World High Dividend Yield UCITS ETF USD Distributing

Objectives and investment policy The Fund employs a passive management – or indexing – investment approach, through physical acquisition of securities, and seeks to track the performance of the FTSE All-World High Dividend Yield Index (the “Index”). The Index is comprised of large and mid-sized company stocks, excluding real estate trusts, in developed and emerging markets that pay dividends that are generally higher than average. The Fund attempts to: 1. Track the performance of the Index by investing in a representative sample of Index constituent securities. 2. Remain fully invested and hold small amounts of cash except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy to avoid losses. The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. The base currency of the Fund is USD. The Fund invests in securities which are denominated in currencies other than the listing currency. Movements in currency exchange rates can affect the return of investments. The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. The Fund may not be appropriate for short-term investment. Income from the ETF Shares will normally be paid out quarterly. ETF Shares are listed on one or more stock exchange(s). Subject to certain exceptions set out in the Prospectus, investors who are not Authorised Participants may only sell ETF Shares through a company that is a member of a relevant stock exchange at any time when that stock exchange is open for business. Portfolio transaction costs will have an impact on performance. Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in the Supplement) by submitting an application in writing or by telephone. A list of the days on which shares in the Fund cannot be bought or sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11628 For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Funds plc Prospectus (the "Prospectus") on our website at https://global.vanguard.com