Vanguard ®

Vanguard Dividend Appreciation ETF | VIG
As of December 31, 2023

Investment approach

Investment focus
Investment style
Value
Blend Growth• Passively managed, full-replication approach.
• Fund remains fully invested.
• Large-cap equity, emphasizing stocks with a record of growing theirdividends year over year.

Market capitalization• Seeks to track the performance of the S&P U.S. Dividend Growers
Index.

LargeMid

Small• Low expenses minimize net tracking error.

Central tendency
Expected rangeof fund holdings

Quick facts
Benchmark

Performance historyExpense ratio1

Total returns 2 for period ended December 31, 2023
VIG (Inception 2006-04-21)

QuarterYear todate

1 yearDividend schedule
3 years

5 years

10 years

Since
inception

Net asset value (NAV) return3

10.25%

14.46%

14.46%

8.48%

13.84%

10.70%

9.37%

Market price return4

10.35

14.53

14.53

8.49

13.86

10.70

9.38

Spliced S&P U.S. Dividend
Growers Index

10.27

14.52

14.52

8.55

13.92

10.77

9.48

S&P U.S. Dividend Growers Index TR
0.06%
Quarterly

ETF total net assets$74,197 million

Fund total net assets$88,015 million

Inception date

2006-04-21

Trading information

NASDAQ US Dividend Achievers Select Index (formerly known as the Dividend Achievers Select Index)
through September 19, 2021, S&P U.S. Dividend Growers Index thereafter.

Ticker symbol

VIG

CUSIP number

921908844

The performance data shown represent past performance, which is not a guarantee offuture results. Investment returns and principal value will fluctuate, so investors’ shares,
when sold, may be worth more or less than their original cost. Current performance may belower or higher than the performance data cited. For performance data current to themost recent month-end, visit our website at vanguard.com/performance. The performance of anindex is not an exact representation of any particular investment, as you cannot invest directly in anindex.

IIV (intra-day ticker)

VIG.IVIndex ticker (Bloomberg)

SPUDIGUT

Exchange

NYSE Arca

Investment Products: Not FDIC Insured • No Bank Guarantee • May Lose Value

1. As reported in the most recent prospectus. A fund’s current expense ratio may be lower or higher than the figure reported in the prospectus.
2. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Fund performance figures assume the reinvestment of dividends and capital gains distributions;the figures are pre-tax and net of expenses. The above widely used comparative index represents unmanaged or average returns on various financial assets that can be compared with the fund’s total returns forthe purpose of measuring relative performance.
3. As of 4 p.m., Eastern time, when the regular trading session of the New York Stock Exchange typically closes.
4. Market price returns are calculated using the midpoint between the bid and offer prices at the time NAV is calculated, typically 4 p.m., Eastern time.

Vanguard Dividend Appreciation ETF | VIG
As of December 31, 2023

Expense ratio comparison 1

ETF attributes

0.88%

Number of stocks

0.35%
0.06%
Large-CapCore Funds
Average

Large-Cap
DividendCore Funds
Appreciation
Avg ETFs only ETF

Dividend S&P U.S. Dividend
Appreciation ETF Growers Index TR315315

Median market cap$191.1B$191.1B

Price/earnings ratio22.5x

22.5x

Price/book ratio

4.7x

4.7x

Return on equity

27.2%

27.2%

Earnings growth rate

15.8%

15.8%

Foreign holdings

0.0%

0.0%

Turnover rate2

12.0%—Standard deviation3

16.02%

16.01%

Sector Diversification 5
Ten largest holdings and % of total net assets 4

Information Technology

23.5%

Microsoft Corp.

5.3%

Financials

18.9%

Apple Inc.

4.4%

Health Care

14.6%

JPMorgan Chase & Co.

3.2%

Industrials

13.3%

UnitedHealth Group Inc.

3.2%

Consumer Staples

11.6%

Broadcom Inc.

3.1%

Consumer Discretionary

7.0%

Exxon Mobil Corp.

2.6%

Materials

4.5%

Visa Inc.

2.6%

Energy2.7%

Johnson & Johnson

2.5%

Utilities

2.7%

Mastercard Inc.

2.3%

Communication Services

1.2%

Home Depot Inc.

2.3%

Real Estate

0.0%

Top ten as % of total net assets

31.5%

Other

0.0%

1. Represents the expense ratio for the Vanguard ETF as reported in the most recent prospectus. There are material differences between mutual funds and ETFs. Unlike mutual funds, ETFs are priced continuouslyand bought and sold throughout the day in the secondary market (at a premium or discount to net asset value) with the assistance of a stockbroker, which entails paying commissions. Sources: Lipper, aThomson Reuters Company, and Vanguard, December 31, 2022.
2. For most recent fiscal year. Turnover rate 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 Vanguard ETF
Creation Units.
3. A measure of the volatility of a fund—based on the fund’s last three years of monthly returns—used to indicate the dispersion of past returns. A higher standard deviation means a greater potential forvolatility. For funds with less than 36 months of performance history, standard deviation is not calculated.
4. The holdings listed exclude any temporary cash investments and equity index products.
5. Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification
as of the effective reporting period.

Vanguard ETF® Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy or sell Vanguard
ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net
asset value when buying and receive less than net asset value when selling.
All ETF products are subject to risk, which may result in the loss of principal.
The index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by Vanguard. Standard & Poor’s® and S&P® are registeredtrademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these
trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Vanguard. Vanguard products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P,or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, orinterruptions of the index.
CGS identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use ordissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2024 American Bankers Association. “CUSIP” is a registered trademark of the American
Bankers Association.

For more information about Vanguard ETF Shares, visit vanguard.com, call 866-499-8473, or contact your broker to obtain a prospectus or, if available, a summary
prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before
investing.
FA0920_1223© 2024 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.