NPORT-EX 2 vg_usmultifactoretf.htm
Vanguard® U.S. Multifactor ETF
Schedule of Investments (unaudited)
As of August 31, 2025
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value
($000)
Common Stocks (99.7%)
Basic Materials (3.1%)
  Newmont Corp. (XNYS)  52,384   3,897
  Mueller Industries Inc.  14,913   1,431
  Freeport-McMoRan Inc.  28,451   1,263
  Anglogold Ashanti plc (XNYS)  16,554     938
  CF Industries Holdings Inc.   8,835     765
* Intrepid Potash Inc.  15,799     481
  Mosaic Co.  14,179     473
  Commercial Metals Co.   7,748     447
  Ryerson Holding Corp.  18,100     413
  Royal Gold Inc.   2,134     383
  Reliance Inc.   1,078     319
  Fastenal Co.   5,194     258
* Constellium SE  12,337     179
* NWPX Infrastructure Inc.   2,809     149
  Carpenter Technology Corp.     312      75
              11,471
Consumer Discretionary (18.6%)
  Walmart Inc.  29,666   2,877
* Spotify Technology SA   3,533   2,409
  Booking Holdings Inc.     369   2,066
  Nexstar Media Group Inc.   8,279   1,693
  Target Corp.  17,318   1,662
  Expedia Group Inc.   6,880   1,478
  Travel & Leisure Co.  21,856   1,382
* United Airlines Holdings Inc.  12,556   1,318
  BorgWarner Inc. (XNYS)  30,161   1,290
* AutoZone Inc.     263   1,104
  Royal Caribbean Cruises Ltd.   3,037   1,103
* Amazon.com Inc.   4,711   1,079
  Macy's Inc.  79,840   1,056
* Carnival Corp.  32,041   1,022
  Signet Jewelers Ltd.  11,422   1,006
  Dana Inc.  49,222     992
* Stride Inc.   5,963     973
  Costco Wholesale Corp.   1,026     968
  eBay Inc.  10,643     964
* SharkNinja Inc.   7,862     920
  Fox Corp. Class A  15,340     916
* Airbnb Inc. Class A   6,954     908
  Hasbro Inc.  11,092     900
* Mattel Inc.  46,451     850
  Delta Air Lines Inc.  13,456     831
  Dollar General Corp.   7,400     805
* American Airlines Group Inc.  59,381     794
* G-III Apparel Group Ltd.  29,290     791
  H&R Block Inc.  15,418     776
  Electronic Arts Inc.   4,443     764
  Fox Corp. Class B  13,857     756
  Perdoceo Education Corp.  23,025     754
  Ralph Lauren Corp.   2,494     741
* Grand Canyon Education Inc.   3,672     740
  Interface Inc.  27,309     730
  Garrett Motion Inc.  53,507     695
  Tapestry Inc.   6,742     686
* Chewy Inc. Class A  16,695     684
  Academy Sports & Outdoors Inc.  12,403     664
  Walt Disney Co.   5,530     655
  Sonic Automotive Inc. Class A   7,780     639
* Ulta Beauty Inc.   1,268     625
    Shares Market
Value
($000)
* Dorman Products Inc.   3,800     615
* Coursera Inc.  52,984     609
* BJ's Wholesale Club Holdings Inc.   5,981     584
  News Corp. Class B  16,622     563
*,1 Nexxen International Ltd.  55,890     561
* Goodyear Tire & Rubber Co.  65,180     553
  Gap Inc.  24,712     544
  New York Times Co. Class A   8,932     534
  Build-A-Bear Workshop Inc.   8,781     534
  John Wiley & Sons Inc. Class A  12,842     521
  Phinia Inc.   8,877     519
* Crocs Inc.   5,932     517
  Group 1 Automotive Inc.   1,107     515
* Alaska Air Group Inc.   8,184     514
  Best Buy Co. Inc.   6,960     513
* Corsair Gaming Inc.  57,330     512
* Laureate Education Inc.  18,587     511
* Coupang Inc.  17,703     506
* Aptiv plc   6,234     496
  Ethan Allen Interiors Inc.  16,597     490
