Proposal to change the status of Vanguard Financials and Health Care Index Funds

If you own shares of the Financials and Health Care Index Funds on August 26, 2025, you can vote to change the funds’ status from diversified to non-diversified. Shareholders have a right to vote on certain matters concerning the funds they own. To help inform your vote on this proposal, you can:

• Read the attached document which explains why we are proposing this change and provides voting instructions.
• Attend a virtual joint special meeting of shareholders on November 4, 2025, at 11:00 a.m., Eastern time. 

Call Broadridge toll-free at 1-855-202-9440 for all proxy information.

For more information about Vanguard funds and ETFs, visit advisors.vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

All investing is subject to risk, including the possible loss of the money you invest.