Vanguard Global Value Equity Active ETF (Managed Fund) seeks to provide long term capital appreciation through an active approach that invests in global equity securities demonstrating value characteristics. In pursuit of its investment objective, Vanguard uses a proprietary quantitative model to evaluate an investment universe comprised of large, mid and small cap equity securities from developed markets across the world, which includes a diverse representation of companies, market sectors and industry groups. This investment universe is drawn primarily from equity securities included in the FTSE Developed All Cap Index and the Russell 3000 Index. Vanguard’s quantitative model implements a rules-based active approach that aims to assess the factor exposures of securities, favouring equity securities which, when compared to other securities in the investment universe, have lower prices relative to their fundamental measures of value (which measures may include price-to-book or price-to-earnings ratio, price-to-estimated future earnings and price-to-operating cash flow). The value factor has been shown to be a component of long-run stock market returns. [Less]