Vanguard U.S. Quality Factor ETF Shares

The fund invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with strong fundamentals as determined by the advisor. The portfolio will include a diverse mix of companies representing many different market sectors and industry groups. Under normal circumstances, it invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. quality stocks.