Investors withdrew money last month from Vanguard Group Inc.’s emerging-markets exchange-traded fund, the industry’s largest, after the firm said it would replace the fund’s index.

The $57 billion Vanguard MSCI Emerging Markets ETF lost $887 million to redemptions in November while its largest rival, BlackRock Inc.’s $41.4 billion iShares MSCI Emerging Markets Index ETF gathered $2.34 billion, according to data compiled by BlackRock. Valley Forge, Pennsylvania-based Vanguard, known for its low-cost index-based products, said Oct. 2 it would drop MSCI Inc. as the benchmark provider for 22 funds to lower costs.

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