Vanguard FTSE All-Wld ex-US SmCp Idx ETF (ARCA: VSS)

Vanguard FTSE All-Wld ex-US SmCp Idx ETF (ARCA:VSS), Quote.Headers.trade-ideas

Vanguard FTSE All-Wld ex-US SmCp Idx ETF

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The fund employs an indexing investment approach designed to track the performance of the FTSE Global Small Cap ex US Index. The advisor attempts to sample the target index by investing all, or substantially all, of its assets in common stocks in the index and by holding a representative sample of securities that resembles the full index in terms of key risk factors and other characteristics.

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Cameco Corp Common Stock

Vanguard FTSE All World ex US Small Cap Index ETF

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Avantis International Small Cap Value ETF

AVDV

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SUSA

Vanguard FTSE All World ex US Small Cap ETF

Foreign Equity Funds See Big Movements - ETF Winners And Losers: Mid-Cap Flows

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The conflict in Ukraine has evolved from grave tension to war.

On Thursday, President Joe Biden further condemned Russia’s actions in Ukraine, saying the White House is imposing new sanctions on four more major Russian banks, &#34;freezing every asset they have in America.&#34;

6 US ETFs With Significant Ukraine Exposure

Long Ideas

Specialty ETFs

BNDX

VXUS

3 International Vanguard ETFs With Newly Lower Fees

VIKASA SPAC Series I Acquisition Corp

VALID SOLUCOES S/ADR by Valid Solucoes S.A

Valid Solucoes eServicos de Seguranca em Meios de Pagamento e Identificacao

Visionstate Corp

Voice Assist Inc

Versus Systems Inc

We performed a screening of mid-cap ETFs, defined as having Assets Under Management (AUM) between $2 billion and $10 billion &#8211; to determine what funds had the largest positive and negative returns on the week, according to data from <a href="http://etfdb.com">etfdb.com</a>. Only non-leveraged funds were considered.
<h2 class="wp-block-heading">Winners</h2>
Avantis International Small Cap Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVDV#NYSE">AVDV</a>)
AVDV added $552.36 million in AUM over the trailing week.
The Avantis International Small Cap Value ETF offers exposure to a broad swath of foreign equities of a smaller size. The fund is very distributed, without a strong concentration at the top of many funds.
The fund has $3.93 billion in AUM and an expense ratio of 0.36%. AVDV has holdings in 1500 companies, with the 10 largest comprising 7.74% of the fund.
The fund's largest holdings are Iveco Group NV (BIT: IVG) and Marks and Spencer Group plc (LON: MKS), making up 0.92% and 0.86% of the fund, respectively.
AVDV added $671.37 million in AUM, YTD.
iShares MSCI USA ESG Select ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUSA#NYSE">SUSA</a>)
SPTS added $320.78 million in net assets over the trailing week.
The iShares MSCI USA ESG Select ETF offers exposure to a wide breadth of companies with high Environmental, Social, and Governance (ESG) ratings.
SUSA has $4.26 billion in AUM and an expense ratio of 0.25%. The fund has holdings in 185 companies, with the 10 largest comprising 26.11% of the fund.
The fund's largest holdings are Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) making up 5.60% and 5.23% of the fund, respectively
SUSA added $811.91 million in net assets YTD.
<h2 class="wp-block-heading">Losers</h2>
Vanguard FTSE All-World ex-US Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSS#NYSE">VSS</a>)
VSS lost $471.51 million in net assets over the trailing week.
The Vanguard FTSE All-World ex-US Small-Cap ETF offers exposure to small-cap companies outside the US.
VSS has $7.29 billion in AUM and an expense ratio of 0.07%. The fund has holdings in 5000 companies, with the 10 largest comprising 9.70% of the fund.
The fund's largest holdings are WSP Global Inc. (TSE: WSP) and Cameco Corporation (TSE: CCO), making up 0.58% and 0.50% of the fund, respectively.&nbsp;
VSS lost $804.71 million in net assets YTD.
Vanguard Industrials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIS#NYSE">VIS</a>)
VIS lost $285.73 million in net assets over the trailing week.
The Vanguard Industrials ETF offers exposure to the industrial sector &#8211; companies involved in transportation, providers of commercial and professional services, and manufacturers of capital goods.
VIS has $3.65 billion in AUM and an expense ratio of 0.10%. The fund has holdings in 386 companies, with the 10 largest comprising 27.52% of the fund.
The fund's largest holdings are Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) and Union Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) making up 3.42% and 3.02% of the fund, respectively.&nbsp;
VIS lost $396.21 million in net assets YTD.

