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VGT
Management style Asset class

Index Domestic
Stock -
Sector-
Vanguard Category
SpeciDic
Risk / reward scale

Information Technology W

Technology
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Expense ratio -. day SEC yield

[Link]% [Link]% B
ETF as of &'/&)/'&'*

Market price (MP)

as of &+/)+/'&'*

NAV price

Also available as an Admiral™ Shares mutual $[Link] $[Link]

fund. as of &'/'*/'&'* as of &'/'*/'&'*

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Overview

Overview
Key facts

IOV ticker symbol [Link]

CUSIP *++,-A/,+

Management style Index

Asset class Domestic Stock - Sector-Specific

Category Technology

Inception date ,G/+I/+,,-

Fund Number ,*NO

Ratings
Risk / reward scale

W
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Why should I care about risk?

Price
Minimum Investment Market price Market price change

$[Link] $[Link] -$[Link] (-[Link]%)

as of &'/'*/'&'* as of &'/'*/'&'*
as of &'/'*/'&'*

Expense Ratio NAV Price NAV Change

[Link]% $[Link] -$[Link] (-[Link]%)

as of &'/&)/'&'* as of &'/'*/'&'*
as of &'/'*/'&'*

Performance
YTD returns (MP) YTD returns (NAV)

-[Link]% -[Link]%
as of &'/'*/'&'* as of &'/'*/'&'*

Product summary
. Seeks to track the performance of a benchmark index that measures the
investment return of stocks in the information technology sector.

. Passively managed, using a full-replication strategy when possible and a

sampling strategy if regulatory constraints dictate.

. Includes stocks of companies that serve the electronics and computer industries
or that manufacture products based on the latest applied science.

Fund management
Vanguard Equity Index Group

Performance & fees

Performance & fees

Total returns

Summary Quarterly Annually Cumulative

Month-End as of &+/)+/'&'*
Quarterly (Pre-Tax)

Recent returns Average annual

-- Since
⟨ Month- Month inception
⟩
end total YTD [-yr --yr W-yr [.-yr .[/]^/].._

VGT (Market
-,.OU% I.,+% -,.OU% +[Link]% G-.+I% +,.UI% +G.,*% GU.I,%
price)

VGT (NAV) -,.O,% I.,U% -,.O,% +N.I/% G-.+I% +,.UN% +G.,*% GU.I,%

BenchmarkC -,./*% I.,N% -,./*% +N./*% [Link]% +,.-/% +G.+,% GU./N%

Quarterly a`er-tax returns

Expense ratio

VGT [Link]%

Average expense ratio of similar fundsY [Link]%

Historical volatility measures

as of &+/)+/'&'*
Benchmark R-SquaredD BetaD

Information Technology Spliced Index+ G.,, G.,,

Dow Jones U.S. Total Stock Market Index ,.O- G.G*

The performance data shown represent past performance, which is not a guarantee
of future results. Investment returns and principal value will ?luctuate so that
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. The
performance of an index is not an exact representation of any particular investment,
as you cannot invest directly in an index.

Price

Portfolio composition

Distributions

Distributions
Realized/Unrealized gains
as of &+/)+/'&'*

Realized gain % of NAV Unrealized gains of NAV

-$[Link] -[Link]% $[Link]

% of NAV Fiscal year end Distribution schedule

[Link]% JV/YT/ZJZR Quarterly

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a
taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA
or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

Dividend income and capital gains

Type $/Share Payable date Record date Ex-dividend date

Dividend $,.//II,, G+/+,/+,+- G+/GO/+,+- G+/GO/+,+-

Dividend $,.*G/G,, G,/,G/+,+- ,*/+//+,+- ,*/+//+,+-

Dividend $,./I+-,, ,//,+/+,+- ,I/+O/+,+- ,I/+O/+,+-

Dividend $G.+N*,,, ,U/+//+,+- ,U/+N/+,+- ,U/++/+,+-

Dividend $,./*-I,, G+/++/+,+U G+/+,/+,+U G+/G*/+,+U

Dividend $,.OOG-,, G,/,U/+,+U ,*/+*/+,+U ,*/+O/+,+U

T-Q of Q Page T

Fund management

Fund literature

Performance & fees

T Effective July TR, ZJZM, the market price returns are calculated using the official
closing price as reported by the ETF’s primary exchange. Prior to July TR, ZJZM,
the market price returns were calculated using the midpoint between the bid and
ask prices as of the closing time of the New York Stock Exchange (typically M
p.m., Eastern time). The returns shown do not represent the returns you would
receive if you traded shares at other times.

Z MSCI US Investable Market Information Technology Index through February ZQ,

ZJTJ; MSCI US Investable Market Information Technology ZR/RJ Index through
May Z, ZJTV; MSCI US Investable Market Information Technology ZR/RJ
Transition Index through December Z, ZJTV; MSCI US Investable Market
Information Technology ZR/RJ Index thereaher.

Y Most recent data available. © ZJZY Morningstar, Inc. All rights reserved. The
information contained herein: (T) is proprietary to Morningstar and/or its content
providers; (Z) may not be copied or distributed; (Y) does not constitute
investment advice offered by Morningstar; and (M) is not warranted to be
accurate, complete, or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information.
Past performance is no guarantee of future results.

M R-squared and beta are calculated from trailing YQ-month fund returns relative
to the associated benchmark.

Portfolio composition
R Sector categories are based on the Global Industry Classification Standard
(“GICS”), except for the “Other” category (if applicable), which includes securities
that have not been provided a GICS classification as of the effective reporting
period.

© ZJZY Morningstar, Inc. All Rights Reserved. The information contained herein: (T)
is proprietary to Morningstar; (Z) may not be copied or distributed; and (Y) is not
warranted to be accurate, complete or timely. Neither Morningstar nor its content
providers are responsible for any damages or losses arising from any use of this
information. Past performance is no guarantee of future results.

Vanguard ETFs as a share class: Vanguard ETFs® (exchange-traded funds) are a

class of shares listed for trading on an exchange. The shares are available only
through a broker, including Vanguard Brokerage Services®.

Vanguard ETF® Shares are not redeemable with the issuing fund other than in very
large aggregations worth millions of dollars. Instead, investors must buy and 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.

Total returns: Short-term total return information is provided only as a service.

Historical performance—particularly short-term performance—is no guarantee of
future returns. Price, yield, and return on an actual investment will fluctuate, and
you may have a gain or loss when you sell. Average annual returns include changes in
price and reinvestments of dividends and capital gains. Since-inception returns for
less than T year and year-to-date returns aren't annualized. Index performance is
provided as a benchmark but isn't illustrative of any particular investment. You
can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price &
Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are
less than T fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you
invest. Funds that concentrate on a relatively narrow market sector face the risk of
higher share-price volatility. Investments in stocks or bonds issued by non-U.S.
companies are subject to risks including country/regional risk and currency risk.

Vanguard average ETF expense ratio: [Link]%. Industry average ETF expense ratio:
[Link]%. All averages are asset-weighted. Industry average excludes Vanguard.
Sources: Vanguard and Morningstar, Inc., as of December YT, ZJZY.

An investment in the fund could lose money over short or even long periods. You
should expect the fund’s share price and total return to fluctuate within a wide
range, like the fluctuations of the overall stock market. Although Information
Technology ETF is listed for trading on the NYSE Arca, it is possible that an active
trading market may not be maintained. Trading of Information Technology ETF on
the NYSE Arca may be halted if NYSE Arca officials deem such action appropriate, if
Information Technology ETF is delisted from the NYSE Arca, or if the activation of
marketwide “circuit breakers” halts stock trading generally. The fund’s performance
could be hurt by:

Stock market risk: The chance that stock prices overall will decline. Stock markets
tend to move in cycles, with periods of rising stock prices and periods of falling stock
prices. The fund’s target index may, at times, become focused in stocks of a
particular sector, category, or group of companies. Because the fund seeks to track
its target index, the fund may underperform the overall stock market.

Sector risk: The chance that significant problems will affect a particular sector, or
that returns from that sector will trail returns from the overall stock market. Daily
fluctuations in specific market sectors are ohen more extreme or volatile than
fluctuations in the overall market. Because the fund invests all, or substantially all,
of its assets in the information technology sector, the fund’s performance largely
depends—for better or for worse—on the general condition of that sector.
Companies in the information technology sector could be affected by, among other
things, overall economic conditions, short product cycles, rapid obsolescence of
products, competition, and government regulation. Sector risk is expected to be high
for the fund.

NondiversiSication risk: The chance that the fund’s performance may be hurt
disproportionately by the poor performance of relatively few stocks or even a single
stock. The fund is considered nondiversified, which means that it may invest a
greater percentage of its assets in the securities of a small number of issuers as
compared with other mutual funds. Because the fund tends to invest a relatively
high percentage of its assets in its ten largest holdings, fluctuations in the market
value of a single fund holding could cause significant changes to the fund’s share
price. Nondiversification risk is expected to be high for the fund.

Investment style risk: The chance that returns from the types of stocks in which the
fund invests will trail returns from the overall stock market. Small-, mid-, and large-
cap stocks each 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. Historically, small- and mid-cap stocks
have been more volatile in price than large-cap stocks. Small and mid-size
companies tend to have greater stock volatility because, among other things, these
companies are more sensitive to changing economic conditions.

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.

Index-related risks: The fund is subject to risks associated with index investing,
which include passive management risk, tracking error risk, and index provider risk.
Passive management risk is the chance that the fund's use of an indexing strategy
will negatively impact the fund's performance. Because the fund seeks to track the
performance of its target index regardless of how that index is performing, the
fund's performance may be lower than it would be if the fund were actively
managed. Tracking error risk is the chance that the fund's performance will deviate
from the performance of its target index. Tracking error risk may be heightened
during times of increased market volatility or under other unusual market
conditions. Index provider risk is the chance that the fund will be negatively
impacted by changes or errors made by the index provider. Any gains, losses, or costs
associated with or resulting from an error made by the index provider will generally
be borne by the fund and, as a result, the fund's shareholders.

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