Making investing more accessible

Once again, Vanguard is lowering the cost of investing. In October, we reduced the fees on six of our equity UCITS ETFs, including the popular Vanguard FTSE All-World UCITS ETF (1). The fee reductions span core equity products as well as targeted regional equity exposures such as North America, Germany, Japan and emerging markets.

We also reduced fees on seven of our fixed income UCITS ETFs earlier this year, including our global aggregate bond ETFs as well as products offering more targeted access to government and corporate bonds.

(1) The fee reductions for our equity ETFs went into effect on 7 October 2025.

Helping investors to achieve long- term success

Keep more of your returns

In investing, you get what you don’t pay for. Paying less means investors get more, giving them a better chance of achieving investment success.

Investor value

We expect the fee cuts across our equity and fixed income ETFs to save investors around USD 22 million a year (2).

Accessible building blocks

Our goal is to make investing more accessible. With these fee cuts, Vanguard offers investors the lowest-cost ETF range on average in Europe (3).

(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.

The enduring role of diversified portfolio building blocks

Vanguard continues to view diversified investing—across both equities and fixed income—as a cornerstone of an effective, long-term investment portfolio.

Equities remain a critical component in 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 uncertainty in markets, global equity exposure can help to reduce the idiosyncratic risk associated with specific countries or regions.

Bonds are notable for their ability to act as a portfolio buffer when volatility strikes. Fixed income exposures generally exhibit lower volatility than equities, and hedged global bonds have consistently stood out as effective shock absorbers. We believe this role as a portfolio buffer will continue to serve investors well during periods of heightened turbulence.


The following equity ETFs had their fees reduced on
7 October:

  Share class Previous OCF (4) New OCF
Vanguard FTSE All-World UCITS ETF Unhedged 0.22% 0.19%
Vanguard FTSE North America UCITS ETF Unhedged 0.10% 0.08%
Vanguard FTSE Emerging Markets UCITS ETF Unhedged 0.22% 0.17%
Vanguard ESG Emerging Markets All Cap UCITS ETF Unhedged 0.24% 0.19%
Vanguard FTSE Japan UCITS ETF Unhedged 0.15% 0.10%
Hedged 0.20% 0.15%
Vanguard Germany All Cap UCITS ETF Unhedged 0.10% 0.07%

The following fixed income ETFs had their fees reduced on 1 July:

  Share class Previous OCF New OCF
Vanguard Global Aggregate Bond UCITS ETF Hedged 0.10% 0.08%
Vanguard USD Treasury Bond UCITS ETF Unhedged 0.07% 0.05%
Hedged 0.12% 0.10%
Vanguard U.K. Gilt UCITS ETF Unhedged 0.07% 0.05%
Hedged 0.12% 0.10%
Vanguard USD Emerging Markets Government Bond UCITS ETF Unhedged 0.25% 0.23%
Vanguard EUR Corporate Bond UCITS ETF Unhedged 0.09% 0.07%
Hedged 0.14% 0.12%
Vanguard ESG EUR Corporate Bond UCITS ETF Unhedged 0.11% 0.09%
Hedged 0.16% 0.14%
Vanguard USD Corporate Bond UCITS ETF Unhedged 0.09% 0.07%
Hedged 0.14% 0.12%

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

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 before making any final investment decisions. The KIID for this fund is available, alongside the prospectus 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.

For Swiss professional investors:  Potential investors will not benefit from the protection of the FinSA on assessing appropriateness and suitability.

For Swiss professional investors: The Manager of Vanguard Funds plc is Vanguard Group (Ireland) Limited. Vanguard Investments Switzerland GmbH is a financial services provider, providing services in the form of purchase and sales according to Art. 3 (c)(1) FinSA . Vanguard Investments Switzerland GmbH will not perform any appropriateness or suitability assessment. Furthermore, Vanguard Investments Switzerland GmbH does not provide any services in the form of advice. Vanguard Funds Series plc has been authorised by the Central Bank of Ireland as a UCITS. Prospective investors are referred to the Funds' prospectus for further information. Prospective investors are also urged to consult their own professional advisors 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. 

For Swiss professional investors:  Vanguard Funds plc has been approved for offer in  Switzerland by the Swiss Financial Market Supervisory Authority. The information provided herein does not constitute an offer of Vanguard Funds plc in Switzerland pursuant to FinSA and its implementing ordinance. This is solely an advertisement pursuant to FinSA and its implementing ordinance for Vanguard Funds plc. The Representative and the Paying Agent in Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich. Copies of the Articles of Incorporation, KID, Prospectus, Declaration of Trust, By-Laws, Annual Report and Semiannual Report for these funds can be obtained free of charge from the Swiss Representative or from Vanguard Investments Switzerland GmbH via our website.

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, see our summary of investor rights available in English, German, French, Spanish, Dutch and Italian.

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