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Thursday, December 11, 2008

Vanguard Makes a Small-Cap Filing

News summary by MFWire's editors

The first Vanguard international small-cap index fund, the Vanguard FTSE All-World ex-US Small-Cap Index Fund, may arrive soon. On Thursday the Valley Forge, Pennsylvania-based fund giant revealed that it just with the SEC in the hopes of launching the fund in the first quarter.

FTSE Global Small Cap ex US Index, will have three different flavors of share classes: ETF shares with 38 basis points of expenses; Institutional shares for 35 bps, a $5 million initial minimum and a 75 bps purchase/redemption fee; and Investor shares for 60 bps, a $3,000 minimum and the same 75 bps purchase/redemption fee.

Company Press Release

VALLEY FORGE, PA., December 11, 2008 — Vanguard has filed a registration statement with the Securities and Exchange Commission for its first international small-cap index fund. The new Vanguard FTSE All-World ex-US Small-Cap Index Fund will offer three share classes (Investor Shares, Institutional Shares, and ETF Shares) and is expected to be available in the first quarter of 2009.

The target benchmark for the fund is the FTSE Global Small Cap ex US Index, a market-capitalization-weighted index of stocks traded on markets outside the United States. The fund will invest in a broadly diversified sampling of securities from the benchmark, which comprises more than 3,300 stocks of companies in 47 countries.

“Vanguard’s current lineup of international and global index funds provides exposure to large- and mid-cap stocks. The new small-cap fund will enable investors to further diversify their portfolios to gain complete exposure to international markets via a passively managed vehicle,” said Vanguard Chief Investment Officer Gus Sauter.

The fund’s ETF Shares have an estimated expense ratio of 0.38%. The Investor Shares, which will require a $3,000 minimum initial investment, have an estimated expense ratio of 0.60%. The Institutional Shares have an estimated expense ratio of 0.35% and a $5 million minimum initial investment requirement. To help defray the transaction costs associated with investing in small-cap international stocks, the fund will assess a 0.75% fee on purchases and redemptions of the Investor and Institutional Shares.

About Vanguard
Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world’s largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages more than $1 trillion in U.S. mutual fund assets, including nearly $460 billion in retirement assets. Vanguard offers more than 150 funds to U.S. investors and more than 50 additional funds in non-U.S. markets. 

Edited by: Neil Anderson, Managing Editor

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