Fund Description: Vanguard Health Care ETF, formerly Vanguard Health Care 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: Vanguard Health Care ETF seeks to track the performance of the MSCI US Investable Market Health Care 25/50 Index that measures the investment return of health care stocks. INDEX DESCRIPTION: The MSCI US Investable Market Health Care 25/50 Index is an index of stocks of large, medium, and small U.S. companies within the health care sector, as classified under the Global Industry Classification Standard (GICS). This GICS sector is made up of two main industry groups. The first group includes companies that manufacture health care equipment and supplies or provide health care-related services (such as distributors of health care products, providers of basic health care services, and owners and operators of health care facilities and organizations). The second group includes companies primarily involved in the research, development, production, and marketing of pharmaceuticals and biotechnology products. 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 investment advisor to the Funds through its Quantitative Equity Group.