The conflict in Ukraine has evolved from grave tension to war.
On Thursday,&nbsp;President Joe Biden&nbsp;further condemned&nbsp;Russia&rsquo;s actions in Ukraine, saying the White House&nbsp;is imposing new sanctions on four more major Russian banks, &quot;freezing every asset they have in America.&quot;
Latest Developments: Russian troops have reached the outskirts of Kyiv after launching a full-scale invasion of Ukraine from three directions. Troops are advancing from the north; from the east through Donetsk, Luhansk, Kharkiv and Sumy; and from Crimea in the south.
Geopolitical pressure in eastern Europe this week sent waves of volatility throughout global markets, most notably the Russian <a href="https://www.google.com/finance/quote/IMOEX:MCX">MOEX</a>, the main exchange in Moscow. The index is down 35.86% year-to-date.
See Also:&nbsp;<a href="https://www.benzinga.com/news/22/02/25795908/why-traders-need-to-watch-palladium-and-platinum-stocks-right-now" title="Why Traders Need To Watch Palladium And Platinum Stocks Right Now">Why Traders Need To Watch Palladium And Platinum Stocks Right Now</a>
The uncertainty isn&rsquo;t just tied to the eastern European states. The list below displays all U.S. listed equity ETFs that maintain significant exposure to stocks listed in Ukraine.
FlexShares Morningstar Emerging Markets Factor Tilt Index (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tlte#NYSE">TLTE</a>) measures the performance of stocks located in emerging countries across the world with increased exposure to small-capitalization and value stocks.&nbsp;
Vanguard FTSE All-World ex-US Small-Cap Index (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vss#NYSE">VSS</a>)&nbsp; Seeks to track the performance of a benchmark index that measures the investment return of stocks of international small-cap companies.
Price action: Down 8.82% year-to-date
Schwab International Small-Cap Equity (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/schc#NYSE">SCHC</a>) The fund&rsquo;s goal is to track as closely as possible, before fees and expenses, the total return of the FTSE Developed Small Cap ex US Liquid Index.&nbsp;
Price action: Down 9.29% year-to-date
Vanguard European Stock Index Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vgk#NYSE">VGK</a>) Seeks to track the performance of the FTSE Developed Europe All Cap Index, which measures the investment return of stocks issued by companies located in the major markets of Europe.
Price action: Down 8.11% year-to-date
Vanguard Developed Markets Index Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vea#NYSE">VEA</a>) Seeks to track the investment performance of the FTSE Developed All Cap ex US Index.
Price action: Down 6.45% year-to-date
SPDR Portfolio Europe (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/speu#NYSE">SPEU</a>) Seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the STOXX Europe Total Market Index.
Price action: Down 8.47% year-to-date

Right before Christmas, Vanguard spread some holiday cheer, announcing fee reductions on nine equity and fixed income exchange traded funds, most of which are international products.
&ldquo;In annual reports being published today (Dec. 24), nine stock and bond ETFs reported lower expense ratios, including the $24.3 billion Vanguard Total International Bond ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bndx#NASDAQ">BNDX</a>) and the $17.3 billion Vanguard Total International Stock ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vxus#NASDAQ">VXUS</a>),&rdquo; <a href="https://pressroom.vanguard.com/news/Press-Release-Vanguard-Reports-Expense-Reductions-On-International-Stock-And-Bond-ETFs-122419.html">Pennsylvania-based Vanguard said in a statement</a>.
Vanguard, <a href="https://www.benzinga.com/trading-ideas/long-ideas/19/06/13990674/vanguard-enters-the-1-trillion-etf-club">the second-largest ETF issuer,</a> said the latest round of fee cuts, which include several index funds, equal $27.7 million in savings for investors, bringing the total amount saved by the firm&#39;s clients last year to $69.3 million.
The batch of ETF fee trimmings are important because investors are usually subjected to higher fees on international funds, but as Vanguard shows, even ex-U.S. markets are becoming less expensive to tap thanks to the ongoing ETF fee war.
Here&#39;s a trio of Vanguard international ETFs that just got a little bit cheaper.
<h3>Vanguard FTSE Emerging Markets ETF (VWO)</h3>
Home <a href="https://investor.vanguard.com/etf/profile/portfolio/vwo">to $63.2 billion</a> in assets under management at the end of November, the Vanguard FTSE Emerging Markets ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vwo#NYSE">VWO</a>) isn&#39;t just the biggest emerging markets ETF, it&#39;s one of the largest international funds of any variety.
With the latest fee cut, VWO is now charging 0.10% per year, or $10 on a $10,000 investment, cementing its status as one of the least emerging markets funds.
VWO holds 5,074 stocks, nearly 36% of which are Chinese names. The fund, which features no South Korea exposure, allocates 25.70% of its weight to Taiwan and Brazil.
Disclosure: The author owns shares of VWO.
<h3>Vanguard FTSE Europe ETF (VGK)</h3>
The $14 billion Vanguard FTSE Europe ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vgk#NYSE">VGK</a>) is also one of biggest funds in its category, confirming that as its ETFs grow in heft, Vanguard is apt to lower fees on those products.
VGK&#39;s new expense ratio is now 0.08% per year, down from 0.09%, easily keeping it in the conversation for cheapest Europe ETF.
VGK is a cap-weighted fund, meaning many of its 1,345 stocks hail from a small number of countries. The U.K., France, Switzerland and Germany combine for nearly three-quarters of the fund&#39;s geographic exposure.
<h3>Vanguard FTSE All-World ex-US Small-Cap ETF (VSS)</h3>
Small-cap ETFs are usually pricier than large-cap equivalents and that&#39;s definitely true among international funds, but the Vanguard FTSE All-World ex-US Small-Cap ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vss#NYSE">VSS</a>) is now a tad cheaper at 0.11% per year, down from 0.12%.
The $5.5 billion VSS <a href="https://investor.vanguard.com/etf/profile/portfolio/vss">holds almost 4,000 stocks</a>, giving it a deeper bench than many domestic small-cap funds.
VSS mixes developed and emerging economies as 45 countries are represented in the fund. Japan, Canada and the U.K. combined for 41.7%.
Related Links:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/20/01/15059384/a-gold-engraved-invitation-to-mid-cap-stocks">An Ideal Mid-Cap ETF</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/20/01/15059356/3-etf-winners-from-2019-that-can-do-it-again-in-2020">These 2019 ETF Winners Can Repeat In 2020</a>

