Vanguard® U.S. Minimum Volatility ETF
Schedule of Investments (unaudited)
As of February 29, 2024
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%) | |||
Basic Materials (0.6%) | |||
NewMarket Corp. | 1,008 | 647 | |
Consumer Discretionary (15.2%) | |||
* | O'Reilly Automotive Inc. | 1,604 | 1,744 |
TJX Cos. Inc. | 16,140 | 1,600 | |
Electronic Arts Inc. | 11,182 | 1,560 | |
Marcus Corp. | 104,638 | 1,535 | |
McDonald's Corp. | 5,117 | 1,496 | |
* | Stride Inc. | 24,225 | 1,448 |
Murphy USA Inc. | 3,224 | 1,344 | |
Walmart Inc. | 22,866 | 1,340 | |
* | Instructure Holdings Inc. | 37,241 | 854 |
Laureate Education Inc. | 62,299 | 835 | |
* | AutoZone Inc. | 150 | 451 |
* | Grand Canyon Education Inc. | 3,222 | 434 |
Rollins Inc. | 6,185 | 273 | |
* | Atlanta Braves Holdings Inc. Class C | 4,985 | 195 |
* | Deckers Outdoor Corp. | 212 | 190 |
* | Atlanta Braves Holdings Inc. Class A | 3,499 | 147 |
* | Ollie's Bargain Outlet Holdings Inc. | 1,825 | 146 |
Graham Holdings Co. Class B | 139 | 98 | |
* | Daily Journal Corp. | 259 | 88 |
* | QuinStreet Inc. | 5,290 | 77 |
* | Madison Square Garden Sports Corp. | 278 | 52 |
* | Adtalem Global Education Inc. | 690 | 34 |
* | Cars.com Inc. | 1,820 | 33 |
15,974 | |||
Consumer Staples (11.3%) | |||
McKesson Corp. | 3,219 | 1,678 | |
Church & Dwight Co. Inc. | 13,979 | 1,400 | |
Procter & Gamble Co. | 8,744 | 1,390 | |
General Mills Inc. | 16,374 | 1,051 | |
Cencora Inc. | 4,457 | 1,050 | |
Colgate-Palmolive Co. | 11,422 | 988 | |
Flowers Foods Inc. | 22,518 | 505 | |
Hershey Co. | 2,612 | 491 | |
Mondelez International Inc. Class A | 6,241 | 456 | |
Altria Group Inc. | 9,873 | 404 | |
Kellanova | 7,259 | 400 | |
Kimberly-Clark Corp. | 3,244 | 393 | |
John B Sanfilippo & Son Inc. | 3,799 | 389 | |
Hormel Foods Corp. | 10,283 | 363 | |
J & J Snack Foods Corp. | 1,521 | 221 |
Shares | Market Value ($000) | ||
Universal Corp. | 4,044 | 194 | |
Oil-Dri Corp. of America | 2,294 | 164 | |
Coca-Cola Co. | 1,837 | 110 | |
Lancaster Colony Corp. | 358 | 74 | |
Reynolds Consumer Products Inc. | 2,198 | 65 | |
PepsiCo Inc. | 363 | 60 | |
11,846 | |||
Energy (3.4%) | |||
Exxon Mobil Corp. | 9,682 | 1,012 | |
* | Gulfport Energy Corp. | 5,915 | 840 |
Chevron Corp. | 5,195 | 790 | |
Williams Cos. Inc. | 16,329 | 587 | |
Kinder Morgan Inc. | 12,617 | 219 | |
Phillips 66 | 1,074 | 153 | |
3,601 | |||
Financials (9.9%) | |||
CME Group Inc. | 7,286 | 1,605 | |
Cboe Global Markets Inc. | 7,984 | 1,533 | |
Safety Insurance Group Inc. | 14,286 | 1,174 | |
White Mountains Insurance Group Ltd. | 628 | 1,109 | |
First Financial Corp. | 20,955 | 780 | |
AMERISAFE Inc. | 12,581 | 664 | |
Progressive Corp. | 3,365 | 638 | |
Travelers Cos. Inc. | 2,225 | 492 | |
Arthur J Gallagher & Co. | 1,738 | 424 | |
RLI Corp. | 2,688 | 394 | |
* | Columbia Financial Inc. | 21,294 | 356 |
Waterstone Financial Inc. | 27,675 | 350 | |
* | Enstar Group Ltd. | 610 | 188 |
Donegal Group Inc. Class A | 13,137 | 184 | |
Great Southern Bancorp Inc. | 2,945 | 154 | |
* | Berkshire Hathaway Inc. Class B | 334 | 137 |
Horace Mann Educators Corp. | 3,515 | 127 | |
* | Greenlight Capital Re Ltd. Class A | 4,452 | 56 |
* | Blue Foundry Bancorp | 4,591 | 43 |
Employers Holdings Inc. | 921 | 42 | |
City Holding Co. | 194 | 19 | |
10,469 | |||
Health Care (14.1%) | |||
AbbVie Inc. | 9,592 | 1,689 | |
Johnson & Johnson | 9,870 | 1,593 | |
Eli Lilly & Co. | 2,113 | 1,592 | |
Merck & Co. Inc. | 11,226 | 1,427 | |
Chemed Corp. | 1,818 | 1,138 | |
UnitedHealth Group Inc. | 2,229 | 1,100 | |
HealthStream Inc. | 36,797 | 1,004 | |
Gilead Sciences Inc. | 13,676 | 986 | |
Cardinal Health Inc. | 8,036 | 900 | |
Bristol-Myers Squibb Co. | 17,668 | 897 | |
* | Regeneron Pharmaceuticals Inc. | 695 | 671 |
Amgen Inc. | 2,315 | 634 | |
* | Prestige Consumer Healthcare Inc. | 8,014 | 558 |
* | Exelixis Inc. | 10,973 | 240 |
* | Merrimack Pharmaceuticals Inc. | 10,843 | 159 |
