Vanguard Global Minimum Volatility ETF

Vanguard Global Minimum Volatility ETF (the ETF) seeks to provide long-term capital appreciation with reduced volatility compared with the global equity market. Fund investing in equity securities from developed and emerging markets across the world. The ETF employs a proprietary quantitative model to evaluate an investment universe that is composed of large-, mid- and small-capitalization stocks and includes a diverse representation of companies, market sectors and industry groups. The model evaluates characteristics designed to measure exposure to a variety of factors that drive a securitys volatility, such as industry sector, liquidity, size, value and growth, with the aim of constructing a portfolio that achieves lower volatility relative to the global equity market, subject to a set of controls (in relation to country, industry, group, sector and individual security concentrations) that are designed to foster portfolio diversification and liquidity.