NUMBER
[001]
CAPITAL STOCK


                                   ETF Shares

                           Vanguard Energy Index Fund
                                 A SERIES of the
                              VANGUARD WORLD FUNDS
                          (A Delaware Statutory Trust)

     THIS  CERTIFIES  that CEDE & CO. is the holder of the  current  outstanding
number of ETF Shares issued by the Vanguard Energy Index Fund (the "Fund") shown
from  time to time on the  records  of the  Vanguard  World  Funds,  a  Delaware
statutory trust (the "Trust"),  as represented by this certificate of the Trust,
transferable  only on the books and records of the Trust by the holder hereof in
person or by duly authorized attorney-in-fact upon surrender of this Certificate
properly  endorsed.  This  Certificate is not valid until  countersigned  by the
transfer agent of the Trust.

     The  registered  holder of this  Certificate is entitled to all the rights,
interest and privileges of a holder of ETF Shares as provided by the Declaration
of Trust,  the by-laws of the Trust,  and the Vanguard Funds Multiple Class Plan
as from time to time amended, which are incorporated by reference herein.

     This  Certificate  is executed  on behalf of the Trust and the  obligations
hereof are not binding upon any of the Trustees, officers or shareholders of the
Trust  individually,  but are binding  only upon the assets and  property of the
Fund.

     IN WITNESS WHEREOF, the said Trust has caused this Certificate to be signed
by its duly authorized officer.

Countersigned:                            Dated:
                                                ------------------------

BROWN BROTHERS HARRIMAN & CO.             VANGUARD WORLD FUNDS
(the Transfer Agent)                      (the Trust)


By:                                       By:
   -------------------------                 ---------------------------
     Authorized Signature                          Secretary







Unless this  Certificate  is presented by an  authorized  representative  of The
Depository Trust Company,  a New York corporation  ("DTC"),  to the Trust or its
transfer  agent for  registration  of  transfer,  exchange or  payment,  and any
certificate  issued is  registered  in the name of Cede & Co.,  or in such other
name as is requested by an authorized  representative of DTC (and any payment is
made to Cede & Co. or to such  other  entity as is  requested  by an  authorized
representative  of DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  inasmuch  as the  registered  owner
hereof, Cede & Co., has an interest herein.






NUMBER
[001]
CAPITAL STOCK


                                   ETF Shares

                         Vanguard Industrials Index Fund
                                 A SERIES of the
                              VANGUARD WORLD FUNDS
                          (A Delaware Statutory Trust)

     THIS  CERTIFIES  that CEDE & CO. is the holder of the  current  outstanding
number of ETF Shares issued by the Vanguard  Industrials Index Fund (the "Fund")
shown from time to time on the records of the Vanguard  World Funds,  a Delaware
statutory trust (the "Trust"),  as represented by this certificate of the Trust,
transferable  only on the books and records of the Trust by the holder hereof in
person or by duly authorized attorney-in-fact upon surrender of this Certificate
properly  endorsed.  This  Certificate is not valid until  countersigned  by the
transfer agent of the Trust.

     The  registered  holder of this  Certificate is entitled to all the rights,
interest and privileges of a holder of ETF Shares as provided by the Declaration
of Trust,  the by-laws of the Trust,  and the Vanguard Funds Multiple Class Plan
as from time to time amended, which are incorporated by reference herein.

     This  Certificate  is executed  on behalf of the Trust and the  obligations
hereof are not binding upon any of the Trustees, officers or shareholders of the
Trust  individually,  but are binding  only upon the assets and  property of the
Fund.

     IN WITNESS WHEREOF, the said Trust has caused this Certificate to be signed
by its duly authorized officer.

Countersigned:                            Dated:
                                                ------------------------

BROWN BROTHERS HARRIMAN & CO.             VANGUARD WORLD FUNDS
(the Transfer Agent)                      (the Trust)


By:                                       By:
   -------------------------                 ---------------------------
     Authorized Signature                          Secretary







Unless this  Certificate  is presented by an  authorized  representative  of The
Depository Trust Company,  a New York corporation  ("DTC"),  to the Trust or its
transfer  agent for  registration  of  transfer,  exchange or  payment,  and any
certificate  issued is  registered  in the name of Cede & Co.,  or in such other
name as is requested by an authorized  representative of DTC (and any payment is
made to Cede & Co. or to such  other  entity as is  requested  by an  authorized
representative  of DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  inasmuch  as the  registered  owner
hereof, Cede & Co., has an interest herein.






