Vanguard Total International Stock ETF - USD Stock

The Vanguard Total International Stock ETF employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted market-capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The Index includes approximately 5,800 stocks of companies located in over 45 countries. As of October 31, 2016, the largest markets covered in the Index were Japan, the United Kingdom, Canada, France, and Germany (which made up approximately 18%, 13%, 7%, 6%, and 6%, respectively, of the Index's market capitalization). The Fund invests all, or substantially all, of its assets in the common stocks included in its target index.