0000105563 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:C000198465Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member rr:RiskLoseMoneyMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:StockMarketRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:InvestmentStyleRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:ManagerRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:ETFexchangeVolatilityMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:ETFactivetradingincreasedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:ETFtradinghaltedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member rr:RiskNotInsuredDepositoryInstitutionMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:BasedonNAVMember wellington:C000198465Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:ReturnAfterTaxesonDistributionsMember wellington:C000198465Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:ReturnAfterTaxesonDistributionsandSaleofFundSharesMember wellington:C000198465Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:BasedonMarketPriceMember wellington:C000198465Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061301Member wellington:Russell3000IndexMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:C000198466Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member rr:RiskLoseMoneyMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:StockMarketRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:InvestmentStyleRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:ManagerRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:ETFexchangeVolatilityMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:ETFactivetradingincreasedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:ETFtradinghaltedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member rr:RiskNotInsuredDepositoryInstitutionMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:BasedonNAVMember wellington:C000198466Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:ReturnAfterTaxesonDistributionsMember wellington:C000198466Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:ReturnAfterTaxesonDistributionsandSaleofFundSharesMember wellington:C000198466Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:BasedonMarketPriceMember wellington:C000198466Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061302Member wellington:Russell3000IndexMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:C000198481Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member rr:RiskLoseMoneyMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:StockMarketRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:InvestmentStyleRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:ManagerRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:ManagementOfCertainSimilarFundsRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:ETFexchangeVolatilityMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:ETFactivetradingincreasedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:ETFtradinghaltedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member rr:RiskNotInsuredDepositoryInstitutionMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:BasedonNAVMember wellington:C000198481Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:ReturnAfterTaxesonDistributionsMember wellington:C000198481Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:ReturnAfterTaxesonDistributionsandSaleofFundSharesMember wellington:C000198481Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:BasedonMarketPriceMember wellington:C000198481Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061310Member wellington:Russell3000IndexMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:C000198469Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member rr:RiskLoseMoneyMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:StockMarketRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:InvestmentStyleRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:ManagerRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:ETFexchangeVolatilityMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:ETFactivetradingincreasedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:ETFtradinghaltedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member rr:RiskNotInsuredDepositoryInstitutionMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:BasedonNAVMember wellington:C000198469Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:ReturnAfterTaxesonDistributionsMember wellington:C000198469Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:ReturnAfterTaxesonDistributionsandSaleofFundSharesMember wellington:C000198469Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:BasedonMarketPriceMember wellington:C000198469Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061304Member wellington:Russell3000IndexMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:C000198470Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member rr:RiskLoseMoneyMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:StockMarketRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:InvestmentStyleRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:ManagerRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:ETFexchangeVolatilityMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:ETFactivetradingincreasedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:ETFtradinghaltedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member rr:RiskNotInsuredDepositoryInstitutionMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:BasedonNAVMember wellington:C000198470Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:ReturnAfterTaxesonDistributionsMember wellington:C000198470Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:ReturnAfterTaxesonDistributionsandSaleofFundSharesMember wellington:C000198470Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:BasedonMarketPriceMember wellington:C000198470Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000061305Member wellington:Russell3000IndexMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member wellington:C000198467Member 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member