MM Money

Advantages That VIPERs Bring to Exchange-Traded Funds

Excerpt: VIPERs® are the only ETFs structured as separate share classes of existing Vanguard® index funds. This structure can create unique cash-flow management and tax-efficiency opportunities that translate into greater tracking efficiency.

Amid the vast array of exchange-traded funds in the marketplace, Vanguard® VIPER® Shares stand apart.

VIPER Shares take full advantage of Vanguard’s indexing expertise to track the performance of their indexes. We pioneered the concept of index mutual funds for individual investors, and we've brought that knowledge and experience to the exchange-traded fund arena. VIPER Shares are managed by Vanguard's Quantitative Equity Group, which has been overseeing index portfolios for more than 25 years.

With a generation of indexing experience, Vanguard has developed sophisticated portfolio construction and trading techniques. Those techniques, along with our proprietary software, provide tight tracking of benchmarks while reducing trading costs.

In addition, as one of the world's largest no-load mutual fund companies, Vanguard enjoys significant economies of scale in the buying and selling of securities. The favorable trading costs we receive—combined with our rock-bottom expense ratios—translate into a tremendous value for our investors.

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