VALLEY FORGE, PA — In recently published annual reports, 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 category.
Vanguard also reported lower expenses on two active funds: Vanguard Global Minimum Volatility Fund and Vanguard International Value Fund.
In aggregate, these changes represent $27.7 million in savings returned to investors, bringing the total 2019 client savings to $69.3 million. See the accompanying table for a full list of expense ratio changes by fund.
Previously, 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
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.
 Source: Morningstar.
 Cumulative 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.
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