Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged)

The investment objective of Vanguard U.S. Dividend Appreciation Index ETF (CAD-hedged) (the ETF) is to track, to the extent reasonably possible and before fees and expenses, the performance of the S&P U.S. Dividend Growers Index (CAD-hedged) (the Index). The Index is a float adjusted market capitalization weighted index that consists of common stocks in the S&P United States BMI that have followed a policy of consistently increasing dividends every year for at least 10 years, subject to a dividend yield sustainability screen and a 4% company cap at the time of any rebalancing. The U.S. dollar exposure of the securities included in the S&P U.S. Dividend Growers Index is hedged to the Canadian dollar.