Vanguard Global Momentum Factor ETF

Vanguard Global Momentum Factor ETF (the ETF) seeks to provide long-term capital appreciation. Fund investing in equity securities that have demonstrated strong recent performance and that are located in developed 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 favours stocks that, when compared with other securities in the investment universe, have relatively strong recent past performance (assessed in terms of both non-risk-adjusted and risk-adjusted return, over shorter (approximately 6 months) and intermediate (approximately 12 months) periods prior to the acquisition of the securities by the ETF) (the Momentum Factor).