Vanguard Small-Cap Value ETF

Summary Prospectus

April 26, 2012

Exchange-traded fund shares that are not individually redeemable and are

listed on NYSE Arca

Vanguard Small-Cap Value Index Fund ETF Shares (VBR)

The Fund’s statutory Prospectus and Statement of Additional Information dated

April 26, 2012, are incorporated into and made part of this Summary Prospectus

by reference.

Before you invest, you may want to review the Fund’s Prospectus, which

contains more information about the Fund and its risks. You can find

the Fund’s Prospectus and other information about the Fund online at

www.vanguard.com/prospectus. You can also get this information at no

cost by calling 866-499-8473 or by sending an e-mail request to

online@vanguard.com.

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or

passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Investment Objective
The Fund seeks to track the performance of a benchmark index that measures the
investment return of small-capitalization value stocks.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
ETF Shares of the Fund. “Acquired Fund Fees and Expenses” are expenses incurred
indirectly by the Fund through its ownership of shares in other investment companies,
such as business development companies. Business development company
expenses are similar to the expenses paid by any operating company held by the
Fund. They are not direct costs paid by Fund shareholders and are not used to
calculate the Fund’s net asset value. They have no impact on the costs associated
with fund operations. Acquired Fund Fees and Expenses are not included in the
Fund’s financial statements, which provide a clearer picture of a fund’s actual
operating costs.

Shareholder Fees
(Fees paid directly from your investment)
Transaction Fee on Purchases and Sales	None through Vanguard
	(Broker fees vary)
Transaction Fee on Reinvested Dividends	None through Vanguard
	(Broker fees vary)
Transaction Fee on Conversion to ETF Shares	None through Vanguard
	(Broker fees vary)

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Management Expenses	0.06%
12b-1 Distribution Fee	None
Other Expenses	0.04%
Acquired Fund Fees and Expenses	0.11%
Total Annual Fund Operating Expenses	0.21%

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Example

The following example is intended to help you compare the cost of investing in Small-
Cap Value ETF with the cost of investing in other funds. It illustrates the hypothetical
expenses that you would incur over various periods if you invest $10,000 in Small-Cap
Value ETF. This example assumes that Small-Cap Value ETF provides a return of 5% a
year and that total annual fund operating expenses remain as stated in the preceding
table. The results apply whether or not you redeem your investment at the end of the
given period. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:

1 Year	3 Years	5 Years	10 Years
$22	$68	$118	$268

This example does not include the brokerage commissions that you may pay to buy
and sell ETF Shares of the Fund.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in more taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in annual fund operating
expenses or in the previous expense example, reduce the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 30%.

Primary Investment Strategies
The Fund employs an indexing investment approach designed to track the performance of
the MSCI US Small Cap Value Index, a broadly diversified index of value stocks of smaller
U.S. companies. The Fund attempts to replicate the target index by investing all, or
substantially all, of its assets in the stocks that make up the Index, holding each stock in
approximately the same proportion as its weighting in the Index.

Primary Risks
An investment in the Fund could lose money over short or even long periods. You should
expect the Fund’s share price and total return to fluctuate within a wide range, like the
fluctuations of the overall stock market. The Fund’s performance could be hurt by:

• Stock market risk, which is the chance that stock prices overall will decline. Stock
markets tend to move in cycles, with periods of rising prices and periods of falling prices.
The Fund’s target index may, at times, become focused in stocks of a particular sector,

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category, or group of companies, which could cause the Fund to underperform the
overall stock market.

• Investment style risk, which is the chance that returns from small-capitalization
value stocks will trail returns from the overall stock market. Historically, small-cap
stocks have been more volatile in price than the large-cap stocks that dominate the
overall market, and they often perform quite differently.

Because ETF Shares are traded on an exchange, they are subject to additional risks:

• Small-Cap Value ETF Shares are listed for trading on NYSE Arca and are bought and
sold on the secondary market at market prices. Although it is expected that the market
price of a Small-Cap Value ETF Share typically will approximate its net asset value
(NAV), there may be times when the market price and the NAV differ significantly.
Thus, you may pay more or less than NAV when you buy Small-Cap Value ETF Shares
on the secondary market, and you may receive more or less than NAV when you sell
those shares.

• Although Small-Cap Value ETF Shares are listed for trading on NYSE Arca, it is
possible that an active trading market may not be maintained.

• Trading of Small-Cap Value ETF Shares on NYSE Arca may be halted by the
activation of individual or marketwide “circuit breakers” (which halt trading for a
specific period of time when the price of a particular security or overall market prices
decline by a specified percentage). Trading of Small-Cap Value ETF Shares may also
be halted if (1) the shares are delisted from NYSE Arca without first being listed on
another exchange or (2) NYSE Arca officials determine that such action is appropriate
in the interest of a fair and orderly market or to protect investors.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.

Annual Total Returns
The following bar chart and table are intended to help you understand the risks of
investing in the Fund. The bar chart shows how the performance of the Fund‘s ETF
Shares (based on NAV) has varied from one calendar year to another over the periods
shown. The table shows how the average annual total returns of the ETF Shares
compare with those of the Fund‘s target index, which has investment characteristics
similar to those of the Fund. Keep in mind that the Fund’s past performance (before
and after taxes) does not indicate how the Fund will perform in the future. Updated
performance information is available on our website at vanguard.com/performance or
by calling Vanguard toll-free at 800-662-7447.

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Annual Total Returns — Vanguard Small-Cap Value Index Fund ETF Shares

During the periods shown in the bar chart, the highest return for a calendar quarter
was 23.99% (quarter ended September 30, 2009), and the lowest return for a quarter
was –25.53% (quarter ended December 31, 2008).

Average Annual Total Returns for Periods Ended December 31, 2011
			Since
			Inception
			(Jan. 26,
	1 Year	5 Years	2004)
Vanguard Small-Cap Value Index Fund ETF Shares
Based on NAV
Return Before Taxes	–4.05%	–0.19%	5.01%
Return After Taxes on Distributions	–4.48	–0.66	4.54
Return After Taxes on Distributions and Sale of Fund Shares	–2.34	–0.33	4.18
Based on Market Price
Return Before Taxes	–4.11	–0.19	5.01
MSCI US Small Cap Value Index
(reflects no deduction for fees, expenses, or taxes)	–4.04%	–0.25%	5.00%

Actual after-tax returns depend on your tax situation and may differ from those shown in
the preceding table. When after-tax returns are calculated, it is assumed that the
shareholder was in the highest individual federal marginal income tax bracket at the time
of each distribution of income or capital gains or upon redemption. State and local
income taxes are not reflected in the calculations. Please note that after-tax returns are
not relevant for a shareholder who holds fund shares in a tax-deferred account, such as
an individual retirement account or a 401(k) plan. Also, figures captioned Return After
Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the

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same period if a capital loss occurs upon redemption and results in an assumed tax
deduction for the shareholder.

Investment Advisor
The Vanguard Group, Inc.

Portfolio Manager

Michael H. Buek, CFA, Principal of Vanguard. He has managed the Fund since its
inception in 1998.

Purchase and Sale of Fund Shares
You can buy and sell ETF Shares of the Fund through a brokerage firm. The firm may
charge you a commission to execute the transaction. Unless imposed by your brokerage
firm, there is no minimum dollar amount you must invest and no minimum number of
shares you must buy. The price you pay or receive for ETF Shares will be the prevailing
market price, which may be more or less than the NAV of the shares.

ETF Shares of the Fund cannot be purchased or redeemed directly with the Fund,
except by certain authorized broker-dealers. These broker-dealers may purchase and
redeem ETF Shares only in large blocks (Creation Units) worth several million dollars,
and only in exchange for baskets of securities rather than cash. For this Fund, the
number of ETF Shares in a Creation Unit is 100,000.

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain.

Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of
Fund shares.

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Vanguard Small-Cap Value Index Fund ETF Shares—Fund Number 937

CFA^® is a trademark owned by CFA Institute.

THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY

OF ITS DIRECT OR INDIRECT INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COM-

PILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE

EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES

AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY VANGUARD. NONE OF THE MSCI PARTIES MAKES ANY

REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THIS FUND OR ANY MEMBER OF THE PUB-

LIC REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THIS FUND PARTICULARLY OR THE ABILITY

OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE

LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE

DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS FUND OR THE ISSUER OR OWNER OF

THIS FUND. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUERS OR OWNERS OF

THIS FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE

MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR

QUANTITIES OF THIS FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE CONSIDERATION INTO

WHICH THIS FUND IS REDEEMABLE. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE OWNERS

OF THIS FUND IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES

FROM SOURCES WHICH MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE

ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE

MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S

CUSTOMERS OR COUNTERPARTIES, ISSUERS OF THE FUNDS, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY,

FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED

HEREUNDER OR FOR ANY OTHER USE. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS

OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE

MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY

DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY MSCI

INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE

MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES

(INCLUDING WITHOUT LIMITATION LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

© 2012 The Vanguard Group, Inc. All rights reserved.

U.S. Pat. No. 6,879,964 B2; 7,337,138; 7,720,749; 7,925,573; 8,090,646.

Vanguard Marketing Corporation, Distributor.

SP 937 042012