NUMBER
[001]
CAPITAL STOCK


                                   ETF Shares

                 Vanguard Telecommunication Services Index Fund
                                 A SERIES of the
                              VANGUARD WORLD FUNDS
                          (A Delaware Statutory Trust)

     THIS  CERTIFIES  that CEDE & CO. is the holder of the  current  outstanding
number of ETF Shares  issued by the Vanguard  Telecommunication  Services  Index
Fund (the "Fund")  shown from time to time on the records of the Vanguard  World
Funds,  a  Delaware  statutory  trust  (the  "Trust"),  as  represented  by this
certificate  of the  Trust,  transferable  only on the books and  records of the
Trust by the holder hereof in person or by duly authorized attorney-in-fact upon
surrender of this Certificate  properly endorsed.  This Certificate is not valid
until countersigned by the transfer agent of the Trust.

     The  registered  holder of this  Certificate is entitled to all the rights,
interest and privileges of a holder of ETF Shares as provided by the Declaration
of Trust,  the by-laws of the Trust,  and the Vanguard Funds Multiple Class Plan
as from time to time amended, which are incorporated by reference herein.

     This  Certificate  is executed  on behalf of the Trust and the  obligations
hereof are not binding upon any of the Trustees, officers or shareholders of the
Trust  individually,  but are binding  only upon the assets and  property of the
Fund.

     IN WITNESS WHEREOF, the said Trust has caused this Certificate to be signed
by its duly authorized officer.

Countersigned:                            Dated:
                                                ------------------------

BROWN BROTHERS HARRIMAN & CO.             VANGUARD WORLD FUNDS
(the Transfer Agent)                      (the Trust)


By:                                       By:
   -------------------------                 ---------------------------
     Authorized Signature                          Secretary





Unless this  Certificate  is presented by an  authorized  representative  of The
Depository Trust Company,  a New York corporation  ("DTC"),  to the Trust or its
transfer  agent for  registration  of  transfer,  exchange or  payment,  and any
certificate  issued is  registered  in the name of Cede & Co.,  or in such other
name as is requested by an authorized  representative of DTC (and any payment is
made to Cede & Co. or to such  other  entity as is  requested  by an  authorized
representative  of DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  inasmuch  as the  registered  owner
hereof, Cede & Co., has an interest herein.









NUMBER
[001]
CAPITAL STOCK


                                   ETF Shares

                   Vanguard Consumer Discretionary Index Fund
                                 A SERIES of the
                              VANGUARD WORLD FUNDS
                          (A Delaware Statutory Trust)

     THIS  CERTIFIES  that CEDE & CO. is the holder of the  current  outstanding
number of ETF Shares issued by the Vanguard  Consumer  Discretionary  Index Fund
(the "Fund") shown from time to time on the records of the Vanguard World Funds,
a Delaware statutory trust (the "Trust"),  as represented by this certificate of
the Trust, transferable only on the books and records of the Trust by the holder
hereof in person or by duly authorized  attorney-in-fact  upon surrender of this
Certificate properly endorsed. This Certificate is not valid until countersigned
by the transfer agent of the Trust.

     The  registered  holder of this  Certificate is entitled to all the rights,
interest and privileges of a holder of ETF Shares as provided by the Declaration
of Trust,  the by-laws of the Trust,  and the Vanguard Funds Multiple Class Plan
as from time to time amended, which are incorporated by reference herein.

     This  Certificate  is executed  on behalf of the Trust and the  obligations
hereof are not binding upon any of the Trustees, officers or shareholders of the
Trust  individually,  but are binding  only upon the assets and  property of the
Fund.

     IN WITNESS WHEREOF, the said Trust has caused this Certificate to be signed
by its duly authorized officer.

Countersigned:                            Dated:
                                                ------------------------

BROWN BROTHERS HARRIMAN & CO.             VANGUARD WORLD FUNDS
(the Transfer Agent)                      (the Trust)


By:                                       By:
   -------------------------                 ---------------------------
     Authorized Signature                          Secretary







Unless this  Certificate  is presented by an  authorized  representative  of The
Depository Trust Company,  a New York corporation  ("DTC"),  to the Trust or its
transfer  agent for  registration  of  transfer,  exchange or  payment,  and any
certificate  issued is  registered  in the name of Cede & Co.,  or in such other
name as is requested by an authorized  representative of DTC (and any payment is
made to Cede & Co. or to such  other  entity as is  requested  by an  authorized
representative  of DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  inasmuch  as the  registered  owner
hereof, Cede & Co., has an interest herein.






