Key Investor Information

This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.

Vanguard S&P 500 UCITS ETF (the "Fund") (USD) Distributing

A sub-fund of Vanguard Funds PLC ISIN: IE00B3XXRP09
Manager: Vanguard Group (Ireland) Limited (“VGIL”)

Objectives and investment policy

2 The Fund employs a passive management – or indexing – investment exchange is open for business.
approach, through physical acquisition of securities, and seeks to track 2 Portfolio transaction costs will have an impact on performance.
the performance of the Standard and Poor's 500 Index (the “Index”). 2 Shares in the Fund can be bought or sold on a daily basis (save on certain
2 The Index is comprised of large-sized company stocks in the US. bank holidays or public holidays and subject to certain restrictions
2 The Fund attempts to described in Appendix 1 of the Prospectus) by submitting an application
1. Track the performance of the Index by investing in all constituent in writing or by telephone. A full list of the days on which shares in the
securities of the Index in the same proportion as the Index. Where not Fund cannot be sold is available on
practicable to fully replicate, the Fund will use a sampling process. https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11628
2. Remain fully invested except in extraordinary market, political or similar For further information about the objectives and investment policy of
conditions. the Fund, as well as the limited relationship with the Index provider,
2 The Fund may use derivatives in order to reduce risk or cost and/or please see Appendix 1 and Appendix 6 of the Vanguard Funds plc
generate extra income or growth. The use of derivatives could increase Prospectus (the "Prospectus") on our website at https://global.vanguard.com
or reduce exposure to underlying assets and result in greater fluctuations
of the Fund's net asset value. A derivative is a financial contract whose
value is based on the value of a financial asset (such as a share, bond,
or currency) or a market index.
2 The base currency of the Fund is USD.
2 The Fund invests in securities which are denominated in currencies other
than the listing currency. Movements in currency exchange rates can
affect the return of investments.
2 The Fund may engage in short term secured lending of its investments
to certain eligible third parties. This is used as a means of generating
additional income and to off-set the costs of the Fund.
2 The Fund may not be appropriate for short-term investment.
2 Income from the ETF Shares will normally be paid out quarterly.
2 ETF Shares are listed on one or more stock exchange(s). Subject to
certain exceptions set out in the Prospectus, investors who are not
Authorised Participants may only sell ETF Shares through a company
that is a member of a relevant stock exchange at any time when that stock

