| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total Annual
Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard
U.S. Minimum Volatility ETF |
|
|
|
|
Based
on NAV |
|
|
|
|
Return Before
Taxes |
% |
% |
% |
|
Return After
Taxes on Distributions |
|
|
|
|
Return After
Taxes on Distributions and Sale
of Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return Before
Taxes |
|
|
|
|
Russell
3000 Index
(reflects no
deduction for fees, expenses,
or
taxes) |
% |
% |
% |
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total Annual
Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard
U.S. Momentum Factor ETF |
|
|
|
|
Based
on NAV |
|
|
|
|
Return Before
Taxes |
% |
% |
% |
|
Return After
Taxes on Distributions |
|
|
|
|
Return After
Taxes on Distributions and Sale
of Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return Before
Taxes |
|
|
|
|
Russell
3000 Index
(reflects no
deduction for fees, expenses,
or
taxes) |
% |
% |
% |
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total Annual
Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard
U.S. Multifactor ETF |
|
|
|
|
Based
on NAV |
|
|
|
|
Return Before
Taxes |
% |
% |
% |
|
Return After
Taxes on Distributions |
|
|
|
|
Return After
Taxes on Distributions and Sale
of Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return Before
Taxes |
|
|
|
|
Russell
3000 Index
(reflects no
deduction for fees, expenses,
or
taxes) |
% |
% |
% |
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total Annual
Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard
U.S. Quality Factor ETF |
|
|
|
|
Based
on NAV |
|
|
|
|
Return Before
Taxes |
% |
% |
% |
|
Return After
Taxes on Distributions |
|
|
|
|
Return After
Taxes on Distributions and Sale
of Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return Before
Taxes |
|
|
|
|
Russell
3000 Index
(reflects no
deduction for fees, expenses,
or
taxes) |
% |
% |
% |
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard
U.S. Value Factor ETF |
|
|
|
|
Based
on NAV |
|
|
|
|
Return Before
Taxes |
% |
% |
% |
|
Return After
Taxes on Distributions |
|
|
|
|
Return After
Taxes on Distributions and Sale
of Fund
Shares |
|
|
|
|
Based
on Market Price |
|
|
|
|
Return Before
Taxes |
|
|
|
|
Russell
3000 Index
(reflects no
deduction for fees, expenses,
or
taxes) |
% |
% |
% |
|
Vanguard
ETF Shares |
Vanguard
U.S. Minimum Volatility ETF |
Vanguard
U.S. Momentum Factor ETF |
Vanguard
U.S. Multifactor ETF |
Vanguard
U.S. Quality Factor ETF |
Vanguard
U.S. Value Factor ETF |
Plain
Talk About Fund Expenses |
All funds
have operating expenses. These expenses, which are deducted
from a
fund’s gross income, are expressed as a percentage of the net assets
of the
fund. Assuming that operating expenses remain as stated in the Fees
and
Expenses section, Vanguard U.S. Minimum Volatility ETF’s expense
ratio
would be 0.13%, or $1.30 per $1,000 of average net assets; Vanguard
U.S.
Momentum Factor ETF’s expense ratio would be 0.13%, or $1.30 per
$1,000 of
average net assets; Vanguard U.S. Multifactor ETF’s expense ratio
would be
0.18%, or $1.80 per $1,000 of average net assets; Vanguard
U.S.
Quality Factor ETF’s expense ratio would be 0.13%, or $1.30 per
$1,000 of
average net assets; and Vanguard U.S. Value Factor ETF’s
expense
ratio would be 0.13%, or $1.30 per $1,000 of average net assets.
The
average expense ratio for multi-cap core funds in 2023 was 1.00%, or
$10.00 per
$1,000 of average net assets; the average expense ratio for
multi-cap
growth funds in 2023 was 1.10%, or $11.00 per $1,000 of average
net
assets; and the average expense ratio for multi-cap value funds in 2023
was 0.98%,
or $9.80 per $1,000 of the average net assets (derived from data
provided
by Lipper, a Thomson Reuters Company, which reports on the
fund
industry). |
Plain
Talk About Costs of Investing |
Costs
are an important consideration in choosing an ETF. That is because
you,
as a shareholder, pay a proportionate share of the costs of operating a
fund
and any transaction costs incurred when the fund buys or sells
securities.
These costs can erode a substantial portion of the gross income
or
the capital appreciation a fund achieves. Even seemingly small differences
in
expenses can, over time, have a dramatic effect on a fund’s
performance. |
Plain
Talk About Vanguard’s Unique Corporate Structure |
Vanguard
is owned jointly by the funds it oversees and thus indirectly by the
shareholders
in those funds. Most other mutual funds are operated by
management
companies that are owned by third parties—either public or
private
stockholders—and not by the funds they serve.
|
Plain
Talk About Distributions |
As
a shareholder, you are entitled to your portion of a fund’s income from
interest
and dividends as well as capital gains from the fund’s sale of
investments.
