Vanguard Intermediate-Term Bond ETF

Summary Prospectus

April 25, 2012

Exchange-traded fund shares that are not individually redeemable and are

listed on NYSE Arca

Vanguard Intermediate-Term Bond Index Fund ETF Shares (BIV)

The Fund’s statutory Prospectus and Statement of Additional Information dated

April 25, 2012, are incorporated into and made part of this Summary Prospectus

by reference.

Before you invest, you may want to review the Fund’s Prospectus, which

contains more information about the Fund and its risks. You can find

the Fund’s Prospectus and other information about the Fund online at

www.vanguard.com/prospectus. You can also get this information at no

cost by calling 866-499-8473 or by sending an e-mail request to

online@vanguard.com.

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or

passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Investment Objective
Vanguard Intermediate-Term Bond Index Fund seeks to track the performance of a
market-weighted bond index with an intermediate-term dollar-weighted average maturity.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
ETF Shares of the Fund.

Shareholder Fees
(Fees paid directly from your investment)

Transaction Fee on Purchases and Sales	None through Vanguard
	(Broker fees vary)
Transaction Fee on Reinvested Dividends	None through Vanguard
	(Broker fees vary)

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)

Management Expenses	0.08%
12b-1 Distribution Fee	None
Other Expenses	0.03%
Total Annual Fund Operating Expenses	0.11%

1

Example

The following example is intended to help you compare the cost of investing in
Intermediate-Term Bond ETF with the cost of investing in other funds. It illustrates the
hypothetical expenses that you would incur over various periods if you invest $10,000
in Intermediate-Term Bond ETF. This example assumes that Intermediate-Term Bond
ETF provides a return of 5% a year and that total annual fund operating expenses
remain as stated in the preceding table. The results apply whether or not you 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:

1 Year	3 Years	5 Years	10 Years
$11	$35	$62	$141

This example does not include the brokerage commissions that you may pay to buy
and sell ETF 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 61%.

Primary Investment Strategies
The Fund employs an indexing investment approach designed to track the performance
of the Barclays Capital U.S. 5–10 Year Government/Credit Bond Index. This Index
includes all medium and larger issues of U.S. government, investment-grade corporate,
and investment-grade international dollar-denominated bonds that have maturities
between 5 and 10 years and are publicly issued.

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 bonds
held in the Index. The Fund maintains a dollar-weighted average maturity consistent
with that of the Index, which generally ranges between 5 and 10 years.

2

Primary Risks
An investment in the Fund could lose money over short or even long periods. You should
expect the Fund’s share price and total return to fluctuate within a wide range, like the
fluctuations of the overall bond market. The Fund’s performance could be hurt by:

• 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 it
invests primarily in intermediate-term bonds, whose prices are less sensitive to
interest rate changes than are the prices of long-term bonds.

• Income risk, which is the chance that the Fund’s income will decline because of
falling interest rates. Income risk is generally moderate for intermediate-term bond
funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Credit risk, which is the chance that a bond issuer will fail to pay interest and
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 purchases only bonds that are of investment-grade quality.

• 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 should be low.

Because ETF Shares are traded on an exchange, they are subject to additional risks:

• Intermediate-Term Bond 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 Intermediate-Term Bond 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
Intermediate-Term Bond ETF Shares on the secondary market, and you may receive
more or less than NAV when you sell those shares.

• Although Intermediate-Term Bond ETF Shares are listed for trading on NYSE Arca, it
is possible that an active trading market may not be maintained.

• Trading of Intermediate-Term Bond ETF Shares on NYSE Arca may be halted by the
activation of individual or marketwide “circuit breakers” (which halt trading for a specified
period of time when the price of a particular security or overall market prices decline by a
specified percentage). Trading of Intermediate-Term Bond ETF may also be halted if
(1) the shares are delisted from NYSE Arca without first being listed on another
exchange or (2) exchange officials determine that such action is appropriate in the
interest of a fair and orderly market or to protect 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.

