MSCI

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ETFs can be bought and sold only through a broker and cannot be redeemed with the issuing fund other than in very large aggregations. Investing in ETFs entails stockbroker commission and a bid-offer spread which should be considered fully before investing. The market price of ETF Shares may be more or less than net asset value.

All investments are subject to risk, including the possible loss of the money you invest. Investments in bond funds are subject to interest rate, credit, and inflation risk. Governmental backing of securities applies only to the underlying securities and does not prevent share-price fluctuations. High-yield bonds generally have medium- and lower-range credit quality ratings and are therefore subject to a higher level of credit risk than bonds with higher credit quality ratings.

There is no guarantee that any forecasts made will come to pass. Past performance is no guarantee of future results.

Prices of mid- and small-cap stocks often fluctuate more than those of large-company stocks. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Stocks of companies are subject to national and regional political and economic risks and to the risk of currency fluctuations, these risks are especially high in emerging markets. Changes in exchange rates may have an adverse effect on the value, price or income of a fund.

Nombre	Ticker	Benchmark
Communication Services ETF (USD)	VOX	MSCI US Investable Market Communication Services 25/50 Index
Consumer Discretionary ETF (USD)	VCR	MSCI US Investable Market Consumer Discretionary 25/50 Index
Consumer Staples ETF (USD)	VDC	MSCI US Investable Market Consumer Staples 25/50 Index
Energy ETF (USD)	VDE	MSCI US Investable Market Energy 25/50 Index
Financials ETF (USD)	VFH	MSCI US Investable Market Financials 25/50 Index
Health Care ETF (USD)	VHT	MSCI US Investable Market Health Care 25/50 Index
Industrials ETF (USD)	VIS	MSCI US Investable Market Industrials 25/50 Index
Information Technology ETF (USD)	VGT	MSCI US Investable Market Information Technology 25/50 Index
Materials ETF (USD)	VAW	MSCI US Investable Market Materials 25/50 Index
Utilities ETF (USD)	VPU	MSCI US Investable Market Utilities 25/50 Index

Morgan Stanley Capital International

MSCI’s benchmark methodology

Vanguard ETFs and their MSCI benchmarks

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