Vanguard ®

Vanguard Small-Cap Value ETF | VBR

As of March 31, 2024

Investment approach Investment focus

Investment style
• Seeks to track the performance of the CRSP US Small Cap Value Value Blend Growth
Index.
Large

Market capitalization
• Small-cap value equity.
• Employs a passively managed, full-replication strategy. Mid

• The fund remains fully invested.

Central tendency
Small
• Low expenses minimize net tracking error.
Expected range
of fund holdings

About the benchmark Quick facts

• The CRSP US Small Cap Value Index represents the value companies Benchmark CRSP US Small Cap Value Index
of the CRSP US Small Cap Index. (The CRSP US Small Cap Index Expense ratio1 0.07%
represents the universe of small-capitalization companies in the U.S.
Dividend schedule Quarterly
equity market.)
ETF total net assets $28,981 million
• The index is designed to accurately represent the small-cap value Fund total net assets $55,506 million
segment of the U.S. equity market and deliver low turnover. Inception date 2004-01-26

Performance history
Trading information
Total returns 2 for period ended March 31, 2024
Ticker symbol VBR
Year to Since CUSIP number 922908611
VBR (Inception 2004-01-26) Quarter date 1 year 3 years 5 years 10 years inception
IIV (intra-day ticker) VBR.IV
Net asset value (NAV) return3 7.12% 7.12% 23.48% 7.32% 10.59% 8.87% 9.09%
Index ticker (Bloomberg) CRSPSCVT
Market price return4 7.07 7.07 23.53 7.29 10.59 8.87 9.09
Exchange NYSE Arca
Spliced Small-Cap Value Index 7.14 7.14 23.43 7.31 10.58 8.87 9.09

S&P SmallCap 600 Value Index (formerly known as the S&P SmallCap 600/Barra Value Index)
through May 16, 2003; MSCI US Small Cap Value Index through April 16, 2013; CRSP US Small Cap
Value Index thereafter.
The performance data shown represent past performance, which is not a guarantee of
future results. Investment returns and principal value will fluctuate, so investors’ shares,
when sold, may be worth more or less than their original cost. Current performance may be
lower or higher than the performance data cited. For performance data current to the
most recent month-end, visit our website at vanguard.com/performance. The performance of an
index is not an exact representation of any particular investment, as you cannot invest directly in an
index.

Investment Products: Not FDIC Insured • No Bank Guarantee • May Lose Value

1. As reported in the most recent prospectus. A fund’s current expense ratio may be lower or higher than the figure reported in the prospectus.
2. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Fund performance figures assume the reinvestment of dividends and capital gains distributions;
the figures are pre-tax and net of expenses. The above widely used comparative index represents unmanaged or average returns on various financial assets that can be compared with the fund’s total returns for
the purpose of measuring relative performance.
3. As of 4 p.m., Eastern time, when the regular trading session of the New York Stock Exchange typically closes.
4. Market price returns are calculated using the midpoint between the bid and offer prices at the time NAV is calculated, typically 4 p.m., Eastern time.
Vanguard Small-Cap Value ETF | VBR
As of March 31, 2024

Expense ratio comparison 1 ETF attributes Small-Cap Value CRSP US Small

ETF Cap Value Index
Number of stocks 856 850
Median market cap $6.9B $6.9B
1.21% Price/earnings ratio 14.5x 14.5x
Price/book ratio 1.8x 1.8x
Return on equity 11.7% 11.7%
0.35% Earnings growth rate 13.1% 13.2%

0.07% Foreign holdings 0.0% 0.0%

Turnover rate2 15.6% —
Small-Cap Small-Cap Small-Cap
Standard deviation3 20.22% 20.22%
Value Funds Value Funds Value ETF
Average Avg ETFs only

Sector Diversification 5
Ten largest holdings and % of total net assets 4 Industrials 24.8%
Builders FirstSource Inc. 0.8% Financials 20.2%
Booz Allen Hamilton Holding Corp. 0.6% Consumer Discretionary 16.0%
Reliance Inc. 0.6% Real Estate 8.4%
Carlisle Cos. Inc. 0.6% Health Care 6.1%
IDEX Corp. 0.6% Basic Materials 5.8%
First Citizens BancShares Inc. 0.5% Technology 5.5%
Atmos Energy Corp. 0.5% Energy 4.8%
EMCOR Group Inc. 0.5% Utilities 4.4%
Jabil Inc. 0.5% Consumer Staples 3.0%
Williams-Sonoma Inc. 0.5% Telecommunications 1.0%
Top ten as % of total net assets 5.7% Other 0.0%

1. Represents the expense ratio for the Vanguard ETF as reported in the most recent prospectus. There are material differences between mutual funds and ETFs. Unlike mutual funds, ETFs are priced continuously
and bought and sold throughout the day in the secondary market (at a premium or discount to net asset value) with the assistance of a stockbroker, which entails paying commissions. Sources: Lipper, a
Thomson Reuters Company, and Vanguard, December 31, 2023.
2. For most recent fiscal year. Turnover rate 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 Vanguard ETF
Creation Units.
3. A measure of the volatility of a fund—based on the fund’s last three years of monthly returns—used to indicate the dispersion of past returns. A higher standard deviation means a greater potential for
volatility. For funds with less than 36 months of performance history, standard deviation is not calculated.
4. The holdings listed exclude any temporary cash investments and equity index products.
5. Sector categories are based on the Industry Classification Benchmark system (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification
as of the effective reporting period.
Vanguard ETF® Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy or sell Vanguard
ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net
asset value when buying and receive less than net asset value when selling.
All ETF products are subject to risk, which may result in the loss of principal. Prices of small-cap ETF products often fluctuate more than those of large-cap ETF products.
Center for Research in Security Prices, LLC (CRSP®) and its third-party suppliers have exclusive proprietary rights in the CRSP® Index Data, which has been licensed for use by Vanguard but is and
shall remain valuable intellectual property owned by, and/or licensed to, CRSP®. The Vanguard Funds are not sponsored, endorsed, sold or promoted by CRSP®, The University of Chicago, or The
University of Chicago Booth School of Business and neither CRSP®, The University of Chicago, or The University of Chicago Booth School of Business, make any representation regarding the
advisability of investing in the Vanguard Funds.
CGS identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or
dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2024 American Bankers Association. “CUSIP” is a registered trademark of the American
Bankers Association.
For more information about Vanguard ETF Shares, visit vanguard.com, call 866-499-8473, or contact your broker to obtain a prospectus or, if available, a summary
prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before
investing.
© 2024 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. F0937_032024