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Expense ratio comparison
1
Vanguard Long-Term Government Bond ETF
As of September 30, 2011
ETF attributes
Vanguard
Long-Term
Government
Bond ETF
Barclays Capital
U.S. Long
Government
Float Adjusted
Index
Number of bonds 57 99
Average duration 15.6 years 15.6 years
Average maturity 23.7 years 23.8 years
Short-term reserves 1.5%
Distribution by maturity
Under 1 Year 0.6%
1 - 3 Years 0.0
3 - 5 Years 0.0
5 - 10 Years 0.0
10 - 20 Years 32.6
20 to 30 Years 66.2
Over 30 Years 0.6
Distribution by credit quality
2
U.S. Government 99.4%
Aaa 0.1
Aa 0.5
A 0.0
Baa 0.0
Less Than Baa 0.0
Distribution by issuer
Asset-Backed 0.0%
Commercial Mortgage-Backed 0.0
Finance 0.0
Foreign 0.0
Government Mortgage-Backed 0.0
Industrial 0.0
Treasury/Agency 99.4
Utilities 0.0
Other 0.6
VGLT
1
Represents the expense ratio for the Vanguard ETF as reported in most recent prospectus. There are material differences between mutual funds and ETFs. Unlike mutual funds,
ETFs are priced continuously and bought and sold throughout the day in the secondary market (at a premium or discount to net asset value) with the assistance of a stockbroker,
which entails paying commissions. Sources: Lipper Inc. and Vanguard, December 31, 2010.
2
Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). NR is used to classify securities for which a rating is not available. U.S.
Treasury, U.S. Agency, and U.S. Agency mortgage-backed securities appear under U.S. Government." Credit-quality ratings for each issue are obtained from Barclays Capital using
ratings derived from Moody's Investors Service, Fitch Ratings, and Standard & Poor's. When ratings from all three agencies are available, the median rating is used. When ratings
are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used.
Vanguard ETF Shares are not redeemable with an Applicant Fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in the secondary
market with the assistance of a stockbroker. 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 ETF products are subject to risk, which may result in the loss of principal. Investments in bond ETF products are subject to interest rate, credit, and inflation risk.
Vanguard Long-Term Government Bond ETF is not sponsored, endorsed, sold, or promoted by Barclays Capital. Barclays Capital makes no representation or warranty, express or
implied, to the owners of Vanguard Long-Term Government Bond ETF or any member of the public regarding the advisability of investing in securities generally or in Vanguard
Long-Term Government Bond ETF particularly or the ability of the Barclays Capital Index to track general bond market performance. Barclays Capital hereby expressly disclaims all
warranties of merchantability and fitness for a particular purpose with respect to the Barclays Capital Index and any data included therein. Barclays Capitals only relationship to
Vanguard and Vanguard Long-Term Government Bond ETF is the licensing of the Barclays Capital Index which is determined, composed, and calculated by Barclays Capital without
regard to Vanguard or the Vanguard Long-Term Government Bond ETF. Barclays Capital is not responsible for and has not participated in the determination of the timing of, prices of,
or quantities of Vanguard Long-Term Government Bond ETF to be issued.
For more information about Vanguard ETF Shares, visit vanguard.com, call 866-499-8473, or contact your broker to obtain a prospectus. Investment objectives, risks,
charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.
2011 The Vanguard Group, Inc. All rights reserved. U.S. Pat. No. 6,879,964 B2; 7,337,138; 7,720,749; 7,925,573. Vanguard Marketing Corporation, Distributor. FA3144_0911
1.14%
0.30%
0.15%
General U.S.
Government
Fds Average
Vanguard
Long-Term
Government
Bond ETF
US Bond
ETFs
Average