Visit institutional.vanguard.com to obtain a prospectus or, if available, a summary prospectus, which contains investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing. Foreign investing involves additional risks including currency fluctuations and political uncertainty. Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries. For a decade or so before joining Vanguard, I managed a hedge fund. Over the years, I’ve had a multitude of conversations about how to properly benchmark hedge funds and other alternatives.