vanguard etf strategies · 2020. 7. 20. · a portfolio strategy, are competitively priced to allow...

Vanguard ETF strategiesBuild portfolios your way

Connect with Vanguard™ > vanguard.com.au/etfs

Contents

Build portfolios your way 3

Vanguard Diversified ETFs 4

Vanguard ETF model portfolios 8

Vanguard index and active ETFs for dynamic asset allocation 10

Vanguard ETF strategies 3

When it comes to constructing and maintaining your clients’ investment portfolios, flexibility and choice are key.

Low-cost strategies using exchange traded funds (ETFs) not only offer flexibility and choice, but also help streamline traditional portfolio construction efforts and free up your time to focus on client relationship and business needs.

This guide provides three different ways to effectively implement Vanguard ETFs into portfolios.

Each method or strategy is designed with a different focus in mind, from straightforward solutions for low touch clients through to model portfolios where you can create diversified and flexible portfolios that fit your clients’ specific needs.

No matter which strategy you choose, the benefits for both your clients and your business make Vanguard ETFs an attractive solution.

Benefits for your clients

Choice to suit different needsVanguard offers a wide range of ETFs, from index ETFs to factor-based active products, providing you with choice for different client needs.

Broad exposureRegardless of your clients’ asset allocation needs, Vanguard ETFs offer a high level of diversification through broad exposure to domestic and international markets.

Lower investment costsVanguard ETFs, whether used alone or together as a portfolio strategy, are competitively priced to allow your clients to keep more of their investment returns.

Benefits for your business

Gain more time to grow your practiceUsing simple, low-cost ETF strategies in client portfolios allows you to spend more time delivering value for clients on services beyond the investment selection. Building out your value proposition to focus on services like risk profiling, estate planning, retirement planning and tax planning often leads to higher client satisfaction, especially during down markets as clients can see the value their adviser adds in a tangible way.

Streamline your investment processSimplify your efforts to offer diversified portfolios by providing access to calibrated asset allocations that fit your clients’ particular risk profiles and investment objectives. In turn, this also provides you with a simple investment philosophy that clients can understand.

Lower costs without impacting your marginAs the financial advice industry continues to feel the pressure to reduce fees, ETFs can allow you to lower costs for your clients without reducing your advice margin.

Build portfolios your way

Professionally managed asset allocations and rebalancing using our broadly diversified ETFs.

Low cost, with broadly diversified asset class exposure. Flexible implementation.

Adjust portfolio exposure instantly with single asset class, low-cost ETFs.

VanguardETF modelportfolios

VanguardDiversi�ed

ETFs

VanguardETF dynamic

assetallocation



ETFs

VanguardETF dynamic

assetallocation



ETFs

VanguardETF dynamic

assetallocation

Connect with Vanguard™ > vanguard.com.au/etfs > 1300 655 2054

A top-down approach to portfolio construction

Asset allocation

Sub-asset allocation

Investment selection

Our Diversified ETFs offer straightforward design, low management fees and varying exposures of equity and fixed interest to suit a range of client goals, risk tolerances, and time horizons.

Creating a portfolio using Vanguard Diversified ETFs is an attractive option for clients that demand the benefits of a diversified, low-cost portfolio that delivers competitive returns over the long term.

Take advantage of the experience of a proven leader

The asset allocation and portfolio construction of Vanguard Diversified ETFs are created and maintained by our Investment Strategy Group, which is responsible for overseeing Vanguard’s investment methodology, including portfolio construction and asset allocation modelling.

The group draws on more than 40 years of portfolio management experience at Vanguard to ensure that our portfolios reflect our investment philosophy. We believe that investors maximise their chance of success when they select and stick with asset allocations that reflect their goals, tolerance for risk and time horizons; diversify broadly within each asset class; and minimise the costs of investing.

Vanguard Diversified ETFs

Leverage professionally monitored asset allocations and efficient ongoing rebalancing with Vanguard Diversified ETFs.

Vanguard’s suite of Diversified ETFs apply investment best practices that add real value for your clients. The portfolios include strategic asset allocation and broad diversification, as well as automatic rebalancing to ensure the portfolio allocation remains intact over the long term without you having to spend time managing this process.