Vanguard, the second-largest U.S. issuer of exchange traded funds, is again wielding its low-cost sword.
On April 26, <a href="https://www.benzinga.com/money/vanguard-review/">Vanguard</a> said it&#39;s lowering fees on 21 of its ETFs, including its two largest funds, the Vanguard S&amp;P 500 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/voo#NYSE">VOO</a>) and the Vanguard Total Stock Market ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vti#NYSE">VTI</a>).
<h3>What Happened</h3>
VTI and VOO are the third- and fourth-largest U.S.-listed ETFs, respectively, and are <a href="https://etfdb.com/compare/market-cap/">two of the four</a> ETFs with more than $100 billion in assets under management. The $114.79 billion VTI is now charging 0.03 percent year, or $3 on a $10,000 investment, down from 0.04 percent. The $112.94 billion VOO also saw its annual fee reduced to 0.03 percent from 0.04 percent.
Including VOO and VTI, Vanguard announced lower fees on <a href="https://investornews.vanguard/lower-expense-ratios-on-21-vanguard-etfs-means-more-savings-for-you/">eight domestic ETFs</a>. The following ETFs saw their fees reduced to 0.04 percent from 0.05 percent: The Vanguard Growth ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vug#NYSE">VUG</a>), the Vanguard Value ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vtv#NYSE">VTV</a>), the Vanguard Large-Cap ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vv#NYSE">VV</a>) and the Vanguard Mid-Cap ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vo#NYSE">VO</a>).
The Vanguard Extended Market ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vxf#NYSE">VXF</a>) saw its annual fee pared to 0.07 percent from 0.08 percent while the Vanguard High Dividend Yield ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vym#NYSE">VYM</a>) is charging 0.06 percent, down from 0.08 percent.
<h3>Why It&#39;s Important</h3>
As issuers have reduced fees across product lineups, international funds have steadily gotten cheaper. Nine international equity ETFs are part of the latest round of Vanguard fee reductions.
The following funds are now charging 0.09 percent, down from 0.10 percent: the Vanguard Total World Stock Market ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vt#NYSE">VT</a>), the Vanguard FTSE Europe ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vgk#NYSE">VGK</a>) and the Vanguard FTSE Pacific ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vpl#NYSE">VPL</a>).
The Vanguard Total International Stock ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vxus#NASDAQ">VXUS</a>) and the Vanguard FTSE All-World ex-US ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/veu#NYSE">VEU</a>) are now charging 0.09 percent, down from 0.11 percent.
The $72.16 billion Vanguard FTSE Developed Markets ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vea#NYSE">VEA</a>), the sixth-largest U.S.-listed ETF, saw its fee reduced to 0.05 percent from 0.07 percent,&nbsp;while the Vanguard FTSE All-World ex-US Small-Cap ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vss#NYSE">VSS</a>) saw a modest fee reduction of one basis point to 0.12 percent.
The Vanguard FTSE Emerging Markets ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vwo#NYSE">VWO</a>) and the Vanguard Global ex-U.S. Real Estate ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vnqi#NASDAQ">VNQI</a>) both now charge 0.12 percent annually, down from 0.14 percent. Home to $65.35 billion in assets under management, VWO is the world&#39;s largest emerging markets ETF.
<h3>What&#39;s Next</h3>
Vanguard also lowered the fees on four fixed income ETFs. The Vanguard Emerging Markets Government Bond ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vwob#NASDAQ">VWOB</a>) now charges 0.30 percent, down from 0.32 percent. The Vanguard Total International Bond ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bndx#NASDAQ">BNDX</a>) also a fee cut of two basis points to 0.09 percent.
The Vanguard Total Bond Market ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bnd#NYSE">BND</a>) and the Vanguard Tax-Exempt Bond ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vteb#NASDAQ">VTEB</a>), Vanguard&#39;s first municipal bond ETF, both lowered fees by one basis point.
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<a href="https://www.benzinga.com/news/earnings/19/04/13602721/tech-tests-could-be-timely-for-these-etfs">It&#39;s Time For These Tech ETFs</a>

