Vanguard Materials ETF

Summary Prospectus

December 20, 2011

Exchange-traded fund shares that are not individually redeemable and are

listed on NYSE Arca

Vanguard Materials Index Fund ETF Shares (VAW)

The Fund’s statutory Prospectus and Statement of Additional Information dated

December 20, 2011, are incorporated into and made part of this Summary

Prospectus by reference.

Before you invest, you may want to review the Fund’s Prospectus, which

contains more information about the Fund and its risks. You can find

the Fund’s Prospectus and other information about the Fund online at

www.vanguard.com/prospectus. You can also get this information at no

cost by calling 866-499-8473 or by sending an e-mail request to

online@vanguard.com.

 

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or

passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Investment Objective
The Fund seeks to track the performance of a benchmark index that measures the
investment return of materials stocks.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
ETF Shares of the Fund.

Shareholder Fees
(Fees paid directly from your investment)
Transaction Fee on Purchases and Sales	None through Vanguard
	(Broker fees vary)
Transaction Fee on Reinvested Dividends	None through Vanguard
	(Broker fees vary)
Transaction Fee on Conversion to ETF Shares	None through Vanguard
	(Broker fees vary)

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Management Expenses	0.15%
12b-1 Distribution Fee	None
Other Expenses	0.04%
Total Annual Fund Operating Expenses	0.19%

Example

The following example is intended to help you compare the cost of investing in
Materials ETF with the cost of investing in other funds. It illustrates the hypothetical
expenses that you would incur over various periods if you invest $10,000 in Materials
ETF. This example assumes that Materials ETF Shares provide a return of 5% a year
and that operating expenses remain as stated in the preceding table. The results apply
whether or not you redeem your investment at the end of the given period. Although
your actual costs may be higher or lower, based on these assumptions your costs
would be:

1 Year	3 Years	5 Years	10 Years
$19	$61	$107	$243

This example does not include the brokerage commissions that you may pay to buy
and sell ETF Shares of the Fund.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in more taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in annual fund operating
expenses or in the previous expense example, reduce the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 14%.

Primary Investment Strategies
The Fund employs a “passive management”—or indexing—investment approach
designed to track the performance of the MSCI US Investable Market Index (IMI)/
Materials 25/50, an index made up of stocks of large, medium-size, and small U.S.
companies within the materials sector, as classified under the Global Industry
Classification Standard (GICS). The GICS materials sector sector is made up of
companies in a wide range of commodity-related manufacturing industries. Included
within this sector are companies that manufacture chemicals, construction materials,
glass, paper, forest products, and related packaging products, as well as metals,
minerals, and mining companies, including producers of steel.

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.

Primary Risks
An investment in the Fund could lose money over short or even long periods. You
should expect the Fund’s share price and total return to fluctuate within a wide range,
like the fluctuations of the overall stock market. The Fund’s performance could be
hurt by:

• Stock market risk, which is the chance that stock prices overall will decline. Stock
markets tend to move in cycles, with periods of rising prices and periods of falling prices.

• Sector risk, which is the chance that significant problems will affect a particular
sector, or that returns from that sector will trail returns from the overall stock market.
Daily fluctuations in specific market sectors are often more extreme than fluctuations
in the overall market. Because the Fund invests all, or substantially all, of its assets in
the materials sector, the Fund’s performance largely depends—for better or for
worse—on the general condition of that sector. Companies in the materials sector
could be affected by, among other things, commodity prices, government regulation,
inflation expectations, resource availability, and economic cycles.

2

• Nondiversification risk, which is the chance that the Fund’s performance may be
hurt disproportionately by the poor performance of relatively few stocks or even a
single stock. The Fund is considered nondiversified, which means that it may invest a
greater percentage of its assets in the securities of a small number of issuers as
compared with other mutual funds. Because the Fund tends to invest a relatively high
percentage of its assets in its ten largest holdings and in its single largest holding,
nondiversification risk is high for the Fund.

• Investment style risk, which is the chance that returns from small- and mid-
capitalization stocks (to the extent that the Fund’s assets are invested in small- and
mid-cap stocks) will trail returns from the overall stock market. Historically, small- and
mid-cap stocks have been more volatile in price than the large-cap stocks that
dominate the overall market, and they often perform quite differently.

Because ETF Shares are traded on an exchange, they are subject to additional risks:

• Materials ETF Shares are listed for trading on NYSE Arca and can be bought and
sold on the secondary market at market prices. Although it is expected that the
market price of a Materials ETF Share typically will approximate its net asset value
(NAV), there may be times when the market price and the NAV vary significantly.
Thus, you may pay more or less than NAV when you buy Materials ETF Shares on
the secondary market, and you may receive more or less than NAV when you sell
those shares.

• Although Materials ETF Shares are listed for trading on NYSE Arca, it is possible
that an active trading market may not be maintained.