Conservative Balanced Growth High Growth

Table 1. Diversified ETFs strategic asset allocation as at December 2018

Asset allocation (%)

Vanguard Cash Plus Fund 10.00 0.00 0.00 0.00

Vanguard Australian Fixed Interest Index Fund 18.00 15.00 9.00 3.00

Vanguard Global Aggregate Bond Index Fund (Hedged) 42.00 35.00 21.00 7.00

Total Income 70.00 50.00 30.00 10.00

Vanguard Australian Shares Index Fund 12.00 20.00 28.00 36.00

Vanguard International Shares Index Fund 8.50 14.50 20.50 26.50

Vanguard International Shares Index Fund (Hedged) 5.50 9.00 12.50 16.00

Vanguard International Small Companies Index Fund 2.00 3.50 5.00 6.50

Vanguard Emerging Markets Shares Index Fund 2.00 3.00 4.00 5.00

Total Growth 30.00 50.00 70.00 90.00

GrowthIncomeGrowthIncome GrowthIncome GrowthIncome


ASX code: Price:

0.27% (p.a.)

Risk profile:

70% income

30% growth

Investment objectiveThe Vanguard Diversified Conservative Index ETF seeks to track the weighted average return of the various indices of the underlying funds in which it invests, in proportion to the strategic asset allocation, before taking into account fees, expenses and tax.

OverviewThe ETF provides low-cost access to a range of sector funds, offering broad diversification across multiple asset classes. The Diversified Conservative ETF is biased towards income assets, and is designed for investors with a low tolerance for risk. The ETF targets a 70% allocation to income asset classes and a 30% allocation to growth asset classes.

Investor profile

ASX code: Price:

0.27% (p.a.)

Risk profile:

50% income

50% growth

Investment objectiveThe Vanguard Diversified Balanced Index ETF seeks to track the weighted average return of the various indices of the underlying funds in which it invests, in proportion to the strategic asset allocation, before taking into account fees, expenses and tax.

OverviewThe ETF provides low-cost access to a range of sector funds, offering broad diversification across each asset class. The Diversified Balanced ETF is designed for investors seeking a balance between income and capital growth. The ETF targets a 50% allocation to income asset classes and a 50% allocation to growth asset classes.

Investor profile

Investment horizonShort Long

Risk tolerance

Investment goalLow High

Capital protection Capital growth


Risk tolerance



1.Equity

2.Fixed Income

3.Cash

4.Property

5a.Infrastructure

5b.Infrastucture

6.Commodities

7.Other assets

Vanguard Australian Shares Index FundVanguard International Shares Index FundVanguard International Shares Index Fund (Hedged)Vanguard International Fixed Interest Index Fund (Hedged)Vanguard International Credit Securities Index Fund (Hedged)Vanguard Australian Fixed Interest Index FundVanguard Cash Plus FundVanguard Global Infrastructure Index Fund (Hedged)Vanguard Australian Property Securities Index FundVanguard International Property Securities Index Fund (Hedged)

1.Equity

2.Fixed Income

3.Cash

4.Property

5a.Infrastructure

5b.Infrastucture

6.Commodities

7.Other assets


10.0 Cash 18.0 Australian Fixed Interest 42.0 International Fixed Interest (Hedged) 12.0 Australian Shares 8.5 International Shares 5.5 International Shares (Hedged) 2.0 International Small Companies 2.0 Emerging Markets

15.0 Australian Fixed Interest 35.0 International Fixed Interest (Hedged) 20.0 Australian Shares 14.5 International Shares 9.0 International Shares (Hedged) 3.5 International Small Companies 3.0 Emerging Markets

Target asset allocation Target asset allocation

Vanguard Diversified Conservative Index ETF

Vanguard Diversified Balanced Index ETF

VDCO VDBA


ASX code: Price:

0.27% (p.a.)

Risk profile:

30% income

70% growth

Investment objectiveThe Vanguard Diversified Growth Index ETF seeks to track the weighted average return of the various indices of the underlying funds in which it invests, in proportion to the strategic asset allocation, before taking into account fees, expenses and tax.

OverviewThe ETF provides low-cost access to a range of sector funds, offering broad diversification across each asset class. The Diversified Growth ETF is biased towards growth assets, and is designed for investors seeking long-term capital growth. The ETF targets a 30% allocation to income asset classes and a 70% allocation to growth asset classes.

