Editing Vanguard S&P 500 UCITS ETF

== Objective ==

* The Fund employs a passive management – or indexing – investment approach, through physical acquisition of securities, and seeks to track the performance of the Standard and Poor’s 500 Index (the “Index”).

* The Index is comprised of large-sized company stocks in the US.
* The Fund attempts to: 1. Track the performance of the Index by investing in all constituent securities of the Index in the same proportion as the Index. Where not practicable to fully replicate, the Fund will use a sampling process. 2. Remain fully invested except in extraordinary market, political or similar conditions.