Fund Description: Vanguard Mid-Cap Value ETF, formerly Vanguard Mid-Cap Value VIPERs, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard Index Funds, an open-end investment management company. INVESTMENT OBJECTIVE: The Vanguard Mid-Cap Value ETF seeks to track the performance of the CRSP US Mid Cap Value Index, formerly the MSCI US Mid Cap Value Index. INDEX DESCRIPTION: The CRSP U.S. Mid Cap Value Index is a broadly diversified index of value stocks of medium-size U.S. companies. CRSP classifies value securities using the following factors: book to price, forward earnings to price, historic earnings to price, dividend-to-price ratio and sales-to-price ratio. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. As its primary indexing strategy, 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. The Fund may use a sampling strategy if regulatory constraints or other considerations prevent it from replicating the Index. FUND MANAGEMENT: The Vanguard Group serves as investment advisor to the Funds.