Vanguard® U.S. Minimum Volatility ETF
Schedule of Investments (unaudited)
As of February 28, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | ||
Common Stocks (99.6%) | |||
Basic Materials (1.3%) | |||
Newmont Corp. | 8,236 | 545 | |
Balchem Corp. | 786 | 109 | |
Fastenal Co. | 556 | 29 | |
683 | |||
Consumer Discretionary (10.0%) | |||
Service Corp. International | 11,426 | 695 | |
Dollar General Corp. | 3,200 | 635 | |
Costco Wholesale Corp. | 1,208 | 627 | |
* | Amazon.com Inc. | 175 | 538 |
H&R Block Inc. | 14,884 | 369 | |
Electronic Arts Inc. | 2,721 | 354 | |
Hasbro Inc. | 2,351 | 228 | |
Walmart Inc. | 1,665 | 225 | |
Laureate Education Inc. Class A | 20,018 | 217 | |
McDonald's Corp. | 878 | 215 | |
Target Corp. | 937 | 187 | |
World Wrestling Entertainment Inc. Class A | 3,134 | 186 | |
Domino's Pizza Inc. | 389 | 168 | |
* | Sportsman's Warehouse Holdings Inc. | 12,931 | 148 |
1 | Sirius XM Holdings Inc. | 20,019 | 123 |
* | frontdoor Inc. | 3,768 | 113 |
* | Madison Square Garden Sports Corp. | 545 | 94 |
* | QuinStreet Inc. | 6,132 | 69 |
* | Bright Horizons Family Solutions Inc. | 266 | 35 |
5,226 | |||
Consumer Staples (8.2%) | |||
Procter & Gamble Co. | 5,059 | 789 | |
Church & Dwight Co. Inc. | 7,674 | 751 | |
Hershey Co. | 3,645 | 737 | |
Flowers Foods Inc. | 24,762 | 679 | |
Colgate-Palmolive Co. | 7,088 | 546 | |
Mondelez International Inc. Class A | 5,089 | 333 | |
Hormel Foods Corp. | 5,462 | 260 | |
Lancaster Colony Corp. | 375 | 63 | |
PepsiCo Inc. | 381 | 62 | |
Kimberly-Clark Corp. | 427 | 56 | |
John B Sanfilippo & Son Inc. | 117 | 9 | |
4,285 | |||
Energy (3.8%) | |||
Williams Cos. Inc. | 28,567 | 893 | |
Chevron Corp. | 4,331 | 624 |
Shares | Market Value ($000) | ||
Kinder Morgan Inc. | 17,370 | 302 | |
Cheniere Energy Inc. | 1,270 | 169 | |
1,988 | |||
Financials (11.4%) | |||
Intercontinental Exchange Inc. | 5,945 | 762 | |
Marsh & McLennan Cos. Inc. | 4,750 | 738 | |
Waterstone Financial Inc. | 35,240 | 689 | |
First Financial Corp. | 13,012 | 605 | |
* | Columbia Financial Inc. | 26,692 | 567 |
Northwest Bancshares Inc. | 35,115 | 495 | |
Broadridge Financial Solutions Inc. | 3,094 | 452 | |
CME Group Inc. | 1,847 | 437 | |
Stock Yards Bancorp Inc. | 4,179 | 224 | |
* | Blue Foundry Bancorp | 15,170 | 211 |
Arthur J Gallagher & Co. | 916 | 145 | |
Progressive Corp. | 1,323 | 140 | |
Westamerica BanCorp. | 2,276 | 135 | |
HarborOne Bancorp Inc. | 7,498 | 111 | |
TFS Financial Corp. | 6,193 | 106 | |
Bank First Corp. | 700 | 49 | |
Bank of Marin Bancorp | 1,114 | 39 | |
Hingham Institution for Savings | 108 | 39 | |
Macatawa Bank Corp. | 3,740 | 34 | |
5,978 | |||
Health Care (17.0%) | |||
Bristol-Myers Squibb Co. | 12,395 | 851 | |
Becton Dickinson and Co. | 2,967 | 805 | |
Amgen Inc. | 3,500 | 793 | |
Johnson & Johnson | 4,597 | 756 | |
Eli Lilly & Co. | 3,013 | 753 | |
Gilead Sciences Inc. | 12,145 | 734 | |
Baxter International Inc. | 8,416 | 715 | |
Merck & Co. Inc. | 8,606 | 659 | |
AbbVie Inc. | 3,908 | 577 | |
* | Vertex Pharmaceuticals Inc. | 2,384 | 548 |
Abbott Laboratories | 4,461 | 538 | |
* | HealthStream Inc. | 22,486 | 461 |
Danaher Corp. | 578 | 159 | |
Pfizer Inc. | 2,976 | 140 | |
Zoetis Inc. | 474 | 92 | |
* | Veeva Systems Inc. Class A | 357 | 82 |
* | Regeneron Pharmaceuticals Inc. | 126 | 78 |
ResMed Inc. | 260 | 64 | |
* | Computer Programs and Systems Inc. | 1,991 | 61 |
* | 2seventy bio Inc. | 622 | 9 |
8,875 | |||
Industrials (7.3%) | |||
Sonoco Products Co. | 12,985 | 762 | |
* | FTI Consulting Inc. | 5,197 | 759 |
Accenture plc Class A | 1,553 | 491 | |
Lockheed Martin Corp. | 891 | 387 | |
Illinois Tool Works Inc. | 1,721 | 372 | |
