Vanguard Total World Stock ETF (the Fund) seeks to track the performance of a benchmark index that measures the investment return of global stocks. The Fund employs a passive management or indexing investment approach designed to track the performance of the FTSE All-World Index (the Index). The Index includes approximately 2,900 stocks of companies located in 47 countries, including both developed and emerging markets. 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 and swap agreements. The Vanguard Group, Inc., through its Vanguard Quantitative Equity Group, provides investment advisory services to the Fund.