Profile: Vanguard Consumer Discretionary ETF (VCR.P)

Vanguard Consumer Discretionary ETF (the Fund), formerly known as Vanguard Consumer Discretionary VIPERs, is an exchange-traded share class of Vanguard Consumer Discretionary Index Fund. The Fund employs a passive management or indexing investment approach designed to track the performance of the Morgan Stanley Capital International (MSCI) US Investable Market Consumer Discretionary Index (the Index). The Index is an index of stocks of large, medium, and small United States companies in 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 industries, such as 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 Fund attempts to replicate the 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 also may sample its target Index by holding stocks that, in the aggregate, are intended to approximate the Index in terms of key characteristics, such as price/earnings ratio, earnings growth and dividend yield.