Vanguard Wellington U.S. Value Active ETF (VUSV)

The Vanguard Wellington U.S. Value Active ETF is an actively managed equity fund sponsored by Vanguard, with portfolio management provided by Wellington Management Company, a long-time subadviser to Vanguard funds.

The fund invests mainly in stocks of U.S. companies that the managers consider undervalued relative to their fundamentals, such as earnings, cash flow, assets or dividend-paying capacity. Holdings are chosen through bottom-up fundamental research rather than by replicating an index, so the portfolio can differ from broad value benchmarks in its sector weights and individual positions.

The ETF brings Wellington's active value-stock approach into an exchange-traded format. Vanguard is headquartered in Malvern, Pennsylvania, and Wellington Management is based in Boston.