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Vanguard Reports Expense Reductions On International Stock And Bond ETFs

Total savings to Vanguard clients now $69.3 million for the year

VALLEY FORGE, Pa., Dec. 24, 2019 /PRNewswire/ -- In annual reports being published today, nine stock and bond ETFs reported lower expense ratios, including the $24.3 billion Vanguard Total International Bond ETF, the $17.3 billion Vanguard Total International Stock ETF, and the $63.2 billion Vanguard Emerging Markets Stock ETF, the largest in its category1. Vanguard also reported lower expenses on two active funds: Vanguard Global Minimum Volatility Fund and Vanguard International Value Fund.

Vanguard (PRNewsfoto/Vanguard)

In aggregate, these changes represent $27.7 million in savings returned to investors, bringing the total 2019 client savings to $69.3 million.2 See the accompanying table for a full list of expense ratio changes by fund.

Last week, Vanguard announced expense ratio reductions on three international income-oriented funds and four externally managed active equity funds.

Vanguard Mutual Fund and ETF Expense Ratio Changes

Fund Name

2018 Fiscal
Year End
Expense
Ratio

2019 Fiscal
Year End
Expense Ratio

Change
(in basis
points)

Total International Stock ETF

0.09%

0.08%

-1

Total International Bond ETF

0.09%

0.08%

-1

FTSE Emerging Markets ETF

0.12%

0.10%

-2

Total World Stock ETF

0.09%

0.08%

-1

FTSE Europe ETF

0.09%

0.08%

-1

FTSE Pacific ETF

0.09%

0.08%

-1

FTSE All-World ex-US ETF

0.09%

0.08%

-1

FTSE All-World ex-US Small-Cap ETF

0.12%

0.11%

-1

Tax-Exempt Bond ETF

0.08%

0.06%

-2

Global Minimum Volatility Fund Investor

0.23%

0.21%

-2

Global Minimum Volatility Fund Admiral

0.15%

0.14%

-1

International Value Fund Investor

0.38%

0.37%

-1

Note: The 2018 expense ratios listed above reflect figures published in each fund's last annual report and prospectus. Updated 2019 figures will not be reflected in the funds' online profiles until each fund files its next prospectus.

About Vanguard
Vanguard is one of the world's largest investment management companies. As of November 30, 2019, Vanguard managed $6 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers 423 funds to its more than 30 million investors worldwide. For more information, visit vanguard.com.

Asset figures are as of November 30, 2019 unless otherwise noted.

1Source: Morningstar.

2Cumulative figure for all share classes from fiscal year ending August 2019 through October 2019 for the identified funds. Estimated savings is the difference between prior and current expense ratios multiplied by average AUM. Average AUM is based on daily average assets during a month, which are then averaged over the 12-months of the fiscal year.

For more information about Vanguard funds or Vanguard ETFs, visit vanguard.com or call 800-662-7447 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

All investing is subject to risk, including the possible loss of the money you invest. Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk. These risks are especially high in emerging markets. Prices of small-cap stocks often fluctuate more than those of large-company stocks. Diversification does not ensure a profit or protect against a loss.

Vanguard Marketing Corporation, Distributor of the Vanguard Funds.

Cision

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SOURCE Vanguard