3

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 ETF Shares
compare with those of the Fund‘s target index and other comparative indexes, 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. Updated performance information is available on our website at
vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Annual Total Returns — Vanguard Intermediate-Term Bond Index Fund ETF Shares

During the periods shown in the bar chart, the highest return for a calendar quarter
was 6.94% (quarter ended December 31, 2008), and the lowest return for a quarter
was –2.87% (quarter ended December 31, 2010).

4

Average Annual Total Returns for Periods Ended December 31, 2011
		Since
		Inception
		(Apr. 3,
	1 Year	2007)
Vanguard Intermediate-Term Bond Index Fund ETF Shares
Based on NAV
Return Before Taxes	10.62%	8.03%
Return After Taxes on Distributions	8.91	6.37
Return After Taxes on Distributions and Sale of Fund Shares	7.15	5.94
Based on Market Price
Return Before Taxes	11.09	8.09
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
Spliced Barclays Capital U.S. 5-10 Year Gov/Credit Float Adjusted Index	10.79%	7.93%
Barclays Capital U.S. 5-10 Year Gov/Credit Float Adjusted Index	10.79	—
Barclays Capital U.S. 5-10 Year Gov/Credit Bond Index	10.79	7.93

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 will 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.

Investment Advisor
The Vanguard Group, Inc.

Portfolio Manager

Joshua C. Barrickman, CFA, Principal of Vanguard. He has managed the Fund since 2008.

5

Purchase and Sale of Fund Shares
You can buy and sell ETF Shares of the Fund through a brokerage firm. The firm may
charge you a commission to execute the transaction. Unless imposed by your brokerage
firm, there is no minimum dollar amount you must invest and no minimum number of
shares you must buy. The price you pay or receive for ETF Shares will be the prevailing
market price, which may be more or less than the NAV of the shares.

ETF Shares of the Fund cannot be purchased or redeemed directly with the Fund,
except by certain authorized broker-dealers. These broker-dealers may purchase and
redeem ETF Shares only in large blocks (Creation Units) worth several million dollars,
and only in exchange for baskets of securities rather than cash. For this Fund, the
number of ETF Shares in a Creation Unit is 100,000.

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain.

Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of
Fund shares.

Vanguard Intermediate-Term Bond Index Fund ETF Shares—Fund Number 925

CFA^® is a trademark owned by CFA Institute.

Vanguard ETFs are not sponsored, endorsed, sold, or promoted by Barclays Capital. Barclays Capital makes no representation
or warranty, express or implied, to the owners of Vanguard ETFs or any member of the public regarding the advisability of
investing in securities generally or in Vanguard ETFs particularly or the ability of the Barclays Capital Index to track general
bond market performance. Barclays Capital’s only relationship to Vanguard and Vanguard ETFs is the licensing of the Barclays
Capital Index which is determined, composed, and calculated by Barclays Capital without regard to Vanguard or Vanguard
ETFs. Barclays Capital has no obligation to take the needs of Vanguard, Vanguard ETFs or the owners of Vanguard ETFs into
consideration in determining, composing or calculating the Barclays Captial Index. Barclays Capital is not responsible for and
has not participated in the determination of the timing of, prices of, or quantities of Vanguard ETFs to be issued. Barclays
Capital has no obligation or liability in connection with the administration, marketing or trading of the Vanguard ETFs.

BARCLAYS CAPITAL SHALL HAVE NO LIABILITY TO THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS
OF THE INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE INDEX. BARCLAYS
CAPITAL MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF THE VANGUARD
ETFS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNEC-
TION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. BARCLAYS CAPITAL MAKES NO EXPRESS OR
IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS CAPITAL
SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY INDIRECT OR CONSEQUENTIAL DAM-
AGES RESULTING FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN.
Source of index data: Barclays Capital Global Family of Indices. Copyright 2012, Barclays Capital. All rights reserved

© 2012 The Vanguard Group, Inc. All rights reserved.
U.S. Pat. No. 6,879,964 B2; 7,337,138; 7,720,749; 7,925,573; 8,090,646.
Vanguard Marketing Corporation, Distributor.
SP 925 042012