Vanguard Total World Stock ETF

The Vanguard Total World Stock ETF employs an indexing investment approach designed to track the performance of the FTSE Global All Cap Index, a float-adjusted, market-capitalization-weighted index designed to measure the market performance of large-, mid-, and small-capitalization stocks of companies located around the world. As of October 31, 2016, the Index included 7,707 stocks of companies located in 49 countries, including both developed and emerging markets. As of October 31, 2016, the largest markets covered in the Index were the United States, Japan, the United Kingdom, and Canada (which made up approximately 53%, 9%, 6%, and 3%, respectively, of the Index’s market capitalization). The Fund attempts to sample the target index by investing all, or substantially all, of its assets in common stocks in the Index and by holding a representative sample of securities that resembles the full Index in terms of key risk factors and other characteristics. These factors include industry weightings, country weightings, market capitalization, and other financial characteristics of stocks.