  Monarch Casino & Resort Inc.   4,675     488
* Citi Trends Inc.  13,592     484
  Super Group SGHC Ltd.  41,399     481
  Boyd Gaming Corp.   5,441     467
  Dillard's Inc. Class A     873     465
* Dollar Tree Inc.   4,237     463
* Brinker International Inc.   2,936     458
* American Axle & Manufacturing Holdings Inc.  74,516     434
* Sally Beauty Holdings Inc.  31,349     434
* National Vision Holdings Inc.  18,451     423
* Universal Technical Institute Inc.  15,625     415
* Central Garden & Pet Co. Class A  12,456     411
* TripAdvisor Inc.  22,789     397
  Williams-Sonoma Inc.   1,974     371
  La-Z-Boy Inc.   9,967     368
  Bath & Body Works Inc.  12,146     355
* Etsy Inc.   6,266     332
* Urban Outfitters Inc.   4,787     321
* Adtalem Global Education Inc.   2,422     317
  Lear Corp.   2,776     305
* Rush Street Interactive Inc.  12,957     289
  HNI Corp.   6,390     287
  PriceSmart Inc.   2,663     286
* Netflix Inc.     234     283
* Viking Holdings Ltd.   4,203     267
* ODP Corp.  12,567     255
* Central Garden & Pet Co.   6,825     249
* Global Business Travel Group I  29,792     248
* Warner Bros Discovery Inc.  21,093     246
  Wynn Resorts Ltd.   1,828     232
* Gambling.com Group Ltd.  26,368     230
* Adient plc   8,698     216
  Standard Motor Products Inc.   5,448     211
* Thryv Holdings Inc.  16,362     210
  Upbound Group Inc.   7,748     197
* Malibu Boats Inc. Class A   5,817     193
  Sinclair Inc.  13,041     189
  Leggett & Platt Inc.  19,012     183
  Sirius XM Holdings Inc.   7,744     183
* Liquidity Services Inc.   6,432     171
* Gannett Co. Inc.  41,573     171
  LCI Industries   1,576     166
* SkyWest Inc.   1,325     161
  Southwest Airlines Co.   4,876     160
  Haverty Furniture Cos. Inc.   6,909     156
  Sturm Ruger & Co. Inc.   4,452     154
  Carter's Inc.   5,304     151
  Rush Enterprises Inc. Class A   2,597     149
  Buckle Inc.   2,478     140
* Coty Inc. Class A  29,105     125
    Shares Market
Value
($000)
  Graham Holdings Co. Class B     106     115
  Dine Brands Global Inc.   4,638     111
  Acushnet Holdings Corp.   1,403     108
* Sonos Inc.   7,453     104
  Movado Group Inc.   5,460     100
* United Parks & Resorts Inc.   1,498      79
  Global Industrial Co.   2,105      79
              69,820
Consumer Staples (7.3%)
  Altria Group Inc.  62,408   4,194
  McKesson Corp.   4,517   3,102
  CVS Health Corp.  34,105   2,495
  Philip Morris International Inc.  13,639   2,279
  Kroger Co.  18,843   1,278
  Albertsons Cos. Inc. Class A  60,203   1,172
  Ingredion Inc.   7,634     989
  Weis Markets Inc.  12,455     892
  Sysco Corp.  10,871     875
  Ingles Markets Inc. Class A  12,498     846
* US Foods Holding Corp.  10,857     843
  Kimberly-Clark Corp.   6,296     813
  Cal-Maine Foods Inc.   7,016     811
* Seneca Foods Corp. Class A   5,739     650
  Fresh Del Monte Produce Inc.  17,509     635
  Kenvue Inc.  28,301     586
* Performance Food Group Co.   5,517     559
  Pilgrim's Pride Corp.  11,336     504
  Dole plc  33,885     499
  Turning Point Brands Inc.   4,602     458
* Monster Beverage Corp.   7,283     455
* Sprouts Farmers Market Inc.   3,183     447
  Cencora Inc.   1,420     414
