| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
Transaction
Fee on Conversion to ETF Shares |
|
| |
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 |
10
Years |
Vanguard
S&P 500 Value Index Fund ETF Shares |
|
|
|
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 |
- |
|
|
S&P
500 Value Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
Transaction
Fee on Conversion to ETF Shares |
|
| |
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 |
10
Years |
Vanguard
S&P 500 Growth Index Fund ETF Shares |
|
|
|
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 |
- |
|
|
S&P
500 Growth Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
Transaction
Fee on Conversion to ETF Shares |
|
| |
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 |
10
Years |
Vanguard
S&P Mid-Cap 400 Index Fund ETF Shares |
|
|
|
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 |
- |
|
|
S&P
MidCap 400 Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
Transaction
Fee on Conversion to ETF Shares |
|
| |
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 |
10
Years |
Vanguard
S&P Mid-Cap 400 Value Index Fund
ETF
Shares |
|
|
|
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 |
- |
|
|
S&P
MidCap 400 Value Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
Transaction
Fee on Conversion to ETF Shares |
|
| |
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 |
10
Years |
Vanguard
S&P Mid-Cap 400 Growth Index Fund
ETF
Shares |
|
|
|
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 |
- |
|
|
S&P
MidCap 400 Growth Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
Transaction
Fee on Conversion to ETF Shares |
|
| |
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 |
10
Years |
Vanguard
S&P Small-Cap 600 Index Fund ETF Shares |
|
|
|
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 |
- |
|
|
S&P
SmallCap 600 Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
Transaction
Fee on Conversion to ETF Shares |
|
| |
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 |
10
Years |
Vanguard
S&P Small-Cap 600 Value Index Fund
ETF
Shares |
|
|
|
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 |
- |
|
|
S&P
SmallCap 600 Value Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
Transaction
Fee on Conversion to ETF Shares |
|
| |
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 |
10
Years |
Vanguard
S&P Small-Cap 600 Growth Index Fund
ETF
Shares |
|
|
|
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 |
- |
|
|
S&P
SmallCap 600 Growth Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Vanguard
Fund |
Vanguard
ETF Shares |
Seeks
to Track |
Vanguard
S&P 500 Value Index Fund |
Vanguard
S&P 500 Value ETF |
Large-cap
value stocks |
Vanguard
S&P 500 Growth
Index
Fund |
Vanguard
S&P 500 Growth ETF |
Large-cap
growth stocks |
Vanguard
S&P Mid-Cap 400
Index
Fund |
Vanguard
S&P Mid-Cap 400 ETF |
Mid-cap
stocks |
Vanguard
S&P Mid-Cap 400 Value
Index
Fund |
Vanguard
S&P Mid-Cap 400 Value
ETF |
Mid-cap
value stocks |
Vanguard
S&P Mid-Cap 400 Growth
Index
Fund |
Vanguard
S&P Mid-Cap 400 Growth
ETF |
Mid-cap
growth stocks |
Vanguard
S&P Small-Cap 600
Index
Fund |
Vanguard
S&P Small-Cap 600 ETF |
Small-cap
stocks |
Vanguard
S&P Small-Cap 600 Value
Index
Fund |
Vanguard
S&P Small-Cap 600 Value
ETF |
Small-cap
value stocks |
Vanguard
S&P Small-Cap 600 Growth
Index
Fund |
Vanguard
S&P Small-Cap 600 Growth
ETF |
Small-cap
growth stocks |
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,
including costs generated by shareholders of other share classes
offered by
the fund. 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.
|
Vanguard
Fund |
Asset-Weighted
Median
Market
Capitalization |
Vanguard
S&P 500 Value Index Fund |
$116.billion |
Vanguard
S&P 500 Growth Index Fund |
$389 |
Vanguard
S&P Mid-Cap 400 Index Fund |
$7.2 |
Vanguard
S&P Mid-Cap 400 Value
Index
Fund |
$6.3 |
Vanguard
S&P Mid-Cap 400 Growth
Index
Fund |
$7.9 |
Vanguard
S&P Small-Cap 600 Index Fund |
$2.4 |
Vanguard
S&P Small-Cap 600 Value
Index
Fund |
$2 |
Vanguard
S&P Small-Cap 600 Growth
Index
Fund |
$2.8 |
Plain
Talk About Growth Funds and Value Funds |
Growth
investing and value investing are two styles employed by stock-fund
managers.
Growth funds generally invest in stocks of companies believed to
have
above-average potential for growth in revenue, earnings, cash flow, or
other
similar criteria. These stocks typically have low dividend yields, if any,
and
above-average prices in relation to measures such as earnings and book
value.
Value funds typically invest in stocks whose prices are below average
in
relation to those measures; these stocks often have above-average
dividend
yields. Value stocks also may remain undervalued by the market for
long
periods of time. Growth and value stocks have historically produced
similar
long-term returns, though each category has periods when it
outperforms
the other. |
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
S&P 500 Value Index Fund |
|
|
|
ETF
Shares |
9/7/2010 |
3340 |
921932703 |
Vanguard
S&P 500 Growth Index Fund |
|
|
|
ETF
Shares |
9/7/2010 |
3341 |
921932505 |
Vanguard
S&P Mid-Cap 400 Index Fund |
|
|
|
ETF
Shares |
9/7/2010 |
3342 |
921932885 |
Vanguard
S&P Mid-Cap 400 Value Index Fund |
|
|
|
ETF
Shares |
9/7/2010 |
3344 |
921932844 |
Vanguard
S&P Mid-Cap 400 Growth Index Fund |
|
|
|
ETF
Shares |
9/7/2010 |
3343 |
921932869 |
Vanguard
S&P Small-Cap 600 Index Fund |
|
|
|
ETF
Shares |
9/7/2010 |
3345 |
921932828 |
Vanguard
S&P Small-Cap 600 Value Index Fund |
|
|
|
ETF
Shares |
9/7/2010 |
3346 |
921932778 |
Vanguard
S&P Small-Cap 600 Growth Index
Fund |
|
|
|
ETF
Shares |
9/7/2010 |
3347 |
921932794 |
For a
Share Outstanding
Throughout
Each Period |
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$136.61 |
$146.23 |
$112.29 |
$111.46 |
$111.93 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
2.984 |
3.029 |
2.897 |
2.984 |
2.694 |
Net
Realized and Unrealized Gain (Loss) on
Investments |
20.032 |
(9.703) |
33.786 |
.683 |
(.511) |
Total from
Investment Operations |
23.016 |
(6.674) |
36.683 |
3.667 |
2.183 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(3.016) |
(2.946) |
(2.743) |
(2.837) |
(2.653) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(3.016) |
(2.946) |
(2.743) |
(2.837) |
(2.653) |
Net
Asset Value, End of Period |
$156.61 |
$136.61 |
$146.23 |
$112.29 |
$111.46 |
Total
Return |
17.15% |
-4.63% |
33.10% |
3.33% |
2.05% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$3,559 |
$2,801 |
$2,351 |
$1,244 |
$984 |
Ratio of
Total Expenses to Average Net Assets |
0.10%2 |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of
Net Investment Income to Average Net
Assets |
2.05% |
2.10% |
2.19% |
2.66% |
2.48% |
Portfolio
Turnover Rate3 |
27% |
16% |
18% |
31% |
28% |
|
|
|
|
|
|
|
|
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 0.10%. |
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. |
For a
Share Outstanding
Throughout
Each Period |
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$232.26 |
$283.53 |
$219.32 |
$161.81 |
$158.27 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
2.678 |
1.923 |
1.751 |
2.111 |
2.156 |
Net
Realized and Unrealized Gain (Loss) on
Investments |
27.743 |
(51.406) |
64.190 |
57.589 |
3.437 |
Total from
Investment Operations |
30.421 |
(49.483) |
65.941 |
59.700 |
5.593 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(2.471) |
(1.787) |
(1.731) |
(2.190) |
(2.053) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(2.471) |
(1.787) |
(1.731) |
(2.190) |
(2.053) |
Net
Asset Value, End of Period |
$260.21 |
$232.26 |
$283.53 |
$219.32 |
$161.81 |
Total
Return |
13.26% |
-17.52% |
30.26% |
37.29% |
3.60% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$8,170 |
$6,839 |
$6,776 |
$4,485 |
$2,755 |
Ratio of
Total Expenses to Average Net Assets |
0.10%2 |
0.10%2 |
0.10% |
0.10% |
0.10% |
Ratio of
Net Investment Income to Average Net
Assets |
1.16% |
0.73% |
0.73% |
1.20% |
1.41% |
Portfolio
Turnover Rate3 |
33% |
13% |
12% |
24% |
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 0.10%. |
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. |
For a
Share Outstanding
Throughout
Each Period1 |
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$82.25 |
$93.08 |
$65.16 |
$63.59 |
$69.01 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income2 |
1.267 |
1.247 |
.998 |
.980 |
.940 |
Net
Realized and Unrealized Gain (Loss) on Investments |
7.301 |
(10.928) |
27.898 |
1.607 |
(5.437) |
Total from
Investment Operations |
8.568 |
(9.681) |
28.896 |
2.587 |
(4.497) |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.318) |
(1.149) |
(.976) |
(1.017) |
(.923) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(1.318) |
(1.149) |
(.976) |
(1.017) |
(.923) |
Net
Asset Value, End of Period |
$89.50 |
$82.25 |
$93.08 |
$65.16 |
$63.59 |
Total
Return |
10.60% |
-10.47% |
44.65% |
4.11% |
-6.50% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$1,647 |
$1,411 |
$1,476 |
$890 |
$919 |
Ratio of
Total Expenses to Average Net Assets |
0.10%3 |
0.10%3 |
0.10% |
0.10% |
0.10% |
Ratio of
Net Investment Income to Average Net Assets |
1.50% |
1.41% |
1.21% |
1.57% |
1.47% |
Portfolio
Turnover Rate4 |
14% |
11% |
16% |
17% |
10% |
|
|
|
|
|
|
|
|
1 |
Adjusted to
reflect a 2-for-1 share split effective March 13, 2023. See Notes to
Financial
Statements
for further details. |
2 |
Calculated
based on average shares outstanding. |
3 |
The ratio of
expenses to average net assets for the period net of reduction from
custody fee
offset
arrangements was 0.10%. |
4 |
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. |
For a
Share Outstanding
Throughout
Each Period1 |
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$76.82 |
$82.65 |
$54.80 |
$58.77 |
$65.03 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income2 |
1.383 |
1.442 |
1.244 |
1.212 |
1.031 |
Net
Realized and Unrealized Gain (Loss) on Investments |
5.987 |
(5.769) |
28.198 |
(4.044) |
(6.310) |
Total from
Investment Operations |
7.370 |
(4.327) |
29.442 |
(2.832) |
(5.279) |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.510) |
(1.503) |
(1.592) |
(1.138) |
(.981) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(1.510) |
(1.503) |
(1.592) |
(1.138) |
(.981) |
Net
Asset Value, End of Period |
$82.68 |
$76.82 |
$82.65 |
$54.80 |
$58.77 |
Total
Return |
9.79% |
-5.34% |
54.51% |
-5.10% |
-8.04% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$812 |
$807 |
$822 |
$501 |
$685 |
Ratio of
Total Expenses to Average Net Assets |
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
Ratio of
Net Investment Income to Average Net Assets |
1.75% |
1.79% |
1.72% |
2.13% |
1.72% |
Portfolio
Turnover Rate3 |
43% |
33% |
36% |
51% |
38% |
|
|
|
|
|
|
|
|
1 |
Adjusted to
reflect a 2-for-1 share split effective March 13, 2023. See Notes to
Financial
Statements
for further details. |
2 |
Calculated
based on average shares outstanding. |
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. |
For a
Share Outstanding
Throughout
Each Period1 |
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$86.30 |
$102.72 |
$76.26 |
$68.85 |
$73.23 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income2 |
.988 |
.809 |
.526 |
.680 |
.760 |
Net
Realized and Unrealized Gain (Loss) on Investments |
8.500 |
(16.729) |
26.594 |
7.591 |
(4.542) |
Total from
Investment Operations |
9.488 |
(15.920) |
27.120 |
8.271 |
(3.782) |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.888) |
(.500) |
(.660) |
(.861) |
(.598) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(.888) |
(.500) |
(.660) |
(.861) |
(.598) |
Net
Asset Value, End of Period |
$94.90 |
$86.30 |
$102.72 |
$76.26 |
$68.85 |
Total
Return |
11.12% |
-15.57% |
35.70% |
12.08% |
-5.08% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$785 |
$725 |
$925 |
$774 |
$737 |
Ratio of
Total Expenses to Average Net Assets |
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
Ratio of
Net Investment Income to Average Net Assets |
1.12% |
0.85% |
0.57% |
0.98% |
1.13% |
Portfolio
Turnover Rate3 |
48% |
44% |
40% |
49% |
40% |
|
|
|
|
|
|
|
|
1 |
Adjusted to
reflect a 2-for-1 share split effective March 13, 2023. See Notes to
Financial
Statements
for further details. |
2 |
Calculated
based on average shares outstanding. |
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. |
For a
Share Outstanding
Throughout
Each Period1 |
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$89.49 |
$103.20 |
$67.80 |
$69.05 |
$82.34 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income2 |
1.495 |
1.273 |
1.143 |
.973 |
.971 |
Net
Realized and Unrealized Gain (Loss) on Investments |
3.266 |
(13.765) |
35.170 |
(1.180) |
(13.429) |
Total from
Investment Operations |
4.761 |
(12.492) |
36.313 |
(.207) |
(12.458) |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.311) |
(1.218) |
(.913) |
(1.043) |
(.832) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(1.311) |
(1.218) |
(.913) |
(1.043) |
(.832) |
Net
Asset Value, End of Period |
$92.94 |
$89.49 |
$103.20 |
$67.80 |
$69.05 |
Total
Return |
5.44% |
-12.26% |
53.88% |
-0.43% |
-15.09% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$2,265 |
$2,027 |
$1,806 |
$987 |
$991 |
Ratio of
Total Expenses to Average Net Assets |
0.10% |
0.10%3 |
0.10% |
0.10% |
0.10% |
Ratio of
Net Investment Income to Average Net Assets |
1.67% |
1.31% |
1.25% |
1.46% |
1.36% |
Portfolio
Turnover Rate4 |
19% |
12% |
18% |
15% |
9% |
|
|
|
|
|
|
|
|
1 |
Adjusted to
reflect a 2-for-1 share split effective March 13, 2023. See Notes to
Financial
Statements
for further details. |
2 |
Calculated
based on average shares outstanding. |
3 |
The ratio of
expenses to average net assets for the period net of reduction from
custody fee
offset
arrangements was 0.10%. |
4 |
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. |
For a
Share Outstanding
Throughout
Each Period1 |
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$80.11 |
$88.82 |
$56.26 |
$61.62 |
$74.53 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income2 |
1.529 |
1.372 |
1.296 |
1.091 |
1.071 |
Net
Realized and Unrealized Gain (Loss) on Investments |
2.600 |
(8.648) |
32.307 |
(5.393) |
(12.906) |
Total from
Investment Operations |
4.129 |
(7.276) |
33.603 |
(4.302) |
(11.835) |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.509) |
(1.434) |
(1.043) |
(1.058) |
(1.075) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(1.509) |
(1.434) |
(1.043) |
(1.058) |
(1.075) |
Net
Asset Value, End of Period |
$82.73 |
$80.11 |
$88.82 |
$56.26 |
$61.62 |
Total
Return |
5.29% |
-8.28% |
60.19% |
-7.08% |
-15.93% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$1,278 |
$1,250 |
$1,328 |
$501 |
$373 |
Ratio of
Total Expenses to Average Net Assets |
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
Ratio of
Net Investment Income to Average Net Assets |
1.89% |
1.59% |
1.61% |
1.90% |
1.66% |
Portfolio
Turnover Rate3 |
45% |
36% |
30% |
46% |
39% |
|
|
|
|
|
|
|
|
1 |
Adjusted to
reflect a 2-for-1 share split effective March 13, 2023. See Notes to
Financial
Statements
for further details. |
2 |
Calculated
based on average shares outstanding. |
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. |
For a
Share Outstanding
Throughout
Each Period1 |
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$96.69 |
$116.59 |
$79.48 |
$76.17 |
$89.71 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income2 |
1.292 |
.927 |
.813 |
.732 |
.738 |
Net
Realized and Unrealized Gain (Loss) on
Investments |
3.709 |
(19.803) |
36.946 |
3.323 |
(13.572) |
Total from
Investment Operations |
5.001 |
(18.876) |
37.759 |
4.055 |
(12.834) |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.221) |
(1.024) |
(.649) |
(.745) |
(.706) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(1.221) |
(1.024) |
(.649) |
(.745) |
(.706) |
Net
Asset Value, End of Period |
$100.47 |
$96.69 |
$116.59 |
$79.48 |
$76.17 |
Total
Return |
5.28% |
-16.27% |
47.68% |
5.37% |
-14.32% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$593 |
$493 |
$565 |
$326 |
$392 |
Ratio of
Total Expenses to Average Net Assets |
0.15% |
0.15% |
0.15% |
0.15% |
0.16% |
Ratio of
Net Investment Income to Average Net Assets |
1.35% |
0.87% |
0.79% |
0.97% |
0.94% |
Portfolio
Turnover Rate3 |
45% |
42% |
35% |
57% |
47% |
|
|
|
|
|
|
|
|
1 |
Adjusted to
reflect a 2-for-1 share split effective March 13, 2023. See Notes to
Financial
Statements
for further details. |
2 |
Calculated
based on average shares outstanding. |
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. |