Vanguard Small-Cap ETF (the Fund) is an exchange-traded share class of Vanguard Small-Cap Index Fund, which employs a passive management or indexing investment approach designed to track the performance of the MSCI US Small Cap 1750 Index (the Index). The Index is a diversified index of stocks of smaller United States companies. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. The Fund's investment advisor is The Vanguard Group, Inc.