Investor profile

ASX code: Price:

0.27% (p.a.)

Risk profile:

10% income

90% growth

Investment objectiveThe Vanguard Diversified High Growth Index ETF seeks to track the weighted average return of the various indices of the underlying funds in which it invests, in proportion to the strategic asset allocation, before taking into account fees, expenses and tax.

OverviewThe ETF provides low-cost access to a range of sector funds, offering broad diversification across each asset class. The Diversified High Growth ETF invests mainly in growth assets, and is designed for investors with a high tolerance for risk who are seeking long-term capital growth. The ETF targets a 10% allocation to income asset classes and a 90% allocation to growth asset classes.

Investor profileInvestment horizon

Short Long

Risk tolerance




Risk tolerance



1.Equity

2.Fixed Income

3.Cash

4.Property

5a.Infrastructure

5b.Infrastucture

6.Commodities

7.Other assets


1.Equity

2.Fixed Income

3.Cash

4.Property

5a.Infrastructure

5b.Infrastucture

6.Commodities

7.Other assets




Target asset allocationTarget asset allocation

Vanguard Diversified Growth Index ETF

Vanguard Diversified High Growth Index ETF

VDGR VDHG


Vanguard ETF model portfolios provide you with a strategic asset allocation framework to help build diversified portfolios that suit a range of investor profiles.

In contrast to the Diversified ETF range, the model portfolios allow you to build a diversified exposure to the constituent asset classes through Vanguard’s individual ETF and fund range. This means the framework is flexible and you can dial up or down certain allocations if that better suits your client’s goals.

Choose this implementation method if you want to take final control over asset allocation and are happy to rebalance the portfolio when needed.

There are two model portfolios to choose from. They each offer different benefits which are described below and on the next page, but both allow you to cater for the most conservative clients through to those with a longer investment time frame that requires greater exposure to growth assets.

Vanguard ETF model portfolios

Model portfolio A ETF/ASX/APIR Conservative Balanced Growth High Growth

Income

Australian fixed interest VAF 18% 15% 9% 3%

International fixed interest (hedged) VBND 42% 35% 21% 7%

Cash VAN0102AU1 10% 0% 0% 0%

Total income 70% 50% 30% 10%

Growth

Australian equity VAS 12% 20% 28% 36%

International equity2 VTS 6.5% 11% 15.5% 20%

International equity (ex-US shares) VEU 6% 10% 14% 18%

International equity (hedged) VGAD 5.5% 9% 12.5% 16%

Total growth 30% 50% 70% 90%

Portfolio weighted management expense ratio p.a. 0.19% 0.16% 0.15% 0.14%

1 The Vanguard wholesale fund has been used to achieve exposure to short-term money market securities to complement ETF asset allocations.2 Allocation to international equities based on the US being approximately 53% of total world market cap.

Why choose model portfolio A?

r Low costs – A key driver in each model portfolio is to keep costs low with portfolio weighted management expense ratios of between 0.14% and 0.19% p.a..

r Diversification – All model portfolios from conservative through to high growth provide investors with broad diversification. Each strategy allows you to add over 10,000 securities to a portfolio.

r Flexibility – Each ETF is purchased individually so the model portfolios offer you the flexibility of dialling up or down certain asset exposures to meet a client’s specific needs.


Model portfolio B ETF/ASX/APIR Conservative Balanced Growth High Growth

Income

Australian fixed interest VAF 18% 15% 9% 3%

International fixed interest (hedged) VBND 42% 35% 21% 7%

Cash VAN0102AU3 10% 0% 0% 0%

Total income 70% 50% 30% 10%

Growth

Australian equity VAS 12% 20% 28% 36%

International equity VGS 8.5% 14.5% 20.5% 26.5%

International equity – emerging markets VGE 2% 3% 4% 5%

International equity – small companies VISM 2% 3.5% 5% 6.5%

International equity (hedged) VGAD 5.5% 9% 12.5% 16%

Total growth 30% 50% 70% 90%

Portfolio weighted management expense ratio p.a. 0.21% 0.20% 0.20% 0.20%

3 The Vanguard wholesale fund have been used to achieve exposure to short-term money market securities.

Why choose model portfolio B?

r Ease of administration – The four model portfolios all contain locally domiciled Vanguard funds. This can result in less paperwork compared to cross-listed ETFs (ETFs that have a listing on a different exchange than their primary listing) and save time and administration for your business.

r Diversification – All model portfolios from conservative through to high growth provide investors with broad diversification. Each strategy allows you to add over 10,000 securities to a portfolio.

r Flexibility – Each ETF is purchased individually so the model portfolios offer you the flexibility of dialling up or down certain asset exposures to meet a client’s specific needs.

