Vanguard Dividend Appreciation ETF

Summary Prospectus
May 24, 2024

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

Vanguard Dividend Appreciation Index Fund ETF Shares (VIG)

The Fund’s statutory Prospectus and Statement of Additional Information dated May
24, 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
[email protected].

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 common stocks of companies that have a record of increasing dividends over time.

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.

Summary Prospectus Page 1 of 6

 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 0.05%

12b-1 Distribution Fee None

Other Expenses 0.01%

Total Annual Fund Operating Expenses 0.06%

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

$6 $19 $34 $77

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
13% of the average value of its portfolio.

Principal Investment Strategies

The Fund employs an indexing investment approach designed to track the performance of the
S&P U.S. Dividend Growers Index (the Index), which consists of common stocks of companies that
have a record of increasing dividends over time. 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

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 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 dividend-paying stocks will trail
returns from the overall stock market. In addition, mid-capitalization stocks (to the extent that the
Fund’s assets are invested in mid-cap stocks) historically have been more volatile in price than
the large-cap stocks that dominate the overall stock market. Dividend-paying stocks tend to go
through cycles of doing better—or worse— than 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.

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 other comparative indexes, which have investment characteristics similar to those of the
Fund. The Spliced S&P U.S. Dividend Growers Index reflects the performance of the NASDAQ
US Dividend Achievers Select Index through September 19, 2021, and the S&P U.S. Dividend
Growers Index thereafter. 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 Dividend Appreciation Index Fund ETF Shares1

1 The year-to-date return as of the most recent calendar quarter, which ended on March 31,
2024, was 7.72%.

During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter
were:

Total Return Quarter

Highest 13.96% June 30, 2020

Lowest -16.79% March 31, 2020

Average Annual Total Returns for Periods Ended December 31, 2023

1 Year 5 Years 10 Years

Vanguard Dividend Appreciation Index Fund ETF Shares

Based on NAV

Return Before Taxes 14.46% 13.84% 10.70%

Return After Taxes on Distributions 13.91 13.33 10.17

Return After Taxes on Distributions and Sale of Fund Shares 8.90 11.03 8.71

Based on Market Price

Return Before Taxes 14.53 13.86 10.70

Spliced S&P U.S. Dividend Growers Index

(reflects no deduction for fees, expenses, or taxes) 14.52 13.92 10.77

S&P U.S. Dividend Growers Index

(reflects no deduction for fees, expenses, or taxes) 14.52 — —
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.

Investment Advisor
The Vanguard Group, Inc. (Vanguard)

Portfolio Managers

Walter Nejman, Portfolio Manager at Vanguard. He has co-managed the Fund since 2016.

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 Gerard C. O’Reilly, Portfolio Manager and Principal of Vanguard. He has co-managed the Fund
since 2016.

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.

“Dividend Achievers” is a trademark of The NASDAQ OMX Group, Inc. (collectively, with its
affiliates, “NASDAQ OMX”) and has been licensed for use by The Vanguard Group, Inc.
Vanguard funds are not sponsored, endorsed, sold, or promoted by NASDAQ OMX and NASDAQ
OMX makes no representation regarding the advisability of investing in the funds. NASDAQ OMX
MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE VANGUARD
FUNDS.

The S&P U.S. Dividend Growers 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 Dividend Appreciation
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 Dividend Appreciation
ETF or any member of the public regarding the advisability of investing in securities generally or
in Vanguard Dividend Appreciation ETF particularly or the ability of the S&P U.S. Dividend
Growers Index to track general market performance. S&P Dow Jones Indices’ only relationship to
Vanguard with respect to the S&P U.S. Dividend Growers 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 U.S. Dividend Growers Index is determined, composed and calculated by
S&P Dow Jones Indices without regard to Vanguard or Vanguard Dividend Appreciation ETF.
S&P Dow Jones Indices has no obligation to take the needs of Vanguard or the owners of
Vanguard Dividend Appreciation ETF into consideration in determining, composing or
calculating the S&P U.S. Dividend Growers Index. S&P Dow Jones Indices is not responsible for
and has not participated in the determination of the prices, and amount of Vanguard Dividend
Appreciation ETF or the timing of the issuance or sale of Vanguard Dividend Appreciation ETF
or in the determination or calculation of the equation by which Vanguard Dividend Appreciation
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

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 of Vanguard Dividend Appreciation ETF. There is no assurance that investment products based
on the S&P U.S. Dividend Growers 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 S&P U.S. DIVIDEND GROWERS 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 DIVIDEND APPRECIATION 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 Dividend Appreciation Index Fund ETF Shares—Fund Number 920

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 920 052024

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