Vanguard FTSE Emerging Markets ETF

Summary Prospectus
February 27, 2023

Exchange-traded fund shares that are not individually redeemable and are
listed on NYSE Arca

Vanguard Emerging Markets Stock Index Fund ETF Shares (VWO)

The Fund’s statutory Prospectus and Statement of Additional

Information dated February 27, 2023, as may be amended or
supplemented, are incorporated into and made part of this Summary
Prospectus by reference.
Before you invest, you may want to review the Fund’s Prospectus,
which contains more information about the Fund and its risks. You can
find the Fund’s Prospectus and other information about the Fund online
at www.vanguard.com/prospectus and https://personal.vanguard.com/
us/literature/reports/ETFs. You can also obtain this information at no
cost by calling 866-499-8473 or by sending an email request to
online@vanguard.com.

The Securities and Exchange Commission (SEC) has not approved or disapproved these
securities or passed upon the adequacy of this prospectus. Any representation to the contrary is
a criminal offense.
Investment Objective
The Fund seeks to track the performance of a benchmark index that measures
the investment return of stocks issued by companies located in emerging
market countries.

Fees and Expenses

The following table describes the fees and expenses you may pay if you buy,
hold, and sell ETF Shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below.

Shareholder Fees
(Fees paid directly from your investment)

Transaction Fee on Purchases and Sales None*

Transaction Fee on Reinvested Dividends None*
Transaction Fee on Conversion to ETF Shares None*

* None through Vanguard (Broker fees vary)

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

Management Fees 0.05%

12b-1 Distribution Fee None
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.08%

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Example

The following example is intended to help you compare the cost of investing in
the Fund’s ETF Shares with the cost of investing in other funds. It illustrates the
hypothetical expenses that you would incur over various periods if you were to
invest $10,000 in the Fund’s shares. This example assumes that the shares
provide a return of 5% each year and that total annual fund operating expenses
remain as stated in the preceding table. You would incur these hypothetical
expenses whether or not you were to sell your shares at the end of the given
period. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$8 $26 $45 $103

This example does not include the brokerage commissions that you may pay to
buy and sell ETF Shares of the Fund.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in more taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the previous expense example, reduce the
Fund’s performance. During the most recent fiscal year, the Fund’s portfolio
turnover rate was 7% of the average value of its portfolio.

Principal Investment Strategies

The Fund employs an indexing investment approach designed to track the
performance of the FTSE Emerging Markets All Cap China A Inclusion Index. As
of October 31, 2022, the FTSE Emerging Markets All Cap China A Inclusion
Index is a market-capitalization-weighted index that is made up of approximately
4,459 common stocks of large-, mid-, and small-cap companies located in
emerging markets around the world. The Fund invests by sampling the Index,
meaning that it holds a broadly diversified collection of securities that, in the
aggregate, approximates the Index in terms of key characteristics. These key
characteristics include industry weightings and market capitalization, as well as
certain financial measures, such as price/earnings ratio and dividend yield.

