Vanguard Consumer Discretionary ETF (VCR)

The Vanguard Consumer Discretionary ETF (VCR) started trading in late January 2004. It tracks the MSCI US Investable Market Consumer Discretionary Index, minus expenses and fees. The ETF's approach to tracking the index is full replication. That is, VCR attempts to own every stock in the index whenever possible.

The MSCI US Investable Market Consumer Discretionary Index is a subset of the MSCI US Investable Market 2500 Index, and as its name suggests, has consumer discretionary stocks as components. As of June 2008, there are 412 stocks in the index of the following industries and weightings:


Basic materials 5.21%
Business services 2.06%
Consumer goods 13.43%
Consumer services 51.47%
Financial services 0.07%
Hardware 0.5%
Media 27.2%
Telecommunications 0.06%


The ETF is passively managed, with an expense ratio of 0.22%. The fund's most recent annual turnover rate was 8%.

Although this is subject to change, the ETF pays an annual dividend in December. The dividend is irregular, and past distributions have ranged from $0.308 a share to $0.47 a share.

As of June 2008, the Vanguard Consumer Staples ETF held 411 stocks, which had a median market cap of $12.5 billion.

The ETF's holdings are listed below.