ESG North America All Cap UCITS ETF

The Fund employs a passive management – or indexing – investment approach, through physical acquisition of securities, and seeks to track the performance of the FTSE North America All Cap Choice Index (the “Index”). The Fund attempts to: 1. Track the performance of the Index by investing through physical acquisition in all, or substantially all, of the constituent securities of the Index in the same proportion as the Index. 2. Where not practicable to fully replicate, the Fund will use a sampling process. Remain fully invested except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy to avoid losses. The Index is a market-capitalisation-weighted index composed of large-, mid-, and small-cap stocks of companies located in the United States and Canada. Market-capitalisation is the value of a company's outstanding shares in the market and shows the size of a company. The Index is constructed from the FTSE North America All Cap Index (the “Parent Index”) which is then screened for certain environmental, social, and governance (i.e. controversy-related) criteria which is independent of Vanguard. Through the screening out of stocks of companies from its portfolio based on the potentially detrimental impact of their conduct or products on society and / or the environment, the Fund promotes certain environmental characteristics and social characteristics relating to social norms and standards. The Index methodology excludes stocks of companies that the sponsor of the Index determines (a) to be engaged or involved in specific activities of the supply chain for, and / or (b) derive revenue (above a threshold specified by the Index provider) from, certain activities relating to the following activities: (a) Vice Products (i.e., adult entertainment, alcohol, gambling, tobacco, cannabis); (b) Non-Renewable Energy (nuclear power, and fossil fuels (which includes: (i) companies that have greater than 50% owner