can lead to significant
fluctuations in stock values, resulting in potential losses to the
Funds.
Market
Capitalization (Market Cap) — Large-Cap Companies
(Applies to Vanguard S&P 500 Value Index Fund and Vanguard S&P 500
Growth Index Fund). Large-cap
companies are typically more well-established, well-known, and mature companies
from an operational perspective than smaller cap companies. Because of this,
they may not reach the same levels of growth or performance as smaller cap
companies, and they may be slower to react to competitive challenges. The Funds’
focus on large-cap companies could affect their performance relative to a fund
that is focused on a broader representation of the stock
market.
Market
Capitalization (Market Cap) — Mid-Cap Companies
(Applies to Vanguard S&P Mid-Cap 400 Index Fund, Vanguard S&P Mid-Cap
400 Value Index Fund, and Vanguard S&P Mid-Cap 400 Growth Index
Fund). Mid-cap companies
fall between large- and small-cap companies in size. Due to being smaller, they
may be more affected by adverse business or economic events than larger
companies. The Funds’ focus on mid-cap companies could affect their performance
relative to a fund that is focused on a broader representation of the stock
market.
Market
Capitalization (Market Cap) — Small-Cap Companies
(Applies to Vanguard S&P Small-Cap 600 Index Fund, Vanguard S&P
Small-Cap 600 Value Index Fund, and Vanguard S&P Small-Cap 600 Growth Index
Fund).
Because small-cap
companies are some of the smallest in size, they may be more affected by adverse
business or economic events than larger companies and the price of their
securities may move more dramatically and be more volatile. The Funds’ focus on
small-cap companies could affect their performance relative to a fund that is
focused on a broader representation of the stock market.
Growth
Investing
(Applies to Vanguard S&P 500 Growth Index Fund, Vanguard S&P Mid-Cap 400
Growth Index Fund, and Vanguard S&P Small-Cap 600 Growth Index
Fund). Companies and
their stock are often classified as growth or value. Growth investing and value
investing are two investment styles used by advisors. Under certain market
conditions these investment styles may perform differently, generating varying
returns. The Funds’ approach to growth investing could cause them to
underperform other stock funds that use a different investment style. Growth
stocks typically produce lower yields because growth companies prefer to
reinvest earnings into research and development to
62
promote growth and
increase profitability. Research and development can be expensive and may not
always produce favorable results, which could harm a company’s performance
relative to the broader market.
Value
Investing
(Applies to Vanguard S&P 500 Value Index Fund, Vanguard S&P Mid-Cap 400
Value Index Fund, and Vanguard S&P Small-Cap 600 Value Index
Fund). Companies and
their stock are often classified as growth or value. Growth investing and value
investing are two investment styles used by advisors. Under certain market
conditions these investment styles may perform differently, generating varying
returns. The Funds’ approach to value investing could cause them to underperform
other stock funds that use a different investment style. The Funds’ investments
in value stocks are subject to the risk that the stocks’ valuations do not
improve at the anticipated rate or that their returns do not move in tandem with
the returns of other investment styles or the broader stock
market.
Index
Investing. Each Fund is
subject to the following risks associated with index investing:
Passive
Management. Each Fund seeks to
track the performance of its Target Index regardless of how the Target Index is
performing. The advisor’s use of an indexing, or passive, approach to select and
maintain investments for each Fund means that the advisor will select
investments for the purpose of tracking the Target Index and generally will not
use strategies to reduce negative impacts to the Fund during periods of market
volatility. As a result, a Fund’s performance may be lower than it would be if
it were actively managed.
Index
Replication Strategy. Although each Fund
seeks to hold substantially all of the securities included in its Target Index,
it may be unable to do so. In addition, a Fund could be prevented from holding
one or more of the securities in the same proportion as in the Target
Index.
Tracking
Error.
The performance of a Fund’s investments, in the aggregate, may not match the
investment performance of its Target Index. It is important to understand that
an index fund will never perform exactly the same as its target index because,
among other things, an index fund has operating expenses and transaction costs
and its target index does not. Beyond these inherent differences in the
operation of an index fund versus the operation of its target index, there are a
variety of other factors that can cause or result in tracking error. These may
include, but are not limited to:
○
Price differences
between the securities held by the index fund and those included in its target
index
○
Cash flows into or
out of the index fund
○
The size of the
index fund
○
Compliance with new
or existing regulatory requirements
63
○
Portfolio
transactions carried out by the index fund’s advisor to minimize the
distribution of capital gains
○
Changes to the
underlying securities that make up the target index
○
Errors made by the
provider of the target index
Tracking error risk
may be heightened during times of increased market volatility or under other
unusual market conditions. An index fund using a sampling strategy may be more
likely to experience tracking error than an index fund using a replicating
strategy.
Index
Provider. Each Fund is
subject to risks associated with its index provider. The securities that make up
a Target Index and their weighting in the Target Index are determined by the
index provider. The index provider does not provide any warranty or accept any
liability with respect to the quality, accuracy, or completeness of the Target
Index or any data used to compile the Target Index. Under normal circumstances,
the index provider rebalances (updates) the Target Index on a regular schedule.
However, the index provider may also rebalance the Target Index outside of the
regular schedule or delay or cancel a scheduled rebalance, which could result in
added costs for a Fund or cause a Fund to experience tracking error. The index
provider may make errors, and it is possible that such errors may not be
identified by the index provider for a period of time or at all. Any gains,
losses, or costs associated with or resulting from an error made by the index
provider will generally be borne by a Fund and, as a result, a Fund’s
shareholders. A Fund’s advisor does not provide any warranty or guarantee
against any errors made by the index provider.
Nondiversification
(Applies to Vanguard S&P 500 Value Index Fund and Vanguard S&P 500
Growth Index Fund). By tracking its
broad-based Target Index, the Funds could become nondiversified, as defined
under the Investment Company Act of 1940. Nondiversified funds invest a greater
percentage of their assets in a small number of issuers than diversified funds,
their performance may be negatively impacted by relatively few securities or
even a single security, and their shares may experience significant fluctuations
in value.
Concentration
Risk.
Except as may be necessary to approximate the composition of its Target Index,
each Fund will not concentrate its investments in the securities of issuers
whose principal business activities are in the same industry or group of
industries. However, it is possible that a Target Index could become
concentrated due to market conditions or the performance of a single or related
group of issuers. If a Target Index becomes concentrated and a Fund needs to
concentrate in the same industry or group of industries, its performance could
be negatively impacted by the industry or industries in which it is
concentrated.
64
Information
Technology Sector
(Applies to Vanguard S&P 500 Growth Index Fund). As of the Fund’s
most recent fiscal year end, stocks of companies within the information
technology sector made up a significant portion of the Target Index. As a
result, the performance of the Target Index, and therefore the performance of
the Fund, may be impacted by the general condition of the information technology
sector. Companies in the information technology sector can be negatively
affected by products becoming obsolete due to increased competition or short
product life cycles, changing consumer preference, and/or expiring intellectual
property rights, government scrutiny, changing regulations, and legal
actions.
ETF
Share Trading. Because ETF Shares
trade on the secondary markets, they are subject to the following
risks:
ETF
Shares Trading at Prices Other Than NAV. ETF Shares may
trade on a national securities exchange at prices above, below, or at their most
recent NAV. The NAV of a Fund’s ETF Shares, which typically is calculated at the
end of each business day, will generally fluctuate with changes in the market
value of the Fund’s holdings. The market prices of ETF Shares will also
fluctuate, in some cases materially, in accordance with changes in NAV and the
intraday value of a Fund’s holdings, as well as the relative supply of and
demand for the ETF Shares on an exchange. Differences between secondary market
prices of ETF Shares and the intraday value of a Fund’s holdings may be due
largely to supply and demand forces in the secondary market, which may not be
the same forces as those influencing prices for securities held by the Fund at a
particular time.
Although it is
expected that the market price of an ETF Share typically will trade close to the
value of a Fund’s holdings, market prices are not expected to correlate exactly
to a Fund’s NAV due to timing reasons, supply and demand imbalances, and other
factors. In addition, disruptions to creations and redemptions; adverse
developments impacting market makers, authorized participants, or other market
participants; or high market volatility may result in the market price of ETF
Shares differing significantly from a Fund’s NAV or the intraday value of a
Fund’s holdings. As a result of these factors, among others, you may pay more
(premium) or less (discount) than NAV when you buy ETF Shares on the secondary
market, and you may receive more or less than NAV when you sell those shares.
These discounts and premiums are likely to be greatest during times of market
disruption or extreme market volatility.
Cost
of Buying or Selling Shares. Individual
investors who buy or sell ETF Shares through a broker may incur a brokerage
commission or other charges imposed by brokers. In addition, the market price of
ETF Shares, like the price of any security on an exchange, includes a “bid-ask
spread” charged by the market makers or other participants that trade the
particular security. The bid-ask spread is the difference between the highest
price a buyer is willing to pay to purchase ETF Shares (bid) and the lowest
price a seller is willing to
65
accept for ETF
Shares (ask) when buying or selling shares in the secondary market. The bid-ask
spread of a Fund’s ETF Shares can vary over time based on the Fund’s trading
volume and market liquidity and may increase if the Fund’s trading volume, the
bid-ask spread of the Fund’s underlying securities, or market liquidity
decrease. In times of severe market disruption, including when trading of a
Fund’s holdings may be halted, the bid-ask spread may increase significantly.
