Vanguard announces expense ratio changes in equity and bond funds

VALLEY FORGE, Pa., February 25, 2022 /PRNewswire/ — Vanguard today announced expense ratio changes for 18 funds across multiple ETF and mutual fund equity classes, including a wide range of international strategies. The company continues to return value to investors thanks to the fund’s lower spending on its the way back $1 billion cost savings for shareholders by the end of 2025. Changes reported today in prospectus filings align with funds whose fiscal years end October 2021 and represent $34.2 million net savings for investors.¹

Changes in the expense ratio occur for a variety of reasons, including asset growth and operational efficiency. For most of Vanguard’s external advisory arrangements, the advisor’s fees are also subject to adjustment up or down based on their investment performance relative to the total return of an appropriate benchmark. Changes in the expense ratio may also reflect other types of portfolio management fees. For funds that employ both short and long-selling strategies, such as the Vanguard Alternative Strategies Fund, expense ratios may include borrowing expenses, as well as dividend expenses on securities sold short , and may experience significant changes from year to year.

Expense ratio changes for Vanguard funds and ETFs

name	Teleprinter	Financial year 2020 end of the year costs report	Financial year 2021 end of the year expense ratio	Change (In base points)
Vanguard International High Dividend Yield ETF	VYMI	0.28%	0.22%	-6
Admiral shares of the Vanguard International High Dividend Yield Index	HIVAX	0.28%	0.22%	-6
Vanguard Emerging Markets Government Bond ETF	VWOB	0.25%	0.20%	-5
Vanguard Emerging Markets Government Bond Index Fund Admiral Shares	VGAVX	0.25%	0.20%	-5
Vanguard Emerging Markets Government Bond Index Fund Institutional Equity	VGIVX	0.23%	0.18%	-5
Vanguard International Dividend Appreciation ETF	Vigi	0.20%	0.15%	-5
Vanguard FTSE All-World ex-US Small-Cap ETF	VSS	0.11%	0.07%	-4
Vanguard Actions Admiral International Dividend Appreciation Index	VIAXX	0.20%	0.16%	-4
Vanguard FTSE Emerging Markets ETF	VWO	0.10%	0.08%	-2
Vanguard Emerging Markets Select Equity Fund	VMMSX	0.85%	0.84%	-1
Vanguard Explorer Fund Investor Shares	VEXPX	0.41%	0.40%	-1
Vanguard Explorer Fund Admiral Shares	VEXRX	0.30%	0.29%	-1
Vanguard FTSE All-World ex-US ETF	VIEW	0.08%	0.07%	-1
Vanguard Mid Cap Growth Fund	VMGRX	0.34%	0.33%	-1
Vanguard Tax-Exempt Bond Index Fund ETF	VTEB	0.06%	0.05%	-1
Vanguard Total International Bond ETF	BNDX	0.08%	0.07%	-1
Vanguard Total International Stock ETF	VXUS	0.08%	0.07%	-1
Vanguard Total World Stock ETF	Vermont	0.08%	0.07%	-1
Vanguard International Value Fund	VTRIX	0.35%	0.36%	1
Vanguard International Exploration Fund	VINEX	0.39%	0.40%	1
Vanguard Selected Value Fund	VASVX	0.31%	0.32%	1
Vanguard Windsor Fund Investor Stocks	VWNDX	0.29%	0.30%	1
Vanguard Windsor Fund Admiral Shares	VWNEX	0.19%	0.20%	1
Vanguard Alternative Strategies Fund	VASFX	0.78%	1.28%	50

About Vanguard

Founded in 1975, Vanguard is one of the world’s leading investment management companies. The firm offers investment, advisory and retirement services to individual investors, institutions and financial professionals. Situated at Valley Forge, PennsylvaniaVanguard has offices around the world and manages $8.1 trillion on behalf of 30 million customers in January 31, 2022. Vanguard operates under a unique, investor-owned structure, where shareholders of Vanguard funds own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple goal: to stand up for all investors, treat them fairly, and give them the best chance for investment success. For more information, visit vanguard.com.

All digits at January 31, 2022 unless otherwise stated.

¹ Estimated savings for identified funds are the difference between past and current expense ratios multiplied by average assets under management (AUM). Average AUM is based on daily average assets during a month, which are then averaged over the 12 months of the fiscal year ending October 2021.

Any investment is subject to risk, including the possible loss of the money you invest.

For more information about Vanguard funds, go to vanguard.com for a prospectus or, where available, a simplified prospectus. The investment objectives, risks, charges, expenses and other important information are contained in the prospectus; read it and think about it carefully before investing.

Vanguard ETF shares are not redeemable from the issuing fund except 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.

Investments in securities issued by non-US companies and governments are subject to risks, including country/regional risk and currency risk. These risks are particularly high in emerging markets.

Bond funds are exposed to the risk that an issuer will not make payments on time and that bond prices will decline due to rising interest rates or negative perceptions of an issuer’s ability to make payments.

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