  Corteva Inc.   4,522     335
  Universal Corp.   4,505     252
* Chefs' Warehouse Inc.   3,657     231
  ACCO Brands Corp.  52,659     212
* Medifast Inc.  13,167     185
  Coca-Cola Consolidated Inc.   1,420     166
* USANA Health Sciences Inc.   4,975     159
              27,336
Energy (4.3%)
  EOG Resources Inc.  25,570   3,192
  Weatherford International plc  21,969   1,400
  TechnipFMC plc  31,709   1,166
  Cheniere Energy Inc.   3,425     828
  Exxon Mobil Corp.   7,069     808
  Chevron Corp.   4,583     736
* Talos Energy Inc.  72,260     714
*,1 PrimeEnergy Resources Corp.   4,633     701
  Magnolia Oil & Gas Corp. Class A  27,881     694
  Baker Hughes Co.  14,453     656
* ProPetro Holding Corp. 109,893     560
  APA Corp.  23,518     546
* DNOW Inc.  33,464     535
  World Kinect Corp.  17,361     465
* Gulfport Energy Corp.   2,182     380
  Riley Exploration Permian Inc.  12,448     364
  Ovintiv Inc. (XNYS)   5,942     250
  Granite Ridge Resources Inc.  42,539     237
* Antero Resources Corp.   7,208     230
  Matador Resources Co.   4,536     228
* NPK International Inc.  20,749     216
  Murphy Oil Corp.   8,484     211
  Chord Energy Corp.   1,830     201
  Range Resources Corp.   5,353     183
  RPC Inc.  36,465     174
  Diversified Energy Co. plc   9,126     150
* Matrix Service Co.   9,699     147
              15,972
    Shares Market
Value
($000)
Financials (25.6%)
  Bank of New York Mellon Corp.  38,940   4,112
  Wells Fargo & Co.  48,781   4,009
  JPMorgan Chase & Co.   9,505   2,865
  Ameriprise Financial Inc.   4,901   2,523
  Goldman Sachs Group Inc.   3,350   2,497
  Popular Inc.  15,074   1,894
  American International Group Inc.  22,988   1,869
  State Street Corp.  15,596   1,793
  Hartford Insurance Group Inc.  12,043   1,593
  OneMain Holdings Inc.  25,072   1,551
  Old Republic International Corp.  37,592   1,503
  MGIC Investment Corp.  53,914   1,500
  OFG Bancorp  30,829   1,380
  Northern Trust Corp.  10,350   1,359
  Citizens Financial Group Inc.  25,869   1,352
  Citigroup Inc.  13,227   1,277
  Bank of America Corp.  24,622   1,249
  East West Bancorp Inc.  11,750   1,235
  International Bancshares Corp.  16,982   1,215
  Fifth Third Bancorp  25,532   1,169
  Enact Holdings Inc.  31,021   1,168
  Affiliated Managers Group Inc.   5,109   1,149
  Banc of California Inc.  66,414   1,124
  Commerce Bancshares Inc.  17,707   1,097
  Aflac Inc.  10,208   1,091
  Bank of NT Butterfield & Son Ltd.  24,094   1,087
  Acadian Asset Management Inc.  21,267   1,084
  Morgan Stanley   7,186   1,081
  Aon plc Class A (XNYS)   2,932   1,076
  SLM Corp.  34,364   1,075
  Cboe Global Markets Inc.   4,454   1,051
  CNO Financial Group Inc.  25,744   1,016
  Pathward Financial Inc.  12,731   1,012
  First BanCorp (XNYS)  44,824     996
  Amalgamated Financial Corp.  33,673     973
  Central Pacific Financial Corp.  30,651     960
  Webster Financial Corp.  15,403     958
  Globe Life Inc.   6,566     919
  Employers Holdings Inc.  21,016     909
  1st Source Corp.  13,809     890
  Preferred Bank   9,224     871
  Hanmi Financial Corp.  33,086     832
  Primerica Inc.   3,078     829
  First Horizon Corp.  35,550     803
  WSFS Financial Corp.  13,674     797
