NUMBER
[001]
CAPITAL STOCK

                                   ETF Shares

                            VANGUARD MEGA CAP 300 ETF
                         VANGUARD MEGA CAP 300 VALUE ETF
                        VANGUARD MEGA CAP 300 GROWTH ETF
                                 a Class of the
                        VANGUARD MEGA CAP 300 INDEX FUND
                     VANGUARD MEGA CAP 300 VALUE INDEX FUND
                     VANGUARD MEGA CAP 300 GROWTH INDEX FUND
                              each 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 Vanguard Mega Cap 300 ETF shares issued by the Vanguard Mega Cap 300
Index Fund, Vanguard Mega Cap 300 Value ETF shares issued by the Vanguard Mega
Cap 300 Value Index Fund, Vanguard Mega Cap 300 Growth ETF shares issued by the
Vanguard Mega Cap 300 Growth Index Fund (each 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:______________________
   --------------------------
                                                     John J. Brennan
      Authorized Signature                        Chairman, President and
                                                     Chief Executive Officer






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.