The Fund seeks to track the return of the MSCI World ex Australia ex Tobacco ex Controversial Weapons ex Nuclear Weapons 
Index (“The Index”) (with net dividends reinvested) in Australian dollars before taking into account fees, expenses and tax.

The Fund will hold or be exposed to most of the securities in the index, allowing for individual security weightings to vary marginally 
from the Index from time to time.

Benefits of investing with Vanguard

Competitive long-term performance 

Vanguard's investment approach provides investors with an efficient way to capture long-term market performance.

Diversification

The Fund invests in a diversified portfolio of securities, which means the Fund is less exposed to the performance fluctuations of individual securities.

Low cost investing 

The Fund has low ongoing fees as we strive to minimise the costs of managing and operating the Fund.

Risk level

High

Investor suitability

Buy and hold investors seeking long-term capital growth, some tax-effective income, and with a higher tolerance for the risks associated with share market volatility.

Investors seeking long-term capital growth and some tax-effective income via exposure to a diversified portfolio of Australian equity securities, and who have a higher tolerance for the risks associated with share market volatility.

About the Fund

The ETF provides low-cost, diversified exposure to the largest companies and property trusts listed on the Australian Securities Exchange. It offers potential long-term capital growth along with dividend income and franking credits.

What is an ETF?

An ETF is an Exchange Traded Fund, which is quoted for trading on the AQUA market of the ASX (in this case, it is the CDIs that are quoted for trading on the AQUA market of the ASX). Generally, these exchange traded funds comprise broadly diversified investment portfolios of either shares, bonds or real estate securities and are constructed using an indexed investment methodology.

ETFs seek to combine the best features of index managed funds and listed shares in one investment. Vanguard ETFs come with the benefits of low cost, broad diversification, transparency and tax efficiency due to low turnover of the underlying securities. However, unlike traditional index funds which are priced only once per day, ETF securities trade on a stock exchange so they can be bought and sold at any time during the trading day at prevailing market prices. ETFs carry certain risks (refer to the section 2. Risks' in the PDS for further details).

Who is Vanguard?

Vanguard Investments Australia Ltd (Vanguard) is a wholly owned subsidiary of The Vanguard Group, Inc. With more than AUD$6.9 trillion in assets under management as of 31 December 2018, including over AUD$1.2 trillion in ETFs; The Vanguard Group Inc is one of the world's largest global investment management companies. In Australia, Vanguard has been serving financial advisers, retail clients and institutional investors for more than 20 years.

How we invest your money

The Vanguard MSCI Australian Large Companies Index ETF seeks to track the return of the MSCI Australian Shares Large Cap Index before taking into account fees, expenses, and tax. The MSCI Australian Shares Large Cap Index was not created by, and is not managed by, a related body corporate of Vanguard.

To closely track the MSCI Australian Shares Large Cap Index, the Fund will hold all of the securities in the index (at most times) allowing for individual security weightings to vary marginally from the index from time to time. The Fund may invest in securities that have been or are expected to be included in the index.

Index information

The MSCI Australian Shares Large Cap Index is a component of the MSCI Global Investable Market Indices which offers coverage and non-overlapping size, style, and sector/industry segmentation of the global securities listed on developed market stock exchanges.

The securities in the MSCI Australian Shares Large Cap Index are those securities in the global universe of equity securities which are classified uniquely as Australian. The securities are screened for investability by considering such factors as market capitalisation, free float and trading activity to derive the "Investable Equity Universe. The MSCI Australian Shares Large Cap Index includes the largest Australian companies (by market capitalisation) so that the index free float adjusted market capitalisation is approximately 70% of the "Investable Equity Universe as defined by MSCI. The index values are calculated daily using the official exchange closing prices. Index values are available from MSCI.

MSCI indices are maintained through quarterly and semi-annual reviews conducted by MSCI. The semi-annual review is a thorough recalculation of the composition of securities in the index to reflect changes in companies, securities and their investability. The quarterly review adjusts for significant changes between the major reviews.

For information regarding the benchmark index values, returns, and methodology please refer to MSCI's website www.msci.com/products/indexes/