Vanguard® U.S. Minimum Volatility ETF
Schedule of Investments (unaudited)
As of February 28, 2023
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 (99.4%) | |||
Consumer Discretionary (11.2%) | |||
McDonald's Corp. | 5,331 | 1,407 | |
Dollar General Corp. | 5,944 | 1,286 | |
* | Liberty Media Corp.- Liberty Braves Class C | 29,101 | 974 |
* | Grand Canyon Education Inc. | 8,278 | 938 |
Electronic Arts Inc. | 6,949 | 771 | |
Service Corp. International | 10,919 | 737 | |
World Wrestling Entertainment Inc. Class A | 6,291 | 528 | |
Madison Square Garden Sports Corp. | 2,632 | 503 | |
Walmart Inc. | 3,421 | 486 | |
1 | Sirius XM Holdings Inc. | 95,443 | 419 |
* | Liberty Media Corp.- Liberty Braves Class A | 10,319 | 353 |
H&R Block Inc. | 8,371 | 308 | |
* | QuinStreet Inc. | 14,589 | 248 |
Laureate Education Inc. | 18,536 | 220 | |
Target Corp. | 801 | 135 | |
* | Adtalem Global Education Inc. | 3,415 | 134 |
* | Stride Inc. | 2,387 | 101 |
Graham Holdings Co. Class B | 139 | 87 | |
* | Knowles Corp. | 2,273 | 39 |
Scholastic Corp. | 397 | 18 | |
9,692 | |||
Consumer Staples (12.2%) | |||
Church & Dwight Co. Inc. | 14,863 | 1,245 | |
McKesson Corp. | 3,249 | 1,136 | |
Procter & Gamble Co. | 7,719 | 1,062 | |
Colgate-Palmolive Co. | 12,111 | 888 | |
Hershey Co. | 3,482 | 830 | |
Hormel Foods Corp. | 18,143 | 805 | |
Altria Group Inc. | 13,942 | 647 | |
Flowers Foods Inc. | 22,518 | 628 | |
John B Sanfilippo & Son Inc. | 5,693 | 511 | |
Kimberly-Clark Corp. | 4,024 | 503 | |
Kellogg Co. | 7,259 | 479 | |
CVS Health Corp. | 5,678 | 474 | |
Mondelez International Inc. Class A | 4,862 | 317 | |
Weis Markets Inc. | 3,346 | 256 | |
Universal Corp. | 4,837 | 245 | |
1 | PetMed Express Inc. | 12,460 | 234 |
Coca-Cola Co. | 1,837 | 109 | |
Lancaster Colony Corp. | 359 | 69 | |
PepsiCo Inc. | 363 | 63 | |
J M Smucker Co. | 405 | 60 |
Shares | Market Value ($000) | ||
Reynolds Consumer Products Inc. | 2,198 | 60 | |
10,621 | |||
Energy (3.3%) | |||
Chevron Corp. | 6,747 | 1,085 | |
Exxon Mobil Corp. | 9,682 | 1,064 | |
Williams Cos. Inc. | 16,329 | 492 | |
Kinder Morgan Inc. | 12,617 | 215 | |
2,856 | |||
Financials (15.4%) | |||
City Holding Co. | 13,218 | 1,298 | |
First Financial Corp. | 28,272 | 1,243 | |
Safety Insurance Group Inc. | 14,286 | 1,153 | |
* | Enstar Group Ltd. | 4,717 | 1,153 |
* | White Mountains Insurance Group Ltd. | 640 | 924 |
* | Columbia Financial Inc. | 40,904 | 863 |
Westamerica BanCorp | 13,140 | 724 | |
AMERISAFE Inc. | 11,059 | 603 | |
Waterstone Financial Inc. | 36,257 | 584 | |
Northwest Bancshares Inc. | 41,179 | 569 | |
Broadridge Financial Solutions Inc. | 2,955 | 416 | |
Travelers Cos. Inc. | 2,225 | 412 | |
Great Southern Bancorp Inc. | 6,007 | 349 | |
CME Group Inc. | 1,765 | 327 | |
Intercontinental Exchange Inc. | 2,925 | 298 | |
Progressive Corp. | 1,600 | 230 | |
Community Trust Bancorp Inc. | 5,260 | 225 | |