Jack Henry & Associates Inc. | 1,965 | 347 | |
Landstar System Inc. | 1,483 | 229 | |
3M Co. | 1,511 | 225 | |
AptarGroup Inc. | 867 | 106 | |
* | OSI Systems Inc. | 1,317 | 106 |
Shares | Market Value ($000) | ||
Ball Corp. | 329 | 30 | |
Verisk Analytics Inc. Class A | 137 | 24 | |
3,838 | |||
Real Estate (1.6%) | |||
* | Equity Commonwealth | 31,557 | 838 |
Technology (21.3%) | |||
Apple Inc. | 4,957 | 818 | |
* | Verint Systems Inc. | 15,548 | 781 |
* | Alphabet Inc. Class A | 277 | 748 |
NortonLifeLock Inc. | 25,340 | 734 | |
Microsoft Corp. | 2,432 | 727 | |
Oracle Corp. | 8,616 | 655 | |
Texas Instruments Inc. | 3,828 | 651 | |
* | TTM Technologies Inc. | 51,610 | 649 |
* | Tyler Technologies Inc. | 1,501 | 643 |
* | Adobe Inc. | 1,221 | 571 |
CDK Global Inc. | 9,891 | 448 | |
Intuit Inc. | 817 | 388 | |
* | Cadence Design Systems Inc. | 2,376 | 360 |
* | Altair Engineering Inc. Class A | 5,252 | 349 |
* | Super Micro Computer Inc. | 7,808 | 307 |
* | Cirrus Logic Inc. | 3,398 | 295 |
* | Black Knight Inc. | 5,037 | 283 |
* | Envestnet Inc. | 3,710 | 278 |
* | Meta Platforms Inc. Class A | 953 | 201 |
Amdocs Ltd. | 2,344 | 184 | |
Hewlett Packard Enterprise Co. | 11,178 | 178 | |
NetApp Inc. | 2,226 | 174 | |
Shutterstock Inc. | 1,150 | 104 | |
* | PDF Solutions Inc. | 3,630 | 99 |
* | Rambus Inc. | 3,414 | 92 |
SS&C Technologies Holdings Inc. | 1,096 | 82 | |
Dolby Laboratories Inc. Class A | 856 | 64 | |
Analog Devices Inc. | 361 | 58 | |
VMware Inc. Class A | 493 | 58 | |
Dell Technologies Inc. Class C | 1,121 | 57 | |
* | Allscripts Healthcare Solutions Inc. | 2,514 | 49 |
Broadcom Inc. | 35 | 21 | |
Intel Corp. | 246 | 12 | |
11,118 | |||
Telecommunications (9.4%) | |||
Verizon Communications Inc. | 15,024 | 806 | |
* | T-Mobile US Inc. | 6,313 | 778 |
AT&T Inc. | 32,480 | 769 | |
* | Liberty Broadband Corp. Class A | 3,930 | 569 |
* | Charter Communications Inc. Class A | 872 | 525 |
Cable One Inc. | 219 | 314 | |
Comcast Corp. Class A | 6,576 | 308 | |
Shenandoah Telecommunications Co. | 11,557 | 258 | |
* | Anterix Inc. | 4,112 | 219 |
Cisco Systems Inc. | 3,774 | 210 | |
* | Liberty Broadband Corp. Class C | 654 | 96 |
Motorola Solutions Inc. | 85 | 19 | |
Cogent Communications Holdings Inc. | 223 | 14 | |
4,885 |
Shares | Market Value ($000) | ||
Utilities (8.3%) | |||
Consolidated Edison Inc. | 9,156 | 785 | |
Republic Services Inc. Class A | 5,931 | 714 | |
PPL Corp. | 26,634 | 697 | |
WEC Energy Group Inc. | 5,431 | 494 | |
Duke Energy Corp. | 4,820 | 484 | |
American Water Works Co. Inc. | 1,660 | 251 | |
Waste Management Inc. | 1,726 | 249 | |
American Electric Power Co. Inc. | 1,613 | 146 | |
Eversource Energy | 1,342 | 110 | |
NextEra Energy Inc. | 1,339 | 105 | |
Xcel Energy Inc. | 1,474 | 99 | |
CMS Energy Corp. | 1,052 | 67 | |
Ameren Corp. | 770 | 66 | |
DTE Energy Co. | 513 | 62 | |
American States Water Co. | 305 | 26 | |
4,355 | |||
Total Common Stocks (Cost $46,716) | 52,069 | ||
Temporary Cash Investments (0.5%) | |||
Money Market Fund (0.5%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.138% (Cost $287) | 2,870 | 287 |
Total Investments (100.1%) (Cost $47,003) | 52,356 | ||
Other Assets and Liabilities—Net (-0.1%) | (51) | ||
Net Assets (100%) | 52,305 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $117,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $133,000 was received for securities on loan. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
Micro E-mini S&P 500 Index | March 2022 | 8 | 175 | (10) |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
At February 28, 2022, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.