NUMBER
[001]
CAPITAL STOCK


                                   ETF Shares

                      Vanguard Consumer Staples Index Fund
                                 A SERIES of the
                              VANGUARD WORLD FUNDS
                          (A Delaware Statutory Trust)

     THIS  CERTIFIES  that CEDE & CO. is the holder of the  current  outstanding
number of ETF Shares  issued by the Vanguard  Consumer  Staples  Index Fund (the
"Fund")  shown from time to time on the records of the Vanguard  World Funds,  a
Delaware  statutory trust (the "Trust"),  as represented by this  certificate of
the Trust, transferable only on the books and records of the Trust by the holder
hereof in person or by duly authorized  attorney-in-fact  upon surrender of this
Certificate properly endorsed. This Certificate is not valid until countersigned
by the transfer agent of the Trust.

     The  registered  holder of this  Certificate is entitled to all the rights,
interest and privileges of a holder of ETF Shares as provided by the Declaration
of Trust,  the by-laws of the Trust,  and the Vanguard Funds Multiple Class Plan
as from time to time amended, which are incorporated by reference herein.

     This  Certificate  is executed  on behalf of the Trust and the  obligations
hereof are not binding upon any of the Trustees, officers or shareholders of the
Trust  individually,  but are binding  only upon the assets and  property of the
Fund.

     IN WITNESS WHEREOF, the said Trust has caused this Certificate to be signed
by its duly authorized officer.

Countersigned:                            Dated:
                                                ------------------------

BROWN BROTHERS HARRIMAN & CO.             VANGUARD WORLD FUNDS
(the Transfer Agent)                      (the Trust)


By:                                       By:
   -------------------------                 ---------------------------
     Authorized Signature                          Secretary






Unless this  Certificate  is presented by an  authorized  representative  of The
Depository Trust Company,  a New York corporation  ("DTC"),  to the Trust or its
transfer  agent for  registration  of  transfer,  exchange or  payment,  and any
certificate  issued is  registered  in the name of Cede & Co.,  or in such other
name as is requested by an authorized  representative of DTC (and any payment is
made to Cede & Co. or to such  other  entity as is  requested  by an  authorized
representative  of DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  inasmuch  as the  registered  owner
hereof, Cede & Co., has an interest herein.






NUMBER
[001]
CAPITAL STOCK


                                   ETF Shares

                         Vanguard Financials Index Fund
                                 A SERIES of the
                              VANGUARD WORLD FUNDS
                          (A Delaware Statutory Trust)

     THIS  CERTIFIES  that CEDE & CO. is the holder of the  current  outstanding
number of ETF Shares issued by the Vanguard  Financials  Index Fund (the "Fund")
shown from time to time on the records of the Vanguard  World Funds,  a Delaware
statutory trust (the "Trust"),  as represented by this certificate of the Trust,
transferable  only on the books and records of the Trust by the holder hereof in
person or by duly authorized attorney-in-fact upon surrender of this Certificate
properly  endorsed.  This  Certificate is not valid until  countersigned  by the
transfer agent of the Trust.

     The  registered  holder of this  Certificate is entitled to all the rights,
interest and privileges of a holder of ETF Shares as provided by the Declaration
of Trust,  the by-laws of the Trust,  and the Vanguard Funds Multiple Class Plan
as from time to time amended, which are incorporated by reference herein.

     This  Certificate  is executed  on behalf of the Trust and the  obligations
hereof are not binding upon any of the Trustees, officers or shareholders of the
Trust  individually,  but are binding  only upon the assets and  property of the
Fund.

     IN WITNESS WHEREOF, the said Trust has caused this Certificate to be signed
by its duly authorized officer.

Countersigned:                            Dated:
                                                ------------------------

BROWN BROTHERS HARRIMAN & CO.             VANGUARD WORLD FUNDS
(the Transfer Agent)                      (the Trust)


By:                                       By:
   -------------------------                 ---------------------------
     Authorized Signature                          Secretary







Unless this  Certificate  is presented by an  authorized  representative  of The
Depository Trust Company,  a New York corporation  ("DTC"),  to the Trust or its
transfer  agent for  registration  of  transfer,  exchange or  payment,  and any
certificate  issued is  registered  in the name of Cede & Co.,  or in such other
name as is requested by an authorized  representative of DTC (and any payment is
made to Cede & Co. or to such  other  entity as is  requested  by an  authorized
representative  of DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  inasmuch  as the  registered  owner
hereof, Cede & Co., has an interest herein.