Camden National Corp. | 5,103 | 210 | |
TFS Financial Corp. | 14,399 | 209 | |
Donegal Group Inc. Class A | 13,500 | 207 | |
* | Blue Foundry Bancorp | 14,494 | 177 |
�� | Stock Yards Bancorp Inc. | 2,986 | 175 |
Cboe Global Markets Inc. | 1,357 | 171 | |
CVB Financial Corp. | 6,076 | 145 | |
Horace Mann Educators Corp. | 3,515 | 130 | |
HarborOne Bancorp Inc. | 9,210 | 126 | |
Southside Bancshares Inc. | 1,703 | 65 | |
Capitol Federal Financial Inc. | 6,869 | 58 | |
* | FVCBankcorp Inc. | 3,952 | 53 |
TrustCo Bank Corp. NY | 1,279 | 48 | |
Employers Holdings Inc. | 921 | 41 | |
HomeTrust Bancshares Inc. | 1,243 | 36 | |
1 | Bank First Corp. | 403 | 33 |
Macatawa Bank Corp. | 3,001 | 33 | |
Bank of Marin Bancorp | 1,020 | 30 | |
13,318 | |||
Health Care (16.9%) | |||
Merck & Co. Inc. | 13,681 | 1,453 | |
AbbVie Inc. | 8,663 | 1,333 | |
Johnson & Johnson | 8,555 | 1,311 | |
Bristol-Myers Squibb Co. | 17,486 | 1,206 | |
Gilead Sciences Inc. | 14,782 | 1,190 | |
Amgen Inc. | 4,352 | 1,008 | |
National HealthCare Corp. | 14,175 | 790 | |
* | Computer Programs and Systems Inc. | 23,242 | 698 |
* | HealthStream Inc. | 26,414 | 678 |
* | NextGen Healthcare Inc. | 32,878 | 595 |
Eli Lilly & Co. | 1,863 | 580 |
Shares | Market Value ($000) | ||
* | United Therapeutics Corp. | 2,359 | 580 |
Becton Dickinson and Co. | 2,217 | 520 | |
* | Prestige Consumer Healthcare Inc. | 8,014 | 483 |
* | Incyte Corp. | 5,552 | 427 |
Pfizer Inc. | 10,390 | 422 | |
* | Vertex Pharmaceuticals Inc. | 1,441 | 418 |
* | Amphastar Pharmaceuticals Inc. | 8,212 | 262 |
Perrigo Co. plc | 5,452 | 205 | |
Chemed Corp. | 251 | 131 | |
* | Regeneron Pharmaceuticals Inc. | 123 | 94 |
Premier Inc. Class A | 2,628 | 85 | |
Royalty Pharma plc Class A | 1,705 | 61 | |
UnitedHealth Group Inc. | 117 | 56 | |
* | Theravance Biopharma Inc. | 2,954 | 32 |
14,618 | |||
Industrials (10.7%) | |||
Lockheed Martin Corp. | 3,066 | 1,454 | |
Northrop Grumman Corp. | 2,858 | 1,326 | |
* | FTI Consulting Inc. | 5,816 | 1,069 |
Jack Henry & Associates Inc. | 6,486 | 1,065 | |
* | Huron Consulting Group Inc. | 15,157 | 1,064 |
* | OSI Systems Inc. | 11,090 | 1,026 |
Cass Information Systems Inc. | 16,037 | 775 | |
Heartland Express Inc. | 33,403 | 539 | |
* | L3Harris Technologies Inc. | 1,696 | 358 |
Accenture plc Class A | 1,207 | 321 | |
Illinois Tool Works Inc. | 465 | 108 | |
* | Vishay Precision Group Inc. | 1,249 | 54 |
PFSweb Inc. | 7,545 | 49 | |
Ennis Inc. | 1,043 | 23 | |
Argan Inc. | 438 | 17 | |
9,248 | |||
Real Estate (1.2%) | |||
Equity Commonwealth | 49,622 | 1,053 | |
Technology (16.7%) | |||
Roper Technologies Inc. | 3,272 | 1,408 | |
Amdocs Ltd. | 15,172 | 1,390 | |
International Business Machines Corp. | 10,283 | 1,330 | |
Texas Instruments Inc. | 7,726 | 1,325 | |
Dolby Laboratories Inc. Class A | 12,803 | 1,053 | |
Apple Inc. | 6,568 | 968 | |
