The Vanguard ETF seeks to track, to the extent reasonably possible and before fees and expenses, the performance of FTSE Emerging All Cap index. Currently, the Vanguard ETF seeks to track the index. It invests directly or indirectly primarily in large, mid and small capitalization stocks of companies located in emerging markets. In order to achieve its investment objective, the Vanguard ETF employs a “passive management” - or indexing - investment approach designed to track the performance of the index.