NUMBER
[001]
CAPITAL STOCK


                                   ETF Shares

                         Vanguard Health Care Index Fund
                                 A SERIES of the
                              VANGUARD WORLD FUNDS
                          (A Delaware Statutory Trust)

     THIS  CERTIFIES  that CEDE & CO. is the holder of the  current  outstanding
number of ETF Shares issued by the Vanguard  Health Care Index Fund (the "Fund")
shown from time to time on the records of the Vanguard  World Funds,  a Delaware
statutory trust (the "Trust"),  as represented by this certificate of the Trust,
transferable  only on the books and records of the Trust by the holder hereof in
person or by duly authorized attorney-in-fact upon surrender of this Certificate
properly  endorsed.  This  Certificate is not valid until  countersigned  by the
transfer agent of the Trust.

     The  registered  holder of this  Certificate is entitled to all the rights,
interest and privileges of a holder of ETF Shares as provided by the Declaration
of Trust,  the by-laws of the Trust,  and the Vanguard Funds Multiple Class Plan
as from time to time amended, which are incorporated by reference herein.

     This  Certificate  is executed  on behalf of the Trust and the  obligations
hereof are not binding upon any of the Trustees, officers or shareholders of the
Trust  individually,  but are binding  only upon the assets and  property of the
Fund.

     IN WITNESS WHEREOF, the said Trust has caused this Certificate to be signed
by its duly authorized officer.

Countersigned:                            Dated:
                                                ------------------------

BROWN BROTHERS HARRIMAN & CO.             VANGUARD WORLD FUNDS
(the Transfer Agent)                      (the Trust)


By:                                       By:
   -------------------------                 ---------------------------
     Authorized Signature                          Secretary





Unless this  Certificate  is presented by an  authorized  representative  of The
Depository Trust Company,  a New York corporation  ("DTC"),  to the Trust or its
transfer  agent for  registration  of  transfer,  exchange or  payment,  and any
certificate  issued is  registered  in the name of Cede & Co.,  or in such other
name as is requested by an authorized  representative of DTC (and any payment is
made to Cede & Co. or to such  other  entity as is  requested  by an  authorized
representative  of DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  inasmuch  as the  registered  owner
hereof, Cede & Co., has an interest herein.






NUMBER
[001]
CAPITAL STOCK


                                   ETF Shares

                   Vanguard Information Technology Index Fund
                                 A SERIES of the
                              VANGUARD WORLD FUNDS
                          (A Delaware Statutory Trust)

     THIS  CERTIFIES  that CEDE & CO. is the holder of the  current  outstanding
number of ETF Shares issued by the Vanguard  Information  Technology  Index Fund
(the "Fund") shown from time to time on the records of the Vanguard World Funds,
a Delaware statutory trust (the "Trust"),  as represented by this certificate of
the Trust, transferable only on the books and records of the Trust by the holder
hereof in person or by duly authorized  attorney-in-fact  upon surrender of this
Certificate properly endorsed. This Certificate is not valid until countersigned
by the transfer agent of the Trust.

     The  registered  holder of this  Certificate is entitled to all the rights,
interest and privileges of a holder of ETF Shares as provided by the Declaration
of Trust,  the by-laws of the Trust,  and the Vanguard Funds Multiple Class Plan
as from time to time amended, which are incorporated by reference herein.

     This  Certificate  is executed  on behalf of the Trust and the  obligations
hereof are not binding upon any of the Trustees, officers or shareholders of the
Trust  individually,  but are binding  only upon the assets and  property of the
Fund.

     IN WITNESS WHEREOF, the said Trust has caused this Certificate to be signed
by its duly authorized officer.

Countersigned:                            Dated:
                                                ------------------------

BROWN BROTHERS HARRIMAN & CO.             VANGUARD WORLD FUNDS
(the Transfer Agent)                      (the Trust)


By:                                       By:
   -------------------------                 ---------------------------
     Authorized Signature                          Secretary





Unless this  Certificate  is presented by an  authorized  representative  of The
Depository Trust Company,  a New York corporation  ("DTC"),  to the Trust or its
transfer  agent for  registration  of  transfer,  exchange or  payment,  and any
certificate  issued is  registered  in the name of Cede & Co.,  or in such other
name as is requested by an authorized  representative of DTC (and any payment is
made to Cede & Co. or to such  other  entity as is  requested  by an  authorized
representative  of DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  inasmuch  as the  registered  owner
hereof, Cede & Co., has an interest herein.






