Vanguard S&P 500 ETF VOO

As of September 30, 2014

Investment approach Investment focus

• Seeks to track the performance of the S&P 500 Index.
• Large-cap equity.
• Employs a passively managed, full-replication strategy
• Fund remains fully invested.
• Low expenses minimize net tracking error.

About the benchmark Central tendency

• The S&P 500 Index is a widely recognized benchmark of U.S. stock market Expected range
performance that is dominated by the stocks of large U.S. companies. of fund holdings

• The index includes 500 leading companies in leading industries of the U.S.
economy. Quick facts

Benchmark S&P 500 Index

Performance history Expense ratio1 0.05%
Total returns2 for period ended in September 30, 2014 Dividend schedule Quarterly
Year Since ETF total net assets $21,814 million
VOO (Inception 09/07/2010) Quarter to date 1 year 3 years inception
Fund total net assets $182,686 million
Net asset value (NAV) return3 1.12% 8.32% 19.69% 22.95% 18.12% Inception date September 7, 2010
Market price return4 1.19 8.36 19.67 22.96 18.13

S&P 500 Index 1.13 8.34 19.73 22.99 18.15

The performance data shown represent past performance, which is not a guarantee of future Trading information
results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, Ticker symbol VOO
may be worth more or less than their original cost. Current performance may be lower or
CUSIP number 922908363
higher than the performance data cited. For performance data current to the most recent
month-end, visit our website at vanguard.com/performance. IIV (intra-day ticker) VOO.IV
Index ticker (Bloomberg) SPXT
Investors cannot invest directly in an index.
Exchange NYSE Arca
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 S&P 500 ETF VOO
As of September 30, 2014

Expense ratio comparison1 ETF attributes S&P 500 ETF S&P 500 Index
Number of stocks 504 502
Median market cap $75.5B $75.5B
Price/earnings ratio 19.1x 19.1x
Price/book ratio 2.7x 2.7x
1.15%
Return on equity 19.3% 19.1%
Earnings growth rate 15.3% 15.2%
Foreign holdings 0.0% 0.0%
Turnover rate 2 3.4% —
0.30% Standard deviation3 10.6% 10.6%
0.05%

Large-Cap Large-Cap S&P 500 ETF

Core Funds Core ETFs
Average Average

Ten largest holdings and % of total net assets4 Top 10 sector diversification as % of common stock5
Apple Inc. 3.4% Information Technology 19.7%
Exxon Mobil Corp. 2.3 Financials 16.3
Microsoft Corp. 2.2 Health Care 13.9
Google Inc. 1.9 Consumer Discretionary 11.7
Johnson & Johnson 1.7 Industrials 10.3
General Electric Co. 1.5 Energy 9.7
Berkshire Hathaway Inc. 1.4 Consumer Staples 9.5
Wells Fargo & Co. 1.4 Materials 3.5
Procter & Gamble Co. 1.3 Utilities 3.0
JPMorgan Chase & Co. 1.3 Telecommunication Services 2.4
Top ten as % of total net assets 18.4%

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, 2013.
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 Global Industry Classification Standard system.
Vanguard ETF Shares are not redeemable with the issuing fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in
the secondary market with the assistance of a stockbroker. 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.
S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and have been licensed for use by S&P Dow Jones Indices LLC
and its affiliates and sublicensed for certain purposes by Vanguard. The S&P Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by
Vanguard. The Vanguard Fund(s) is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and
none of S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates makes any representation regarding the advisability of investing in such
product(s).
For more information about Vanguard ETF Shares, visit vanguard.com, call 866-499-8473, or contact your broker to obtain a prospectus. Investment
objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.
© 2014 The Vanguard Group, Inc. All rights reserved. U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; 8,417,623.
Vanguard Marketing Corporation, Distributor. FA0968_0914