Fund Description: Vanguard S&P 500 ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard Index Funds, an investment management company. INVESTMENT OBJECTIVE: Vanguard S&P 500 ETF seeks to track the performance of the S&P 500 Index. INDEX DESCRIPTION: The S&P 500 Index is a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The index includes 500 leading companies in leading industries of the U.S. economy. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of 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 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. To track its Index as closely as possible, the Fund attempts to remain fully invested in stocks. To help stay fully invested and to reduce transaction costs, the Fund may invest, to a limited extent, in derivatives. Generally speaking, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock, bond, or currency), a physical asset (such as gold), or a market index (such as the S&P 500 Index). Investments in derivatives may subject the Fund to risks different from, and possibly greater than, those of the underlying securities, assets, or market indexes. The Fund will not use derivatives for speculation or for the purpose of leveraging (magnifying) investment returns. FUND MANAGEMENT: The Vanguard Group, Inc. serves as advisor to the Fund.