  Willis Towers Watson plc   2,385     779
* Genworth Financial Inc.  90,653     777
  Cathay General Bancorp  15,476     772
  First Citizens BancShares Inc. Class A     388     770
  Axis Capital Holdings Ltd.   7,593     749
  RenaissanceRe Holdings Ltd.   3,046     740
* NMI Holdings Inc.  18,662     734
  Banco Latinoamericano de Comercio Exterior SA  15,868     732
  MetLife Inc.   8,873     722
* Markel Group Inc.     360     705
* SiriusPoint Ltd.  37,274     698
  Corebridge Financial Inc.  19,754     687
  Unum Group   9,827     686
  Northeast Bank   5,949     658
  Enterprise Financial Services Corp.  10,661     653
  Jackson Financial Inc. Class A   6,429     635
  W R Berkley Corp.   8,754     628
  Regions Financial Corp.  22,854     626
  Radian Group Inc.  17,776     620
  BOK Financial Corp.   5,475     610
  Navient Corp.  43,127     591
* Texas Capital Bancshares Inc.   6,531     565
  Equitable Holdings Inc.  10,063     536
  Assured Guaranty Ltd.   6,393     525
    Shares Market
Value
($000)
  Univest Financial Corp.  16,549     524
  FirstCash Holdings Inc.   3,551     523
  Mercury General Corp.   6,641     514
  Raymond James Financial Inc.   2,972     504
  Universal Insurance Holdings Inc.  20,446     499
  BGC Group Inc. Class A  50,871     499
  City Holding Co.   3,853     495
  Virtu Financial Inc. Class A  11,747     492
  Fidelis Insurance Holdings Ltd.  28,091     491
  Ameris Bancorp   6,642     487
  Heritage Financial Corp.  19,607     479
  First Merchants Corp.  10,839     450
  Hancock Whitney Corp.   6,974     439
  S&T Bancorp Inc.  11,050     437
  Victory Capital Holdings Inc. Class A   6,103     435
  LPL Financial Holdings Inc.   1,189     433
  Trustmark Corp.  10,351     417
  Tompkins Financial Corp.   5,887     413
  Westamerica BanCorp   8,246     412
  Fulton Financial Corp.  20,888     411
* Brighthouse Financial Inc.   8,631     408
  SEI Investments Co.   4,600     406
  Interactive Brokers Group Inc. Class A   6,044     376
  Northrim BanCorp Inc.   3,959     372
  BankUnited Inc.   9,353     367
  OceanFirst Financial Corp.  19,526     359
  Peapack-Gladstone Financial Corp.  12,061     350
  TriCo Bancshares   7,214     328
  Independent Bank Corp.   9,924     326
* Coastal Financial Corp.   2,815     322
  Towne Bank   8,397     308
  Southside Bancshares Inc.   9,657     302
  Kemper Corp.   4,858     261
  Capitol Federal Financial Inc.  39,092     253
  Comerica Inc.   3,469     245
  Community Trust Bancorp Inc.   4,084     239
  Stock Yards Bancorp Inc.   2,948     238
  Tiptree Inc.   9,434     221
  M&T Bank Corp.   1,059     214
  Horace Mann Educators Corp.   4,397     202
  CNA Financial Corp.   4,009     199
  TrustCo Bank Corp. NY   4,981     198
* Hamilton Insurance Group Ltd. Class B   8,162     195
  Diamond Hill Investment Group Inc.   1,230     179
  Mercantile Bank Corp.   3,232     159
  Peoples Bancorp Inc.   5,143     159
  Esquire Financial Holdings Inc.   1,504     148
  First Hawaiian Inc.   5,009     130
  Stellar Bancorp Inc.   3,400     105
  United Fire Group Inc.   3,117      96
  Essent Group Ltd.   1,325      83
              96,093
Health Care (12.2%)
  Gilead Sciences Inc.  35,407   4,000