* | Incyte Corp. | 1,485 | 87 |
National HealthCare Corp. | 717 | 71 | |
* | Neurocrine Biosciences Inc. | 327 | 43 |
Shares | Market Value ($000) | ||
* | Vertex Pharmaceuticals Inc. | 96 | 40 |
* | Theravance Biopharma Inc. | 2,954 | 28 |
14,857 | |||
Industrials (9.0%) | |||
* | FTI Consulting Inc. | 8,163 | 1,689 |
* | Kirby Corp. | 19,195 | 1,684 |
Northrop Grumman Corp. | 3,078 | 1,419 | |
Lockheed Martin Corp. | 3,121 | 1,337 | |
* | OSI Systems Inc. | 7,465 | 979 |
Cass Information Systems Inc. | 12,982 | 627 | |
Matson Inc. | 4,363 | 484 | |
Overseas Shipholding Group Inc. Class A | 50,836 | 309 | |
Accenture plc Class A | 789 | 296 | |
Ennis Inc. | 11,637 | 236 | |
Miller Industries Inc. | 4,551 | 205 | |
* | Huron Consulting Group Inc. | 1,197 | 117 |
General Dynamics Corp. | 218 | 60 | |
AptarGroup Inc. | 377 | 53 | |
9,495 | |||
Real Estate (1.1%) | |||
* | Equity Commonwealth | 59,399 | 1,118 |
Technology (21.9%) | |||
* | CommVault Systems Inc. | 18,672 | 1,787 |
International Business Machines Corp. | 9,409 | 1,741 | |
Texas Instruments Inc. | 9,850 | 1,648 | |
Roper Technologies Inc. | 2,885 | 1,572 | |
NetApp Inc. | 15,875 | 1,415 | |
Amdocs Ltd. | 13,840 | 1,262 | |
Apple Inc. | 6,691 | 1,209 | |
Broadcom Inc. | 901 | 1,172 | |
Dolby Laboratories Inc. Class A | 12,803 | 1,037 | |
* | Blackbaud Inc. | 12,208 | 845 |
* | Insight Enterprises Inc. | 4,425 | 832 |
* | Veeco Instruments Inc. | 21,284 | 771 |
Microsoft Corp. | 1,835 | 759 | |
* | N-Able Inc. | 53,764 | 724 |
Analog Devices Inc. | 3,759 | 721 | |
* | Alphabet Inc. Class A | 5,160 | 714 |
* | Cirrus Logic Inc. | 7,683 | 705 |
* | Yelp Inc. | 17,986 | 691 |
* | Parsons Corp. | 6,102 | 492 |
* | Alphabet Inc. Class C | 3,369 | 471 |
NVE Corp. | 4,479 | 374 | |
Meta Platforms Inc. Class A | 718 | 352 | |
Leidos Holdings Inc. | 2,625 | 336 | |
Hewlett Packard Enterprise Co. | 16,057 | 245 | |
* | Agilysys Inc. | 3,040 | 237 |
* | CCC Intelligent Solutions Holdings Inc. | 18,058 | 211 |
Immersion Corp. | 30,988 | 209 | |
Sapiens International Corp. NV | 5,350 | 165 | |
PC Connection Inc. | 1,297 | 86 | |
Applied Materials Inc. | 316 | 64 | |
* | Akamai Technologies Inc. | 492 | 55 |
* | TrueCar Inc. | 12,780 | 44 |
* | NetScout Systems Inc. | 1,945 | 42 |
Shares | Market Value ($000) | ||
Micron Technology Inc. | 322 | 29 | |
23,017 | |||
Telecommunications (7.3%) | |||
* | IDT Corp. Class B | 43,299 | 1,611 |
T-Mobile US Inc. | 9,632 | 1,573 | |
Verizon Communications Inc. | 33,926 | 1,358 | |
Cisco Systems Inc. | 25,537 | 1,235 | |
InterDigital Inc. | 11,357 | 1,215 | |
Spok Holdings Inc. | 18,139 | 326 | |
Shenandoah Telecommunications Co. | 10,649 | 199 | |
Iridium Communications Inc. | 2,848 | 83 | |
ATN International Inc. | 1,740 | 58 | |
Motorola Solutions Inc. | 85 | 28 | |
7,686 | |||
Utilities (5.6%) | |||
Republic Services Inc. | 9,157 | 1,681 | |
Waste Management Inc. | 6,516 | 1,340 | |
MGE Energy Inc. | 13,519 | 854 | |
Duke Energy Corp. | 6,154 | 565 | |
Consolidated Edison Inc. | 6,006 | 524 | |
WEC Energy Group Inc. | 5,189 | 407 | |
Northwestern Energy Group Inc. | 4,609 | 221 | |
Spire Inc. | 1,860 | 110 | |
Northwest Natural Holding Co. | 1,787 | 66 | |
Chesapeake Utilities Corp. | 574 | 59 | |
DTE Energy Co. | 358 | 39 | |
CMS Energy Corp. | 527 | 30 | |
5,896 | |||
Total Common Stocks (Cost $93,820) | 104,606 | ||
Temporary Cash Investments (0.5%) | |||
Money Market Fund (0.5%) | |||
1 | Vanguard Market Liquidity Fund, 5.400% (Cost $506) | 5,056 | 506 |
Total Investments (99.9%) (Cost $94,326) | 105,112 | ||
Other Assets and Liabilities—Net (0.1%) | 79 | ||
Net Assets (100%) | 105,191 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
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 2024 | 16 | 408 | 27 |
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 29, 2024, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.