Fund Description: Vanguard Consumer Discretionary ETF, formerly Vanguard Consumer Discretionary VIPERs, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard World Fund, an open-end investment management company. INVESTMENT OBJECTIVE: The Vanguard Consumer Discretionary ETF seeks to track the performance of the MSCI U.S. Investable Market Consumer Discretionary 25/50 Index. INDEX DESCRIPTION: The MSCI U.S. Investable Market Consumer Discretionary 25/50 Index is an index of stocks of large, medium, and small U.S. companies within the consumer discretionary sector, as classified under the Global Industry Classification Standard (GICS). This GICS sector is made up of those manufacturing and service industries that tend to be the most sensitive to economic cycles. Its manufacturing segment includes the following industries: automotive, household durable goods, textiles and apparel, and leisure equipment. The services segment includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing. The MSCI US Investable Market Consumer Discretionary Index is a subset of the MSCI US Investable Market 2500 Index. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. As its primary indexing strategy, 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. The Fund may use a sampling strategy if regulatory constraints or other considerations prevent it from replicating the Index. FUND MANAGEMENT: The Vanguard Group serves as advisor to the Funds through its Quantitative Equity Group.