  Bristol-Myers Squibb Co.  71,422   3,370
  HCA Healthcare Inc.   7,022   2,837
  Johnson & Johnson  15,331   2,716
  AbbVie Inc.  11,821   2,487
  Medtronic plc  20,156   1,871
* Incyte Corp.  15,193   1,285
* Jazz Pharmaceuticals plc   8,083   1,033
  Premier Inc. Class A  38,269     991
* Indivior plc  38,207     928
* Innoviva Inc.  44,231     904
* Supernus Pharmaceuticals Inc.  19,636     886
* Alkermes plc  30,332     879
* Solventum Corp.  11,740     858
  Amgen Inc.   2,937     845
* Pediatrix Medical Group Inc.  46,964     808
    Shares Market
Value
($000)
* Amneal Pharmaceuticals Inc.  82,389     788
* Exelixis Inc.  20,859     781
* Pacira BioSciences Inc.  29,213     779
* United Therapeutics Corp.   2,556     779
  Merck & Co. Inc.   9,098     765
* Henry Schein Inc.  10,610     738
  Cardinal Health Inc.   4,726     703
  ResMed Inc.   2,546     699
* Aurinia Pharmaceuticals Inc.  56,787     681
  SIGA Technologies Inc.  75,811     636
* CorMedix Inc.  39,929     592
* Halozyme Therapeutics Inc.   7,713     564
* Doximity Inc. Class A   8,148     554
* Enhabit Inc.  68,043     536
* AngioDynamics Inc.  51,106     524
* Corcept Therapeutics Inc.   7,473     521
* Tactile Systems Technology Inc.  37,953     505
* AdaptHealth Corp.  49,028     465
* Harmony Biosciences Holdings Inc.  12,483     460
* PTC Therapeutics Inc.   9,286     458
* Bioventus Inc. Class A  60,900     451
* ACADIA Pharmaceuticals Inc.  15,922     414
* Masimo Corp.   2,953     413
  HealthStream Inc.  14,417     405
  Embecta Corp.  25,827     374
* Healthcare Services Group Inc.  23,490     367
  QIAGEN NV   7,804     363
* TruBridge Inc.  17,113     342
* Catalyst Pharmaceuticals Inc.  15,882     327
  Royalty Pharma plc Class A   8,557     308
  iRadimed Corp.   4,106     297
* Veeva Systems Inc. Class A     999     269
  Pfizer Inc.  10,199     252
* LivaNova plc   3,959     223
* Envista Holdings Corp.  10,094     214
* Elanco Animal Health Inc. (XNYS)  11,289     207
* Teladoc Health Inc.  26,635     206
  DENTSPLY SIRONA Inc.  13,302     190
* Avanos Medical Inc.  15,365     183
* BioCryst Pharmaceuticals Inc.  21,714     180
  Perrigo Co. plc   7,369     175
* OptimizeRx Corp.   9,317     168
* Talkspace Inc.  56,899     151
* Orthofix Medical Inc.   9,606     144
* Ardent Health Inc.   7,698      98
              45,947
Industrials (11.3%)
  American Express Co.   8,615   2,854
  GE Vernova Inc.   4,060   2,489
* PayPal Holdings Inc.  29,516   2,072
  Synchrony Financial  23,404   1,787
  Johnson Controls International plc  15,353   1,641
  Comfort Systems USA Inc.   1,830   1,287
  Ryder System Inc.   6,858   1,286
  EMCOR Group Inc.   2,019   1,252
  Mastercard Inc. Class A   1,998   1,189
* Fiserv Inc.   8,161   1,128
  CH Robinson Worldwide Inc.   7,024     904
  Teekay Corp. Ltd. 108,875     893
  Trane Technologies plc   2,060     856
  Primoris Services Corp.   7,073     838
* Resideo Technologies Inc.  24,094     820
  WESCO International Inc.   3,602     792
  Valmont Industries Inc.   2,066     758
  Heidrick & Struggles International Inc.  14,484     736
  Genpact Ltd.  16,222     736
  Teekay Tankers Ltd. Class A  13,702     674
  Allison Transmission Holdings Inc.   7,399     646
