Vanguard FTSE All-World ex-US ETF (the Fund) is an exchange-traded share class of Vanguard FTSE All-World ex-US Index Fund, which employs a passive management or indexing investment approach designed to track the performance of the FTSE All-World ex US Index (the Index). The Index includes approximately 2,200 stocks of companies in 46 countries, from both developed and emerging markets worldwide. The Fund invests in a diversified sampling of stocks in the Index that approximates the Index�s key risk factors and characteristics. The Fund may invest, to a limited extent, in stock futures and options contracts, warrants, convertible securities, swap agreements and currency exchange contracts. The Fund�s investment advisor is The Vanguard Group, Inc.