Oracle Corp. | 8,233 | 720 | |
* | Verint Systems Inc. | 19,200 | 718 |
* | Rogers Corp. | 4,731 | 696 |
Microsoft Corp. | 2,493 | 622 | |
* | Super Micro Computer Inc. | 5,929 | 581 |
Hewlett Packard Enterprise Co. | 34,038 | 531 | |
Gen Digital Inc. (XNGS) | 24,214 | 472 | |
Leidos Holdings Inc. | 4,371 | 424 | |
NetApp Inc. | 6,303 | 407 | |
* | Alphabet Inc. Class A | 4,445 | 400 |
* | NetScout Systems Inc. | 12,421 | 353 |
Analog Devices Inc. | 1,412 | 259 | |
* | Envestnet Inc. | 3,547 | 222 |
* | TTM Technologies Inc. | 9,720 | 129 |
CSG Systems International Inc. | 1,373 | 77 | |
* | Cirrus Logic Inc. | 736 | 76 |
Shares | Market Value ($000) | ||
* | Altair Engineering Inc. Class A | 800 | 51 |
* | Alphabet Inc. Class C | 514 | 46 |
Dell Technologies Inc. Class C | 1,072 | 44 | |
PC Connection Inc. | 862 | 38 | |
* | CommVault Systems Inc. | 591 | 35 |
* | Rambus Inc. | 768 | 34 |
* | TrueCar Inc. | 12,780 | 30 |
Shutterstock Inc. | 272 | 20 | |
14,459 | |||
Telecommunications (6.5%) | |||
* | T-Mobile US Inc. | 9,701 | 1,379 |
Verizon Communications Inc. | 33,926 | 1,317 | |
AT&T Inc. | 54,714 | 1,035 | |
Cisco Systems Inc. | 10,518 | 509 | |
InterDigital Inc. | 6,110 | 446 | |
* | United States Cellular Corp. | 14,731 | 355 |
Shenandoah Telecommunications Co. | 14,952 | 292 | |
ATN International Inc. | 6,746 | 284 | |
* | Anterix Inc. | 1,279 | 39 |
Motorola Solutions Inc. | 85 | 22 | |
5,678 | |||
Utilities (5.3%) | |||
Chesapeake Utilities Corp. | 9,238 | 1,183 | |
Consolidated Edison Inc. | 8,749 | 782 | |
Northwest Natural Holding Co. | 12,506 | 605 | |
Duke Energy Corp. | 6,154 | 580 | |
WEC Energy Group Inc. | 5,189 | 460 | |
NorthWestern Corp. | 4,609 | 266 | |
Waste Management Inc. | 1,651 | 247 | |
Spire Inc. | 1,860 | 131 | |
MGE Energy Inc. | 1,817 | 129 | |
ONE Gas Inc. | 1,091 | 88 | |
CMS Energy Corp. | 1,004 | 59 | |
DTE Energy Co. | 358 | 39 | |
4,569 | |||
Total Common Stocks (Cost $82,745) | 86,112 | ||
Temporary Cash Investments (1.0%) | |||
Money Market Fund (1.0%) | |||
2,3 | Vanguard Market Liquidity Fund, 4.640% (Cost $835) | 8,356 | 836 |
Total Investments (100.4%) (Cost $83,580) | 86,948 | ||
Other Assets and Liabilities—Net (-0.4%) | (366) | ||
Net Assets (100%) | 86,582 | ||
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 $667,000. |
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 $740,000 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 | ||||
E-mini S&P 500 Index | March 2023 | 1 | 199 | 3 |
Micro E-mini S&P 500 Index | March 2023 | 5 | 99 | (2) |
1 |
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 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 valuation designee to represent fair value and subject to oversight by the board of trustees. 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, 2023, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.