Conservative

Balanced

Risk (Volatility)

Ret

urn

Growth

High growth

Asset allocations between growth and income assets are split as follows:

Conservative: 30% growth 70% incomeBalanced: 50% growth 50% incomeGrowth: 70% growth 30% incomeHigh growth: 90% growth 10% income


Vanguard’s diverse range of single asset class ETFs allows you to design and build an entire portfolio using your dynamic asset allocation. Our ETFs have no minimum investment amount, so no matter how small or large the allocation to a particular ETF, they’re an attractive way for clients to gain broad market exposure.

Alternatively, if you’re working with an established portfolio where you need to adjust or tilt the asset allocation to suit the changing needs of your clients

you can add one or more of our ETFs as needed. Whether you want exposure to a certain asset class to better balance a portfolio or to instantly gain diversified exposure, Vanguard ETFs can be used to tailor your clients’ portfolios – while keeping costs low.

For example, the Vanguard FTSE Asia ex Japan Shares Index ETF (VAE) provides specific regional exposure to securities listed in Asia (excluding Japan, Australia, and New Zealand).

Vanguard index and active ETFs for dynamic asset allocation

Vanguard ETF nameBenchmark

ASX Code

Mgmt. Cost (% p.a.)

Inception Date1

Vanguard Diversified Conservative Index ETF VDCO 0.27 20 Nov 2017Bmk: Conservative Composite Index A

Vanguard Diversified Balanced Index ETF VDBA 0.27 20 Nov 2017Bmk: Balanced Composite Index B

Vanguard Diversified Growth Index ETF VDGR 0.27 20 Nov 2017Bmk: Growth Composite Index C

Vanguard Diversified High Growth Index ETF VDHG 0.27 20 Nov 2017Bmk: High Growth Composite Index D

Vanguard Australian Fixed Interest Index ETF VAF 0.20 29 Oct 2012Bmk: Bloomberg AusBond Composite 0+ Yr Index

Vanguard Australian Government Bond Index ETF VGB 0.20 24 Apr 2012Bmk: Bloomberg AusBond Govt 0+ Yr Index

Vanguard Australian Corporate Fixed Interest Index ETF VACF 0.26 23 May 2016Bmk: Bloomberg AusBond Credit 0+ Yr Index

Vanguard International Fixed Interest Index (Hedged) ETF VIF 0.20 4 Dec 2015Bmk: Bloomberg Barclays Global Treasury Index hedged into Australian Dollars

Vanguard International Credit Securities Index (Hedged) ETFVCF 0.30 4 Dec 2015Bmk: Bloomberg Barclays Global Aggregate Government-related and Corporate Index

hedged into Australian Dollars

Vanguard Global Aggregate Bond Index (Hedged) ETFVBND 0.20 10 Oct 2017Bmk: Bloomberg Barclays Global Aggregate Float Adjusted Index hedged into Austral-

ian dollars

Vanguard Ethically Conscious Global Aggregate Bond Index ETFVEFI 0.26 11 Sep 2018Bmk: Bloomberg Barclays MSCI Global Aggregate SRI Exclusion Float Adjusted Index

hedged into Australian dollars

1 Inception date represents either fund commencement date or date that initial funding was first received (whichever is later).A Conservative Composite Index - Wholesale comprises of (weight/index): 12% S&P/ASX300 Index, 8.5% MSCI World ex-Australia Index (with net dividends reinvested) in Australian

dollars, 5.5% MSCI World ex-Australian Index (with net dividends reinvested) hedged into Australian dollars, 2% MSCI World ex-Australia Small Cap Index (with net dividends reinvested) in Australian dollars, 2% MSCI Emerging Markets Index (with net dividends reinvested) in Australian dollars, 18% Bloomberg Barclays AusBond Composite 0+ Yr Index, 42% Bloomberg Barclays Global Aggregate Float Adjusted Index hedged into Australian dollars, 10% Bloomberg AusBond Bank Bill Index.

