Vanguard FTSE Developed All Cap Ex U.S. Index ETF

The investment objective of Vanguard FTSE Developed All Cap ex U.S. 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 US Index (the Index). 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. The fund seeks to track, to the extent reasonably possible and before fees and expenses, the performance of a broad global equityindex that focuses on providing coverage of developed markets, excluding the U.S. Currently, this Vanguard ETF seeks to trackthe FTSE Developed All Cap ex US Index (or any successor thereto).