rr:RiskLoseMoneyMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member wellington:StockMarketRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member wellington:InvestmentStyleRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member wellington:ManagerRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member wellington:ManagementOfCertainSimilarFundsRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member rr:RiskNotInsuredDepositoryInstitutionMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member wellington:ReturnAfterTaxesonDistributionsMember wellington:C000198467Member 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member wellington:ReturnAfterTaxesonDistributionsandSaleofFundSharesMember wellington:C000198467Member 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000061303Member wellington:Russell3000IndexMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:C000012163Member 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:C000012164Member 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member rr:RiskLoseMoneyMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:InvestmentStyleRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:StockMarketRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:IncomeRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:InterestRateRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:CreditRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:CallRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:LiquidityRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:ManagerRiskMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member rr:RiskNotInsuredDepositoryInstitutionMember 2025-03-28 2025-03-28 0000105563 wellington:RetailMember wellington:S000004406Member wellington:C000012163Member 2024-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:C000012163Member 2020-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:C000012163Member 2015-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:ReturnAfterTaxesonDistributionsMember wellington:C000012163Member 2024-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:ReturnAfterTaxesonDistributionsMember wellington:C000012163Member 2020-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:ReturnAfterTaxesonDistributionsMember wellington:C000012163Member 2015-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:ReturnAfterTaxesonDistributionsandSaleofFundSharesMember wellington:C000012163Member 2024-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:ReturnAfterTaxesonDistributionsandSaleofFundSharesMember wellington:C000012163Member 2020-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:ReturnAfterTaxesonDistributionsandSaleofFundSharesMember wellington:C000012163Member 2015-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:C000012164Member 2024-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:C000012164Member 2020-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:C000012164Member 2015-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:WellingtonCompositeIndexMember 2024-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:WellingtonCompositeIndexMember 2020-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:WellingtonCompositeIndexMember 2015-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:DowJonesUSTotalStockMarketFloatAdjustedIndexMember 2024-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:DowJonesUSTotalStockMarketFloatAdjustedIndexMember 2020-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:DowJonesUSTotalStockMarketFloatAdjustedIndexMember 2015-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:BloombergUSAggregateBondIndexMember 2024-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:BloombergUSAggregateBondIndexMember 2020-01-01 2024-12-31 0000105563 wellington:RetailMember wellington:S000004406Member wellington:BloombergUSAggregateBondIndexMember 2015-01-01 2024-12-31 0000105563 wellington:ETFMember wellington:S000079862Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:C000241270Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member rr:RiskLoseMoneyMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:InterestRateRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:IncomeRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:CallRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:ExtensionRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:CreditRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:indexrelatedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:IndexSamplingRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:LiquidityRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:TaxRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:RegionalRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:NondiversificationRiskMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:ETFexchangeVolatilityMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:ETFactivetradingincreasedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:ETFtradinghaltedMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member rr:RiskNotInsuredDepositoryInstitutionMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:BasedonNAVMember wellington:C000241270Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:BasedonNAVReturnAfterTaxesonDistributionsMember wellington:C000241270Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:BasedonNAVReturnAfterTaxesonDistributionsandSaleofFundSharesMember wellington:C000241270Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:BasedonMarketPriceMember wellington:C000241270Member 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:SP07yearNationalAMTFreeMunicipalBondIndexMember 2025-03-28 2025-03-28 0000105563 wellington:ETFMember wellington:S000079862Member wellington:BloombergMunicipalBondIndexMember 2025-03-28 2025-03-28 pure iso4217:USD 2024-11-30 0000105563 false 2025-03-27 485BPOS 0.2181 0.0361 0.3077 -0.0578 0.1791 0.1720 0.2705 -0.0017 0.2072 -0.0572 0.0887 0.1697 0.2494 0.0226 0.3704 -0.0384 0.1721 0.0779 0.2530 0.1693 0.2797 -0.1567 0.2245 0.1295 0.0181 0.0006 0.1101 0.1472 -0.0342 0.2251 0.1060 0.1901 -0.1432 0.1433 0.1476 0.2775 0.3130 0.1914 -0.1284 0.1633 0.2596 0.2196 0.0486 0.3009 -0.0568 0.1864 0.1535 N-1A VANGUARD WELLINGTON FUND 2025-03-28 2025-03-28 Vanguard U.S. Minimum Volatility ETF Investment Objective The Fund seeks to provide long-term capital appreciation with lower volatility relative to the broad U.S. equity market. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0006 0 0.0007 0.0013 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 13 42 73 166 This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 39% of the average value of its portfolio. 0.39 Principal Investment Strategies The Fund invests primarily in a group of U.S. common stocks that together are deemed by the advisor to have the potential to generate lower volatility relative to the broad U.S. equity market. The Fund’s portfolio includes a diverse mix of companies representing many different market sectors and industry groups. The advisor uses a quantitative model to evaluate all of the securities in an investment universe comprised of U.S. large-, mid-, and small-capitalization stocks and to construct a U.S. equity portfolio that seeks to achieve the lowest amount of expected volatility subject to a rules-based screen designed to promote diversification and to mitigate exposure to certain less liquid stocks. Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities issued by U.S. companies. Principal Risks An investment in the Fund could lose money over short or long periods of time.You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:Because the Fund is an exchange-traded fund (ETF) and the Fund’s shares are traded on an exchange, the Fund is subject to additional risks: An investment in the Fund could lose money over short or long periods of time. • Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. • Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from overall U.S. stock markets. Specific types of stocks tend to go through cycles of doing better or worse than other segments of the U.S. stock market. These periods have, in the past, lasted for as long as several years. • Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. The Fund’s advisor uses a quantitative process to evaluate securities, and the Fund can perform differently from the market as a whole as a result of the stock selection model. Although the Fund does not intend to focus on a particular sector, from time to time, the Fund’s holdings may be concentrated in a particular sector in pursuit of its objective. • The Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares. • Although the Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., it is possible that an active trading market may not be maintained. • Trading of the Fund’s ETF Shares may be halted by the activation of individual or marketwide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund’s ETF Shares may also be halted if (1) the shares are delisted from Cboe BZX Exchange, Inc., without first being listed on another exchange or (2) Cboe BZX Exchange, Inc., officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard U.S. Minimum Volatility ETF During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.1197 2019-03-31 Lowest -0.2173 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2024 2018-02-13 0.1697 0.0767 0.0941 0.1656 0.0716 0.0880 0.1033 0.0593 0.0738 0.1672 0.0766 0.0940 0.2381 0.1386 0.1349 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Vanguard U.S. Momentum Factor ETF Investment Objective The Fund seeks to provide long-term capital appreciation by investing in stocks with strong recent performance as determined by the advisor. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0011 0 0.0002 0.0013 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 13 42 73 166 This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 77% of the average value of its portfolio. 0.77 Principal Investment Strategies The Fund invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with strong recent performance as determined by the advisor. The Fund’s portfolio includes a diverse mix of companies representing many different market sectors and industry groups. The advisor uses a quantitative model to evaluate all of the securities in an investment universe comprised of U.S. large-, mid-, and small-capitalization stocks and to construct a U.S. equity portfolio that seeks to achieve exposure to securities with relatively strong recent performance subject to a rules-based screen designed to promote diversification and to mitigate exposure to certain less liquid stocks. Securities with relatively strong recent past performance may be identified by measures such as performance over different time periods. Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities issued by U.S. companies. Principal Risks An investment in the Fund could lose money over short or long periods of time.You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:Because the Fund is an exchange-traded fund (ETF) and the Fund’s shares are traded on an exchange, the Fund is subject to additional risks: An investment in the Fund could lose money over short or long periods of time. • Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. • Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from overall U.S. stock markets. Specific types of stocks tend to go through cycles of doing better or worse than other segments of the U.S. stock market. These periods have, in the past, lasted for as long as several years. • Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. The Fund’s advisor uses a quantitative process to evaluate securities, and the Fund can perform differently from the market as a whole as a result of the stock selection model. Although the Fund does not intend to focus on a particular sector, from time to time, the Fund’s holdings may be concentrated in a particular sector in pursuit of its objective. • The Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares. • Although the Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., it is possible that an active trading market may not be maintained. • Trading of the Fund’s ETF Shares may be halted by the activation of individual or marketwide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund’s ETF Shares may also be halted if (1) the shares are delisted from Cboe BZX Exchange, Inc., without first being listed on another exchange or (2) Cboe BZX Exchange, Inc., officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard U.S. Momentum Factor ETF During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.2715 2020-06-30 Lowest -0.2144 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2024 2018-02-13 0.2596 0.1485 0.1317 0.2573 0.1458 0.1289 0.1552 0.1191 0.1069 0.2608 0.1488 0.1319 0.2381 0.1386 0.1349 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Vanguard U.S. Multifactor ETF Investment Objective The Fund seeks to provide long-term capital appreciation by investing in stocks with relatively strong recent performance, strong fundamentals, and low prices relative to fundamentals as determined by the advisor. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0014 0 0.0004 0.0018 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 18 58 101 230 This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 50% of the average value of its portfolio. 0.50 Principal Investment Strategies The Fund invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with relatively strong recent performance, strong fundamentals, and low prices relative to fundamentals as determined by the advisor. The Fund’s portfolio includes a diverse mix of companies representing many different market sectors and industry groups. The advisor uses a quantitative model to evaluate all of the securities in an investment universe comprised of U.S. large-, mid-, and small-capitalization stocks and to construct a U.S. equity portfolio that seeks to achieve exposure to multiple factors subject to a rules-based screen designed to promote diversification and to mitigate exposure to certain less liquid and more volatile stocks. Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities issued by U.S. companies. Principal Risks An investment in the Fund could lose money over short or long periods of time.You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:Because the Fund is an exchange-traded fund (ETF) and the Fund’s shares are traded on an exchange, the Fund is subject to additional risks: An investment in the Fund could lose money over short or long periods of time. • Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. • Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from overall U.S. stock markets. Specific types of stocks tend to go through cycles of doing better or worse than other segments of the U.S. stock market. These periods have, in the past, lasted for as long as several years. • Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. The Fund’s advisor uses a quantitative process to evaluate securities, and the Fund can perform differently from the market as a whole as a result of the stock selection model. Although the Fund does not intend to focus on a particular sector, from time to time, the Fund’s holdings may be concentrated in a particular sector in pursuit of its objective. • Management of certain similar funds risk. The name, investment objective, principal investment strategies, and risks of the Fund are similar to another separate fund managed by the Fund’s portfolio managers. However, the investment results of the Fund may be higher or lower than, and there is no guarantee that the investment results of the Fund will be comparable to, that other fund. • The Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares. • Although the Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., it is possible that an active trading market may not be maintained. • Trading of the Fund’s ETF Shares may be halted by the activation of individual or marketwide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund’s ETF Shares may also be halted if (1) the shares are delisted from Cboe BZX Exchange, Inc., without first being listed on another exchange or (2) Cboe BZX Exchange, Inc., officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard U.S. Multifactor ETF During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.2004 2020-06-30 Lowest -0.2997 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2024 2018-02-13 0.1535 0.1198 0.1030 0.1490 0.1148 0.0984 0.0939 0.0946 0.0820 0.1556 0.1202 0.1032 0.2381 0.1386 0.1349 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Vanguard U.S. Quality Factor ETF Investment Objective The Fund seeks to provide long-term capital appreciation by investing in stocks with strong fundamentals as determined by the advisor. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0003 0.0013 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 13 42 73 166 This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 44% of the average value of its portfolio. 0.44 Principal Investment Strategies The Fund invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with strong fundamentals as determined by the advisor. The Fund’s portfolio includes a diverse mix of companies representing many different market sectors and industry groups. The advisor uses a quantitative model to evaluate all of the securities in an investment universe comprised of U.S. large-, mid-, and small-capitalization stocks and to construct a U.S. equity portfolio that seeks to achieve exposure to securities with strong fundamentals subject to a rules-based screen designed to promote diversification and to mitigate exposure to certain less liquid stocks. Securities with relatively strong fundamentals may be identified by measures such as strong profitability, sustainable earnings, and healthy balance sheets. Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities issued by U.S. companies. Principal Risks An investment in the Fund could lose money over short or long periods of time.You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:Because the Fund is an exchange-traded fund (ETF) and the Fund’s shares are traded on an exchange, the Fund is subject to additional risks: An investment in the Fund could lose money over short or long periods of time. • Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. • Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from overall U.S. stock markets. Specific types of stocks tend to go through cycles of doing better or worse than other segments of the U.S. stock market. These periods have, in the past, lasted for as long as several years. • Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. The Fund’s advisor uses a quantitative process to evaluate securities, and the Fund can perform differently from the market as a whole as a result of the stock selection model. Although the Fund does not intend to focus on a particular sector, from time to time, the Fund’s holdings may be concentrated in a particular sector in pursuit of its objective. • The Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares. • Although the Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., it is possible that an active trading market may not be maintained. • Trading of the Fund’s ETF Shares may be halted by the activation of individual or marketwide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund’s ETF Shares may also be halted if (1) the shares are delisted from Cboe BZX Exchange, Inc., without first being listed on another exchange or (2) Cboe BZX Exchange, Inc., officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard U.S. Quality Factor ETF During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.2386 2020-06-30 Lowest -0.2618 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2024 2018-02-13 0.1295 0.1178 0.1113 0.1259 0.1142 0.1077 0.0792 0.0934 0.0894 0.1286 0.1178 0.1113 0.2381 0.1386 0.1349 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Vanguard U.S. Value Factor ETF Investment Objective The Fund seeks to provide long-term capital appreciation by investing in stocks with relatively lower share prices relative to fundamental values as determined by the advisor. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0011 0 0.0002 0.0013 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 13 42 73 166 This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 39% of the average value of its portfolio. 0.39 Principal Investment Strategies The Fund invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with relatively lower share prices relative to fundamental values as determined by the advisor. The Fund’s portfolio includes a diverse mix of companies representing many different market sectors and industry groups. The advisor uses a quantitative model to evaluate all of the securities in an investment universe comprised of U.S. large-, mid-, and small-capitalization stocks and to construct a U.S. equity portfolio that seeks to achieve exposure to securities with lower prices relative to fundamental measures of value subject to a rules-based screen designed to promote diversification and to mitigate exposure to certain less liquid stocks. Securities with lower prices relative to fundamental value may be identified by measures such as book to price and earnings to price ratios. Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities issued by U.S. companies. Principal Risks An investment in the Fund could lose money over short or long periods of time.You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:Because the Fund is an exchange-traded fund (ETF) and the Fund’s shares are traded on an exchange, the Fund is subject to additional risks: An investment in the Fund could lose money over short or long periods of time. • Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. • Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from overall U.S. stock markets. Specific types of stocks tend to go through cycles of doing better or worse than other segments of the U.S. stock market. These periods have, in the past, lasted for as long as several years. • Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. The Fund’s advisor uses a quantitative process to evaluate securities, and the Fund can perform differently from the market as a whole as a result of the stock selection model. Although the Fund does not intend to focus on a particular sector, from time to time, the Fund’s holdings may be concentrated in a particular sector in pursuit of its objective. • The Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares. • Although the Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., it is possible that an active trading market may not be maintained. • Trading of the Fund’s ETF Shares may be halted by the activation of individual or marketwide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund’s ETF Shares may also be halted if (1) the shares are delisted from Cboe BZX Exchange, Inc., without first being listed on another exchange or (2) Cboe BZX Exchange, Inc., officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard U.S. Value Factor ETF During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.2738 2020-12-31 Lowest -0.3919 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2024 2018-02-13 0.0779 0.1123 0.0932 0.0717 0.1060 0.0873 0.0503 0.0882 0.0735 0.0765 0.1121 0.0931 0.2381 0.1386 0.1349 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Fund Summary Investment Objective The Fund seeks to provide long-term capital appreciation by investing in stocks with relatively strong recent performance, strong fundamentals, and low prices relative to fundamentals as determined by the advisor. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 25 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0011 0 0.0007 0.0018 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 18 58 101 230 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 56% of the average value of its portfolio. 0.56 Principal Investment Strategies The Fund invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with relatively strong recent performance, strong fundamentals, and low prices relative to fundamentals as determined by the advisor. The Fund’s portfolio includes a diverse mix of companies representing many different market sectors and industry groups. The advisor uses a quantitative model to evaluate all of the securities in an investment universe comprised of U.S. large-, mid-, and small-capitalization stocks and to construct a U.S. equity portfolio that seeks to achieve exposure to multiple factors subject to a rules-based screen designed to promote diversification and to mitigate exposure to certain less liquid and more volatile stocks. Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities issued by U.S. companies. Principal Risks An investment in the Fund could lose money over short or long periods of time.You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance: An investment in the Fund could lose money over short or long periods of time. • Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. • Investment style risk, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from overall U.S. stock markets. Specific types of stocks tend to go through cycles of doing better or worse than other segments of the U.S. stock market. These periods have, in the past, lasted for as long as several years. • Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. The Fund’s advisor uses a quantitative process to evaluate securities, and the Fund can perform differently from the market as a whole as a result of the stock selection model. Although the Fund does not intend to focus on a particular sector, from time to time, the Fund’s holdings may be concentrated in a particular sector in pursuit of its objective. • Management of certain similar funds risk. The name, investment objective, principal investment strategies, and risks of the Fund are similar to another separate fund managed by the Fund’s portfolio managers. However, the investment results of the Fund may be higher or lower than, and there is no guarantee that the investment results of the Fund will be comparable to, that other fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard U.S. Multifactor Fund Admiral Shares During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.2065 2020-06-30 Lowest -0.3059 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2024 2018-02-15 0.1720 0.1202 0.0982 0.1630 0.1146 0.0931 0.1081 0.0950 0.0780 0.2381 0.1386 0.1307 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Fund Summary Investment Objective The Fund seeks to provide long-term capital appreciation and moderate current income. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell Investor Shares or Admiral Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 0 0 0 25 25 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0024 0.0016 0 0 0.0001 0.0001 0.0025 0.0017 Examples The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. These examples assume that the shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 26 80 141 318 17 55 96 217 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 61% of the average value of its portfolio. 0.61 Principal Investment Strategies The Fund invests 60% to 70% of its assets in dividend-paying and, to a lesser extent, non-dividend-paying common stocks of established large companies. In choosing these stocks, the advisor seeks durable businesses that appear to be undervalued but have prospects for improvement. These stocks are commonly referred to as value stocks. The remaining 30% to 40% of the Fund’s assets are invested mainly in fixed income securities that the advisor believes will generate a moderate level of current income. These securities include investment-grade corporate bonds, with some exposure to U.S. Treasury bonds, government agency bonds, and mortgage-backed securities. Principal Risks The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money, and the level of risk may vary based on market conditions. However, because stock and bond prices can move in different directions or to different degrees, the Fund’s bond holdings may counteract some of the volatility experienced by the Fund’s stock holdings. The Fund is subject to the following risks, which could affect the Fund’s performance: • Investment style risk, which is the chance that returns from large-capitalization value stocks will trail returns from the overall stock market. Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. • Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. • Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. A fund holding bonds will experience a decline in income when interest rates fall because the fund then must invest new cash flow and cash from maturing bonds in lower-yielding bonds. • Interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because the Fund invests only a portion of its assets in bonds and because the average duration of the Fund’s bond portfolio is generally intermediate-term. The prices of short- and intermediate-term bonds are less sensitive to interest rate changes than are the prices of long-term bonds. • Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests only a portion of its assets in bonds, most of which are considered to be of high quality. • Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. For mortgage-backed securities, this risk is known as prepayment risk. • Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. • Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of relevant market indexes and a composite stock/bond index, which have investment characteristics similar to those of the Fund. The Wellington Composite Index is weighted 65% in the S&P 500 Index and 35% in the Bloomberg U.S. Credit A or Better Bond Index. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of relevant market indexes and a composite stock/bond index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard Wellington Fund Investor Shares During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.1198 2020-06-30 Lowest -0.1379 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2024 0.1476 0.0815 0.0836 0.1173 0.0588 0.0632 0.1031 0.0593 0.0616 0.1486 0.0824 0.0844 0.1635 0.0948 0.0929 0.2388 0.1378 0.1248 0.0125 -0.0033 0.0135 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. ETF Summary Investment Objective The Fund seeks to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market with remaining maturities between one month and seven years. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0005 0 0.0001 0.0006 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 6 19 34 77 This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 21% of the average value of its portfolio. 