• Vanguard is reducing fees across our equity ETF range, lowering the cost of six equity ETFs.

• These changes bring the total number of fee cuts that Vanguard has made across our European ETF range to 13 in 2025, following reductions on seven fixed income ETFs earlier this year.

• We continue to see diversified equity exposure as a core component of investor portfolios, given the role of equities to help drive long-term investment growth.

The lowest-cost equity ETF range on average in Europe

Vanguard is again lowering the cost of investing. We are reducing fees across six of our equity ETFs on 7 October 2025, including for the popular Vanguard FTSE All-World UCITS ETF, Europe’s largest global equity ETF tracking the FTSE All-World Index. These fee reductions will give investors a cost-effective way to track both core and targeted regional equity exposures.

In investing, you get what you don’t pay for. Lower costs mean investors keep more of their returns. Indeed, across the industry, lower-cost funds have historically outperformed higher-cost funds on a net-of-expenses basis¹.

Vanguard’s mission is to take a stand for all investors, to treat them fairly and to give them the best chance for investment success. With these fee reductions, we take our mission another step further. We expect the cuts to save investors approximately USD 18.5 million annually². Vanguard offers the lowest-cost equity ETF range on average in Europe³.

The following ETFs will have their fees reduced on 7 October:

The enduring role of equities

Vanguard remains committed to making equity investing more accessible. We continue to see equities as a critical component of long-term investor portfolios, given the growth opportunity the asset class has historically provided. Global equities, in particular, offer the broad diversification necessary to serve as a core portfolio holding.

As investors look for ways to navigate uncertain markets, global equity exposure can help to reduce the idiosyncratic risk associated with specific countries or regions. This year, many investors have embraced this approach. Through August, European-domiciled global equity ETFs have seen net inflows each month in 2025, totalling $28 billion, illustrating that increasing numbers of investors see this exposure as a key component in portfolios⁵.

Leading the low-cost revolution for 50 years

Since its founding in 1975, Vanguard has led the low-cost revolution in the investment management industry. Over the past decade, Vanguard has implemented more than 80 fee reductions across our European mutual fund and ETF offerings. Following these latest fee reductions, the average asset-weighted expense ratio across Vanguard’s European equity and fixed income index range will be 0.13%⁶. Total cost savings from all 2025 fee reductions to date—across both fixed income and equity ETFs—are projected to reach approximately USD 22 million a year⁷.
 

¹ See, for example, Considerations for index fund investing, Vanguard, 2024.

² Source: Vanguard calculations, as at 31 August 2025. The calculation is based on the impact of the OCF reductions based on current AUM levels and would apply to any investors who are invested in the affected UCITS ETFs.

³ Source: Morningstar data, as at 31 July 2025.

⁴ The ongoing charges figure (OCF) covers management fees and service costs such as administration, audit, depositary, legal, registration and regulatory expenses incurred in respect of the funds. 

⁵ Source: ETFbook, as at 31 August 2025. Developed market equity ETFs have seen $37 billion of net inflows year to date, making it the only regional/country exposure with higher net inflows than global equity ETFs in 2025. 

⁶ Source: Vanguard, as at 7 October 2025 following this latest round of fee reductions.

⁷ Source: Vanguard calculations, as at 31 August 2025. The calculation is based on the impact of the OCF reductions based on current AUM levels and would apply to any investors who are invested in the affected UCITS ETFs.
 

Investment risk information

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

Some funds invest in emerging markets which can be more volatile than more established markets. As a result the value of your investment may rise or fall.

Investments in smaller companies may be more volatile than investments in well-established blue chip companies.

ETF shares can be bought or sold only through a broker. Investing in ETFs entails stockbroker commission and a bid- offer spread which should be considered fully before investing.

The Funds may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index.

Some funds invest in securities which are denominated in different currencies. Movements in currency exchange rates can affect the return of investments.

For further information on risks please see the “Risk Factors” section of the prospectus on our website.

Important information

This is a marketing communication.

This is directed at professional investors and should not be distributed to, or relied upon by retail investors.

For further information on the fund's investment policies and risks, please refer to the prospectus of the UCITS and to the KIID (for UK, Channel Islands, Isle of Man investors) and to the KID (for European investors) before making any final investment decisions. The KIID and KID for this fund are available in local languages, alongside the prospectus, which is available in English only, via Vanguard’s website.

The information contained herein is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities 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. The information is general in nature and does not constitute legal, tax, or investment advice. Potential investors are urged to consult their professional advisers on the implications of making an investment in, holding or disposing of shares and /or units of, and the receipt of distribution from any investment.

Vanguard Funds plc has been authorised by the Central Bank of Ireland as a UCITS and has been registered for public distribution in certain EEA countries and the UK. Prospective investors are referred to the Funds' prospectus for further information. Prospective investors are also urged to consult their own professional advisers on the implications of making an investment in, and holding or disposing shares of the Funds and the receipt of distributions with respect to such shares under the law of the countries in which they are liable to taxation.

The Manager of Vanguard Funds plc is Vanguard Group (Ireland) Limited. Vanguard Asset Management, Limited is a distributor for Vanguard Funds plc.

The Manager of the Ireland domiciled funds may determine to terminate any arrangements made for marketing the shares in one or more jurisdictions in accordance with the UCITS Directive, as may be amended from time-to-time.

The Indicative Net Asset Value (“iNAV”) for Vanguard’s ETFs is published on Bloomberg or Reuters. Refer to the Portfolio Holdings Policy.

For investors in Ireland domiciled funds, a summary of investor rights is available in English, German, French, Spanish, Dutch and Italian.

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 its 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 or Russell indexes or the fitness or suitability of the indexes for any particular purpose to which they might be put.

Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority.

© 2025 Vanguard Asset Management, Limited. All rights reserved.