Vanguard ®

Vanguard Total World Stock ETF | VT
As of December 31, 2023

Investment approach

Quick facts• Seeks to track the performance of the FTSE Global All Cap Index.

Benchmark• Passively managed, using index sampling.

Expense ratio1• Fund remains fully invested.

Dividend schedule• Broad exposure across developed and emerging equity markets aroundthe world, including the United States.

ETF total net assets$32,054 million

Fund total net assets$42,931 million• Low expenses minimize net tracking error.

FTSE Global All Cap Index
0.07%
QuarterlyInception date2008-06-24

Trading information

About the benchmark• The FTSE Global All Cap Index measures the market performance oflarge-, mid- and small-capitalization stocks of companies locatedaround the world.
• Includes approximately 8,000 holdings in over 47 countries, including
both developed and emerging markets.

Ticker symbol

VT

CUSIP number

922042742

IIV (intra-day ticker)

VT.IV

Index ticker (Bloomberg)

TGPVA16U

Exchange

NYSE Arca• Covers more than 98% of the global investable market capitalization.

ETF attributes

Performance history

Number of stocks

9,767

10,078Median market cap$75.6B$75.6B

Price/earnings ratio

16.5x

16.4x

Price/book ratio

2.6x

2.6x

Return on equity

16.6%

16.5%

Earnings growth rate

15.4%

15.4%

Total returns 2 for period ended December 31, 2023
VT (Inception 2008-06-24)

QuarterYear todate

1 year

3 years

5 years

10 years

Sinceinception

Net asset value (NAV) return3

11.25%

21.90%

21.90%

5.73%

11.84%

8.10%

7.08%

Market price return4

11.36

22.04

22.04

5.76

11.86

8.07

7.08

Spliced Total World StockIndex

11.16

22.03

22.035.82

11.89

8.17

7.13

FTSE Global All Cap Fair Value
Idx

11.26

21.96

21.96

5.80

11.88

——Turnover rate5
Standard deviation6

Total World StockETF

FTSE Global All
Cap Index

4.3—

16.71%

16.53%FTSE All-World Index through December 18, 2011, and FTSE Global All Cap Index thereafter.
Benchmark returns are adjusted for withholding taxes.
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.
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.
5. 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.
6. 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 for volatility.
For funds with less than 36 months of performance history, standard deviation is not calculated.

Vanguard Total World Stock ETF | VT
As of December 31, 2023

Expense ratio comparison 1

Ten largest market allocations as % of common stock
United States

1.02%
0.56%
0.07%
Global Funds
Average

Global Funds Total World
Average ETFs Stock ETF
only

61.0%

Japan

6.1%

United Kingdom

3.7%

Canada

2.8%

China

2.8%

France

2.6%

Switzerland

2.3%

India

2.1%

Australia

2.0%

Germany

2.0%

Sector Diversification 3

Ten largest holdings and % of total net assets 2Technology

23.9%

Apple Inc.

3.7%

Financials

14.2%

Microsoft Corp.

3.7%

Consumer Discretionary

14.0%

Alphabet Inc.

2.0%

Industrials

14.0%

Amazon.com Inc.

1.8%

Health Care

10.8%

NVIDIA Corp.

1.5%

Consumer Staples

5.6%

Meta Platforms Inc.

1.0%

Energy4.7%

Tesla Inc.

0.9%

Basic Materials

4.0%

Berkshire Hathaway Inc.

0.9%

Real Estate

3.1%

Eli Lilly & Co.

0.6%

Utilities

2.9%

JPMorgan Chase & Co.

0.6%

Telecommunications

2.8%

Top ten as % of total net assets

16.7%

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. The holdings listed exclude any temporary cash investments and equity index products.
3. Sector categories are based on the Industry Classification Benchmark system (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB 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. Investments in securities issued by non-U.S. companies are subject to risks including
country/regional risk and currency risk. These risks are especially high in emerging markets.
London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets
Inc. (“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell” and other service marks and trademarks related to the FTSE or Russell indexes are trademarksof the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license. All information is provided for information purposes only. No responsibility orliability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Groupcompanies nor any of its licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSEIndexes or the fitness or suitability of the Indexes for any particular purpose to which they might be put.
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.
FA3141_1223© 2024 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.