Vanguard Mega Cap 300 Growth ETF

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MGK Q2 |As of June 30, 2010 Vanguard Mega Cap 300 Growth ETF > Quick facts Benchmark MSCI US Large Cap Growth Index Expense ratio 1 0.13% 30-day yield (SEC) 1.3% Dividend schedule Quarterly ETF total net assets $281million Inception date December 17, 2007 Short selling 2 Yes > Trading information Ticker symbol MGK CUSIP number 921910816 IIV (intra-day ticker) MGK.IV Index ticker MZUSLG Lead Market Maker Timber Hill, LLC Exchange NYSE Arca Investment approach "Employs an indexing approach to provide pure exposure to large-cap growth companies in the United States. "Designed to track the MSCI ® US Large Cap Growth Index. "Using full replication, the portfolio holds all stocks in the index in approximately the same capitalization weighting as the index.

"Uses efficient, cost-effective index management techniques. About the benchmark "The MSCI US Large Cap Growth Index represents the growth companies of the MSCI US Large Cap 300Index. (The MSCI US Large Cap 300Indexrepresents the universe of large-capitalization companies in the U.S.

equity market.) "The index is designed to accurately represent the large-cap growth segment of the U.S. equitymarket and deliver lowturnover. 1 As reported in the most recent prospectus.

A fund's current expense ratio may be lower or higher than the ... more. less.

figure reported in th e prospectus. 2 Short selling of the fund 9sETF shares is permitted. Short-selling (selling borrowed securities) entails its own risks. Adverse price movements can force an investor to replace borrowed securities by paying a higher price. Losses on a short sale are potentially unlimited because there is no upward limit on the p rice a borrowed security could attain. 3 For most recent fiscal year. Turnover rate excludes the value of portfolio securities received or delivered as a result of in-k ind purchases or redemptions of the fund 9s capital shares, including Vanguard ETF Creation Units. 4 Ameasure of the volatility of a fund 4based on the fund 9slast three years of monthly returns 4used to indicate the dispersion of past returns. A higher standard deviation means a greater potential for volatility.For funds with less than 36 months of performance history,standard deviation is not calculated. Mega Cap 300 Growth ETFMSCI US Large Cap Growth Index Number of stocks179179 Median market capitalization$40.0B$40.0B Price/earnings ratio16.5x16.5x Price/book ratio3.1x3.1x Return on equity25.8%25.5% Earnings growth rate14.4%14.4% Foreign holdings0.1% 4 Turnover rate 3 30.9% 4 Standard deviation 4 21.2%19.6% ETF attributes > Focus ValueGrowth Style Large Small Market Cap Sector diversification (% of common stock) 3 Consumer Discretionary12.4% Consumer Staples14.8 Energy7.7 Financials5.0 Health Care9.9 Industrials9.0% Information Technology36.3 Materials4.0 Telecommunication Services0.7 Utilities0.2 EquityValue FundsAverage EquityIncome ETFsAverage Vanguard MegaCap 300GrowthETF 1.37% 0.47% 0.13% MGK Vanguard Mega-Cap 300 Growth ETF Expense ratio comparison 1 1 Represents the expense ratio for the Vanguard ETF as reported in most recent prospectus. There are material differences between mutual funds and ETFs. Unlike mutual funds, ETFs are priced continuously and bought and sold throughout the day in the secondary market (at a premium or discount to net asset value) with the assistance of a stockbroker, which entails paying commissions. Sources: Lipper Inc. and Vanguard, December 31, 2009. 2 cTop 10 stocks d excludes any temporary cash investments and index products. 3 Sourced from MSCI. 4 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performan ce figures assume the reinvestment of dividends and capital gains distributions; the figures are pre-tax and net of expenses. The above widely used comparative index represents unmanaged or average returns on various financial assets that can be compared with the fund 9s total returns for the purpose of measuring relative performance. 5 As of 4 p.m., Eastern time, when the regular trading session of the New York Stock Exchange typically closes. 6 Market price returns are calculated using the midpoint between the bid and offer prices at the time NAV is calculated, typicall y 4 p.m., Eastern time. Vanguard ETFs are not redeemable with an Applicant Fund other than in Creation Unit aggregations. Instead, investors must buy o r sell Vanguard ETF Shares in the secondary market with the assis- tance of a stockbroker . In doing so, the investor will incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. All ETF products are subject to stock market risk, which may result in the loss of principal. The funds or securities referred to herein that are offered by The Vanguard Group and track an MSCI index are not sponsored, en dorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. For such funds or securities, the prospectus contains a more detailed description of the limited relationship MSCI has with The Vanguard Group. For more information about Vanguard ETF Shares, visit www.vanguard.com, call 866-499-8473, or contact your broker to obtain a p rospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it car efully before investing. Investment Products: Not FDIC Insured " No Bank Guarantee " May Lose Value Investors cannot invest directly in an index. Top 10 stocks 3 Apple Inc.5.5% Microsoft Corp.4.4 International Business Machines Corp.3.9 Cisco Systems Inc.3.0 Wal-Mart Stores Inc.2.7 Google Inc. Class A2.6 Coca-Cola Co.2.5 Hewlett-Packard Co.2.5 Exxon Mobil Corp.2.5 PepsiCo Inc./NC2.4 Top ten as % of total net assets32.0% Total returns 4 for period ending June 30, 2010 YearSince MGK (Inception 12/17/2007) Quarterto date1year3years5yearsinception Net asset value (NAV) return 5 -12.61%-8.82%11.70% 4 4-8.52% Market price return 6 -12.66-8.8411.62 4 4-8.53 MSCI US Large Cap Growth Index 3 -12.57-8.7511.84 4 4-8.44 Top 10 stocks 2 Performance history The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and princ ipal value will fluctuate, so investors 9 shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website a t www.vanguard.com/visit/etfperformance. ©2010The Vanguard Group, Inc. All rights reserved. U.S. Pat. No. 6,879,964 B2; 7,337,138. Vanguard Marketing Corporation, Distr ibutor. FA3138_0610

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