Risk and reward profile

Lower risk Higher risk
Typically lower rewards Typically higher rewards

1 2 3 4 5 6 7
2 This indicator is based on historical data and may not be a reliable
indication of the future risk profile of the Fund.
2 The risk category shown is not guaranteed and may change over time.
2 The lowest category does not mean “risk free”.
2 The Fund is rated 5 due to the nature of its investments which include
the risks listed below. These factors may impact the value of the Fund's
investments or expose the Fund to losses.
- The value of equities and equity-related securities can be affected by
daily stock market movements. Other influential factors include political,
economic news, company earnings and significant corporate events.
- Investment risk is concentrated in specific sectors, countries, currencies
or companies. This means the Fund is more sensitive to any localised
economic, market, political or regulatory events.
The risk and reward indicator does not take account of the following
risks of investing in the Fund:
2 Counterparty risk. The insolvency of any institutions providing services
such as safekeeping of assets or acting as counterparty to derivatives or
other instruments, may expose the Fund to financial loss.
2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellers
to allow the Fund to sell or buy investments readily which could cause
the Fund to incur higher costs when buying or selling investments or could
mean that the Fund is not able to buy or sell investments when it would
like to do so.
2 Index tracking risk. The Fund is not expected to track the performance of
the Index at all times with perfect accuracy. The Fund is, however,
expected to provide investment results that, before expenses, generally
correspond to the price and yield performance of the Index.
2 Index sampling risk. As the Fund uses an index sampling technique
whereby a representative sample of securities are selected to represent
the Index, there is the risk that the securities selected for the Fund may
not, in the aggregate, approximate the full Index.
For further information on risks please see the “Risk Factors” section
of the Prospectus on our website at https://global.vanguard.com
Charges
The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential
growth of your investment.
Investors who are not Authorised Participants ("APs") may have to pay fees
One-off charges taken before or after you invest to a stockbroker when you buy or sell on stock exchange(s). The fees are
Entry charge* None available directly from your stockbroker and are not charged by, or payable
to, the Fund.
Exit charge* None The entry and exit charges shown are maximum figures and in some cases
This is the maximum that might be taken out of your money before it is you might pay less. Investors can find out the actual entry and exit charges
invested / before the proceeds of your investment are paid out. from their distributor.
Charges taken from the Fund over a year APs dealing directly with the Fund will pay related transaction costs. For cash
creations or redemptions there may be a cash transaction fee of a maximum
Ongoing charges 0.07% of 2% which is paid to the Fund, and all transactions will have associated
Charges taken from the Fund under certain specific conditions transaction costs. Investors who are not APs will not pay these fees or costs.
* In the case of a large subscription or redemption by an investor, that investor
Performance fee None may have to pay an additional charge (e.g. anti-dilution levy) to the Fund to
cover transaction costs incurred.
The ongoing charges figure is based on expenses for the year ended 31
December 2021. This figure may vary from year to year. It excludes portfolio
transaction costs.
For further information about charges, please see the Prospectus and
the sections entitled “Buying Shares”, “Redeeming Shares”, “Fees and
Expenses” and Appendix 1 on our website at https://global.vanguard.com

Past performance
2 Past performance:
1. Is not a reliable indication of future performance.
2. Includes ongoing charges and the reinvestment of income. It
excludes entry and exit fees.
3. Has been calculated in USD.
2 Shares in the Fund were first issued in 2012.
This share class was launched in 2012.
Per cent (%)

Fund
Index

Practical information
2 Depositary: The Vanguard Funds plc ("VF") depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited.
2 Documents, prices of shares and further information: You can obtain copies of the Prospectus and, when available, the latest annual and semi-
annual report and accounts for VF, along with the latest published prices of shares and other information on the Fund, free of charge from VF c/o Brown
Brothers Harriman Fund Administration Services (Ireland) Limited, 30, Herbert Street, Dublin 2, Ireland (tel. 353-1-241-7105) or from our website at
https://global.vanguard.com; Information on the Fund's portfolio disclosure policy and publication of the iNAV can be obtained at
https://global.vanguard.com/portal/site/portal/ucits-documentation. These documents are available in English only.
2 Sub-funds: VF is an umbrella Fund with segregated liability between sub-funds. This means that the holdings of the Fund are maintained separately
under Irish law from holdings of other sub-funds of VF and your investment in the Fund will not be affected by any claims against any other sub-fund of VF.
2 Prices: The last published prices of units in the Fund are also available from the FT's website www.ft.com or https://global.vanguard.com
2 Shares: ETF Shares in the Fund may not be exchanged for ETF Shares in any other sub-funds of VF, however APs may, with prior approval, switch ETF
Shares in the Fund to a different share class of the same Fund, where other share classes are available.
2 Liability: VGIL may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the
relevant parts of the Prospectus for this Fund.
2 Tax: VF is subject to the tax laws of Ireland. Depending on your country of residence, this may have an impact on your personal tax position. You are
recommended to consult your professional tax adviser.
2 Remuneration policy: Details of VGIL's Remuneration Policy are available at https://global.vanguard.com/portal/site/portal/ucits-investment-information,
including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and
benefits. A paper copy of these details may be obtained, free of charge, on request from VGIL at 70 Sir John Rogerson's Quay, Dublin 2, Ireland.

The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the “Central Bank”). VGIL is authorised in Ireland and regulated by the
Central Bank.This key investor information is accurate as at 15/02/2022.