The market price normally should approximate the Fund’s net asset value per share (NAV), but the market price sometimes may be higher or lower than the NAV. Please read the prospectus carefully before you invest.Īs with all ETFs, Fund shares may be bought and sold in the secondary market at market prices.
A prospectus may be obtained by clicking here. This and other information is in the prospectus. VANGUARD INTL EQUITY INDEX FDS FTSE EMR MKT ETFīefore investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. VANGUARD INTL EQUITY INDEX FDS TT WRLD ST ETF VANGUARD INTL EQUITY INDEX FDS FTSE EUROPE ETF INVESCO CURRENCYSHARES JAPANES JAPANESE YEN INVESCO CURRENCYSHARES SWISS F SWISS FRANC INVESCO CURRENCYSHARES CDN DLR CDN DLR SHS INVESCO CURRENCYSHARES BRIT PO BRIT POUN STRL INVESCO DB MULTI-SECTOR COMMOD BASE METALS FD INVESCO DB MULTI-SECTOR COMMOD AGRICULTURE FD excessive use of leverage, have a significant percentage of assets in illiquid investments). The Fund does not do any of the following: invest in hedge funds, replicate the direct underlying holdings of hedge funds, or engage in certain types of investment activities that are permissible for hedge funds (e.g. The fund’s investment portfolio generally consists of long and short positions in 30 to 50 Underlying ETFs and futures contracts. The fund then aggregates these portfolios based on the relative asset levels in each hedge fund style into a total hedge fund industry model. The fund does this by using a proprietary machine learning algorithm to create a portfolio which best matches the most recent month’s returns of each major hedge fund style (such as long/short equity, global macro, event-driven, fixed income arbitrage, emerging markets, managed futures, and multi-strategy). The fund seeks to create a portfolio with return characteristics similar to the hedge fund industry’s gross of fees returns, and believes the fund may outperform the hedge fund industry net of fees returns by charging comparatively lower expenses.
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