This means that ETF Shares may trade at a discount to a Fund’s NAV, and the
discount is likely to be greatest during significant market
volatility.
Short
Selling. ETF Shares,
similar to shares of other issuers listed on an exchange, may be sold short. In
a short sale, an investor “borrows” securities from a lender for a fee and then
sells the borrowed securities on the open market with the hope that the borrowed
securities decline in price before the investor has to repurchase the securities
to return them to the lender. Short sales of ETF Shares can increase their
volatility and lead to price decreases.
Lack
of Active Trading Market. Although ETF
Shares are listed on a national securities exchange, it is possible that an
active trading market may not be maintained. Although this could happen at any
time, it is more likely to occur during times of severe market disruption. If
you attempt to sell your ETF Shares when an active trading market is not
functioning, you may have to sell at a significant discount to NAV. In extreme
cases, you may not be able to sell your shares at all.
Trading
Halt.
Trading of ETF Shares on an exchange may be halted by the activation of
individual or market-wide trading halts (which halt trading for a specific
period of time when the price of a particular security or overall market prices
decline by a specified percentage). Trading of ETF Shares may also be halted if
(1) the shares are delisted from the listing exchange without first being listed
on another exchange or (2) exchange officials determine that such action is
appropriate in the interest of a fair and orderly market or for the protection
of investors. If a trading halt or unanticipated early closing of an exchange
occurs, a shareholder may be unable to purchase or sell ETF
Shares.
Authorized
Participants. Only Authorized
Participants may engage in creation or redemption transactions directly with
each Fund. Each Fund has a limited number of financial institutions that may act
as Authorized Participants. A Fund’s Authorized Participants are not obligated
to engage in creation or redemption transactions. To the extent that a Fund’s
Authorized Participants are unable to or choose not to proceed with creation
and/or redemption transactions with respect to the Fund and no other Authorized
Participants step forward to engage in creation or redemption transactions with
the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face
trading halts and/or delisting.
66
Additional
Risks
Geopolitical
and Sanctions Risk. Due to growing
dependencies between global economies, geopolitical events can negatively affect
all securities, markets, and economies. It is possible that events which only
impact one geographic area could have negative short- or long-term effects on
markets, issuers, and/or exchanges in the United States and other
countries.
At times, the
United States, other governments, or other supranational bodies (e.g., the
United Nations) may impose sanctions on countries and/or entities in response to
geopolitical events or other priorities. Compliance with sanctions could impact
the Funds, including the Funds’ abilities to transact in or obtain exposure to
certain foreign securities and assets. Sanctions also could cause significant
losses to the Funds’ investments and their performance could be negatively
impacted. In lieu of sanctions, companies or specific goods that the company
produces could be subjected to trade embargoes or tariffs, which can also affect
securities markets and create volatility. So long as sanctions do not prohibit
investment in the company or issuer, the Funds typically also would not be
prohibited from investing in the affected company or issuer.
ETF
Share Class Risks. By investing in
the ETF Shares of a fund that also offers conventional mutual fund shares, you
could be subject to costs and/or tax impacts that you would not be subject to if
you invested in exchange-traded shares offered by a fund without a conventional
mutual fund share class. These costs include brokerage and other transaction
costs associated with a Fund buying and selling portfolio securities in response
to conventional mutual fund share class inflows and outflows, cash drag as a
result of a Fund holding the cash necessary to satisfy conventional mutual fund
share class transactions, and taxable capital gains distributions if a Fund has
to sell portfolio holdings at a gain in order to satisfy mutual fund share class
redemptions.
Potential
Redemption Activity Impacts. The Vanguard funds
can be negatively impacted by certain large redemptions. These redemptions could
occur due to a single shareholder or multiple shareholders deciding to sell a
large quantity of shares of a fund or a share class of the fund. Large
redemptions can occur for many reasons, either as a result of actions taken by
the Vanguard funds or their advisors, or as a result of events unrelated to
actions taken by the Vanguard funds or their advisors. Actions taken by the
Vanguard funds or their advisors could include, but are not limited to, changes
to a fund’s advisor(s), changes to a fund’s portfolio manager(s), changes to the
composition of a fund’s portfolio, and/or other product changes or launches
that, for example, result in shareholders redeeming shares of one fund to
purchase shares of another fund or investment vehicle. For a fund of funds,
actions taken by the Vanguard funds or their advisors could include a withdrawal
from an underlying fund or a change in the allocation to underlying funds.
Events
67
unrelated to
actions taken by the Vanguard funds or their advisors could include shareholders
selling out of a fund in response to market movements or regulatory
changes.
A large redemption
could adversely affect a fund’s liquidity and NAV. For example, a large
redemption could require a fund’s manager to sell portfolio holdings at
unplanned or inopportune times. The manager’s sale of these holdings, which is a
taxable event, could require the fund to distribute any corresponding capital
gains or other taxable income to the fund’s remaining shareholders; see
Dividends,
Distributions, and Taxes in the
Investing
in Vanguard ETF®
Shares section for
additional information. The increased trading activity could also increase
underlying costs for the fund due to commissions paid by the
fund.
Investing
in Derivatives. Investing in
derivatives may present risks different from, and/or greater than, those
associated with investing directly in stocks, bonds, or other types of
investments. Derivatives could expose a Fund to increased volatility and/or
significant loss. Certain derivatives have an inherent leverage component,
providing the Fund exposure to a sizable position in an underlying asset with a
relatively small upfront investment at the time the Fund enters into the
derivatives position. For these derivatives, an adverse change in the value or
price of the underlying asset could result in a loss substantially greater than
the amount invested in the derivative itself. Some derivatives require the Fund
to enter into a contract with a counterparty. If the counterparty is unable or
unwilling to fulfill its contractual obligation, the Fund may experience a loss.
A liquid market may not always exist for the Fund’s derivatives positions. The
Fund may be unable to sell or otherwise exit its derivatives position at desired
times or prices, which could also result in a loss to the Fund. Some
derivatives, particularly OTC derivatives, can be complex and often are valued
subjectively. Valuation may be more difficult in times of market turmoil since
many investors and market makers may be reluctant to purchase complex
instruments or quote prices for them. Improper valuations can result in
increased cash payment requirements to counterparties or a loss of value to the
Fund.
Derivatives may not
perform as intended, which may result in losses to the Fund. For example,
derivatives used for hedging or as a substitute for a portfolio instrument may
not provide the expected benefits, particularly during adverse market
conditions. The use of derivatives is also subject to legal risk, which includes
the risk of loss resulting from insufficient or unenforceable contractual
documentation, insufficient capacity or authority of the Fund’s counterparty,
and operational risk, which includes documentation or settlement issues, system
failures, inadequate controls, and human error.
Ownership
Limitations Risk. As the Vanguard
funds continue to grow, they may be increasingly impacted by ownership
limitations that apply to certain securities held by the Vanguard funds
(“limited securities”). An ownership
68
limitation
restricts the amount of a security that funds within the same fund complex or
funds advised by the same investment advisor can own. These limitations may
apply even where an external manager or different affiliate of Vanguard provides
investment advisory services to a fund. Ownership limitations restrict the
amount that funds can invest in certain securities, due to either regulatory
limits that apply to certain industries (for example, banking and utilities) or
mechanisms that some issuers have in place to deter takeover attempts (for
example, poison pills). These restrictions can have negative impacts on funds,
including the inability of an index fund to track its index, the inability of a
fund to meet its investment objectives, negative performance impacts, and
unanticipated tax consequences. The impact of a particular ownership limitation
on a Vanguard fund will vary based on several factors, including, but not
limited to, a fund’s investment strategy and its current and desired exposure to
limited securities, the industry to which the limitation applies, the country or
region of a particular issuer, and the regulatory body imposing the limitation.
In addition to the impacts of specific ownership limitations, the Vanguard funds
are also subject to the risk of multiple ownership limitations applying at one
time, which could increase the likelihood of a fund experiencing the negative
impacts listed above. The Vanguard funds attempt to mitigate the impacts of
ownership limitations through the various methods discussed below in “Methods to
address ownership limitations.” However, it is possible that these methods will
be unsuccessful and could also expose the Vanguard funds to other potential
risks and negative consequences.
Impacts
of Ownership Limitations. When an ownership
limitation applies, the Vanguard funds may need to allocate ownership of
impacted securities across impacted Vanguard funds, and a Vanguard fund may not
be able to buy additional securities or continue to hold existing securities
above its allocated amounts. For index funds, this can result in tracking error
if a fund cannot buy or hold the securities it needs in order to replicate or
sample its target index. For active funds, this can result in a fund not being
able to take advantage of favorable opportunities to invest in securities that
are subject to limitations. For both index and active funds, the inability to
buy or hold securities could prevent a fund from being able to meet its
investment objective or invest in accordance with its investment strategy,
and/or could negatively impact the fund’s performance. In addition, the steps
taken to address ownership limitations could result in additional costs and/or
unanticipated tax consequences to a fund that affect the amount, timing, and
character of distributions to the fund’s shareholders. The more assets the
Vanguard funds hold, the more likely it is that ownership limitations will
negatively impact Vanguard funds because they will not be able to purchase
additional shares of limited securities above their allocated amounts in order
to fully invest their assets in accordance with their investment
strategies.
