Vanguard U.S. Liquidity Factor ETF

The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in securities issued by U.S. companies.

The team favors securities exhibiting the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with lower measures of trading liquidity.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio holds companies representing many different market sectors and industry groups.