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Principal Risks
An investment in the Fund could lose money over short or long periods of time.
You should expect the Fund’s share price and total return to fluctuate within a
wide range. The Fund is subject to the following risks, which could affect the
Fund’s performance:
• Stock market risk, which is the chance that stock prices overall will decline.
Stock markets tend to move in cycles, with periods of rising prices and periods
of falling prices. The Fund’s investments in foreign stocks can be riskier than U.S.
stock investments. Foreign stocks may be more volatile and less liquid than U.S.
stocks. The prices of foreign stocks and the prices of U.S. stocks may move in
opposite directions. In addition, the Fund’s target index may, at times, become
focused in stocks of a particular market sector, which would subject the Fund to
proportionately higher exposure to the risks of that sector.
• Emerging markets risk, which is the chance that the stocks of companies
located in emerging markets will be substantially more volatile, and substantially
less liquid, than the stocks of companies located in more developed foreign
markets because, among other factors, emerging markets can have greater
custodial and operational risks; less developed legal, tax, regulatory, financial
reporting, accounting, and recordkeeping systems; and greater political, social,
and economic instability than developed markets.
• Country/regional risk, which is the chance that world events—such as political
upheaval, financial troubles, or natural disasters—will adversely affect the value
of securities issued by companies in foreign countries or regions. Because the
Fund may invest a large portion of its assets in securities of companies located
in any one country or region, the Fund’s performance may be hurt
disproportionately by the poor performance of its investments in that area.
• Currency risk, which is the chance that the value of a foreign investment,
measured in U.S. dollars, will decrease because of unfavorable changes in
currency exchange rates. Currency risk is especially high in emerging markets.
• China A-shares risk, which is the chance that the Fund may not be able to
access its desired amount of China A-shares. Investing in A-shares through
Stock Connect or the QFI program is subject to trading restrictions and
suspensions, quota limitations and sudden changes in those limitations, and
operational, clearing, and settlement risks.
• Index sampling risk, which is the chance that the securities selected for the
Fund, in the aggregate, will not provide investment performance matching that
of the Fund’s target index.

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Because ETF Shares are traded on an exchange, they are subject to
additional risks:
• The Fund’s ETF Shares are listed for trading on NYSE Arca and are bought and
sold on the secondary market at market prices. Although it is expected that the
market price of an ETF Share typically will approximate its net asset value (NAV),
there may be times when the market price and the NAV differ significantly. Thus,
you may pay more or less than NAV when you buy ETF Shares on the secondary
market, and you may receive more or less than NAV when you sell those shares.
• Although the Fund’s ETF Shares are listed for trading on NYSE Arca, it is
possible that an active trading market may not be maintained.
• Trading of the Fund’s ETF Shares may be halted by the activation of individual
or marketwide trading halts (which halt trading for a specific period of time when
the price of a particular security or overall market prices decline by a specified
percentage). Trading of the Fund’s ETF Shares may also be halted if (1) the
shares are delisted from NYSE Arca without first being listed on another
exchange or (2) NYSE Arca officials determine that such action is appropriate in
the interest of a fair and orderly market or for the protection of investors.

An investment in the Fund is not a deposit of a bank and is not insured or

guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.

Annual Total Returns

The following bar chart and table are intended to help you understand the risks
of investing in the Fund. The bar chart shows how the performance of the Fund‘s
ETF Shares (based on NAV) has varied from one calendar year to another over
the periods shown. The table shows how the average annual total returns of the
ETF Shares compare with those of the Fund’s target index and other
comparative indexes, which have investment characteristics similar to those of
the Fund. The Spliced Emerging Markets Index reflects the performance of the
MSCI Emerging Markets Index through January 9, 2013; the FTSE Emerging
Transition Index through June 27, 2013; the FTSE Emerging Index through
November 1, 2015; the FTSE Emerging Markets All Cap China A Transition Index
through September 18, 2016; and the FTSE Emerging Markets All Cap China A
Inclusion Index thereafter. Returns for the FTSE Indexes shown are adjusted for
withholding taxes applicable to U.S.-based mutual funds organized as Delaware
statutory trusts. Keep in mind that the Fund’s past performance (before and after
taxes) does not indicate how the Fund will perform in the future. Updated
performance information is available on our website at
vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

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Annual Total Returns — Vanguard Emerging Markets Stock Index Fund ETF Shares

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

60%
40% 31.38
20.40
20% 11.75 15.32
0.60 0.96
0%
–5.00
-20% –15.35 –14.57 –17.72
-40%

During the periods shown in the bar chart, the highest and lowest returns for a
calendar quarter were:
Total Return Quarter
Highest 19.90% June 30, 2020
Lowest -24.55% March 31, 2020