69
Methods
to Address Ownership Limitations. The Vanguard funds
try to manage the negative impacts of these ownership limitations on the
Vanguard funds by seeking permission (relief) from regulators and/or issuers to
purchase or hold more securities than the amount allowed by ownership
limitations. However, it is not always possible to secure relief and such relief
could be revoked if the Vanguard funds are unable to satisfy the applicable
conditions, or if the regulator or issuer changes its position or policy or if
the applicable legal requirements become more restrictive. There is an
increasing amount of uncertainty around how much ownership limitations relief
regulators will grant to asset managers like Vanguard. Given this uncertainty,
there is no guarantee that Vanguard or the Vanguard funds will be able to
maintain their existing relief or obtain additional relief from ownership
limitations in the future. A regulator may impose certain conditions on the
Vanguard funds in connection with granting relief from an ownership limitation,
including, for example, that the funds vote in a certain way with respect to
shares of the limited security that the Vanguard funds hold in excess of the
ownership limitation. Regulatory relief may also depend on the operational
independence of certain Vanguard subsidiaries and/or business
divisions.
In addition, the
relief upon which Vanguard and the Vanguard funds currently rely, which has
allowed Vanguard to exceed certain ownership limitations, could be reduced or
revoked, forcing the Vanguard funds to sell down one or more securities to
comply with the ownership limitations. If a fund has to sell securities, there
could be negative impacts to fund performance as well as unanticipated tax
consequences that could impact the amount, timing, and character of
distributions to the fund’s shareholders.
When a Vanguard
fund cannot buy or hold securities directly due to ownership limitations, the
fund will typically try to get indirect exposure to impacted securities. The
fund does this so that it can replicate as closely as possible the returns the
fund would get if it directly owned the impacted securities. Indirect exposure
can be accomplished through the use of derivatives, such as total return swaps,
or by investing in wholly owned subsidiaries that hold the impacted securities.
Both of these methods of obtaining indirect exposure increase fund costs, and,
depending on the extent to which these alternatives are used by a fund to avoid
exceeding ownership limits, the added costs could have a negative impact on the
fund’s performance. With respect to an index fund, these added costs could also
result in tracking error relative to the fund’s target index. The risks
associated with derivatives use are discussed in more detail elsewhere in this
Prospectus.
There is no
guarantee that laws and regulations always will allow that indirect exposure to
limited securities may be omitted for purposes of determining the Vanguard
funds’ exposure to limited securities and compliance with the
70
applicable
ownership limitations. In such circumstances, the Vanguard funds could not use
these techniques and would be required to sell down the indirect and/or direct
holdings in the applicable limited securities.
Other
Investment Policies
In addition to
employing its principal investment strategies, each Fund may use the following
other investment strategies and types of investments in order to achieve its
investment objective.
Substitute
Index
Each Fund reserves
the right to substitute a different index for the index it currently tracks if
the current index is discontinued, if the Fund’s agreement with the provider of
its Target Index is terminated, or for any other reason determined in good faith
by the Board. In any such instance, the substitute index would represent the
same market segment as the Target Index.
Foreign
Securities
Each Fund has the
ability to invest in foreign securities to the extent necessary to carry out its
investment strategy of holding all, or substantially all, of the stocks that
make up its Target Index. It is not expected that any Fund will invest more than
5% of its assets in foreign securities.
Other
Types of Investments
Each Fund may
invest in derivatives such as total return swaps, equity futures, or other
derivatives. In general, a derivative is a financial contract whose value is
based on the value of a financial asset (such as a stock, a bond, or a
currency), a physical asset (such as gold, oil, or wheat), a market index, or a
reference rate. Each Fund attempts to remain fully invested in stocks in order
to track its Target Index as closely as possible; however, to help stay fully
invested and to reduce transaction costs, each Fund may invest in derivatives.
Each Fund may use derivatives to obtain exposure to a stock, a basket of stocks,
or an index. Derivatives may also be used as an alternate means to obtain
economic exposure if a Fund is required to limit its investment in a particular
issuer or industry. The Funds will not use derivatives for speculation or for
the purpose of leveraging (magnifying) investment returns.
Cash
Management
Each Fund’s daily
cash balance may be invested in one or more Vanguard CMT Funds, which are used
as cash management vehicles for the Vanguard funds. When investing in a CMT
Fund, each Fund bears its proportionate share of the expenses of the CMT Fund in
which it invests. Vanguard receives no additional revenue from Fund assets
invested in a CMT Fund.
71
Temporary
Defensive Measures
Each Fund may
temporarily depart from its normal investment policies and strategies when the
advisor believes that doing so is in the Fund’s best interest, so long as the
strategy or policy employed is consistent with the Fund’s investment objective.
For instance, a Fund may invest beyond its normal limits in derivatives or
exchange-traded funds that are consistent with the Fund’s investment objective
when those instruments are favorably priced or provide needed liquidity, as
might be the case when the Fund receives large cash flows that it cannot
prudently invest immediately. A Fund may also invest beyond its normal limits in
derivatives as an alternate means to obtain economic exposure if the Fund is
required to limit its investment in a particular issuer or
industry.
Portfolio
Holdings
Please consult the
Funds' Statement
of Additional Information or Vanguard’s
website for a description of the policies and procedures that govern disclosure
of each Fund’s portfolio holdings.
Management
and Distribution of the Funds
Each Fund is a
member of The Vanguard Group, Inc. (Vanguard), a family of over 200 funds. All
of the funds that are members of Vanguard (other than funds of funds) share in
the expenses associated with administrative services and business operations,
such as personnel, office space, and equipment.
Vanguard Marketing
Corporation provides marketing services to the funds. Although fund shareholders
do not pay sales commissions or 12b-1 distribution fees, each fund (other than a
fund of funds) or each share class of a fund (in the case of a fund with
multiple share classes) pays its allocated share of the Vanguard funds’
marketing costs.
|
How
is Vanguard’s Corporate Structure Unique? |
|
Vanguard
is owned jointly by the funds it oversees and thus indirectly by
the
shareholders in those funds. Most other mutual funds are operated by
management
companies that are owned by third parties—either public or
private
stockholders—and not by the funds they
serve. |
Investment
Advisor
The Vanguard Group,
Inc., P.O. Box 2600, Valley Forge, PA 19482, which began operations in 1975,
serves as advisor to the Funds through Vanguard Portfolio Management (VPM). VPM
exercises portfolio management responsibilities for the Funds. As of August 31,
2025, Vanguard served as advisor for approximately $9.3 trillion in assets.
Vanguard, through VPM,
72
provides investment
advisory services to the Funds pursuant to the Funds’ Service Agreement and an
intercompany service agreement between Vanguard and VPM, subject to the
supervision and oversight of the trustees and officers of the
Funds.
VPM, P.O. Box 2600,
Valley Forge, PA 19482, is a wholly owned subsidiary of Vanguard and was
established in 2025.
For the fiscal year
ended August 31, 2025, the advisory expenses represented an effective annual
rate of less than 0.01% of each Fund’s average net assets.
Each Fund (except
with respect to Vanguard S&P Small-Cap 600 Index Fund and Vanguard S&P
Small-Cap 600 Growth Index Fund) reserves the right to utilize a multimanager
approach in the future. Under the terms of an SEC exemption (except with respect
to Vanguard S&P Small-Cap 600 Index Fund and Vanguard S&P Small-Cap 600
Growth Index Fund), the Funds’ Board may, without prior approval from
shareholders, change the terms of an advisory agreement with a third-party
investment advisor or hire a new third-party investment advisor—either as a
replacement for an existing advisor or as an additional advisor. Any significant
change in a Fund’s advisory arrangement will be communicated to shareholders in
writing. As Vanguard is the Funds’ sponsor and overall manager, Vanguard,
through VPM, may provide investment advisory services to a Fund under certain
circumstances. Vanguard may also recommend to the Board that an advisor be
hired, terminated, or replaced or that the terms of an existing advisory
agreement be revised. The Funds have filed an application seeking an SEC
exemption with respect to investment advisors that are wholly owned subsidiaries
of Vanguard. If the exemption is granted, the Funds (other than Vanguard S&P
Small-Cap 600 Index Fund and Vanguard S&P Small-Cap 600 Growth Index Fund)
may rely on the new SEC relief.
A discussion
regarding the basis for the Board’s approval of each Fund’s investment advisory
arrangement is available in the Fund’s Form N-CSR filed with the SEC for the
fiscal period ended February 28 and in the applicable Financial Statements and
Other Information document available on the Fund’s website.
The managers
primarily responsible for the day-to-day management of the Funds
are:
Kenny
Narzikul, CFA, Portfolio
Manager at VPM. He has been with Vanguard since 2012, has worked in investment
management since 2016, has managed investment portfolios since 2023, and has
co-managed the Funds since 2023. Education: B.B.A., James Madison
University.
Chris
Nieves, CFA, Portfolio
Manager at VPM. He has worked in investment management since 2013; has been with
Vanguard since 2017; and has co-managed Vanguard S&P 500 Value Index Fund,
Vanguard S&P 500 Growth
73
Index Fund,
Vanguard S&P Mid-Cap 400 Index Fund, Vanguard S&P Mid-Cap 400 Growth
Index Fund, and Vanguard S&P Mid-Cap 400 Value Index Fund since 2025.
Education: B.A., Cornell University; MEng., Cornell University.
Jena
Stenger, Portfolio Manager
at VPM. She has worked in investment management since 2013; has been with
Vanguard since 2015; and has co-managed Vanguard S&P Small-Cap 600 Index
Fund, Vanguard S&P Small-Cap 600 Value Index Fund, and Vanguard S&P
Small-Cap 600 Growth Index Fund since 2025. Education: B.S., Villanova
University; M.B.A., University of Chicago Booth School of
Business.
The Funds'
Statement
of Additional Information provides
information about each portfolio manager’s compensation, other accounts under
management, and ownership of shares of the Funds.
74
Investing
in Vanguard ETF®
Shares
Each Vanguard fund
may offer one or more share classes. If a Vanguard fund offers multiple share
classes, each share class has the same investment objective, strategies, and
policies. However, because different share classes can have different expenses,
their investment returns may differ. Vanguard and the Funds have received an
exemptive order from the SEC that permits the Funds to offer conventional mutual
fund shares and ETF shares. This Prospectus offers the Funds’ ETF
shares.
The Funds’ ETF
Shares are listed for trading on NYSE Arca. You can buy and sell ETF Shares on
the secondary market in the same way you buy and sell any other exchange-traded
security—through a broker. Your broker may charge a commission to execute a
transaction. Unless imposed by your broker, there is no minimum dollar amount
you must invest and no minimum number of ETF Shares you must
buy.
Your ownership of
ETF Shares will be shown on the records of the broker through which you hold the
shares. Vanguard will not have any record of your ownership. Your account
information will be maintained by your broker, which will provide you with
account statements, confirmations of your purchases and sales of ETF Shares, and
tax information. Your broker also will be responsible for ensuring that you
receive income and capital gains distributions, as well as shareholder reports
and other communications from the fund whose ETF Shares you own. You will
receive other services (e.g., dividend reinvestment and average cost
information) only if your broker offers these services.
Redemption
of ETF Shares by Authorized Participants
Unlike conventional
(i.e., not exchange-traded) mutual fund shares, ETF Shares cannot be purchased
directly from or redeemed directly with the issuing fund by an individual
investor. Instead, only Authorized Participants can purchase and redeem ETF
Shares directly from the issuing fund. Authorized Participants may purchase and
redeem ETF Shares from the issuing fund only in large blocks (creation units),
usually in exchange for baskets of securities. Funds may also issue and redeem
creation units in exchange for solely cash or a combination of cash and
securities. These trades may occur in-kind between Vanguard and the Authorized
Participant. If cash is used to meet redemptions, a Fund typically obtains such
cash through positive cash flows or the sale of Fund holdings consistent with
the Fund’s investment objective and strategy.
Under certain
circumstances, including under stressed market conditions, a Fund may borrow
money (subject to certain regulatory conditions and if available under
board-approved procedures) through an interfund lending
75
facility; through a
bank line-of-credit, including a joint committed credit facility; or through an
uncommitted line-of-credit from Vanguard in order to meet redemption
requests.
Conversion
Privilege
Owners of
conventional shares issued by a Fund may convert those shares to ETF Shares of
equivalent value of the same fund. Please note that investors who own
conventional shares through a 401(k) plan or other employer-sponsored retirement
or benefit plan generally may not convert those shares to ETF Shares and should
check with their plan sponsor or recordkeeper. ETF Shares, whether acquired
through a conversion or purchased on the secondary market, cannot be converted
to conventional shares by a shareholder. Also, ETF Shares of one fund cannot be
exchanged for ETF Shares of another fund.
ETF Shares must be
held in a brokerage account. Thus, before converting conventional shares to ETF
Shares, you must have an existing, or open a new, brokerage account. This
account may be with Vanguard Brokerage Services® or with any other
brokerage firm. To initiate a conversion of conventional shares to ETF Shares,
please contact your broker.
Vanguard Brokerage
Services does not impose a fee on conversions from Vanguard conventional shares
to Vanguard ETF Shares. However, other brokerage firms may charge a fee to
process a conversion. Vanguard reserves the right, in the future, to impose a
transaction fee on conversions or to limit, temporarily suspend, or terminate
the conversion privilege.
Converting
conventional shares to ETF Shares is generally accomplished as follows. First,
after your broker notifies Vanguard of your request to convert, Vanguard will
transfer your conventional shares from your account to the broker’s omnibus
account with Vanguard (an account maintained by the broker on behalf of all its
customers who hold conventional Vanguard fund shares through the broker). After
the transfer, Vanguard’s records will reflect your broker, not you, as the owner
of the shares. Next, your broker will instruct Vanguard to convert the
appropriate number or dollar amount of conventional shares in its omnibus
account to ETF Shares of equivalent value, based on the respective NAVs of the
two share classes.
Your Fund’s
transfer agent will reflect ownership of all ETF Shares in the name of the
Depository Trust Company (DTC). The DTC will keep track of which ETF Shares
belong to your broker, and your broker, in turn, will keep track of which ETF
Shares belong to you.
Because the DTC is
unable to handle fractional shares, only whole shares can be converted. For
example, if you owned 300.25 conventional shares, and this was equivalent in
value to 90.75 ETF Shares, the DTC account would receive 90 ETF Shares.
Conventional shares with a value equal to 0.75 ETF Shares (in
76
this example, that
would be 2.481 conventional shares) would remain in the broker’s omnibus account
with Vanguard. Your broker then could either (1) credit your account with 0.75
ETF Shares or (2) redeem the 2.481 conventional shares for cash at NAV and
deliver that cash to your account. If your broker chose to redeem your
conventional shares, you would realize a gain or loss on the redemption that
must be reported on your tax return (unless you hold the shares in an IRA or
other tax-deferred account). Please consult your broker for information on how
it will handle the conversion process, including whether it will impose a fee to
process a conversion.
If you convert your
conventional shares to ETF Shares through Vanguard Brokerage Services, all
conventional shares for which you request conversion will be converted to ETF
Shares of equivalent value. Because no fractional shares will have to be sold,
the transaction will not be taxable.
Here are some
important points to keep in mind when converting conventional shares of a
Vanguard fund to ETF Shares:
• The conversion
process can take anywhere from several days to several weeks, depending on your
broker. Vanguard generally will process conversion requests either on the day
they are received or on the next business day. Vanguard imposes conversion
blackout windows around the dates when a fund with ETF Shares declares
dividends. This is necessary to prevent a shareholder from collecting a dividend
from both the conventional share class currently held and also from the ETF
share class to which the shares will be converted.
• Until the
conversion process is complete, you will remain fully invested in a fund’s
conventional shares, and your investment will increase or decrease in value in
tandem with the NAV of those shares.
• The conversion
transaction is nontaxable except, if applicable, to the very limited extent
previously described.
Pricing
of Fund Shares
ETF Shares may only
be bought and sold in the secondary market. The price you pay or receive for the
ETF Shares will be the prevailing market price, which may be more or less than
the Fund’s NAV. Your transaction will be priced at the NAV only if you purchase
or redeem your ETF Shares in creation unit blocks (an option available only to
certain authorized broker-dealers), or if you convert your conventional fund
shares to ETF Shares. NAV is typically calculated as of the close of regular
trading on the New York Stock Exchange (“NYSE”), generally 4 p.m., Eastern time,
on each day that the NYSE is open for business (a business day). In the rare
event the NYSE experiences unanticipated disruptions and is unavailable at the
close of the trading day, NAVs will be calculated as of the close of regular
trading on the Nasdaq (or another alternate exchange if the Nasdaq is
unavailable, as determined at Vanguard’s discretion),
77
generally 4 p.m.,
Eastern time. The time selected for NAV calculation in this rare event generally
shall also serve as the conclusion of the trading day. On U.S. holidays or other
days when the NYSE is closed, the NAV is not calculated, and the Vanguard funds
do not sell or redeem shares. However, on those days the value of a fund’s
assets may be affected to the extent that the fund holds securities that change
in value on those days (such as foreign securities that trade on foreign markets
that are open).
If a fund only has
one share class, the NAV per share is computed by dividing the total assets,
minus liabilities, of a fund by the number of fund shares outstanding. If a fund
has more than one share class, each share class has its own NAV, which is
computed by dividing the total assets, minus liabilities, allocated to the share
class by the number of fund shares outstanding for that class. The value of
securities and other investments held by the Vanguard funds is determined
pursuant to the valuation policies and procedures adopted by the Vanguard funds’
boards of trustees. Vanguard has been designated as the valuation designee for
the Vanguard funds pursuant to Rule 2a-5 under the Investment Company Act of
1940, subject to oversight by the Vanguard funds’ boards of
trustees.
Securities for
which market quotations are readily available are valued at their market value,
based on quotations provided by independent third-party pricing sources. Such
securities are generally valued at their official closing price, the last
reported sales price, or if there were no sales that day, the mean between the
closing bid and asking prices, from the principal exchange or market on which
they are traded. A fund’s investments in any mutual fund shares, including
institutional money market fund shares, are valued at the NAVs of the mutual
fund shares. A fund’s investments in any ETF shares or closed-end fund shares
are valued at the market value of those shares.
