Vanguard ®

Vanguard High Dividend Yield ETF | VYM
As of December 31, 2023

Investment approach

Investment focus
Investment style
Value
Blend Growth• Seeks to track the performance of the FTSE High Dividend Yield Index.
Market capitalization• Passively managed, full-replication approach.
• Fund remains fully invested.
• Large-cap equity, emphasizing stocks that are forecasted to have
above-average dividend yields.
• Low expenses minimize net tracking error.

LargeMid

Small

Central tendency
Expected rangeof fund holdings

About the benchmark

Quick facts• The FTSE High Dividend Yield Index is derived from the U.S. componentof the FTSE Global Equity Index Series (GEIS).

Benchmark• Includes stocks with the highest dividend yields.

Dividend schedule• Excludes REITs, which generally do not benefit from currently
favorable tax rates on qualified dividends.

ETF total net assets$50,906 million

Fund total net assets$63,111 million• Uses buffer zones during annual rebalancing to reduce portfolio
turnover.

Inception dateExpense ratio1

FTSE High Dividend Yield Index
0.06%
Quarterly

2006-11-10Trading information
Performance history

Ticker symbol

VYM

Total returns 2 for period ended December 31, 2023

CUSIP number

921946406

Year todate

1 year

3 years

5 years

10 years

Sinceinception

VYM (Inception 2006-11-10)

Quarter

Net asset value (NAV) return3

9.10%

6.53%

6.53%

10.20%

10.95%

9.38%

8.11%

Market price return4

9.21

6.59

6.59

10.20

10.96

9.38

8.11

FTSE High Dividend Yield Index

9.13

6.59

6.59

10.27

11.00

9.44

8.19

IIV (intra-day ticker)

VYM.IVIndex ticker (Bloomberg)

TGPVAN

ExchangeNYSE Arca

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.

Vanguard High Dividend Yield ETF | VYM
As of December 31, 2023

Expense ratio comparison 1

ETF attributes

Number of stocks

High DividendYield ETF

FTSE HighDividend YieldIndex449449Median market cap$133.9B$133.9B

Price/earnings ratio

16.0x

16.0x

Price/book ratio

2.5x

2.5x

Return on equity

15.6%

15.6%

Earnings growth rate

10.8%

10.8%

Foreign holdings

0.0%

0.0%

Equity Income Equity
High Dividend
Funds
Income Funds Yield ETF
AverageAvg ETFs only

Turnover rate2

8.6%—15.80%15.80%

Ten largest holdings and % of total net assets 4

Sector Diversification 5

1.04%

0.45%
0.06%

Standard deviation3

JPMorgan Chase & Co.

3.5%

Broadcom Inc.

3.4%

Exxon Mobil Corp.

2.9%

Johnson & Johnson2.7%

Home Depot Inc.

2.5%

Procter & Gamble Co.

2.4%

Merck & Co. Inc.

2.0%

AbbVie Inc.

1.9%

Chevron Corp.

1.8%

PepsiCo Inc.

1.7%

Top ten as % of total net assets

24.8%

Financials

21.5%

Industrials

12.3%

Consumer Staples

12.2%

Health Care

11.7%

Energy9.9%Consumer Discretionary

9.1%

Technology

9.0%

Utilities

7.1%

Telecommunications

4.8%

Basic Materials

2.4%

Real Estate

0.0%

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 continuously
and 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 ETFCreation 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 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.
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 Group
companies 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 FTSE
Indexes 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.
FA0923_1223© 2024 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.