NUMBER
[001]
CAPITAL STOCK


                                   ETF Shares

                          Vanguard Materials Index Fund
                                 A SERIES of the
                              VANGUARD WORLD FUNDS
                          (A Delaware Statutory Trust)

     THIS  CERTIFIES  that CEDE & CO. is the holder of the  current  outstanding
number of ETF Shares  issued by the Vanguard  Materials  Index Fund (the "Fund")
shown from time to time on the records of the Vanguard  World Funds,  a Delaware
statutory trust (the "Trust"),  as represented by this certificate of the Trust,
transferable  only on the books and records of the Trust by the holder hereof in
person or by duly authorized attorney-in-fact upon surrender of this Certificate
properly  endorsed.  This  Certificate is not valid until  countersigned  by the
transfer agent of the Trust.

     The  registered  holder of this  Certificate is entitled to all the rights,
interest and privileges of a holder of ETF Shares as provided by the Declaration
of Trust,  the by-laws of the Trust,  and the Vanguard Funds Multiple Class Plan
as from time to time amended, which are incorporated by reference herein.

     This  Certificate  is executed  on behalf of the Trust and the  obligations
hereof are not binding upon any of the Trustees, officers or shareholders of the
Trust  individually,  but are binding  only upon the assets and  property of the
Fund.

     IN WITNESS WHEREOF, the said Trust has caused this Certificate to be signed
by its duly authorized officer.

Countersigned:                            Dated:
                                                ------------------------

BROWN BROTHERS HARRIMAN & CO.             VANGUARD WORLD FUNDS
(the Transfer Agent)                      (the Trust)


By:                                       By:
   -------------------------                 ---------------------------
     Authorized Signature                          Secretary






Unless this  Certificate  is presented by an  authorized  representative  of The
Depository Trust Company,  a New York corporation  ("DTC"),  to the Trust or its
transfer  agent for  registration  of  transfer,  exchange or  payment,  and any
certificate  issued is  registered  in the name of Cede & Co.,  or in such other
name as is requested by an authorized  representative of DTC (and any payment is
made to Cede & Co. or to such  other  entity as is  requested  by an  authorized
representative  of DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  inasmuch  as the  registered  owner
hereof, Cede & Co., has an interest herein.






NUMBER
[001]
CAPITAL STOCK


                                   ETF Shares

                          Vanguard Utilities Index Fund
                                 A SERIES of the
                              VANGUARD WORLD FUNDS
                          (A Delaware Statutory Trust)

     THIS  CERTIFIES  that CEDE & CO. is the holder of the  current  outstanding
number of ETF Shares  issued by the Vanguard  Utilities  Index Fund (the "Fund")
shown from time to time on the records of the Vanguard  World Funds,  a Delaware
statutory trust (the "Trust"),  as represented by this certificate of the Trust,
transferable  only on the books and records of the Trust by the holder hereof in
person or by duly authorized attorney-in-fact upon surrender of this Certificate
properly  endorsed.  This  Certificate is not valid until  countersigned  by the
transfer agent of the Trust.

     The  registered  holder of this  Certificate is entitled to all the rights,
interest and privileges of a holder of ETF Shares as provided by the Declaration
of Trust,  the by-laws of the Trust,  and the Vanguard Funds Multiple Class Plan
as from time to time amended, which are incorporated by reference herein.

     This  Certificate  is executed  on behalf of the Trust and the  obligations
hereof are not binding upon any of the Trustees, officers or shareholders of the
Trust  individually,  but are binding  only upon the assets and  property of the
Fund.

     IN WITNESS WHEREOF, the said Trust has caused this Certificate to be signed
by its duly authorized officer.

Countersigned:                            Dated:
                                                ------------------------

BROWN BROTHERS HARRIMAN & CO.             VANGUARD WORLD FUNDS
(the Transfer Agent)                      (the Trust)


By:                                       By:
   -------------------------                 ---------------------------
     Authorized Signature                          Secretary







Unless this  Certificate  is presented by an  authorized  representative  of The
Depository Trust Company,  a New York corporation  ("DTC"),  to the Trust or its
transfer  agent for  registration  of  transfer,  exchange or  payment,  and any
certificate  issued is  registered  in the name of Cede & Co.,  or in such other
name as is requested by an authorized  representative of DTC (and any payment is
made to Cede & Co. or to such  other  entity as is  requested  by an  authorized
representative  of DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  inasmuch  as the  registered  owner
hereof, Cede & Co., has an interest herein.