B Balanced Composite Index - Wholesale comprises of (weight/index): 20% S&P/ASX300 Index, 14.5% MSCI World ex-Australia Index (with net dividends reinvested) in Australian dollars, 9% MSCI World ex-Australian Index (with net dividends reinvested) hedged into Australian dollars, 3.5% MSCI World ex-Australia Small Cap Index (with net dividends reinvested) in Australian dollars, 3% MSCI Emerging Markets Index (with net dividends reinvested) in Australian dollars, 15% Bloomberg Barclays AusBond Composite 0+ Yr Index, 35% Bloomberg Barclays Global Aggregate Float Adjusted Index hedged into Australian dollars.

C Growth Composite Index - Wholesale comprises of (weight/index): 28% S&P/ASX300 Index, 20.5% MSCI World ex-Australia Index (with net dividends reinvested) in Australian dollars, 12.5% MSCI World ex-Australian Index (with net dividends reinvested) hedged into Australian dollars, 5% MSCI World ex-Australia Small Cap Index (with net dividends reinvested) in Australian dollars, 4% MSCI Emerging Markets Index (with net dividends reinvested) in Australian dollars, 9% Bloomberg Barclays AusBond Composite 0+ Yr Index, 21% Bloomberg Barclays Global Aggregate Float Adjusted Index hedged into Australian dollars.

D High Growth Composite Index - Wholesale comprises of (weight/index): 36% S&P/ASX300 Index, 26.5% MSCI World ex-Australia Index (with net dividends reinvested) in Australian dollars, 16% MSCI World ex-Australian Index (with net dividends reinvested) hedged into Australian dollars, 6.5% MSCI World ex-Australia Small Cap Index (with net dividends reinvested) in Australian dollars, 5% MSCI Emerging Markets Index (with net dividends reinvested) in Australian dollars, 3% Bloomberg Barclays AusBond Composite 0+ Yr Index, 7% Bloomberg Barclays Global Aggregate Float Adjusted Index hedged into Australian dollars.

DIV

ERSI

FIED

AU

ST. F

IXED

INCO

ME

INTE

RNAT

ION

AL F

IXED

INCO

ME


For clients seeking exposure to many of the world’s largest companies listed in major developed countries, the Vanguard MSCI Index International Shares (Hedged) ETF (VGAD) allows investors to participate in the long-term growth potential of international

economies outside Australia. The ETF is hedged to Australian dollars so the value of the fund is relatively unaffected by currency fluctuations.

Vanguard ETF nameBenchmark

ASX Code

Mgmt. Cost (% p.a.)

Inception Date1

Vanguard Australian Shares Index ETF VAS 0.14 4 May 2009Bmk: S&P/ASX 300 Index

Vanguard Australian Shares High Yield ETF VHY 0.25 23 May 2011Bmk: FTSE® Australia High Dividend Yield Index

Vanguard MSCI Australian Large Companies Index ETF VLC 0.20 23 May 2011Bmk: MSCI Australian Shares Large Cap Index

Vanguard MSCI Australian Small Companies Index ETF VSO 0.30 23 May 2011Bmk: MSCI Australian Shares Small Cap Index

Vanguard Australian Property Securities Index ETF VAP 0.23 11 Oct 2010Bmk: S&P/ASX 300 A-REIT Index

Vanguard MSCI Index International Shares ETFVGS 0.18 18 Nov 2014Bmk: MSCI World ex-Australia (with net dividends reinvested), in Australian dollars

Index

Vanguard MSCI Index International Shares (Hedged) ETFVGAD 0.21 9 Dec 2015Bmk: MSCI World ex-Australia (with net dividends reinvested) hedged into Australian

dollars Index

Vanguard Ethically Conscious International Shares Index ETFVESG 0.18 11 Sep 2018Bmk: FTSE Developed ex Australia ex Non-Renewable Energy/Vice Products/Weapons

in Australian dollars

Vanguard MSCI International Small Companies Index ETFVISM 0.32 13 Nov 2018Bmk: MSCI World ex-Australia Small Companies Index (with net dividends reinvested)

in Australian dollars

Vanguard FTSE Europe Shares ETFVEQ 0.35 9 Dec 2015Bmk: FTSE® Developed Europe All Cap Index (with net dividends reinvested) in

