Vanguard Files For 20 New ETFs, Summary Of New Funds

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June 24, 2010 11:04am NASDAQ:VCIT NASDAQ:VCLT

Vanguard is expanding its index fund family, introducing new funds with ETF Shares to provide investors with additional low-cost stock and bond choices. The new ETFs will be available commission-free to Vanguard Brokerage clients. See the preliminary breakdown of each ETF below


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 Vanguard S&P 500® Value ETF (No Ticker Noted)

Vanguard S&P 500 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks in the United States. Total Annual Fund Operating Expenses will be 0.15%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the S&P 500 Value Index, which represents the value companies of the S&P 500 Index. The Index is broadly diversified and measures the performance of value 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.

Vanguard S&P 500 Growth ETF (No Ticker Noted)

Vanguard S&P 500 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks in the United States. Total Annual Fund Operating Expenses will be 0.15%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the S&P 500 Growth Index, which represents the growth companies of the S&P 500 Index. The Index is broadly diversified and measures the performance of growth 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.

Vanguard S&P Mid-Cap 400® ETF (No Ticker Noted)

Vanguard S&P Mid-Cap 400 Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks in the United States. Total Annual Fund Operating Expenses will be 0.15%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the S&P MidCap 400 Index. The Index is broadly diversified and measures the performance of stocks of medium-size 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.

 Vanguard S&P Mid-Cap 400 Value ETF (No Ticker Noted)

Vanguard S&P Mid-Cap 400 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks in the United States. Total Annual Fund Operating Expenses will be 0.20%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the S&P MidCap 400 Value Index, which represents the value companies of the S&P MidCap 400 Index. The Index is broadly diversified and measures the performance of value stocks of medium-size 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.

Vanguard S&P Mid-Cap 400 Growth ETF (No Ticker Noted)

Vanguard S&P Mid-Cap 400 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization growth stocks in the United States. Total Annual Fund Operating Expenses will be 0.20%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the S&P MidCap 400 Growth Index, which represents the growth companies of the S&P MidCap 400 Index. The Index is broadly diversified and measures the performance of growth stocks of medium-size 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.

Vanguard S&P Small-Cap 600® ETF (No Ticker Noted)

Vanguard S&P Small-Cap 600 Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks in the United States. Total Annual Fund Operating Expenses will be 0.15%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the S&P SmallCap 600 Index a broadly diversified index that measures the performance of stocks of small 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.

Vanguard S&P Small-Cap 600 Value ETF (No Ticker Noted)

Vanguard S&P Small-Cap 600 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks in the United States. Total Annual Fund Operating Expenses will be 0.20%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the S&P SmallCap 600 Value Index, which represents the value companies of the S&P SmallCap 600 Index. The Index is broadly diversified and measures the performance of value stocks of small 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.

Vanguard S&P Small-Cap 600 Growth ETF (No Ticker Noted) 

Vanguard S&P Small-Cap 600 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks in the United States. Total Annual Fund Operating Expenses will be 0.20%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the S&P SmallCap 600 Growth Index, which represents the growth companies of the S&P SmallCap 600 Index. The Index is broadly diversified and measures the performance of growth stocks of small 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.

Vanguard Global ex-U.S. Real Estate ETF (No Ticker Noted)

The Fund seeks to track the performance of a benchmark index that measures the investment return of international real estate stocks. Total Annual Fund Operating Expenses will be 0.35%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the S&P Global ex-U.S. Property Index, a free-float-adjusted, market-capitalization-weighted index that measures the equity market performance of international real estate stocks in both developed and emerging markets. The Index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs) and real estate operating companies (known as REOCs). The Fund attempts to replicate the 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.

Vanguard Short-Term Municipal Bond ETF (No Ticker Noted)

Vanguard Short-Term Municipal Bond Index Fund seeks to track the performance of a market-weighted municipal bond index with a short-term dollar-weighted average maturity. Total Annual Fund Operating Expenses (Estimated) will be 0.12%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Standard & Poor’s National Intermediate AMT-Free Municipal Bond Index. This Index includes municipal bonds from issuers that are primarily state or local governments or agencies whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT). To be eligible for inclusion in the Index, each bond must have a rating of at least investment-grade as determined by a nationally recognized statistical rating organization (e.g., at least BBB–); be denominated in U.S. dollars; be a bond constituent of an offering in which the offering’s original deal size was at least $100 million; and have a minimum par amount outstanding of $25 million. In addition, to be included in the Index, each bond must have a remaining term to maturity and/or pre-refunded or call date that is less than or equal to five years and a minimum term to maturity and/or pre-refunded or call date greater than or equal to one calendar year.

The Fund invests by sampling the Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. All of the Fund’s investments will be selected through the sampling process, and at least 80% of the Fund’s assets will be invested in securities held in the Index. Under normal circumstances, at least 80% of the Fund’s income will be exempt from federal income taxes. The Fund maintains a dollar-weighted average maturity consistent with that of the Index, which generally ranges between 2 and 4 years.

 Vanguard Intermediate-Term Municipal Bond ETF (No Ticker Noted)

Vanguard Intermediate-Term Municipal Bond Index Fund seeks to track the performance of a market-weighted municipal bond index with an intermediate-term dollar-weighted average maturity. Total Annual Fund Operating Expenses (Estimated) will be 0.12%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Standard & Poor’s National Intermediate AMT-Free Municipal Bond Index. This Index includes municipal bonds from issuers that are primarily state or local governments or agencies whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT). To be eligible for inclusion in the Index, each bond must have a rating of at least investment-grade as determined by a nationally recognized statistical rating organization (e.g., at least BBB–); be denominated in U.S. dollars; be a bond constituent of an offering in which the offering’s original deal size was at least $100 million; and have a minimum par amount outstanding of $25 million. In addition, to be included in the Index, each bond must have a remaining term to maturity and/or pre-refunded or call date that is less than or equal to 20 years and a remaining term to maturity and/or pre-refunded or call date greater than or equal to one calendar month.

The Fund invests by sampling the Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. All of the Fund’s investments will be selected through the sampling process, and at least 80% of the Fund’s assets will be invested in securities held in the Index. Under normal circumstances, at least 80% of the Fund’s income will be exempt from federal income taxes. The Fund maintains a dollar-weighted average maturity consistent with that of the Index, which generally ranges between 5 and 15 years.

Vanguard Long-Term Municipal Bond ETF (No Ticker Noted)

Vanguard Long-Term Municipal Bond Index Fund seeks to track the performance of a market-weighted municipal bond index with a long-term dollar-weighted average maturity. Total Annual Fund Operating Expenses (Estimated) will be 0.12%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Standard & Poor’s National AMT-Free Municipal Bond Index. This Index includes municipal bonds from issuers that are primarily state or local governments or agencies whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT). To be eligible for inclusion in the Index, each bond must have a rating of at least investment-grade as determined by a nationally recognized statistical rating organization (e.g., at least BBB–); be denominated in U.S. dollars; be a bond constituent of an offering in which the offering’s original deal size was at least $100 million; and have a minimum par amount outstanding of $25 million. In addition, to be included in the Index, each bond must have a minimum term to maturity and/or pre-refunded or call date greater than or equal to one calendar month.

The Fund invests by sampling the Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. All of the Fund’s investments will be selected through the sampling process, and at least 80% of the Fund’s assets will be invested in securities held in the Index. Under normal circumstances, at least 80% of the Fund’s income will be exempt from federal income taxes. The Fund maintains a dollar-weighted average maturity consistent with that of the Index, which generally ranges between 10 and 25 years.

Vanguard S&P 500 ETF (No Ticker Noted)

Vanguard 500 Index Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. Total Annual Fund Operating Expenses will be 0.06%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Standard & Poor’s 500 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.

Vanguard Russell 1000 ETF (No Ticker Noted)

Vanguard Russell 1000 Index Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks in the United States. Total Annual Fund Operating Expenses (estimated) will be 0.12%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Russell 1000 Index. The Index is designed to measure the performance of large-capitalization stocks in the United States. 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.

 Vanguard Russell 1000 Value ETF (No Ticker Noted)

Vanguard Russell 1000 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks in the United States. Total Annual Fund Operating Expenses (estimated) will be 0.15%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Russell 1000 Value Index. The Index is designed to measure the performance of large-capitalization value stocks in the United States. 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.

Vanguard Russell 1000 Growth ETF (No Ticker Noted)

Vanguard Russell 1000 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks in the United States. Total Annual Fund Operating Expenses (estimated) will be 0.15%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Russell 1000 Growth Index. The Index is designed to measure the performance of large-capitalization growth stocks in the United States. 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.

Vanguard Russell 2000 ETF (No Ticker Noted)

Vanguard Russell 2000 Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks in the United States. Total Annual Fund Operating Expenses (estimated) will be 0.15%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Russell 2000 Index. The Index is designed to measure the performance of small-capitalization stocks in the United States. 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.

 Vanguard Russell 2000 Value ETF (No Ticker Noted)

Vanguard Russell 2000 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks in the United States. Total Annual Fund Operating Expenses (estimated) will be 0.20%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Russell 2000 Value Index. The Index is designed to measure the performance of small-capitalization value stocks in the United States. 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.

 Vanguard Russell 2000 Growth ETF (No Ticker Noted)

Vanguard Russell 2000 Growth Index Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks in the United States. Total Annual Fund Operating Expenses (estimated) will be 0.20%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Russell 2000 Growth Index. The Index is designed to measure the performance of small-capitalization growth stocks in the United States. 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.

 Vanguard Russell 3000 ETF (No Ticker Noted)

Vanguard Russell 3000 Index Fund seeks to track the performance of a benchmark index that measures the investment return of the broad U.S. stock market. Total Annual Fund Operating Expenses (estimated) will be 0.15%. The Fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Russell 3000 Index, which represents approximately 98% of the U.S. equity market and comprises the largest 3,000 companies in the United States. 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.


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