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Note 1: Management expense ratio (MER) 
The management expense ratio (MER) is the audited MER, including waivers and absorptions, and is expressed as an annualized percentage of the daily average net asset value. For the index ETFs, MERs are as of December 31, 2021, and for the factor ETFs, asset allocation ETFs and mutual funds MERs are as of March 31, 2022. The MER without any absorptions or waivers would have been 0.06% for VCE, 0.05% for VCN, 0.22% for VDY, 0.38% for VRE, 0.16% for VUN, 0.16% for VUS, 0.09% for VFV, 0.09% for VSP, 0.30% for VGG, 0.30% for VGH, 0.23% for VIU, 0.22% for VI, 0.21% for VDU, 0.21% for VEF, 0.31% for VIDY, 0.22% for VE, 0.22% for VA, 0.24% for VEE, 0.21% for VXC, 0.09% for VAB, 0.17% for VGV, 0.17% for VCB, 0.11% for VSB, 0.11% for VSC, 0.16% for VLB, 0.22% for VBU, 0.39% for VBG and 0.33% for VGAB, 0.24% for VCNS, 0.24% for VBAL, 0.24% for VGRO, 0.24% for VCIP, 0.24% for VEQT and 0.32% for VRIF, 0.40% for VVO, 0.38% for VVL and 0.38% for VMO, and 1.01% for VIC300, 0.69% for VIC400, 1.58% for VIC200 and 0.79% for VIC100. Vanguard Investments Canada Inc. expects to continue absorbing or waiving certain fees indefinitely but may, in its discretion, discontinue this practice at any time. For recently launched funds, MER information is not yet available. 

Note 2: Performance 
Performance for all ETFs: Performance information of the Vanguard ETFs® reflects waivers of certain expenses and/or fees. If the Vanguard ETFs had incurred all expenses, investment returns would have been reduced. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. The performance of the Vanguard ETFs is for illustrative purposes only. 

Note 3: Management fees
For all funds, the management fee is equal to the fee paid by the fund to Vanguard Investments Canada Inc. to manage the fund and does not include applicable taxes or other fees and expenses of the fund. For any fund which invests in underlying Vanguard fund(s), there shall be no duplication of management fees chargeable in connection with the Vanguard fund and its investment in the Vanguard fund(s). For VIC 100, VIC 200, VIC 300, VIC 400 and VIC 600 only, the management fee shown is the annualized management fee charged to the fund from April 1, 2021 to March 31, 2022. It is calculated by dividing the total of the expenses to manage the fund by the total (average) assets of the fund for the period. The management fee includes a variable management fee waiver adjustment based on the performance of the fund’s sub-advisors. As a result of the management fee waiver adjustment, the management fee for these funds may increase or decrease, but will not exceed 0.50% for VIC 100, VIC 200, VIC 300, VIC 400 and 0.55% for VIC 600. Please see the fund’s prospectus for detailed information on the management fees and the management fee waiver adjustment, as applicable.  

Note 4: 12-month trailing yield 
Trailing yield is an indication of what an investor would have been paid over the last 12 months, as a percentage of the most recent value of the fund. It is calculated by totaling the  fund’s cash distributions over the past 12 months and then dividing the total by the end of period net asset value of the fund. 

Commissions, management fees, and expenses all may be associated with investment funds. Investment objectives, risks, fees, expenses, and other important information are contained in the prospectus; please read it before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. Vanguard funds are managed by Vanguard Investments Canada Inc. and are available across Canada through registered dealers.

This material is for informational purposes only. This material is not intended to be relied upon as research, investment, or tax advice and is not an implied or express recommendation, offer or solicitation to buy or sell any security or to adopt any particular investment or portfolio strategy. Any views and opinions expressed do not take into account the particular investment objectives, needs, restrictions and circumstances of a specific investor and, thus, should not be used as the basis of any specific investment recommendation. Investors should consult a financial and/or tax advisor for financial and/or tax information applicable to their specific situation.

All investment funds, including those that seek to track an index are subject to risk, including the possible loss of principal. Diversification does not ensure a profit or protect against a loss in a declining market. While the Vanguard ETFs are designed to be as diversified as the original indices they seek to track and can provide greater diversification than an individual investor may achieve independently, any given ETF may not be a diversified investment.

All monetary figures are expressed in Canadian dollars unless otherwise noted.