Vanguard on Friday launched the Vanguard Total International Stock ETF, which tracks the MSCI All Country World ex-USA Investable Market Index.

The new ETF is actually a new share class of the Vanguard Total International Stock Index Fund, introduced in 1996. The fund is Vanguard’s second-largest international index fund, with $51.4 billion in net assets.

“Vanguard Total International Stock ETF is a new way to invest in an established fund that offers broad international diversification with an extremely modest price tag,” said Vanguard Chief Investment Officer Gus Sauter. The fund charges 20 basis points, considerably less than the average 60 basis point cost of other international ETFs, Vanguard said.

The new ETF “complements our Total Stock Market ETF and Total Bond Market ETF and enables advisers and individual investors to assemble a simple, balanced and well-diversified portfolio using low-cost ETFs,” Sauter said.

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