Investment

Vanguard All-World ex-US Shares Index ETF

ETF ratings

LonsecRecommended

Independent Investment ResearchRecommended

Investing internationally offers investment diversification and provide access to industries and companies not available in Australia. After all, Australia represents less than 3% of the total world sharemarket.

International shares are considered higher risk, higher return investments and are suited to longer-term investors (seven years plus).

The Vanguard All-World ex-US Shares Index ETF seeks to track the performance of the benchmark FTSE® All-World ex US Index, a free-float-adjusted market capitalisation-weighted index, designed to measure the investment return of international markets. This index includes approximately 2,200 stocks of companies located in 46 countries, including both the developed and emerging markets.

VEU is invested in international shares so there is a possibility that the value of a foreign investment, measured in Australian dollars, will decrease because of unfavourable changes in the currency exchange rates.

""FTSE®", "FT-SE®" and "Footsie®" are trademarks jointly owned by the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited under licence. "All-World", "All-Share" and "All-Small" are trademarks of FTSE International Limited. The FTSE All-World ex-US Index is calculated by FTSE International Limited. FTSE International Limited does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading".

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Exchange Traded Funds (ETFs) at a Glance*

Property
	ASX Code	Benchmark	Local / International	Management Costs (p.a)	Distribution Schedule	Lonsec Rating	Product Profile
Vanguard Australian Property Securities Index ETF	VAP	S&P/ASX 300 A-REIT Index	Local	0.25%**	Quarterly	Highly Recommended

Australian Shares
	ASX Code	Benchmark	Local / International	Management Costs (p.a)	Distribution Schedule	Lonsec Rating	Product Profile
Vanguard Australian Shares Index ETF	VAS	S&P/ ASX 300 Index	Local	0.15%**	Quarterly	Recommended
Vanguard Australian Shares High Yield ETF	VHY	FTSE ASFA Australia High Dividend Yield Index	Local	0.25%	Quarterly	n/a
Vanguard MSCI Australian Large Companies Index ETF	VLC	MSCI Australian Shares Large Cap Index	Local	0.20%	Quarterly	n/a
Vanguard MSCI Australian Small Companies Index ETF	VSO	MSCI Australian Shares Small Cap Index	Local	0.30%	Semi-annually	n/a

International Shares
	ASX Code	Benchmark	Local / International	Management Costs (p.a)	Distribution Schedule	Lonsec Rating	Product Profile
Vanguard US Total Market Shares Index ETF	VTS	MSCI US Broad Market Index	International	0.07%	Quarterly	Recommended
Vanguard All-World ex-US Shares Index ETF	VEU	FTSE All-World ex-US Index	International	0.22%	Annually (December)	Recommended

* Information correct as at 16 May 2011
** Effective as at 16 May 2011

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Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and ASX® is a registered trademark of the Australian Stock Exchange Ltd (“ASX”). These trademarks have been licensed for use by The Vanguard Group, Inc.

Vanguard ETFs are not sponsored, endorsed, sold or promoted by S&P or ASX, and S&P and ASX make no representation, warranty, or condition regarding the advisability of buying, selling, or holding units/shares in the Vanguard ETFs.

The Lonsec Limited (“Lonsec”) ABN 56 061 751 102 ratings presented in this document are limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s). It is not a recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s). The rating is subject to change without notice and Lonsec assumes no obligation to update this document following publication. Lonsec receives a fee from the fund manager for rating the product(s) using comprehensive and objective criteria.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. The Prospectus contains a more detailed description of the limited relationship MSCI has with The Vanguard Group and any related funds. ”FTSE®”, “FT-SE®” and “Footsie®” are trade marks jointly owned by the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited under licence. “All-World” is a trade mark of FTSE International Limited. The FTSE All-World ex-US Index is calculated by FTSE International Limited. FTSE International Limited does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading.