Vanguard S&P 500 ETF

Summary Prospectus
April 26, 2024

Exchange-traded fund shares that are not individually redeemable and are
listed on NYSE Arca

Vanguard 500 Index Fund ETF Shares (VOO)

The Fund’s statutory Prospectus and Statement of Additional

Information dated April 26, 2024, as may be amended or
supplemented, 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 and
http://personal.vanguard.com/us/literature/reports/ETFs. You can also
obtain this information at no cost by calling 866-499-8473 or by
sending an email 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
The Fund seeks to track the performance of a benchmark index that measures
the investment return of large-capitalization stocks.

Fees and Expenses

The following tables describe the fees and expenses you may pay if you buy,
hold, and sell ETF 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)

Transaction Fee on Purchases and Sales None*

Transaction Fee on Reinvested Dividends None*
Transaction Fee on Conversion to ETF Shares None*

* 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 Fees 0.02%

12b-1 Distribution Fee None
Other Expenses 0.01%
Total Annual Fund Operating Expenses 0.03%

Example

The following example is intended to help you compare the cost of investing in
the Fund’s ETF Shares 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 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 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:
1 Year 3 Years 5 Years 10 Years
$3 $10 $17 $39

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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 2% of the average value of its portfolio.

Principal Investment Strategies

The Fund employs an indexing investment approach designed to track the
performance of the Standard & Poor’s (S&P) 500 Index (the Index), a widely
recognized benchmark of U.S. stock market performance that is dominated by
the stocks of large U.S. companies. The Fund attempts to replicate the target
index by investing all, or substantially all, of its assets in the stocks that make up
the Index, holding each stock in approximately the same proportion as its
weighting in the Index.

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:
• 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. The Fund’s target index tracks a subset of the U.S. stock market,
which could cause the Fund to perform differently from the overall stock market.
In addition, the Fund’s target index may, at times, become focused in stocks of a
particular market sector, which would subject the Fund to proportionately higher
exposure to the risks of that sector.
• Investment style risk, which is the chance that returns from large-capitalization
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.
• Index replicating risk, which is the chance that the Fund may be prevented
from holding one or more securities in the same proportion as in its target index.

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Because ETF Shares are traded on an exchange, they are 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’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 another
comparative 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. Updated performance
information is available on our website at vanguard.com/performance or by
calling Vanguard toll-free at 800-662-7447.

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Annual Total Returns — Vanguard 500 Index Fund ETF Shares

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

60%
40% 31.46 28.66
21.78 26.25
13.63 18.35
20% 11.93
1.35
0%
–4.42
-20%
–18.15
-40%

During the periods shown in the bar chart, the highest and lowest returns for a
calendar quarter were:
Total Return Quarter
Highest 20.54% June 30, 2020
Lowest -19.63% March 31, 2020

Average Annual Total Returns for Periods Ended December 31, 2023
1 Year 5 Years 10 Years
Vanguard 500 Index Fund ETF Shares
Based on NAV
Return Before Taxes 26.25% 15.65% 11.99%
Return After Taxes on Distributions 25.76 15.18 11.50
Return After Taxes on Distributions and Sale of Fund Shares 15.82 12.55 9.85
Based on Market Price
Return Before Taxes 26.33 15.66 12.00
Standard & Poor’s 500 Index
(reflects no deduction for fees, expenses, or taxes) 26.29% 15.69% 12.03%
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) 26.06 15.05 11.40

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.

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Investment Advisor
The Vanguard Group, Inc. (Vanguard)

Portfolio Managers
Nick Birkett, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund
since 2023.

Aaron Choi, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund
since 2023.

Michelle Louie, CFA, Portfolio Manager and Principal of Vanguard. She has
co-managed the Fund since 2017.

Purchase and Sale of Fund Shares

ETF Shares may only be bought and sold in the secondary market through a
brokerage firm. The price you pay or receive for ETF Shares will be the
prevailing market price, which may be more (premium) or less (discount) than the
NAV of the shares. The brokerage 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.
ETF Shares of the Fund cannot be directly purchased from or redeemed with the
Fund, except by certain authorized broker-dealers. These broker-dealers may
purchase and redeem ETF Shares only in large blocks (Creation Units), typically
in exchange for baskets of securities.
An investor may incur costs attributable to the difference between the highest
price a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price
a seller is willing to accept for ETF Shares (ask) when buying or selling shares in
the secondary market (bid-ask spread). Recent information, including information
on the Fund’s NAV, market price, premiums and discounts, and bid-ask spreads,
is available online at vanguard.com.

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain. If you
are investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply.

Payments to Financial Intermediaries

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

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CFA® is a registered trademark owned by CFA Institute.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its
affiliates (“SPDJI”) and has been licensed for use by Vanguard. Standard & Poor’s® and S&P®
are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P
Global (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark
Holdings LLC (“Dow Jones”). The trademarks have been licensed to SPDJI and have been
sublicensed for use for certain purposes by Vanguard. Vanguard S&P 500 ETF is not
sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective
affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices makes no
representation or warranty, express or implied, to the owners of Vanguard S&P 500 ETF or any
member of the public regarding the advisability of investing in securities generally or in
Vanguard S&P 500 ETF particularly or the ability of the S&P 500 Index to track general market
performance. S&P Dow Jones Indices’ only relationship to Vanguard with respect to the S&P
500 Index is the licensing of the Index and certain trademarks, service marks and/or trade
names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined,
composed and calculated by S&P Dow Jones Indices without regard to Vanguard or Vanguard
S&P 500 ETF. S&P Dow Jones Indices has no obligation to take the needs of Vanguard or the
owners of Vanguard S&P 500 ETF into consideration in determining, composing or calculating
the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in
the determination of the prices, and amount of Vanguard S&P 500 ETF or the timing of the
issuance or sale of Vanguard S&P 500 ETF or in the determination or calculation of the
equation by which Vanguard S&P 500 ETF is to be converted into cash, surrendered or
redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in
connection with the administration, marketing or trading of Vanguard S&P 500 ETF. There is no
assurance that investment products based on the S&P 500 Index will accurately track index
performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an
investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow
Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY,
TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED
THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR
WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH
RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY
DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P
DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND
EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VANGUARD,
OWNERS OF VANGUARD S&P 500 ETF, OR ANY OTHER PERSON OR ENTITY FROM THE
USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT
LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW
JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR
CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS,
TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT
LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY
AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND
VANGUARD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Vanguard 500 Index Fund ETF Shares—Fund Number 968

To request additional information about the Fund, please visit vanguard.com or contact us at 866-499-8473.

© 2024 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.
SP 968 042024