News release

Vanguard Reports Expense Ratio Changes Across Equity and Bond Funds

VALLEY FORGE, PA (February 25, 2022)—Vanguard today reported expense ratio changes for 18 funds across multiple ETF and mutual fund share classes, including a wide range of international strategies. The firm continues to return value to investors through lower fund expenses on its path to returning $1 billion in cost savings to shareholders by the end of 2025. The changes reported today in prospectus filings align to funds with fiscal years ending October 2021 and represent $34.2 million in net savings for investors.1

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

showing columns 1 of

Name

Ticker

2020 fiscal year end expense ratio

2021 fiscal year end expense ratio

Change (in basis points)

Vanguard International High Dividend Yield ETF

VYMI

0.28%

0.22%

-6

Yield Index Admiral Shares

VIHAX

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 Shares

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 International Dividend Appreciation Index Admiral Shares

VIAAX

0.20%

0.16%

-4

Vanguard FTSE Emerging Markets ETF

VWO

0.10%

0.08%

-2

Vanguard Emerging Markets Select Stock 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

VEU

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

VT

0.08%

0.07%

-1

Vanguard International Value Fund

VTRIX

0.35%

0.36%

1

Vanguard International Explorer Fund

VINEX

0.39%

0.40%

1

Vanguard Selected Value Fund

VASVX

0.31%

0.32%

1

Vanguard Windsor Fund Investor Shares

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

showing columns 1 of

Name

Ticker

2020 fiscal year end expense ratio

2021 fiscal year end expense ratio

Change (in basis points)

Vanguard International High Dividend Yield ETF

VYMI

0.28%

0.22%

-6

Yield Index Admiral Shares

VIHAX

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 Shares

VGIVX

0.23%

0.18%

-5

Vanguard International Dividend Appreciation ETF

IGI

0.20%

0.15%

-5

Vanguard FTSE All-World ex-US Small-Cap ETF

VSS

0.11%

0.07%

-4

Vanguard International Dividend Appreciation Index Admiral Shares

VIAAX

0.20%

0.16%

-4

Vanguard FTSE Emerging Markets ETF

VWO

0.10%

0.08%

-2

Vanguard Emerging Markets Select Stock 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

VEU

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

VT

0.08%

0.07%

-1

Vanguard International Value Fund

VTRIX

0.35%

0.36%

-1

Vanguard International Explorer Fund

VINEX

0.39%

0.40%

-1

Vanguard Selected Value Fund

VASVX

0.31%

0.32%

-1

Vanguard Windsor Fund Investor Shares

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%

-1

###

About Vanguard

Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to individual investors, institutions, and financial professionals. Based in Valley Forge, Pennsylvania, Vanguard has offices worldwide and managed $8.1 trillion on behalf of 30 million clients as of January 31, 2022. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

All figures as of January 31, 2022 unless stated otherwise.

1 Estimated savings for the identified funds is the difference between prior and current expense ratios multiplied by the 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.

All investing is subject to risk, including the possible loss of the money you invest.

For more information about Vanguard funds, visit vanguard.com 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.

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

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.