Vanguard FTSE Developed All Cap ex North America Index ETF

The investment objective of Vanguard FTSE Developed All Cap ex North America Index ETF (the ETF) is to track, to the extent reasonably possible and before fees and expenses, the performance of the FTSE Developed All Cap ex North America Index (the Index or the Benchmark). The Index is a market capitalization-weighted index representing the performance of large-, mid- and small-capitalization stocks in developed markets, excluding the United States and Canada. To achieve its investment objective, the ETF employs a passive management, or indexing, investment approach designed to track the performance of the 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.