Bonds

VNQI

VTEB

VWOB

Vanguard Drops The Hammer In ETF Fee War With 21 Price Cuts

Small-cap stocks and exchange-traded funds have delivered impressive post-Election Day performances. For example, the Russell 2000 Index and the S&amp;P SmallCap 600 Index are each higher by nearly 5 percent over the past 90 days.
Some international small-cap ETFs have been doing even better over the past three months. During that time, the Vanguard FTSE All-Wd Ex US Small Cap ETF (NYSE: <a class="ticker" href="/stock/vss#NYSE">VSS</a>) has surged 7.6 percent. VSS represents a cost-effective, liquid option for investors looking for highly diverse exposure to ex-U.S. small-cap equities.
<h3>Small-Caps, ETFs And Treasury Yields</h3>
Data suggest it was not coincidental that small-cap stocks and ETFs were surging in unison with 10-year Treasury yields. The Russell 2000 has a sensitivity, or beta, to 10-year Treasury yields of 0.060 while the comparable metric for the S&amp;P SmallCap 600 is 0.056, <a href="http://www.indexologyblog.com/2017/01/31/impact-of-rising-interest-rates-on-small-cap-indices/">according to S&amp;P Dow Jones data</a>. Conversely, international small-cap can be good diversifiers in sanguine interest rate environments.
Related Link: <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/02/9091611/this-dividend-etf-is-topping-its-rivals">This Dividend ETF Is Topping Its Rivals</a>
VSS tracks the FTSE Global Small Cap ex U.S. Index and when it is said this ETF is diverse, that is a statement to be believed. The Vanguard ETF holds nearly 3,500 stocks and its top 10 holdings represented just over 3 percent of its weight at the end of January, <a href="https://personal.vanguard.com/us/funds/snapshot?FundId=3184&amp;FundIntExt=INT">according to issuer data</a>.
<h3>VSS's Diversity</h3>
VSS is also diverse at the geographic, but on that note, investors should realize that this is not a dedicated developed markets ETFs as emerging markets represent nearly 19 percent of the VSS roster. Europe and Asia-Pacific markets combine for about two-thirds of the geographic lineup in VSS while North American small-caps chime in at 14.5 percent.
Overall, 45 countries are represented in VSS with weights ranging from 0.1 percent at the bottom to 16 percent. Although its wide country lineup and emerging markets exposure can imply some level of &ldquo;exotic,&rdquo; the VSS country is mostly conservative with Japan, Canada and the U.K. combining for 42.5 percent of the ETF&#39;s weight.
The median market value of the stocks found in VSS is $1.5 billion, putting the ETF&#39;s roster at the large end of small-cap. With a price-to-earnings ratio of just under 23, the valuation on VSS is mostly inline with that of the Russell 2000.
Last week, Vanguard announced another batch of fee cuts, including one for VSS, lowering the ETF&#39;s annual fee to 0.13 percent from 0.17 percent. VSS is now cheaper than 91 percent of rival funds, <a href="https://pressroom.vanguard.com/news/Press-release-Vanguard-Reports-Third-Round-Of-Expense-Ratio-Reductions-022417.html">according to Vanguard</a>.

Small Cap Analysis

Small Cap

Grabbing Small-Caps Outside The United States

Uranium mining companies are a small subset of the energy sector that are engaged in exploring, refining, and supplying material to nuclear utility companies.

	Because of the relative obscurity of this niche industry, it has largely flown under the radar when compared to the popularity of solar stocks or traditional oil refiners.

	The Global X Uranium ETF (NYSE: <a class="ticker" href="/stock/ura#NYSE">URA</a>) is a fund that gives you pinpoint access to these companies by tracking the Solactive Global Uranium Index. URA has a concentrated mix of 24 global stocks engaged in uranium production with total assets exceeding $240 million. The expense ratio to own this fund is listed at 0.69 percent annually.

	This ETF is market cap weighted with the largest holdings receiving an outsized share of the fund assets. In fact, the top holding in this ETF is Cameco Corporation (NYSE: <a class="ticker" href="/stock/ccj#NYSE">CCJ</a>), which has a 23 percent weighting within the index. The average market cap of all companies within the index is currently $1.33 billion, which means the majority of the holdings are small-cap oriented.

	See also: <a href="http://www.benzinga.com/etfs/sector-etfs/14/03/4403152/etfs-for-march-madness-pbs-socl-bjk">ETFs For March Madness</a>

	The real story for URA in 2014 has been its phenomenal out performance when compared to a broad-based global small cap index. So far this year, URA has jumped more than 17 percent while the Vanguard FTSE All-World ex-US Small-Cap ETF (NYSE: <a class="ticker" href="/stock/vss#NYSE">VSS</a>) has gained just 2.97 percent. This represents a big turnaround for uranium stocks which declined precipitously in both 2012 and 2013.

	One potential tailwind for this ETF moving forward is the technical “golden cross” chart pattern, which occurs when the 50-day moving average crosses over the 200-day moving average. This can often indicate a more sustainable uptrend building as a result of the moving averages turning higher and prices building momentum.

	Another ETF to watch in this space is the MarketVectors Uranium+Nuclear Energy ETF (NYSE: <a class="ticker" href="/stock/nlr#NYSE">NLR</a>), which invests in a subset of both uranium miners and nuclear energy stocks. NLR is an even more concentrated portfolio of just 18 stocks, however the industry exposure is more diversified than URA.

	Both funds offer investors the ability to capitalize on a niche trend that may grow additional support if we see an expansion of nuclear energy production around the world. However, its important to note that the smaller underlying company sizes and consolidated portfolios can enhance volatility.

Sector ETFs

Commodities

Uranium ETFs Are Coming On Strong

Vanguard keeps bolstering its reputation as one of the low-cost leaders among ETF issuers. Just days after the Pennsylvania-based firm <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/02/3363539/vanguard-pares-fees-on-high-dividend-etf">announced lower fees</a> for the popular Vanguard High Dividend Yield ETF (NYSE: <a class="ticker" href="/stock/vym#NYSE">VYM</a>), the company unveiled lower expense ratios on eight other ETFs.

Included in the new batch of fee reductions is the Vanguard FTSE Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>), which has over $60 billion in assets under management making it the largest emerging markets ETF by that metric. VWO will now charge 0.18 percent from year, down from 0.2 percent. 