When the market
quotations are not readily available or do not accurately reflect the value of a
security or other investment, such security or other investment is priced at
fair value, generally based on information provided by independent third-party
pricing services, in accordance with the valuation policies and procedures
adopted by the Vanguard funds’ boards of trustees. Fair value represents a good
faith determination of the value of a fund’s investments. The fair value of a
security or other investment is the amount that the owner might reasonably
expect to receive upon the current sale of the security or other investment.
Fair-value pricing may require subjective determinations. It is possible that
the price determined through fair-value pricing may differ from the price quoted
or published by other sources and may not be the price at which those
investments could have been sold during the period in which the fair value was
used.
Fair-value pricing
may be used in a variety of circumstances. For example, it may be used if the
value of a security or other investment has been materially affected by events
occurring after the close of the principal exchange or market
78
on which the
security is traded but before the funds’ NAV is calculated. These events might
be company-specific (e.g., earnings report, merger announcement),
country-specific (e.g., significant price movements in U.S. or a foreign
market), or regional/global events (e.g., natural disaster, economic or
political news, interest rate change, act of terrorism). These events could
affect a single security or a large number of securities in a particular market,
and it most commonly occurs with foreign portfolio holdings because many foreign
markets operate at times that do not coincide with those of the major U.S.
markets. Events that could affect the value of the foreign portfolio holdings
may occur between the close of the foreign market and the time a fund’s NAV is
calculated. The values of any foreign securities held by a fund are converted
into U.S. dollars using an exchange rate obtained from an independent third
party as of the close of regular trading on the NYSE.
In addition,
fair-value pricing may be used if trading in a security is halted and does not
resume before a fund’s pricing time, a security does not trade in the course of
a day and a fund holds enough of the security that its price could affect the
NAV, or if the trading market on which a security is listed is suspended or
closed and no appropriate alternative trading market is
available.
Fixed income
securities are generally valued based on information furnished by independent
pricing services and are priced at fair value. Pricing services may use matrix
pricing or valuation models that utilize certain inputs and assumptions to
derive values. Pricing services generally value fixed income securities assuming
orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller odd lot sizes. Odd lots may trade at
lower prices than institutional round lots.
Failures by
third-party pricing services to carry out their obligations to the Vanguard
funds (e.g., any errors in the data provided by third-party pricing services)
could result in delays in the calculation of the funds’ NAVs and/or the
inability to calculate the NAVs over extended time periods. The funds may be
unable to recover any losses associated with such failures.
The Vanguard funds
have authorized certain financial intermediaries and their designees, and may,
from time to time, authorize certain funds of funds for which Vanguard serves as
the investment advisor (Vanguard Funds of Funds), to accept orders to purchase
or redeem fund shares on behalf of the Vanguard funds. In these circumstances,
the Vanguard fund will be deemed to receive an order when accepted by the
authorized financial intermediary, its designee, or one of the Vanguard Funds of
Funds, and the order will be executed using the NAV next calculated after such
acceptance.
Vanguard’s website
will show the previous day’s closing NAV and closing market price for a fund’s
ETF Shares. The website also discloses, in the Premium/Discount analysis section
of a fund’s Price and Performance page,
79
how frequently the
fund traded at a premium or discount to NAV (based on closing NAVs and market
prices) and the magnitudes of such premiums and discounts.
Dividends,
Distributions, and Taxes
Fund
Distributions
Each Fund generally
distributes to shareholders virtually all of its net income (interest and
dividends, less expenses) as well as any net short-term or long-term capital
gains realized from the sale of its holdings. Each Fund may also make
distributions that are treated as a return of capital. Income dividends for
Vanguard S&P Mid-Cap 400 Index Fund, Vanguard S&P 500 Value Index Fund,
Vanguard S&P 500 Growth Index Fund, Vanguard S&P Small-Cap 600 Value
Index Fund, and Vanguard S&P Small-Cap 600 Growth Index Fund generally are
distributed quarterly in March, June, September, and December; income dividends
for Vanguard S&P Mid-Cap 400 Value Index Fund, Vanguard S&P Mid-Cap 400
Growth Index Fund, and Vanguard S&P Small-Cap 600 Index Fund generally are
distributed annually in December. Capital gains distributions, if any, generally
occur annually in December. In addition, each Fund may make a supplemental
distribution at some other time during the year.
From time to time,
Vanguard and/or a fund’s board of trustees may adjust a fund’s fees and expenses
and/or reduce, refund, reimburse, waive, or otherwise return to the funds and
their shareholders a portion of prior fees and expenses (collectively, “expense
adjustments”). Fund performance and potentially shareholder distributions, will
reflect such expense adjustments. If you sell all or part of your investment in
a fund before an expense adjustment occurs, then you will not receive the
economic benefit, if any, of such expense adjustment. An expense adjustment at
any given time does not imply or guarantee that similar or additional expense
adjustments will be made in the future.
Reinvestment
of Distributions
In order to
reinvest dividend and capital gains distributions, investors in a Fund’s ETF
Shares must hold their shares at a broker that offers a reinvestment service.
This can be the broker’s own service or a service made available by a third
party, such as the broker’s outside clearing firm or the DTC. If a reinvestment
service is available, distributions of income and capital gains can
automatically be reinvested in additional whole and fractional ETF Shares of a
Fund. If a reinvestment service is not available, investors will receive their
distributions in cash. To determine whether a reinvestment service is available
and whether there is a commission or other charge for using this service,
consult your broker.
80
Mutual fund share
class holders will receive dividend payments before holders of ETF Shares. As
with all exchange-traded funds, reinvestment of dividend and capital gains
distributions in additional ETF Shares will occur two business days or more
after the ex-dividend date (the date when a distribution of dividends or capital
gains is deducted from the price of a Fund’s shares). The exact number of days
depends on your broker. During that time, the amount of your distribution will
not be invested in a Fund and therefore will not share in the Fund’s income,
gains, and losses.
Basic
Tax Points
Investors in
taxable accounts should be aware of the following basic federal income tax
points:
• Distributions are
taxable to you whether or not you reinvest these amounts in additional Fund
shares.
• Distributions
declared and recorded in December—if paid to you by the end of January—are
generally taxable as if received in December.
• Any dividend
distribution or short-term capital gains distribution that you receive is
taxable to you as ordinary income. If you are an individual and meet certain
holding period requirements with respect to your Fund shares, you may be
eligible for reduced tax rates on “qualified dividend income,” if any, or a
special tax deduction on “qualified REIT dividends,” if any, distributed by the
Fund.
• Any distribution of
net long-term capital gains is taxable to you as long-term capital gains, no
matter how long you have owned shares in the Fund.
• Capital gains
distributions can occur when a Fund sells assets at a gain. Capital gains
distributions vary from year to year as a result of the Fund’s investment
activities and cash flows, including those due to redemption activity by Fund
shareholders.
• Capital gains
distributions may occur if Vanguard, a Fund, or its advisor makes changes that
would impact the Fund directly or indirectly, including changes to the Fund’s
portfolio or advisors or changes to any other Vanguard fund or product that
would involve the redemption of shares of the Fund and the related sale of the
Fund’s investments. Such changes could, depending on the timing, result in
capital gains distributions in the current fiscal year, subsequent fiscal year,
or both.
• Your cost basis in
the Fund will be decreased by the amount of any return of capital that you
receive. This, in turn, will affect the amount of any capital gain or loss that
you realize when selling your Fund shares.
• Return of capital
distributions generally are not taxable to you until your cost basis has been
reduced to zero. If your cost basis is at zero, return of capital distributions
will be treated as capital gains.
81
• A sale of Fund
shares is a taxable event. This means that you may have a capital gain to report
as income, or a capital loss to report as a deduction, when you complete your
tax return.
• If you purchase
shares before an ex-dividend date when a fund has realized but not yet
distributed income or capital gains, the purchase price may include the amount
of the upcoming distribution, and you may pay the full price for the shares and
later receive a portion of the purchase price back as a taxable distribution. In
such case, you generally will be taxed upon receipt of such distribution, even
though the distribution effectively represents a return of a portion of your
purchase price. This is known as “buying a dividend.”
Individuals,
trusts, and estates whose income exceeds certain threshold amounts are subject
to a 3.8% Medicare contribution tax on “net investment income.” Net investment
income takes into account distributions paid by the Fund and capital gains from
any sale of Fund shares.
Dividend
distributions and capital gains distributions that you receive, as well as your
gains or losses from any sale of Fund shares, may be subject to state and local
income taxes.
This Prospectus
provides general tax information only. If you are investing through a
tax-advantaged account, such as an IRA or an employer-sponsored retirement or
savings plan, special tax rules apply. Please consult your own tax advisor for
detailed information about any tax consequences for you.
Frequent
Trading Limitations
Unlike frequent
trading of a Vanguard fund’s conventional share classes, frequent trading of ETF
Shares generally does not disrupt portfolio management or otherwise harm fund
shareholders. The vast majority of trading in ETF Shares occurs on the secondary
market. Because these trades do not involve the issuing fund, they do not pose
potential harm to the fund or its shareholders. Certain broker-dealers are
authorized to purchase and redeem ETF Shares directly with the issuing fund.
