Vanguard Consumer Discretionary ETF (the Fund) 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 US Investable Market Consumer Discretionary Index (the Index), 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, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and consumer retailing. The Vanguard Group, Inc., through its Quantitative Equity Group (QEG), serves as the investment advisor of the Fund.