At 0.18 percent, VWO now has the same expense ratio as the iShares Core MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/iemg#NYSE">IEMG</a>), the ETF rolled about by BlackRock's iShares unit in October as lower cost alternative to VWO and the iShares MSCI Emerging Markets Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>).

Other Vanguard ETFs that now have lower fees include the Vanguard MSCI Pacific ETF (NYSE: <a class="ticker" href="/stock/vpl#NYSE">VPL</a>) and the Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>) now have expense ratios of 0.12 percent down from 0.14 percent.

The Vanguard Total International Stock Index ETF (NYSE: <a class="ticker" href="/stock/vxus#NYSE">VXUS</a>) is home to a 0.16 percent annual expense ratio compared with 0.18 percent previously while the Vanguard Total World Stock Index ETF (NYSE: <a class="ticker" href="/stock/vt#NYSE">VT</a>) is now charging 0.19 percent compared with 0.22 percent prior to the announcement.

Investors will now pay 0.32 percent per year to own the Vanguard Global ex-US Real Estate ETF (NYSE: <a class="ticker" href="/stock/vnqi#NYSE">VNQI</a>), down from 0.35 percent. The Vanguard FTSE All-World ex-US ETF (NYSE: <a class="ticker" href="/stock/veu#NYSE">VEU</a>) also saw a three-basis point fee reduction to 0.15 percent from 0.18 percent.

The Vanguard FTSE All-World ex-US Small-Cap Index ETF (NYSE: <a class="ticker" href="/stock/vss#NYSE">VSS</a>) has a new expense ratio of 0.25 percent down from 0.28 percent. 

Over the past year, Vanguard has lowered fees on 45 of its ETFs, <a href="http://www.benzinga.com/markets/bonds/12/12/3201733/vanguard-trims-fees-on-sector-etfs">including its 10 sector funds</a>.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Events

Intraday Update

IEMG

More Vanguard ETF Fee Cuts, Including VWO

Vanguard, the third-largest U.S. ETF issuer, said it has lowered the expense ratios on six of its ETFs, including the Vanguard MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>). VWO, the largest emerging markets ETF, saw its expense ratio cut to 0.2% from 0.22%. The rival iShares MSCI Emerging Markets Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>) also pared its expense ratio earlier this year.

Vanguard also lowered the fees on the Vanguard Total World Stock ETF (NYSE: <a class="ticker" href="/stock/vt#NYSE">VT</a>) to 0.22% from 0.25%. That gives the $1.6 billion ETF fees that are lower than 85% of comparable funds, according to the Vanguard Web site. The Vanguard FTSE All-World ex-US ETF (NYSE: <a class="ticker" href="/stock/veu#NYSE">VEU</a>) now has an expense ratio of 0.18% compared with 0.22% previously. VEU, with $12.5 billion in AUM, now cheaper than 86% of comparable funds, according to Vanguard data.

The Vanguard FTSE All-World ex-US Small Cap ETF (NYSE: <a class="ticker" href="/stock/vss#NYSE">VSS</a>) saw its fees reduced to 0.28% from 0.33%. The changes for VWO, VSS, VEU and VT went into effect on February 28. 

The Vanguard Total International Stock ETF (NYSE: VXUS) now has an expense ratio of 0.18% down from 0.22%. That makes the ETF cheaper than 86% of similar funds. The Vanguard High Dividend Yield ETF (NYSE: <a class="ticker" href="/stock/vym#NYSE">VYM</a>) saw its fees lowered to 0.13% from 0.18%. VYM is now cheaper than 90% of similar funds.

The lower expense ratios for VXUS and VYM went into effect on February 27.

Vanguard isn't the only <a href="http://www.benzinga.com/news/12/02/2386498/market-vectors-pares-fees-on-hard-assets-producers-etf-hap-moo-kol">ETF sponsor to announce fee cuts</a> this week. On Wednesday, Van Eck said it lowered the expense cap on the Market Vectors RVE Hard Assets Producers ETF (NYSE: <a class="ticker" href="/stock/hap#NYSE">HAP</a>) to 0.49% from 0.59%.

Market Vectors RVE Hard Assets Producers ETF

Vanguard Lowers Fees On 6 ETFs (VWO, VXUS, VT)

