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• Vanguard is reducing fees across our equity ETF range, lowering the cost of five equity ETFs.
• These changes bring the total number of fee cuts that Vanguard has made across our UCITS 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 UCITS 

Vanguard is again lowering the cost of investing. We are reducing fees across five of our equity ETFs on 7 October 2025, including for the popular Vanguard FTSE All-World UCITS ETF, UCITS largest global equity ETF tracking the FTSE All-World Index¹. 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 basis².

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 million³. Vanguard offers the lowest-cost equity ETF range on average in UCITS⁴.

Vanguard Fund	Ticker growth	Previous Expense Ratio5	New Exprence Ratio inflation
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	VWRA	0.22%	0.19%
Vanguard FTSE All-World UCITS ETF (USD) Distributing	VWRD	0.22%	0.19%
Vanguard FTSE North America UCITS ETF (USD) Accumulating	VNRA	0.10%	0.08%
Vanguard FTSE Emerging Markets UCITS ETF (USD) Accumulating	VFEA	0.22%	0.17%
Vanguard FTSE Emerging Markets UCITS ETF (USD) Distributing	VDEM	0.22%	0.17%
Vanguard FTSE Japan UCITS ETF (USD) Accumulating	VJPA	0.15%	0.10%
Vanguard FTSE Japan UCITS ETF (USD) Distributing	VDJP	0.15%	0.10%
Vanguard Germany All Cap UCITS ETF (EUR) Distributing	VGER	0.10%	0.07%

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, UCITS 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 portfolios⁶.

A leader in the low-cost revolution for 50 years

Since its founding in 1975, Vanguard has been a leader in the low-cost revolution in the investment management industry. Over the past decade, Vanguard has implemented more than 80 fee reductions across our UCITS mutual fund and ETF offerings. Following these latest fee reductions, the average asset-weighted expense ratio across Vanguard’s UCITS equity and fixed income index range will be 0.13%⁷. Total cost savings from all 2025 fee reductions to date—across both fixed income and equity ETFs—are projected to reach approximately USD 22 million².

_{Notes: Data provided by Morningstar is property of Morningstar and Morningstar’s data providers and it should therefore not be copied or distributed. Morningstar and its data providers are not responsible for any certification or representation with respect to data validity, certainty, or accuracy and are therefore not responsible for any losses derived from the use of such information.}

_{^[1] Source: Vanguard, 30 September 2025}

_{^[2] See, for example, Considerations for index fund investing, Vanguard, 2024.}

_{^[3] 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. There is no guarantee that any individual investor will save money due to the reductions in fund expense ratios. Savings figures are estimates and should not be relied upon. For illustrative purposes only.}

_{^[4] Source: Morningstar data, as at 31 July 2025.}

_{^[5] 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.}

_{^[6] 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.} 

_{^[7] Source: Vanguard, as at 7 October 2025 following this latest round of fee reductions.}