• Trading of Materials ETF Shares on NYSE Arca may be halted if there is an activation
of individual or marketwide “circuit breakers” (which halt trading for a specific period
of time when the price of a particular security or overall market prices decline by a
specified percentage). Trading of Materials ETF Shares may also be halted if (1) the
shares are delisted from NYSE Arca without first being listed on another exchange or
(2) NYSE Arca officials determine that such action is appropriate in the interest of a fair
and orderly market or to protect investors.

3

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.

Annual Total Returns
The following bar chart and table are intended to help you understand the risks of
investing in the Fund. The bar chart shows how the performance of the Fund‘s ETF
Shares (based on NAV) has varied from one calendar year to another over the periods
shown. The table shows how the average annual total returns of the ETF Shares
compare with those of the Fund's target Index and other comparative indexes, which
have investment characteristics similar to those of the Fund. Keep in mind that the
Fund’s past performance (before and after taxes) does not indicate how the Fund will
perform in the future. Updated performance information is available on our website at
vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Annual Total Returns — Vanguard Materials Index Fund ETF Shares¹

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2011, was –21.87%.

During the periods shown in the bar chart, the highest return for a calendar quarter
was 22.46% (quarter ended September 30, 2009), and the lowest return for a quarter
was –31.30% (quarter ended December 31, 2008).

4

Average Annual Total Returns for Periods Ended December 31, 2010
			Since
			Inception
			(Jan. 26,
	1 Year	5 Years	2004)
Vanguard Materials Index Fund ETF Shares
Based on NAV
Return Before Taxes	24.33%	8.77%	9.77%
Return After Taxes on Distributions	23.93	8.44	9.45
Return After Taxes on Distributions and Sale of Fund Shares	16.34	7.55	8.53
Based on Market Price
Return Before Taxes	24.39	8.79	9.78
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US IMI/Materials	24.59	8.86	10.03%
MSCI US IMI/Materials 25/50	—	—	—
Spliced US IMI/Materials 25/50	24.59	8.86	9.90

Actual after-tax returns depend on your tax situation and may differ from those shown in
the preceding table. When after-tax returns are calculated, it is assumed that the
shareholder was in the highest individual federal marginal income tax bracket at the time
of each distribution of income or capital gains or upon redemption. State and local
income taxes are not reflected in the calculations. Please note that after-tax returns are
not relevant for a shareholder who holds fund shares in a tax-deferred account, such as
an individual retirement account or a 401(k) plan. Also, figures captioned Return After
Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the
same period if a capital loss occurs upon redemption and results in an assumed tax
deduction for the shareholder.

Investment Advisor
The Vanguard Group, Inc.

Portfolio Manager

Michael D. Eyre, CFA, CPA, Portfolio Manager. He has managed the Materials Index
Fund since 2010.

5

Purchase and Sale of Fund Shares
You can buy and sell ETF Shares of the Fund through a brokerage firm. The firm may
charge you a commission to execute the transaction. Unless imposed by your brokerage
firm, there is no minimum dollar amount you must invest and no minimum number of
shares you must buy. The price you pay or receive for ETF Shares will be the prevailing
market price, which may be more or less than the NAV of the shares.

ETF Shares of the Fund cannot be purchased or redeemed directly with the Fund,
except by certain authorized broker-dealers. These broker-dealers may purchase and
redeem ETF Shares only in large blocks (Creation Units) worth several million dollars,
and only in exchange for baskets of securities rather than cash. For this Fund, the
number of ETF Shares in a Creation Unit is 100,000.

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain.

Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of
Fund shares.

6

Vanguard Materials Index Fund ETF Shares—Fund Number 952

CFA^® is a trademark owned by CFA Institute.
THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY
OF ITS DIRECT OR INDIRECT INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COM-
PILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE
EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES
AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY VANGUARD. NONE OF THE MSCI PARTIES MAKES ANY
REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THIS FUND OR ANY MEMBER OF THE PUB-
LIC REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THIS FUND PARTICULARLY OR THE ABILITY
OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE
LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE
DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS FUND OR THE ISSUER OR OWNER OF
THIS FUND. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUERS OR OWNERS OF
THIS FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE
MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR
QUANTITIES OF THIS FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE CONSIDERATION INTO
WHICH THIS FUND IS REDEEMABLE. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE OWNERS
OF THIS FUND IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES
FROM SOURCES WHICH MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE
ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE
MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S
CUSTOMERS OR COUNTERPARTIES, ISSUERS OF THE FUNDS, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY,
FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED
HEREUNDER OR FOR ANY OTHER USE. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS
OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE
MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY
DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY MSCI
INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE
MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES
(INCLUDING WITHOUT LIMITATION LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

© 2011 The Vanguard Group, Inc. All rights reserved.

U.S. Pat. No. 6,879,964 B2, 7,337,138.

Vanguard Marketing Corporation, Distributor.

SP 952 122011