* CompoSecure Inc. Class A  32,806     627
    Shares Market
Value
($000)
  ADT Inc.  70,618     615
  Astec Industries Inc.  12,933     599
  REV Group Inc.  11,163     594
  Argan Inc.   2,600     593
* IBEX Holdings Ltd.  19,017     562
  AGCO Corp.   5,067     548
* Hudson Technologies Inc.  50,673     515
* Euronet Worldwide Inc.   5,247     489
  Myers Industries Inc.  29,001     485
  Ardagh Metal Packaging SA 131,342     485
  DHT Holdings Inc.  40,264     472
  Western Union Co.  52,086     452
  Watts Water Technologies Inc. Class A   1,597     442
* ExlService Holdings Inc.   9,630     422
* BrightView Holdings Inc.  29,230     421
  Preformed Line Products Co.   2,151     411
  Barrett Business Services Inc.   8,063     393
* Gates Industrial Corp. plc  14,149     362
* Mohawk Industries Inc.   2,574     342
  Deluxe Corp.  16,451     323
  Mueller Water Products Inc. Class A  12,268     323
  Ennis Inc.  16,082     294
* Huron Consulting Group Inc.   2,143     294
  General Electric Co.   1,036     285
* Astronics Corp.   7,813     284
  Ardmore Shipping Corp.  24,065     280
  Tecnoglass Inc.   3,749     272
  Acuity Inc.     826     270
  Snap-on Inc.     813     264
  Capital One Financial Corp.   1,127     256
* DXP Enterprises Inc.   2,045     255
* Generac Holdings Inc.   1,372     254
  Crown Holdings Inc.   2,491     248
* O-I Glass Inc.  19,032     247
  UniFirst Corp.   1,380     245
* AMN Healthcare Services Inc.  10,376     216
  Genco Shipping & Trading Ltd.  12,573     212
* Titan Machinery Inc.  10,308     206
  Robert Half Inc.   5,437     203
  Air Lease Corp.   3,074     185
  Scorpio Tankers Inc.   3,561     179
  Applied Industrial Technologies Inc.     676     178
  EVERTEC Inc.   4,558     163
  Smurfit WestRock plc   3,361     159
  Kennametal Inc.   7,025     151
  Matson Inc.   1,261     131
  Alamo Group Inc.     583     123
  Griffon Corp.   1,555     118
* WEX Inc.     602     103
  MSC Industrial Direct Co. Inc. Class A   1,057      95
* Keysight Technologies Inc.     573      94
* MasTec Inc.     477      87
  Resources Connection Inc.  16,252      83
              42,547
Technology (12.3%)
  Micron Technology Inc.  31,229   3,717
  Meta Platforms Inc. Class A   3,512   2,594
  Lam Research Corp.  19,803   1,983
  NVIDIA Corp.   7,883   1,373
  Intuit Inc.   1,852   1,235
* Kyndryl Holdings Inc.  37,599   1,195
  International Business Machines Corp.   4,571   1,113
  QUALCOMM Inc.   6,753   1,085
* Yelp Inc.  32,160   1,017
  Alphabet Inc. Class A   4,696   1,000
* Daktronics Inc.  55,430     962
* Crowdstrike Holdings Inc. Class A   2,151     911
* Autodesk Inc.   2,889     909
* LiveRamp Holdings Inc.  29,882     834
    Shares Market
Value
($000)
* F5 Inc.   2,532     793
* Maplebear Inc.  18,258     792
* Photronics Inc.  34,750     788
  Match Group Inc.  20,894     780
* EverQuote Inc. Class A  32,055     745
* Dropbox Inc. Class A  25,244     734
* Qorvo Inc.   7,637     693
  Amdocs Ltd.   7,824     670
  Jabil Inc.   3,197     655
* Box Inc. Class A  19,461     635
  Dell Technologies Inc. Class C   5,172     632
* ScanSource Inc.  14,203     620
* Cargurus Inc.  17,643     611
* Zoom Communications Inc.   7,490     610