Australian dollars

Vanguard FTSE Asia ex Japan Shares Index ETFVAE 0.40 9 Dec 2015Bmk: FTSE® Asia Pacific ex Japan, Australia and New Zealand Net Index in Australian

Dollars

Vanguard US Total Market Shares Index ETF VTS 0.04 12 May 2009Bmk: CRSP® US Total Market Index

Vanguard All-World ex-US Shares Index ETF VEU 0.11 12 May 2009Bmk: FTSE® All-World ex-US Index

Vanguard FTSE Emerging Markets Shares ETFVGE 0.48 18 Nov 2013Bmk: FTSE® Emerging Markets All Cap China A Inclusion Index (with net dividends

reinvested) in Australian dollars

Vanguard Global Minimum Volatility Active ETF (Managed Fund) VMIN 0.28 13 Apr 2018Bmk: FTSE Global All Cap Index (AUD hedged)2

Vanguard Global Value Equity Active ETF (Managed Fund) VVLU 0.28 13 Apr 2018Bmk: FTSE Developed All Cap in Australian dollars Index3

Vanguard Global Infrastructure Index ETFVBLD 0.47 23 Oct 2018Bmk: FTSE Developed Core Infrastructure Index (with net dividends reinvested) in

Australian dollars

AU

STRA

LIA

N E

QU

ITIE

S

PROP

ERTY

INFR

ASTR

UCTU

RE

INTE

RNAT

ION

AL

EQU

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S

1 Inception date represents either fund commencement date or date that initial funding was first received (whichever is later).2,3 This product does not seek to track the performance of its respective benchmark.

AC

TIV

E

Connect with Vanguard™

> vanguard.com.au/etfs > 1300 655 205

Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFSL 227263) (Vanguard) is the issuer of the Vanguard ETFs. Vanguard is the issuer of the Prospectus on behalf of the US listed exchange traded funds (“ETFs”) described in the Prospectus. Vanguard has arranged for interests in the US ETFs to be made available to Australian investors via CHESS Depositary Interests that are quoted on the AQUA market of the Australian Securities Exchange (“ASX”). Vanguard ETFs will only be issued to Authorised Participants, that is, persons who have entered into an Authorised Participant Agreement with Vanguard. Retail investors can transact in Vanguard ETFs through a stockbroker or financial adviser on the secondary market. Retail investors can only use the Prospectus and PDS for informational purposes. We have not taken your circumstances into account when preparing this publication so it may not be applicable to your circumstances. You should consider your circumstances and the relevant PDS and/or Prospectus before making any investment decision. You can access the relevant PDSs and/or Prospectus at vanguard.com.au. Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) are not affiliated with Vanguard and do not approve, endorse, review, or recommend the fund(s). BLOOMBERG and the Index are trademarks or service marks of Bloomberg and have been licensed to Vanguard. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index.London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc. (“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell” and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence. All information is provided for information purposes only. No responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Indices or the fitness or suitability of the Indices for any particular purpose to which they might be put.The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. The PDS contains a more detailed description of the limited relationship MSCI has with Vanguard and any related funds.The S&P/ASX 300 index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Vanguard. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P® and S&P 500® are trademarks of S&P; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Vanguard. Vanguard product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index.This information is intended for investors in Australia only. Information regarding the US registered products does not constitute an offer or solicitation and may not be treated as an offer or solicitation in any jurisdiction where such an offer or solicitation is against the law or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so.This publication was prepared in good faith and we accept no liability for any errors or omissions. © 2019 Vanguard Investments Australia Ltd. All rights reserved. VETFS_052020

For more information contact: Personal investors Call: 1300 655 101 Monday to Friday, 8am to 6pm AESTEmail: [email protected]

AdvisersCall: 1300 655 205 Monday to Friday, 8am to 6pm AESTEmail: [email protected]

Institutional investorsCall: 1300 655 102 Monday to Friday, 8am to 6pm AEST

vanguard etf strategies · 2020. 7. 20. · a portfolio strategy, are competitively priced to allow...

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