Fund Description: Vanguard Russell 2000 Value ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard Scottsdale Fund, an investment management company. INVESTMENT OBJECTIVE: Vanguard Russell 2000 Value ETF seeks to track the performance of the Vanguard Russell 2000 Value Index. INDEX DESCRIPTION: The Vanguard Russell 2000 Value Index is designed to measure the performance of small-capitalization value stocks in the United States. The Index seeks to closely track the Index’s return, which is considered a gauge of small-cap value U.S. stock returns. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. Indexing is an investment strategy using an unmanaged group of securities whose overall performance is used as a standard to measure the investment performance of a particular market. The Fund seeks to closely track the Index’s return, which is considered a gauge of small-cap value U.S. stock returns. The Fund attempts to replicate the Index by investing all, or a representative sample, 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. FUND MANAGEMENT: The Vanguard Group, Inc. serves as the investment advisor to the Fund.