* NetScout Systems Inc.  24,320     605
* Cirrus Logic Inc.   5,240     598
* Diebold Nixdorf Inc.   9,753     596
* Rambus Inc.   7,811     576
  OneSpan Inc.  37,784     572
  CSG Systems International Inc.   8,694     558
* Twilio Inc. Class A   5,244     554
* Penguin Solutions Inc.  22,445     542
  Broadcom Inc.   1,797     534
  Gen Digital Inc. (XNGS)  17,240     521
  Clear Secure Inc. Class A  13,907     505
* Yext Inc.  52,723     479
* DoorDash Inc. Class A   1,944     477
  NetApp Inc.   4,131     466
  Hewlett Packard Enterprise Co.  19,304     436
  Concentrix Corp.   8,076     426
* Domo Inc. Class B  28,462     418
  Adeia Inc.  27,647     416
* DXC Technology Co.  27,992     405
* RingCentral Inc. Class A  12,951     395
  Western Digital Corp.   4,834     388
* Commvault Systems Inc.   2,070     386
* Docusign Inc.   4,769     366
* Sanmina Corp.   3,046     358
* Fortinet Inc.   4,130     325
* Consensus Cloud Solutions Inc.  11,533     306
  Red Violet Inc.   6,058     304
  Pegasystems Inc.   5,562     302
  Skyworks Solutions Inc.   4,035     302
  TD SYNNEX Corp.   1,950     289
* IAC Inc.   7,569     277
  A10 Networks Inc.  14,947     265
* Viant Technology Inc. Class A  25,468     265
* Vimeo Inc.  60,089     252
  Alphabet Inc. Class C   1,166     249
  Xerox Holdings Corp.  62,575     249
* Arrow Electronics Inc.   1,939     245
* Okta Inc.   2,169     201
  Corning Inc.   2,699     181
* Mitek Systems Inc.  15,658     159
  Avnet Inc.   2,672     146
* Definitive Healthcare Corp.  35,439     143
* Kimball Electronics Inc.   4,407     127
* Bumble Inc. Class A  18,530     114
* UiPath Inc. Class A   8,303      92
* Flex Ltd.   1,590      85
  PC Connection Inc.   1,168      75
  Climb Global Solutions Inc.     603      75
  ePlus Inc.   1,027      74
              46,365
Telecommunications (5.0%)
  AT&T Inc. 139,480   4,085
  T-Mobile US Inc.  10,693   2,695
  Cisco Systems Inc.  38,812   2,681
  Verizon Communications Inc.  56,856   2,515
    Shares Market
Value
($000)
* Ciena Corp.  11,653   1,095
  Millicom International Cellular SA  21,623   1,045
* ADTRAN Holdings Inc.  90,454     848
* NETGEAR Inc.  22,746     618
  IDT Corp. Class B   9,541     611
* Extreme Networks Inc.  22,009     471
  InterDigital Inc.   1,503     408
* Digi International Inc.  11,717     407
  Ubiquiti Inc.     722     381
* Calix Inc.   4,654     277
* Harmonic Inc.  27,554     265
* Aviat Networks Inc.   7,567     174
* Xperi Inc.  20,178     121
              18,697
Total Common Stocks (Cost $318,214) 374,248
Temporary Cash Investments (0.3%)
Money Market Fund (0.3%)
2,3 Vanguard Market Liquidity Fund, 4.362% (Cost $1,232)  12,326        1,233
Total Investments (100.0%) (Cost $319,446) 375,481
Other Assets and Liabilities—Net (0.0%) (48)
Net Assets (100%) 375,433
Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $411.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Collateral of $438 was received for securities on loan.
  
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
Micro E-mini S&P 500 Index September 2025 23 744 34
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
At August 31, 2025, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.