Vanguard shuns US equity in small-cap ETF

Vanguard has listed a new exchange-traded fund (ETF) on the Arca platform of the New York Stock Exchange linked to international small-cap equities. The fund tracks the performance of the FTSE All World Ex-US Small Cap Index.

The index includes 3300 stocks from 47 countries, both in developed and emerging markets, and is part of FTSE's All World Ex-US series. The largest country weighting is to Japan at 19%, followed by the UK at 16%. The biggest single stock constituent is Yamana Gold, based in Canada, which represents 0.5%. Investors can take either a long or short position on the fund. Management fees are charged at 0.38%.

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