Because these trades typically are effected in kind (i.e., for securities and
not for cash), or are assessed a transaction fee when effected in cash, they do
not cause any of the harmful effects to the issuing fund (as previously noted)
that may result from frequent trading. For these reasons, the boards of trustees
of Vanguard funds that issue ETF Shares have determined that it is not necessary
to adopt policies and procedures to detect and deter frequent trading and
market-timing of ETF Shares.
82
Financial
Highlights
Financial
highlights information is intended to help you understand a fund’s performance
for the past five years (or, if shorter, its period of operations). Certain
information reflects financial results for a single fund share. Total return
represents the rate that an investor would have earned or lost each period on an
investment in a fund or share class (assuming reinvestment of all
distributions). This information has been obtained from the financial statements
audited by PricewaterhouseCoopers LLP, an independent registered public
accounting firm, whose report, along with fund financial statements, is included
in a fund’s most recent annual Financial Statements and Other Information. You
may obtain a free copy of a fund’s latest disclosure documents upon
request.
Vanguard
S&P 500 Value Index Fund ETF Shares
|
For
a Share Outstanding
Throughout
Each Period
|
Year Ended
August 31, | ||||
|
2025
|
2024
|
2023
|
2022
|
2021
| |
|
Net
Asset Value, Beginning of Period |
$189.59 |
$156.61 |
$136.61 |
$146.23 |
$112.29 |
|
Investment
Operations |
|
|
|
|
|
|
Net
Investment Income1
|
3.662 |
3.612 |
2.984 |
3.029 |
2.897 |
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
7.499 |
32.730 |
20.032 |
(9.703) |
33.786 |
|
Total
from Investment Operations
|
11.161 |
36.342 |
23.016 |
(6.674) |
36.683 |
|
Distributions |
|
|
|
|
|
|
Dividends
from Net Investment Income
|
(3.821) |
(3.362) |
(3.016) |
(2.946) |
(2.743) |
|
Distributions
from Realized Capital Gains
|
— |
— |
— |
— |
— |
|
Total
Distributions
|
(3.821) |
(3.362) |
(3.016) |
(2.946) |
(2.743) |
|
Net
Asset Value, End of Period |
$196.93 |
$189.59 |
$156.61 |
$136.61 |
$146.23 |
|
Total
Return
|
6.01% |
23.51% |
17.15% |
-4.63% |
33.10% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
Net
Assets, End of Period (Millions)
|
$5,640 |
$5,195 |
$3,559 |
$2,801 |
$2,351 |
|
Ratio
of Total Expenses to Average Net Assets
|
0.08% |
0.10% |
0.10%2
|
0.10% |
0.10% |
|
Ratio
of Net Investment Income to Average Net
Assets
|
1.95% |
2.13% |
2.05% |
2.10% |
2.19% |
|
Portfolio
Turnover Rate3
|
32% |
30% |
27% |
16% |
18% |
|
1 |
Calculated
based on average shares outstanding. |
|
2 |
The
ratio of expenses to average net assets for the period net of reduction
from custody fee
offset
arrangements was 0.10%. |
|
3 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind
purchases
or redemptions of the fund’s capital shares, including ETF Creation
Units. |
83
Vanguard
S&P 500 Growth Index Fund ETF Shares
|
For
a Share Outstanding
Throughout
Each Period
|
Year Ended
August 31, | ||||
|
2025
|
2024
|
2023
|
2022
|
2021
| |
|
Net
Asset Value, Beginning of Period |
$336.34 |
$260.21 |
$232.26 |
$283.53 |
$219.32 |
|
Investment
Operations |
|
|
|
|
|
|
Net
Investment Income1
|
2.162 |
2.168 |
2.678 |
1.923 |
1.751 |
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
77.722 |
76.359 |
27.743 |
(51.406) |
64.190 |
|
Total
from Investment Operations
|
79.884 |
78.527 |
30.421 |
(49.483) |
65.941 |
|
Distributions |
|
|
|
|
|
|
Dividends
from Net Investment Income
|
(2.094) |
(2.397) |
(2.471) |
(1.787) |
(1.731) |
|
Distributions
from Realized Capital Gains
|
— |
— |
— |
— |
— |
|
Total
Distributions
|
(2.094) |
(2.397) |
(2.471) |
(1.787) |
(1.731) |
|
Net
Asset Value, End of Period |
$414.13 |
$336.34 |
$260.21 |
$232.26 |
$283.53 |
|
Total
Return
|
23.84% |
30.39% |
13.26% |
-17.52% |
30.26% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
Net
Assets, End of Period (Millions)
|
$19,353 |
$12,542 |
$8,170 |
$6,839 |
$6,776 |
|
Ratio
of Total Expenses to Average Net Assets
|
0.08% |
0.10% |
0.10%2
|
0.10%2
|
0.10% |
|
Ratio
of Net Investment Income to Average Net
Assets
|
0.59% |
0.74% |
1.16% |
0.73% |
0.73% |
|
Portfolio
Turnover Rate3
|
20% |
27% |
33% |
13% |
12% |
|
1 |
Calculated
based on average shares outstanding. |
|
2 |
The
ratio of expenses to average net assets for the period net of reduction
from custody fee
offset
arrangements was 0.10%. |
|
3 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind
purchases
or redemptions of the fund’s capital shares, including ETF Creation
Units. |
84
Vanguard
S&P Mid-Cap 400 Index Fund ETF Shares
|
For
a Share Outstanding
Throughout
Each Period
|
Year Ended
August 31, | ||||
|
2025
|
2024
|
20231 |
20221 |
20211 | |
|
Net
Asset Value, Beginning of Period |
$104.74 |
$89.50 |
$82.25 |
$93.08 |
$65.16 |
|
Investment
Operations |
|
|
|
|
|
|
Net
Investment Income2
|
1.470 |
1.377 |
1.267 |
1.247 |
.998 |
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
5.547 |
15.159 |
7.301 |
(10.928) |
27.898 |
|
Total
from Investment Operations
|
7.017 |
16.536 |
8.568 |
(9.681) |
28.896 |
|
Distributions |
|
|
|
|
|
|
Dividends
from Net Investment Income
|
(1.467) |
(1.296) |
(1.318) |
(1.149) |
(.976) |
|
Distributions
from Realized Capital Gains
|
— |
— |
— |
— |
— |
|
Total
Distributions
|
(1.467) |
(1.296) |
(1.318) |
(1.149) |
(.976) |
|
Net
Asset Value, End of Period |
$110.29 |
$104.74 |
$89.50 |
$82.25 |
$93.08 |
|
Total
Return
|
6.79% |
18.65% |
10.60% |
-10.47% |
44.65% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
Net
Assets, End of Period (Millions)
|
$2,825 |
$2,214 |
$1,647 |
$1,411 |
$1,476 |
|
Ratio
of Total Expenses to Average Net Assets
|
0.08% |
0.10% |
0.10%3
|
0.10%3
|
0.10% |
|
Ratio
of Net Investment Income to Average Net Assets
|
1.40% |
1.45% |
1.50% |
1.41% |
1.21% |
|
Portfolio
Turnover Rate4
|
15% |
19% |
14% |
11% |
16% |
|
1 |
Adjusted
to reflect a 2-for-1 share split effective March 13,
2023. |
|
2 |
Calculated
based on average shares outstanding. |
|
3 |
The
ratio of expenses to average net assets for the period net of reduction
from custody fee
offset
arrangements was 0.10%. |
|
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind
purchases
or redemptions of the fund’s capital shares, including ETF Creation
Units. |
85
Vanguard
S&P Mid-Cap 400 Value Index Fund ETF Shares
|
For
a Share Outstanding
Throughout
Each Period
|
Year Ended
August 31, | ||||
|
2025
|
2024
|
20231 |
20221 |
20211 | |
|
Net
Asset Value, Beginning of Period |
$94.72 |
$82.68 |
$76.82 |
$82.65 |
$54.80 |
|
Investment
Operations |
|
|
|
|
|
|
Net
Investment Income2
|
1.861 |
1.575 |
1.383 |
1.442 |
1.244 |
|
Net
Realized and Unrealized Gain (Loss) on Investments
|
5.914 |
11.794 |
5.987 |
(5.769) |
28.198 |
|
Total
from Investment Operations
|
7.775 |
13.369 |
7.370 |
(4.327) |
29.442 |
|
Distributions |
|
|
|
|
|
|
Dividends
from Net Investment Income
|
(1.665) |
(1.329) |
(1.510) |
(1.503) |
(1.592) |
|
Distributions
from Realized Capital Gains
|
— |
— |
— |
— |
— |
|
Total
Distributions
|
(1.665) |
(1.329) |
(1.510) |
(1.503) |
(1.592) |
|
Net
Asset Value, End of Period |
$100.83 |
$94.72 |
$82.68 |
$76.82 |
$82.65 |
|
Total
Return
|
8.31% |
16.34% |
9.79% |
-5.34% |
54.51% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
Net
Assets, End of Period (Millions)
|
$1,069 |
$919 |
$812 |
$807 |
$822 |
|
Ratio
of Total Expenses to Average Net Assets
|
0.12% |
0.15% |
0.15% |
0.15% |
0.15% |
|
Ratio
of Net Investment Income to Average Net Assets