Income consists of both the dividends that the fund earns from
any
stock holdings and the interest it receives from any money market and
bond
investments. Capital gains are realized whenever the fund sells
securities
for higher prices than it paid for them. These capital gains are
either
short-term or long-term, depending on whether the fund held the
securities
for one year or less or for more than one year.
|
Vanguard
Fund |
Inception
Date |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard
U.S. Minimum Volatility ETF |
2/13/2018 |
4419 |
921935409 |
Vanguard
U.S. Momentum Factor ETF |
2/13/2018 |
4418 |
921935508 |
Vanguard
U.S. Multifactor ETF |
2/13/2018 |
4421 |
921935607 |
Vanguard
U.S. Quality Factor ETF |
2/13/2018 |
4417 |
921935706 |
Vanguard
U.S. Value Factor ETF |
2/13/2018 |
4416 |
921935805 |
|
Year Ended November
30, | ||||
For a
Share Outstanding
Throughout
Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net
Asset Value, Beginning of Period |
$102.91 |
$100.28 |
$87.08 |
$91.10 |
$81.69 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
2.373 |
2.160 |
1.374 |
1.779 |
2.632 |
Net
Realized and Unrealized Gain (Loss) on
Investments |
(1.354) |
2.231 |
13.497 |
(3.776) |
8.996 |
Total from
Investment Operations |
1.019 |
4.391 |
14.871 |
(1.997) |
11.628 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(2.419) |
(1.761) |
(1.671) |
(2.023) |
(2.218) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(2.419) |
(1.761) |
(1.671) |
(2.023) |
(2.218) |
Net
Asset Value, End of Period |
$101.51 |
$102.91 |
$100.28 |
$87.08 |
$91.10 |
Total
Return |
1.13% |
4.46% |
17.22% |
-1.99% |
14.58% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$93 |
$81 |
$47 |
$57 |
$91 |
Ratio of
Total Expenses to Average Net Assets |
0.13%2 |
0.13% |
0.13% |
0.13% |
0.13% |
Ratio of
Net Investment Income to Average Net Assets |
2.40% |
2.18% |
1.43% |
2.14% |
3.05% |
Portfolio
Turnover Rate |
26%3 |
32%3 |
46%3 |
83%3 |
23% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
The ratio of
expenses to average net assets for the period net of reduction from
custody fee
offset
arrangements was 0.13%. |
3 |
Excludes the
value of portfolio securities received or delivered as a result of in-kind
purchases
or
redemptions of the fund’s capital shares, including ETF Creation
Units. |
|
Year Ended November
30, | ||||
For a
Share Outstanding
Throughout
Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net
Asset Value, Beginning of Period |
$121.83 |
$132.12 |
$106.33 |
$85.18 |
$76.73 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
1.232 |
2.072 |
1.227 |
.552 |
.985 |
Net
Realized and Unrealized Gain (Loss) on
Investments |
(1.405) |
(10.460) |
25.325 |
21.279 |
8.336 |
Total from
Investment Operations |
(.173) |
(8.388) |
26.552 |
21.831 |
9.321 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.357) |
(1.902) |
(.762) |
(.681) |
(.871) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(1.357) |
(1.902) |
(.762) |
(.681) |
(.871) |
Net
Asset Value, End of Period |
$120.30 |
$121.83 |
$132.12 |
$106.33 |
$85.18 |
Total
Return |
-0.06% |
-6.27% |
25.01% |
25.91% |
12.25% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$334 |
$284 |
$191 |
$58 |
$32 |
Ratio of
Total Expenses to Average Net Assets |
0.13%2 |
0.13% |
0.13% |
0.13% |
0.13% |
Ratio of
Net Investment Income to Average Net Assets |
1.07% |
1.76% |
0.95% |
0.62% |
1.24% |
Portfolio
Turnover Rate |
73%3 |
88%3 |
103%3 |
115%3 |
118% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
The ratio of
expenses to average net assets for the period net of reduction from
custody fee
offset
arrangements was 0.13%. |
3 |
Excludes the
value of portfolio securities received or delivered as a result of in-kind
purchases
or
redemptions of the fund’s capital shares, including ETF Creation
Units. |
|
Year Ended November
30, | ||||
For a
Share Outstanding
Throughout
Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net
Asset Value, Beginning of Period |
$105.10 |
$103.55 |
$79.93 |
$79.60 |
$76.07 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
2.111 |
2.188 |
1.534 |
1.191 |
1.340 |
Net
Realized and Unrealized Gain (Loss) on
Investments |
1.295 |
1.467 |
23.442 |
.372 |
3.458 |
Total from
Investment Operations |
3.406 |
3.655 |
24.976 |
1.563 |
4.798 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(2.156) |
(2.105) |
(1.356) |
(1.233) |
(1.268) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(2.156) |
(2.105) |
(1.356) |
(1.233) |
(1.268) |
Net
Asset Value, End of Period |
$106.35 |
$105.10 |
$103.55 |
$79.93 |
$79.60 |
Total
Return |
3.42% |
3.73% |
31.43% |
2.35% |
6.46% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$194 |
$170 |
$110 |
$62 |
$90 |
Ratio of
Total Expenses to Average Net Assets |
0.18% |
0.18%2 |
0.18% |
0.19%2 |
0.19%2 |
Ratio of
Net Investment Income to Average Net Assets |
2.07% |
2.21% |
1.56% |
1.66% |
1.79% |
Portfolio
Turnover Rate |
37%3 |
33%3 |
75%3 |
95%3 |
98% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
The ratio of
expenses to average net assets for the period net of reduction from
custody fee
offset
arrangements was 0.18%. |
3 |
Excludes the
value of portfolio securities received or delivered as a result of in-kind
purchases
or
redemptions of the fund’s capital shares, including ETF Creation
Units. |
|
Year Ended November
30, | ||||
For a
Share Outstanding
Throughout
Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net
Asset Value, Beginning of Period |
$111.98 |
$122.20 |
$94.79 |
$84.21 |
$78.58 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
1.818 |
1.562 |
1.403 |
1.291 |
1.199 |
Net
Realized and Unrealized Gain (Loss) on
Investments |
5.667 |
(10.356) |
27.292 |
10.428 |
5.559 |
Total from
Investment Operations |
7.485 |
(8.794) |
28.695 |
11.719 |
6.758 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.725) |
(1.426) |
(1.285) |
(1.139) |
(1.128) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(1.725) |
(1.426) |
(1.285) |
(1.139) |
(1.128) |
Net
Asset Value, End of Period |
$117.74 |
$111.98 |
$122.20 |
$94.79 |
$84.21 |
Total
Return |
6.84% |
-7.15% |
30.42% |
14.29% |
8.75% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$244 |
$206 |
$144 |
$55 |
$21 |
Ratio of
Total Expenses to Average Net Assets |
0.13%2 |
0.13% |
0.13% |
0.13% |
0.13% |
Ratio of
Net Investment Income to Average Net Assets |
1.64% |
1.43% |
1.21% |
1.59% |
1.52% |
Portfolio
Turnover Rate |
55%3 |
49%3 |
56%3 |
58% |
80% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
The ratio of
expenses to average net assets for the period net of reduction from
custody fee
offset
arrangements was 0.13%. |
3 |
Excludes the
value of portfolio securities received or delivered as a result of in-kind
purchases
or
redemptions of the fund’s capital shares, including ETF Creation
Units. |
|
Year Ended November
30, | ||||
For a
Share Outstanding
Throughout
Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net
Asset Value, Beginning of Period |
$105.20 |
$99.84 |
$73.96 |
$75.51 |
$74.35 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
2.689 |
2.220 |
1.923 |
1.689 |
1.671 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(1.898) |
5.212 |
25.644 |
(1.634) |
1.053 |
Total from
Investment Operations |
.791 |
7.432 |
27.567 |
.055 |
2.724 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(2.691) |
(2.072) |
(1.687) |
(1.605) |
(1.564) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(2.691) |
(2.072) |
(1.687) |
(1.605) |
(1.564) |
Net
Asset Value, End of Period |
$103.30 |
$105.20 |
$99.84 |
$73.96 |
$75.51 |
Total
Return |
0.97% |
7.63% |
37.51% |
0.70% |
3.83% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$591 |
$671 |
$448 |
$133 |
$81 |
Ratio of
Total Expenses to Average Net Assets |
0.13%2 |
0.13%2 |
0.13% |
0.14%2 |
0.14%2 |
Ratio of
Net Investment Income to Average Net Assets |
2.68% |
2.22% |
1.98% |
2.68% |
2.32% |
Portfolio
Turnover Rate |
24%3 |
64%3 |
43%3 |
52%3 |
73% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
The ratio of
expenses to average net assets for the period net of reduction from
custody fee
offset
arrangements was 0.13%. |
3 |
Excludes the
value of portfolio securities received or delivered as a result of in-kind
purchases
or
redemptions of the fund’s capital shares, including ETF Creation
Units. |