0.21 Principal Investment Strategies The Fund employs an indexing approach designed to track the performance of the S&P 0-7 Year National AMT-Free Municipal Bond Index (the Index). This Index measures the performance of the investment-grade, fixed-rate U.S. municipal bond market with maturities between one month and seven years as determined by the Index provider, S&P Dow Jones Indices LLC. This Index includes municipal bonds from issuers that are primarily state and local governments or agencies whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT) (excluding bonds issued by U.S. territories and commonwealths and certain other bonds as determined by the Index Provider). To be eligible for inclusion in the Index, each bond must have a rating of at least investment-grade, as determined by a nationally recognized statistical rating organization (NRSRO) (e.g., at least BBB– by Fitch Ratings, Inc), the lowest rating will be used in determining if the bond is investment grade. Each bond must also be denominated in U.S. dollars; generally must be part of an offering where the original offering amount was at least $100 million; and generally have a minimum par (i.e., currently outstanding face value) amount of $25 million. In addition, to be included in the Index, each bond must have a remaining term to final maturity that is less than seven years and greater than or equal to one calendar month. The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement.The Fund invests by sampling the Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. All of the Fund’s investments will be selected through the sampling process, and at least 80% of the Fund’s assets will be invested in securities held in the Index. Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities whose income will be exempt from federal income taxes and the federal AMT. The Fund seeks to maintain a dollar-weighted average maturity consistent with that of the Index, which, under normal circumstances, is not expected to exceed 4 years. As of November 30, 2024, the dollar-weighted average maturity of the Index was 3.1 years. Principal Risks The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. • Interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates. • Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. • Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. • Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. • Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. In general, credit risk should be relatively low for the Fund because it invests primarily in bonds that are considered to be of high quality. • Index-related risks. The Fund is subject to risks associated with index investing, which include passive management risk, tracking error risk, and index provider risk. Passive management risk is the chance that the Fund’s use of an indexing strategy will negatively impact the Fund’s performance. Because the Fund seeks to track the performance of its target index regardless of how that index is performing, the Fund’s performance may be lower than it would be if the Fund were actively managed. Tracking error risk is the chance that the Fund’s performance will deviate from the performance of its target index. Tracking error risk may be heightened during times of increased market volatility or under other unusual market conditions. Index provider risk is the chance that the Fund will be negatively impacted by changes or errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders. • Index sampling risk, which is the chance that the securities selected for the Fund, in the aggregate, will not provide investment performance matching that of the Fund’s target index. Index sampling risk for the Fund is expected to be low to moderate. • Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. • Tax risk, which is the chance that all or a portion of the tax-exempt income from municipal bonds held by the Fund will be declared taxable, possibly with retroactive effect, because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state or local tax authorities, or noncompliant conduct of a bond issuer. • Regional risk, which is the chance that economic, political, or regulatory occurrences within a certain state may adversely affect the value of securities offered by issuers located within that state. Because the Fund may invest a large portion of its assets in securities located in any one state, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in that area. • Nondiversification risk. Because the Fund seeks to closely track the composition of the Fund’s target index, from time to time, more than 25% of the Fund’s total assets may be invested in issuers representing more than 5% of the Fund’s total assets due to an index rebalance or market movement, which would result in the Fund being nondiversified under the Investment Company Act of 1940. The Fund’s performance may be hurt disproportionately by the poor performance of bonds issued by just a few issuers or even a single issuer, and the Fund’s shares may experience significant fluctuations in value. Because the Fund is an exchange-traded fund (ETF) and the Fund’s shares are traded on an exchange, the Fund is subject to additional risks: • The Fund’s ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares. • Although the Fund’s ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained. • Trading of the Fund’s ETF Shares may be halted by the activation of individual or marketwide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund’s ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund (based on NAV) in its first full calendar year. The table shows how the average annual total returns of the Fund compare with those of the Fund’s target index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund (based on NAV) in its first full calendar year. The table shows how the average annual total returns of the Fund compare with those of the Fund’s target index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard Short-Term Tax-Exempt Bond Index Fund ETF Shares During the period shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.0224 2024-09-30 Lowest -0.0036 2024-12-31 Average Annual Total Returns for Periods Ended December 31, 2024 2023-03-07 0.0181 0.0291 0.0181 0.0291 0.0230 0.0288 0.0186 0.0295 0.0186 0.0295 0.0105 0.0372 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary)