VANGUARD ADMIRAL FDS INC S&P SMCAP 600 VALUE IDX FD ETF SHS

The Vanguard S&P Small-Cap 600 Value ETF employs an indexing investment approach designed to track the performance of the S&P SmallCap 600 Value Index, which represents the value companies, as determined by the index sponsor, of the S&P SmallCap 600 Index. The Index measures 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.