Vanguard REIT ETF (the Fund) is an exchange-traded share class of Vanguard REIT Index Fund. The Fund employs a passive management or indexing investment approach designed to track the performance of the MSCI US REIT Index, a benchmark of United States property trusts that covers about two-thirds of the value of the entire United States real estate investment trust (REIT) market. The Fund seeks to remain at least 98% invested in REIT stocks, and the remaining assets will be invested in cash investments. The Fund’s investment advisor is Vanguard Quantitative Equity Group.