Vanguard S&P Small-Cap 600 Growth ETF (VIOG US) – Portfolio Construction Methodology

The underlying S&P Small-Cap 600 Growth Index targets the growth segment of the S&P SmallCap 600, whose constituents are selected by an Index Committee from U.S. small caps meeting profitability (positive as-reported earnings in the most recent quarter and over the trailing four quarters), public float (≥10%), and liquidity screens (e.g., annual dollar value traded relative to float-adjusted market cap and minimum trading activity). Style assignment uses three growth factors—sales growth, earnings change to price, and 12-month momentum—to compute style scores; names may be split between growth and value, with growth weights proportional to capped growth scores and float-adjusted market cap. Sectors follow GICS. Style classifications are reviewed annually (typically December), with quarterly share/float updates in line with S&P U.S. index maintenance. Standard corporate-action treatment and buffer rules limit turnover while keeping aggregate growth value weights aligned with the parent index.

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