Vanguard ®

Vanguard Small-Cap Growth ETF | VBKAs of December 31, 2023

Investment approach

Investment focus
Investment style
Value
Blend GrowthMarket capitalization• Seeks to track the performance of the CRSP US Small Cap GrowthIndex.
• Small-cap growth equity.
• Employs a passively managed, full-replication strategy.
• The fund remains fully invested.
• Low expenses minimize net tracking error.

LargeMid

Small

About the benchmark

Quick facts• The CRSP US Small Cap Growth Index represents the growthcompanies of the CRSP US Small Cap Index. (The CRSP US Small Cap
Index represents the universe of small-capitalization companies in theU.S. equity market.)

Benchmark• The index is designed to accurately represent the small-cap growth
segment of the U.S. equity market and deliver low turnover.
Performance history

Expense ratio1
Dividend schedule

Central tendency
Expected rangeof fund holdings

CRSP US Small Cap Growth Index
0.07%
Quarterly

ETF total net assets$15,546 million

Fund total net assets$32,398 million

Inception date

2004-01-26

Trading information

Total returns 2 for period ended December 31, 2023
VBK (Inception 2004-01-26)

QuarterYear todate

1 year

3 years

5 years

10 years

Since
inception

Net asset value (NAV) return3

13.12%

21.42%

21.42%-2.78%

10.54%

7.86%

8.86%

Market price return4

13.19

21.48

21.48

-2.79

10.57

7.87

8.86

Spliced Small-Cap GrowthIndex

13.12

21.28

21.28

-2.83

10.51

7.82

8.79

Ticker symbol

VBK

CUSIP number

922908595

IIV (intra-day ticker)

VBK.IV

Index ticker (Bloomberg)

CRSPSCGT

Exchange

NYSE Arca

S&P SmallCap 600 Growth Index (formerly known as the S&P SmallCap 600/Barra Growth Index)
through May 16, 2003; MSCI US Small Cap Growth Index through April 16, 2013; CRSP US Small Cap
Growth Index thereafter.
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 Small-Cap Growth ETF | VBKAs of December 31, 2023

Expense ratio comparison 1

ETF attributes

1.16%

0.34%
0.07%
Small-Cap
Small-Cap
Small-Cap
Growth Funds Growth Fds
Growth ETF
AverageAvg ETFs only

Small-Cap Growth
CRSP US SmallETF Cap Growth Index

Number of stocks

640633

Median market cap

$7.2B

$7.2B

Price/earnings ratio

28.1x

28.2x

Price/book ratio

4.0x

4.0x

Return on equity

6.4%

6.4%

Earnings growth rate

18.1%

18.2%

Foreign holdings

0.5%

0.0%

Turnover rate2

23.8%—Standard deviation3

21.73%

21.73%

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

22.4%

PTC Inc.

0.9%

Industrials

19.1%

Targa Resources Corp.

0.8%

Health Care

17.6%

Axon Enterprise Inc.

0.8%

Consumer Discretionary

16.2%

Entegris Inc.

0.8%

Energy6.1%

Deckers Outdoor Corp.

0.8%

Real Estate

5.6%

Vertiv Holdings Co.

0.7%

Financials

4.9%

DraftKings Inc.

0.6%

Consumer Staples

3.2%

Graco Inc.

0.6%

Basic Materials

2.0%

Liberty Media Corp-Liberty Formula One

0.6%

Telecommunications

1.5%

Dynatrace Inc.

0.6%

Utilities

1.4%

Top ten as % of total net assets

7.2%

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 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 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. Prices of small-cap ETF products often fluctuate more than those of large-cap ETF products.
Center for Research in Security Prices, LLC (CRSP®) and its third-party suppliers have exclusive proprietary rights in the CRSP® Index Data, which has been licensed for use by Vanguard but is andshall remain valuable intellectual property owned by, and/or licensed to, CRSP®. The Vanguard Funds are not sponsored, endorsed, sold or promoted by CRSP®, The University of Chicago, or The
University of Chicago Booth School of Business and neither CRSP®, The University of Chicago, or The University of Chicago Booth School of Business, make any representation regarding theadvisability of investing in the Vanguard Funds.
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.
FA0938_1223© 2024 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.