Average Annual Total Returns for Periods Ended December 31, 2022
1 Year 5 Years 10 Years
Vanguard Emerging Markets Stock Index Fund ETF Shares
Based on NAV
Return Before Taxes -17.72% -0.30% 1.58%
Return After Taxes on Distributions -18.74 -1.14 0.77
Return After Taxes on Distributions and Sale of Fund Shares -10.17 -0.35 1.06
Based on Market Price
Return Before Taxes -18.04 -0.32 1.51
FTSE Emerging Markets All Cap China A Inclusion Index
(reflects no deduction for fees or expenses) -17.58% -0.17% 2.11%
Spliced Emerging Markets Index
(reflects no deduction for fees or expenses) -17.58 -0.17 1.76
FTSE Global All Cap ex US Index
(reflects no deduction for fees or expenses) -16.10 1.10 4.18

Actual after-tax returns depend on your tax situation and may differ from those
shown in the preceding table. When after-tax returns are calculated, it is
assumed that the shareholder was in the highest individual federal marginal
income tax bracket at the time of each distribution of income or capital gains or
upon redemption. State and local income taxes are not reflected in the
calculations. Please note that after-tax returns are not relevant for a shareholder
who holds fund shares in a tax-deferred account, such as an individual retirement
account or a 401(k) plan. Also, figures captioned Return After Taxes on

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Distributions and Sale of Fund Shares may be higher than other figures for the
same period if a capital loss occurs upon redemption and results in an assumed
tax deduction for the shareholder.

Investment Advisor
The Vanguard Group, Inc. (Vanguard)

Portfolio Managers

Michael Perre, Principal of Vanguard. He has managed the Fund since 2008
(co-managed since 2016).

Jeffrey D. Miller, Portfolio Manager at Vanguard. He has co-managed the Fund

since 2016.

Purchase and Sale of Fund Shares

ETF Shares may only be bought and sold in the secondary market through a
brokerage firm. The price you pay or receive for ETF Shares will be the prevailing
market price, which may be more (premium) or less (discount) than the NAV of
the shares. The brokerage firm may charge you a commission to execute the
transaction. Unless imposed by your brokerage firm, there is no minimum dollar
amount you must invest and no minimum number of shares you must buy. ETF
Shares of the Fund cannot be directly purchased from or redeemed with the
Fund, except by certain authorized broker-dealers. These broker-dealers may
purchase and redeem ETF Shares only in large blocks (Creation Units), typically
in exchange for baskets of securities.

An investor may incur costs attributable to the difference between the highest
price a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a
seller is willing to accept for ETF Shares (ask) when buying or selling shares in
the secondary market (bid-ask spread). Recent information, including information
on the Fund’s NAV, market price, premiums and discounts, and bid-ask spreads,
is available online at vanguard.com.

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain. If you
are investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply.

Payments to Financial Intermediaries

The Fund and its investment advisor do not pay financial intermediaries for sales
of Fund shares.
London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank Russell Company
(“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc. (“FTSE TMX”). All rights
reserved. “FTSE®”, “Russell®”, “MTS®“, “FTSE TMX®” and “FTSE Russell” and other service marks and trademarks
related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used
by FTSE, MTS, FTSE TMX and Russell under license. All information is provided for information purposes only. Every
effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can
be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use
of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim,
prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from
the use of the Indices or the fitness or suitability of the Indices for any particular purpose to which they might be put.
The London Stock Exchange Group companies do not provide investment advice and nothing in this document should
be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no
representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not
be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an
index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication
should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.
No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any
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use of their indexes to create financial products require a license with FTSE, FTSE TMX, MTS and/or Russell and/or
its licensors.

Vanguard Emerging Markets Stock Index Fund ETF Shares—Fund Number 964

To request additional information about the Fund, please visit vanguard.com or contact us at 866-499-8473.

© 2023 The Vanguard Group, Inc. All rights reserved.

U.S. Patent No. 6,879,964.
Vanguard Marketing Corporation, Distributor.
SP 964 022023