|
1.95% |
1.85% |
1.75% |
1.79% |
1.72% |
|
Portfolio
Turnover Rate3
|
39% |
41% |
43% |
33% |
36% |
|
1 |
Adjusted
to reflect a 2-for-1 share split effective March 13,
2023. |
|
2 |
Calculated
based on average shares outstanding. |
|
3 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind
purchases
or redemptions of the fund’s capital shares, including ETF Creation
Units. |
86
Vanguard
S&P Mid-Cap 400 Growth Index Fund ETF Shares
|
For
a Share Outstanding
Throughout
Each Period
|
Year Ended
August 31, | ||||
|
2025
|
2024
|
20231 |
20221 |
20211 | |
|
Net
Asset Value, Beginning of Period |
$113.32 |
$94.90 |
$86.30 |
$102.72 |
$76.26 |
|
Investment
Operations |
|
|
|
|
|
|
Net
Investment Income2
|
.894 |
1.026 |
.988 |
.809 |
.526 |
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
5.073 |
18.521 |
8.500 |
(16.729) |
26.594 |
|
Total
from Investment Operations
|
5.967 |
19.547 |
9.488 |
(15.920) |
27.120 |
|
Distributions |
|
|
|
|
|
|
Dividends
from Net Investment Income
|
(.887) |
(1.127) |
(.888) |
(.500) |
(.660) |
|
Distributions
from Realized Capital Gains
|
— |
— |
— |
— |
— |
|
Total
Distributions
|
(.887) |
(1.127) |
(.888) |
(.500) |
(.660) |
|
Net
Asset Value, End of Period |
$118.40 |
$113.32 |
$94.90 |
$86.30 |
$102.72 |
|
Total
Return
|
5.30% |
20.80% |
11.12% |
-15.57% |
35.70% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
Net
Assets, End of Period (Millions)
|
$1,148 |
$1,061 |
$785 |
$725 |
$925 |
|
Ratio
of Total Expenses to Average Net Assets
|
0.12% |
0.15% |
0.15% |
0.15% |
0.15% |
|
Ratio
of Net Investment Income to Average Net
Assets
|
0.79% |
1.00% |
1.12% |
0.85% |
0.57% |
|
Portfolio
Turnover Rate3
|
38% |
48% |
48% |
44% |
40% |
|
1 |
Adjusted
to reflect a 2-for-1 share split effective March 13,
2023. |
|
2 |
Calculated
based on average shares outstanding. |
|
3 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind
purchases
or redemptions of the fund’s capital shares, including ETF Creation
Units. |
87
Vanguard
S&P Small-Cap 600 Index Fund ETF Shares
|
For
a Share Outstanding
Throughout
Each Period
|
Year Ended
August 31, | ||||
|
2025
|
2024
|
20231 |
20221 |
20211 | |
|
Net
Asset Value, Beginning of Period |
$107.36 |
$92.94 |
$89.49 |
$103.20 |
$67.80 |
|
Investment
Operations |
|
|
|
|
|
|
Net
Investment Income2
|
1.456 |
1.613 |
1.495 |
1.273 |
1.143 |
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
2.218 |
14.266 |
3.266 |
(13.765) |
35.170 |
|
Total
from Investment Operations
|
3.674 |
15.879 |
4.761 |
(12.492) |
36.313 |
|
Distributions |
|
|
|
|
|
|
Dividends
from Net Investment Income
|
(1.574) |
(1.459) |
(1.311) |
(1.218) |
(.913) |
|
Distributions
from Realized Capital Gains
|
— |
— |
— |
— |
— |
|
Total
Distributions
|
(1.574) |
(1.459) |
(1.311) |
(1.218) |
(.913) |
|
Net
Asset Value, End of Period |
$109.46 |
$107.36 |
$92.94 |
$89.49 |
$103.20 |
|
Total
Return
|
3.46% |
17.25% |
5.44% |
-12.26% |
53.88% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
Net
Assets, End of Period (Millions)
|
$3,021 |
$2,915 |
$2,265 |
$2,027 |
$1,806 |
|
Ratio
of Total Expenses to Average Net Assets
|
0.08% |
0.10% |
0.10% |
0.10%3
|
0.10% |
|
Ratio
of Net Investment Income to Average Net
Assets
|
1.40% |
1.68% |
1.67% |
1.31% |
1.25% |
|
Portfolio
Turnover Rate4
|
22% |
26% |
19% |
12% |
18% |
|
1 |
Adjusted
to reflect a 2-for-1 share split effective March 13,
2023. |
|
2 |
Calculated
based on average shares outstanding. |
|
3 |
The
ratio of expenses to average net assets for the period net of reduction
from custody fee
offset
arrangements was 0.10%. |
|
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind
purchases
or redemptions of the fund’s capital shares, including ETF Creation
Units. |
88
Vanguard
S&P Small-Cap 600 Value Index Fund ETF Shares
|
For
a Share Outstanding
Throughout
Each Period
|
Year Ended
August 31, | ||||
|
2025
|
2024
|
20231 |
20221 |
20211 | |
|
Net
Asset Value, Beginning of Period |
$92.26 |
$82.73 |
$80.11 |
$88.82 |
$56.26 |
|
Investment
Operations |
|
|
|
|
|
|
Net
Investment Income2
|
1.540 |
1.718 |
1.529 |
1.372 |
1.296 |
|
Net
Realized and Unrealized Gain (Loss) on Investments
|
2.134 |
9.595 |
2.600 |
(8.648) |
32.307 |
|
Total
from Investment Operations
|
3.674 |
11.313 |
4.129 |
(7.276) |
33.603 |
|
Distributions |
|
|
|
|
|
|
Dividends
from Net Investment Income
|
(1.574) |
(1.783) |
(1.509) |
(1.434) |
(1.043) |
|
Distributions
from Realized Capital Gains
|
— |
— |
— |
— |
— |
|
Total
Distributions
|
(1.574) |
(1.783) |
(1.509) |
(1.434) |
(1.043) |
|
Net
Asset Value, End of Period |
$94.36 |
$92.26 |
$82.73 |
$80.11 |
$88.82 |
|
Total
Return
|
4.07% |
13.93% |
5.29% |
-8.28% |
60.19% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
Net
Assets, End of Period (Millions)
|
$1,394 |
$1,400 |
$1,278 |
$1,250 |
$1,328 |
|
Ratio
of Total Expenses to Average Net Assets
|
0.12% |
0.15% |
0.15% |
0.15% |
0.15% |
|
Ratio
of Net Investment Income to Average Net Assets
|
1.72% |
2.05% |
1.89% |
1.59% |
1.61% |
|
Portfolio
Turnover Rate3
|
47% |
52% |
45% |
36% |
30% |
|
1 |
Adjusted
to reflect a 2-for-1 share split effective March 13,
2023. |
|
2 |
Calculated
based on average shares outstanding. |
|
3 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind
purchases
or redemptions of the fund’s capital shares, including ETF Creation
Units. |
89
Vanguard
S&P Small-Cap 600 Growth Index Fund ETF Shares
|
For
a Share Outstanding
Throughout
Each Period
|
Year Ended
August 31, | ||||
|
2025
|
2024
|
20231 |
20221 |
20211 | |
|
Net
Asset Value, Beginning of Period |
$119.31 |
$100.47 |
$96.69 |
$116.59 |
$79.48 |
|
Investment
Operations |
|
|
|
|
|
|
Net
Investment Income2
|
1.193 |
1.268 |
1.292 |
.927 |
.813 |
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
1.913 |
18.844 |
3.709 |
(19.803) |
36.946 |
|
Total
from Investment Operations
|
3.106 |
20.112 |
5.001 |
(18.876) |
37.759 |
|
Distributions |
|
|
|
|
|
|
Dividends
from Net Investment Income
|
(1.226) |
(1.272) |
(1.221) |
(1.024) |
(.649) |
|
Distributions
from Realized Capital Gains
|
— |
— |
— |
— |
— |
|
Total
Distributions
|
(1.226) |
(1.272) |
(1.221) |
(1.024) |
(.649) |
|
Net
Asset Value, End of Period |
$121.19 |
$119.31 |
$100.47 |
$96.69 |
$116.59 |
|
Total
Return
|
2.66% |
20.20% |
5.28% |
-16.27% |
47.68% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
Net
Assets, End of Period (Millions)
|
$868 |
$981 |
$593 |
$493 |
$565 |
|
Ratio
of Total Expenses to Average Net Assets
|
0.12% |
0.15% |
0.15% |
0.15% |
0.15% |
|
Ratio
of Net Investment Income to Average Net
Assets
|
1.03% |
1.19% |
1.35% |
0.87% |
0.79% |
|
Portfolio
Turnover Rate3
|
48% |
44% |
45% |
42% |
35% |
|
1 |
Adjusted
to reflect a 2-for-1 share split effective March 13,
2023. |
|
2 |
Calculated
based on average shares outstanding. |
|
3 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind
purchases
or redemptions of the fund’s capital shares, including ETF Creation
Units. |
90
Additional
Information
A
Precautionary Note to Investment Companies. Each Fund’s ETF
Shares are issued by registered investment companies, and therefore the
acquisition of such shares by other investment companies and private funds is
subject to the restrictions of Section 12(d)(1) of the Investment Company Act of
1940 (the 1940 Act). SEC Rule 12d1-4 under the 1940 Act permits registered
investment companies to invest in other registered investment companies beyond
the limits in Section 12(d)(1), subject to certain conditions, including that
funds with different investment advisors must enter into a fund of funds
investment agreement.
Forum
Selection. The Trust’s Bylaws
designate Delaware courts as the exclusive forum for certain claims against or
related to the Trust, a trustee, an officer, or other employee of the Trust,
except that, unless the Trust otherwise consents in writing, the U.S. Federal
District Courts are the exclusive forum for the resolution of complaints under
the Securities Act of 1933 or the 1940 Act. These provisions may limit a
shareholder’s ability to bring a claim in a different forum and may result in
increased shareholder costs in pursuing such a claim.
Shareholder
Rights. Each Fund’s
Agreement and Declaration of Trust, as amended, requires a shareholder bringing
a derivative action on behalf of the Trust that is subject to a pre-suit demand
to collectively hold at least 10% of the outstanding shares of the Trust or at
least 10% of the outstanding shares of the series or class to which the demand
relates and to undertake to reimburse the Trust for the expense of any counsel
or advisors used when considering the merits of the demand in the event that the
board of trustees determines not to bring such action. In each case, these
requirements do not apply to claims arising under the federal securities laws to
the extent that any such federal securities laws, rules, or regulations do not
permit such application. The Trust’s Bylaws also provide that shareholders waive
the right to trial by jury to the fullest extent permitted by
law.
Joint
Committed Credit Facility. Each Fund
participates, along with other funds managed by Vanguard, in a committed credit
facility provided by a syndicate of lenders pursuant to a credit agreement that
may be renewed annually; each Vanguard fund is individually liable for its
borrowings, if any, under the credit facility. The amount and terms of the
committed credit facility are subject to approval by the Board and renegotiation
with the lender syndicate on an annual basis.
91
Securities
Market Indexes
Listed below is the broad-based securities market index, as referenced in the Funds’ Average Annual Total Returns tables:
Listed below is the broad-based securities market index, as referenced in the Funds’ Average Annual Total Returns tables:
Dow
Jones U.S. Total Stock Market Float Adjusted Index. An index designed
to measure all U.S. equity issues with readily available
prices.
Certain affiliates
of the Funds and the advisor may purchase and resell ETF Shares pursuant to this
Prospectus.
|
Vanguard
Fund |
Inception
Date |
Vanguard
Fund
Number |
CUSIP
Number |
|
Vanguard
S&P 500 Value Index Fund |
|
|
|
|
ETF
Shares |
9/7/2010 |
3340 |
921932703 |
|
Vanguard
S&P 500 Growth Index Fund |
|
|
|
|
ETF
Shares |
9/7/2010 |
3341 |
921932505 |
|
Vanguard
S&P Mid-Cap 400 Index Fund |
|
|
|
|
ETF
Shares |
9/7/2010 |
3342 |
921932885 |
|
Vanguard
S&P Mid-Cap 400 Value Index Fund |
|
|
|
|
ETF
Shares |
9/7/2010 |
3344 |
921932844 |
|
Vanguard
S&P Mid-Cap 400 Growth Index
Fund |
|
|
|
|
ETF
Shares |
9/7/2010 |
3343 |
921932869 |
|
Vanguard
S&P Small-Cap 600 Index Fund |
|
|
|
|
ETF
Shares |
9/7/2010 |
3345 |
921932828 |
|
Vanguard
S&P Small-Cap 600 Value Index
Fund |
|
|
|
|
ETF
Shares |
9/7/2010 |
3346 |
921932778 |
|
Vanguard
S&P Small-Cap 600 Growth Index
Fund |
|
|
|
|
ETF
Shares |
9/7/2010 |
3347 |
921932794 |
Inception Date means
the date on which the assets of a fund (or one of its share classes) are first
invested in accordance with the fund’s investment objective. For funds with a
subscription period, the inception date is the day after that period ends.
Investment performance is generally measured from the inception
date.
CGS identifiers have
been provided by CUSIP Global Services, managed on behalf of the American
Bankers Association by FactSet Research Systems Inc., and are not for use or
dissemination in a manner that would serve as a substitute for any CUSIP
service. The CUSIP Database, © 2026 American Bankers Association. “CUSIP” is a
registered trademark of the American Bankers
Association.
92
CFA® is a registered
trademark owned by CFA Institute.
The “S&P 500
Value Index, S&P 500 Growth Index, S&P MidCap 400 Index, S&P MidCap
400 Value Index, S&P MidCap 400 Growth Index, S&P SmallCap 600 Index,
S&P SmallCap 600 Value Index, and S&P SmallCap 600 Growth Index” (the
“Indexes”) are products of S&P Dow Jones Indices LLC, a division of S&P
Global, or its affiliates (“SPDJI”) and have been licensed for use by Vanguard.
Standard & Poor’s® and
S&P® are registered
trademarks of Standard & Poor’s Financial Services LLC, a division of
S&P Global (“S&P”) and Dow Jones® is a registered
trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademarks have
been licensed to SPDJI and have been sublicensed for use for certain purposes by
Vanguard. Vanguard S&P ETFs are not sponsored, endorsed, sold or promoted by
SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively,
“S&P Dow Jones Indices”). S&P Dow Jones Indices makes no representation
or warranty, express or implied, to the owners of Vanguard S&P ETFs or any
member of the public regarding the advisability of investing in securities
generally or in Vanguard S&P ETFs particularly or the ability of the S&P
500 Value Index, S&P 500 Growth Index, S&P MidCap 400 Index, S&P
MidCap 400 Value Index, S&P MidCap 400 Growth Index, S&P SmallCap 600
Index, S&P SmallCap 600 Value Index, and S&P SmallCap 600 Growth Index
to track general market performance. S&P Dow Jones Indices’ only
relationship to Vanguard with respect to the S&P 500 Value Index, S&P
500 Growth Index, S&P MidCap 400 Index, S&P MidCap 400 Value Index,
S&P MidCap 400 Growth Index, S&P SmallCap 600 Index, S&P SmallCap
600 Value Index, and S&P SmallCap 600 Growth Index is the licensing of the
Indexes and certain trademarks, service marks and/or trade names of S&P Dow
Jones Indices and/or its licensors. The S&P 500 Value Index, S&P 500
Growth Index, S&P MidCap 400 Index, S&P MidCap 400 Value Index, S&P
MidCap 400 Growth Index, S&P SmallCap 600 Index, S&P SmallCap 600 Value
Index, and S&P SmallCap 600 Growth Index are determined, composed and
calculated by S&P Dow Jones Indices without regard to Vanguard or Vanguard
S&P ETFs. S&P Dow Jones Indices has no obligation to take the needs of
Vanguard or the owners of Vanguard S&P ETFs into consideration in
determining, composing or calculating the S&P 500 Value Index, S&P 500
Growth Index, S&P MidCap 400 Index, S&P MidCap 400 Value Index, S&P
MidCap 400 Growth Index, S&P SmallCap 600 Index, S&P SmallCap 600 Value
Index, and S&P SmallCap 600 Growth Index. S&P Dow Jones Indices is not
responsible for and has not participated in the determination of the prices, and
amount of Vanguard S&P ETFs or the timing of the issuance or sale of
Vanguard S&P ETFs or in the determination or calculation of the equation by
which Vanguard S&P ETFs are to be converted into cash, surrendered or
redeemed, as the case may be. S&P Dow Jones Indices has no obligation or
liability in connection with the administration, marketing or trading of
Vanguard S&P ETFs. There is no assurance that investment products based on
the S&P 500 Value Index, S&P 500 Growth Index, S&P MidCap 400 Index,
S&P MidCap 400 Value Index, S&P MidCap 400 Growth Index, S&P
SmallCap 600 Index, S&P SmallCap 600 Value Index, and S&P SmallCap 600
Growth Index will accurately track index performance or provide positive
investment returns. S&P Dow Jones Indices LLC is not an investment advisor.
Inclusion of a security within an index is not a recommendation by S&P Dow
Jones Indices to buy, sell, or hold such security, nor is it considered to be
investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF VANGUARD S&P ETFS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND VANGUARD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF VANGUARD S&P ETFS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND VANGUARD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
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More Information
If you would like
more information about Vanguard S&P ETFs, the following documents are
available free upon request:
Annual/Semiannual
Reports to Shareholders and Form N-CSR
Additional
information about the Funds’ investments is available in the Funds’ annual and
semiannual reports to shareholders and in Form N-CSR. In the annual reports, you
will find a discussion of the market conditions and investment strategies that
significantly affected the Funds’ performance during their last fiscal year. In
Form N-CSR, you will find the Funds’ annual and semiannual financial
statements.
Statement
of Additional Information (SAI)
The SAI provides more
detailed information about the Funds’ ETF Shares and is incorporated by
reference into (and thus legally a part of) this Prospectus.
To obtain a free copy
of the latest annual or semiannual reports, financial statements, or the SAI, or
to request additional information about Vanguard ETF Shares, please visit
https://vgi.vg/fund-literature or contact us as
follows:
Telephone:
866-499-8473; Text telephone for people with hearing impairment:
800-749-7273
Information
Provided by the SEC
Reports and other
information about the Funds are available in the EDGAR database on the SEC’s
website at sec.gov, or you can receive copies of this information, for a fee, by
electronic request at the following email address:
[email protected].
Funds’ Investment
Company Act file number: 811-07043
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