Fund Description: Vanguard Value ETF, formerly Vanguard 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 Value ETF seeks to provide investment returns that closely correspond to the price and yield performance of the CRSP U.S. Large Cap Value Index, formerly MSCI US Prime Market Value Index. INDEX DESCRIPTION: The CRSP U.S. Large Cap Value Index is a broadly diversified index predominantly made up of value stocks of large U.S. companies. 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 considerations prevent it from replicating the Index. FUND MANAGEMENT: The Vanguard Group, Inc. serves as investment advisor to the Fund.