Vanguard European ETF (the Fund) is an exchange-traded share class of Vanguard European Stock Index Fund. The Fund seeks to track the performance of the MSCI Europe Index (the Index), which measures the investment return of stocks issued by companies located in the major markets of Europe. The Fund employs a passive management or indexing investment approach by investing all, or substantially all, of its assets in the common stocks included in the Index. The Index is made up of common stocks of companies located in 16 European countries. The countries with the largest capitalization weightings in the Index are the United Kingdom, France, Switzerland and Germany. Other countries include Austria, Belgium, Denmark, Finland, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain and Sweden. It may invest, to a limited extent, in stock futures and options contracts, warrants, convertible securities and swap agreements. Its investment advisor is Vanguard Quantitative Equity Group.