Earlier today, Vanguard, the third-largest U.S. ETF issuer, announced a series of expense reductions for six of its ETFs, a move that escalates an already flourishing price war between ETF issuers that sponsor ETFs that hard to tell apart except for when you look at the fees.
Vanguard's previous price cuts, at least on the surface, have appeared to be efforts at stealing assets from iShares and SPDR ETFs, but the firm's reductions announced on Friday put Charles Schwab (NYSE: <a class="ticker" href="/stock/schw#NYSE">SCHW</a>), still fairly new to the ETF game, in Vanguard's line of sight.
With that, we think it's a good time for ETF Showdown between the Schwab International Small-Cap Equity ETF (NYSE: SCHC) and the Vanguard FTSE All-World ex-US Small-Cap ETF (NYSE: <a class="ticker" href="/stock/vss#NYSE">VSS</a>). Let's get the fee business out of the way first: SCHC has an expense ratio of 0.35%. VSS is going to 0.35% from 0.4%. Make of that what you will, but finding the differences between these two funds is important.
According to data on Vanguard's Web site, VSS uses a regional breakdown of about 23% to emerging markets, 43.5% to Europe, 19.4% to Asia-Pacific and 14% to North America. VSS tracks 2,701 stocks and has $1.1 billion in assets under management. SCHC, just 13 months old, tracks 919 stocks and has almost $131 million AUM.
Neither is a star when it comes to average daily volume with VSS averaging less than 66,000 shares per day and SCHC averaging just over 56,000. SCHC features the following sector breakdown: Industrials (24.6%), Financials (17.4%) Consumer Discretionary (14.8%) and Materials (14.5%). The sector breakdown for VSS could not be located on the Vanguard Web site, but given that SCHC and VSS track indexes that are very similar, VSS could very well have a comparable sector mix.
One way to break what is shaping up to be a tie is by simpling using price-tag. SCHC trades for just under $30 as of this writing, but VSS is going for close to $100. In other words, you can get triple the amount of shares in SCHC as you can in VSS for roughly the same capital exposure. 
Back to expenses for a minute, a difference of 0.2% is only a big deal if you're not a client of Schwab or Vanguard. If you Schwab is your broker, you can trade SCHC for free. If you're a Vanguard client, you'll be able to trade VSS commission-free. Overall, this is a very hard tie to break, but even though VSS has the heftier price tag, we'll lean with the lower fees and Vanguard's longer history in the ETF business, declaring VSS the winner by technical knockout.
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Short Ideas

SCHW

ETF Showdown: Big Battle Among Small-Caps

In the latest move in the growing ETF price war, Vanguard, the third-largest U.S. ETF issuer, announced it is paring fees on six of its ETFs, including the popular Vanguard Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>).
VWO, the world's largest emerging markets ETF by assets, will see its expense ratio reduced to 0.22% from 0.27%, making it even cheaper than the Schwab Emerging Markets Equity ETF (NYSE: SCHE), which features an expense ratio of 0.25%. VWO has been able to steadily pilfer assets from the iShares MSCI Emerging Markets Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>) by offering lower fees.
The Vanguard MSCI Pacific ETF (NYSE: <a class="ticker" href="/stock/vpl#NYSE">VPL</a>) will see its expense cut to 0.14% from 0.16% as will the Vanguard MSCI European ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>). Vanguard's Total World Stock ETF (NYSE: <a class="ticker" href="/stock/vt#NYSE">VT</a>) will see its fees lowered to 0.25% from 0.3%. The FTSE All-World ex-U.S. Index (NYSE: <a class="ticker" href="/stock/veu#NYSE">VEU</a>) goes to 0.22% from 0.25% and the FTSE All-World ex-U.S. Small Cap (NYSE: <a class="ticker" href="/stock/vss#NYSE">VSS</a>) will have an expense ratio of 0.33% down from 0.4%.
The new expense ratio for VSS also undercuts the comparable Schwab fund, the Schwab International Small Cap Equity ETF (NYSE: SCHC), which has expenses of 0.35%.
Vanguard had total ETF assets of $154.56 billion as of Feb. 24, according to data compiled by IndexUniverse.com.

Vanguard Lowers Fees On Six ETFs

Maybe the people at Morningstar are starting to listen to me and trying to offer some actual insightful ETF content (I am quite certain I don't actually show up on their radar) as they offered up something they called the <a href="http://seekingalpha.com/article/237649-the-dollar-proof-etf-portfolio">Dollar Proof ETF Portfolio</a>. The portfolio contained ten ETFs covering equities, bonds, commodities and currency.
The Dollar Proof Portfolio gets off to a peculiar start with a 20% weighting to the Vanguard Total Stock Market (<a class="ticker" href="/stock/vti#">VTI</a>) which is a domestic large cap fund. In terms of constructing a diversified portfolio using broad based funds then VTI makes sense but where dollar-proofing is the goal the logic is lost on me. Someone might say that the multinationals in the fund do business overseas and offer some insulation. A multinational might benefit from a weak dollar but it is not a proxy for foreign anything. To repeat from I don't know how many past posts; beneficiary of is not the same thing as proxy for.
The Dollar Proof Portfolio also has large weightings in Vanguard FTSE All World ex-US VEU, Vanguard FTSE All World ex-US Small Cap (<a class="ticker" href="/stock/vss#">VSS</a>), SPDR Barclays Intl Inflation Protected (<a class="ticker" href="/stock/wip#">WIP</a>), SPDR Barclays Intl Treasury Bond (<a class="ticker" href="/stock/bwx#">BWX</a>) and PowerShares Dollar Down ETF (<a class="ticker" href="/stock/udn#">UDN</a>) totaling 59% of the portfolio.
The issue with these funds is that they all have big exposure to the euro; in order listed above 31%, 25%, 27%, 37% and 57%. There are also liberal doses to the UK and Japan. The issue with the euro is that for all the reasons listed in the Morningstar article, the euro is up a very similar creek as the greenback so a portfolio that bets heavily on the euro is hoping that as bad as the dollar might be the euro is not quite as bad. Between the dollar and the euro I am not sure which one is worse and I am certainly not willing to bet client money that the euro will win the ugly contest. I think this point is crucial and thus invalidates the portfolio even if the commentary to support it makes some good points.
Also included in the portfolio are small exposures to gold which I agree with, a position in the new WisdomTree Emerging Market Local Debt Fund (<a class="ticker" href="/stock/eld#">ELD</a>) which I also agree with and the iShares DJ US Oil &amp; Gas Exploration &amp; Production ETF (<a class="ticker" href="/stock/ieo#">IEO</a>) which in a way makes sense but in a way not. A weak dollar helps energy companies but I would think it would make more sense to own foreign energy companies than domestic ones and IEO is a domestic fund.
In thinking about a better way to go about this I would suggest going much narrower with the equity exposure such that the euro is either minimized or avoided altogether. While I think individual stocks should be included here, funds covering countries in Latin America (there is one regional fund from iShares and another on the way from GlobalX), the Scandies, Antipodes, Asia although I would avoid Japan and China funds that are heavy in financials, Israel, Canada and although we are not in there now I would add Africa in a small dose to this list.
Another way to access this idea that I did not see mentioned in the original post could be via one of the currencies pegged to the US dollar. The idea here is that a debasement in the US dollar makes a peg more difficult to maintain. This has been evident, for example, with a hot inflation rate in Hong Kong along with real estate appreciation.
The idea behind the Dollar Proof Portfolio is sound but the way they go about it relies on instruments that are simply too blunt. The idea is sophisticated but most of the funds suggested are not. ETFs offer all sorts of access and specialization to implement many sophisticated ideas. If you want to build a portfolio around a very specific idea it only makes sense put as much thought into how to implement toward the concept as you do coming up with the concept.
Some clients own BWX and WIP. 
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iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

PowerShares DB US Dollar Index Bearish Fund

SPDR DB International Government Inflation-Protected Bond ETF

Morningstar's Anti Dollar ETF Portfolio

Small-caps can equal big returns in the right environment, but stock-picking in this asset class can be dicey. That's one advantage of ETFs. Let the fund do the heavy lifting for you.
And if it's international small-caps you're after, you're in luck. ETF issuers have brought country-specifc small-cap funds tracking emering markets such as Brazil, China and India to market and all have proven wildly popular.
Still want developed market exposure? There are small-cap funds tracking the likes of Australia, Canada and Japan.
But if you want to put the developed and emerging markets small-cap theme together in one fund while excluding U.S. small-caps, your best bet may be the Vanguard FTSE All-World ex-US SmallCap Index ETF (NYSE: <a class="ticker" href="/stock/vss#NYSE">VSS</a>).
VSS holds a simply stunning 2,667 stocks, so don't worry about being overexposed to just a couple of stocks. In fact, VSS's top-10 holdings only account for 3.9% of the ETF's weight.
In terms geographic allocation, Europe accounts for almost 42% of the fund's weight, while what Vanguard calls emerging markets come in at almost 24%. 
While VSS holds an enormous amount of stocks, more than 28% are materials and another 17% are financials. Be advised that those materials names are primarily mining companies like El Dorado Gold (NYSE: <a class="ticker" href="/stock/ego#NYSE">EGO</a>), Ivanhoe Mines (NYSE: <a class="ticker" href="/stock/ivn#NYSE">IVN</a>) and Silver Wheaton (NYSE: <a class="ticker" href="/stock/slw#NYSE">SLW</a>).
In other words, it might appear that VSS would be a good ETF for short-term trading. Well, it might be from time-to-time, but low volume works against that premise.
That said, VSS has over $692 million in assets, so it's not going anywhere and like so many Vanguard funds, VSS features an expense ratio that is far lower than comparable funds. At 0.4%, VSS has lower fees than 75% of comparable funds, according to Vanguard's Web site.
The bottom line with VSS is that it is an ideal way for an indecisive investor to get global small-cap exposure. Can't pick a stock or a country, but know that you want some foreign small-caps in your portfolio? Consider VSS.

Global

Pre-Market Outlook

Under The Hood: All The Small Caps You Can Handle With This ETF

Old Mutual added three ETFs to its GlobalShares lineup yesterday (4/6/10). Similar to its <a href="http://investwithanedge.com/gsd-another-unneeded-etf-from-old-mutual" target="_blank">previous two fund launches</a>, these new funds are nearly identical to existing products from other sponsors. Joining an already crowded field are GlobalShares FTSE All-World Fund (GSW), GlobalShares FTSE All-World ex-US Fund (GSO), and GlobalShares FTSE All-Cap Asia Pacific ex-Japan Fund (GSZ).
Old Mutual’s ETF strategy is unclear. Launching funds that are essentially clones of ETFs from proven sponsors that enjoy lower expense ratios and better brand recognition sounds like a recipe for disaster. Old Mutual has tried a few tricks like <a href="http://investwithanedge.com/old-mutual-enters-etf-arena-with-zero-fee-teaser-rate" target="_blank">zero expense ratio teasers</a> and <a href="http://investwithanedge.com/gsr-undergoes-ill-advised-51-split" target="_blank">share splits</a> to attract attention, but those attempts have failed so far. I anticipate seeing all five of the GlobalShares funds on <a href="http://investwithanedge.com/category/etf-deathwatch" target="_blank">ETF Deathwatch</a> once their six-month grace periods expire.
GlobalShares FTSE All-World Fund (GSW) (<a href="http://www.globalsharesetf.com/Fund.aspx?FundHeaderId=1393" target="_blank">summary page</a>, <a href="http://www.globalsharesetf.com/media/9800/ftse-all-world-fund.pdf" target="_blank">fact sheet pdf</a>) is designed to track the performance of large and mid-cap companies located throughout the world. The underlying FTSE Index has about 2,500 stocks, representing 90-95% of the world’s investable equity market capitalization. Expenses are capped at 0.35% through January 2012.
GSW is an attempt to clone Vanguard Total World Stock ETF (VT) (<a href="https://personal.vanguard.com/us/funds/snapshot?FundId=3141&amp;FundIntExt=INT" target="_blank">overview</a>), which tracks the same FTSE index but has a lower 0.30% expense ratio. Another competitor, iShares MSCI ACWI (ACWI), is <a href="http://investwithanedge.com/the-26-commission-free-etfs-at-fidelity" target="_blank">part of the commission-free ETF lineup at Fidelity</a>. VT still gets our vote for <a href="http://investwithanedge.com/acwi-or-vt-which-the-best-world-etf" target="_blank">best all country ETF</a>.
GlobalShares FTSE All-World ex-US Fund (GSO) (<a href="http://www.globalsharesetf.com/Fund.aspx?FundHeaderId=1395" target="_blank">summary page</a>, <a href="http://www.globalsharesetf.com/media/9796/ftse-all-world-ex-us-fund.pdf" target="_blank">fact sheet pdf</a>) is designed to track the performance of large-cap and medium-cap companies located in developed and emerging market countries throughout the world, excluding the United States. The underlying FTSE Index has approximately 2,200 stocks, representing about 98% of the world’s investable market capitalization (excluding the United States). Expenses are capped at 0.35% through January 2012.
GSW is a clone of the Vanguard FTSE All-World ex-US ETF (VEU) (<a href="https://personal.vanguard.com/us/funds/snapshot?FundId=0991&amp;FundIntExt=INT" target="_blank">overview</a>), which tracks the same index but has a lower 0.25% expense ratio. In addition to VEU, five other ETFs compete in the all-world ex-US space: iShares MSCI ACWI ex-US (ACWX), SPDR MSCI ACWI ex-US (CWI), WisdomTree World ex-US Growth Fund (DNL), SPDR S&amp;P World ex-US (GWL), and Vanguard FTSE All-World ex-US Small-Cap (VSS) (<a href="http://investwithanedge.com/vanguard-launches-international-small-cap-etf-vss" target="_blank">launch article</a>).
GlobalShares FTSE All-Cap Asia Pacific ex-Japan Fund (GSZ) (<a href="http://www.globalsharesetf.com/Fund.aspx?FundHeaderId=1394" target="_blank">summary page</a>, <a href="http://www.globalsharesetf.com/media/9792/ftse-all-cap-asia-pacific-ex-japan-fund.pdf" target="_blank">fact sheet pdf</a>) is designed to capture the performance of large-cap and medium-cap companies located in the Asia Pacific region, excluding Japan. The underlying FTSE Index includes more than 1,700 stocks, representing approximately 98% of the investable market capitalization of the target area. The fund’s expenses are capped at 0.50% through January 2012.
There are currently six other Asia Pacific ex-Japan ETFs, although each has a slightly different target than GSZ. This makes GSZ the “most original” ETF ever launched by GlobalShares. iShares MSCI AC Asia ex-Japan (AAXJ) excludes the “Pacific” countries of Australia and New Zealand, WisdomTree Pacific ex-Japan Dividend (DND) has a dividend focus, WisdomTree Pacific ex-Japan Equity Income (DNH) includes only developed markets, iShares MSCI Pacific ex-Japan (EPP) includes only developed markets, SPDR Emerging Asia Pacific ETF (GMF) includes only emerging markets, and PowerShares FTSE RAFI Asia Pacific ex-Japan (PAF) employs fundamental indexing.
Find our coverage of all <a href="http://investwithanedge.com/category/etf-ipos-new-etfs" target="_blank">new ETF introductions here</a>.
Disclosure covering writer, editor, and publisher: Long VT and ACWI. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.
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iShares MSCI Alluntry Asia ex Japan Index Fund

AAXJ

ACWI

ACWX

WisdomTree Trust Pacific ex-Japan Total Dividend

PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio

Three New ETF Clones from Old Mutual GlobalShares

If 2009 taught ETF investors any lessons it was that U.S. equity saw notable outflows while international and small cap ETFs were among the leaders regarding ETFs that saw gained new investments.
It is hard to bet against these trends in 2010 and that makes the Vanguard FTSE All-World Ex-U.S. Small-Cap Index ETF (NYSE: <a class="ticker" href="/stock/vss#NYSE">VSS</a>) a compelling play for the news year.
VSS is a relatively new entrant to the ETF world, making its debut in April, but in that time, VSS has gained an impressive $300 million in new inflows, according to etfdb.com. 
More than one in four VSS holdings are from the industrial materials sector and many of these are junior gold miners. Financial services is the next most-represented sector at more than 17% of VSS' holdings. 
Nearly half of VSS' geographic exposure is in Europe and the expense ratio is decent at 0.55%. VSS is up nearly 60% since its debut and the ETF Professor is betting on more of the same in 2010.

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Vanguard FTSE All-Wld ex-US SmCp Idx ETF

Overview

Vanguard FTSE All-Wld ex-US SmCp Idx ETF (ARCA:VSS), Quote.Headers.trade-ideas