Upcoming fund changes
Action needed – read this notice now if you’re an investor in this fund
What’s changing
As part of our mission to bring value to investors, we’ve decided it’s in their best interests to close the fund.
Why we made this change
The fund has not achieved the expected level of assets under management to cover its fixed costs.
This means it has not met the minimum net asset value (NAV) of US$100 million, or its equivalent in another currency, which is the minimum level of NAV needed for the fund to be managed in a cost-efficient way.
We’ll pay the additional costs of closing the fund.
When is the change happening?
The last day of trading on the London Stock Exchange will be 20 October 2025. The fund will close on 23 October 2025.
What do I need to do?
You can sell your shares in this fund or switch to another fund on or before 20 October 2025.
You should cancel or edit any Direct Debits or regular withdrawals for this fund before 9 October 2025. If you do not cancel your Direct Debits before then, the regular payments will be added as cash to your account. If you do not invest this cash, it could affect your investment goals. We’ll cancel any regular withdrawals.
We’ll compulsorily redeem any shares you still have in this fund on 23 October 2025. This means we’ll give you their cash value. The price will be based on the fund’s NAV.
The cash will be paid into your Vanguard account once it has settled on or before 7 November 2025. We will not reinvest your cash, so you may want to invest it in another fund to help you reach your investment goals.
If you do not want your shares compulsorily redeemed, you must sell them on or before 20 October 2025.
If you sell your shares, and the cash has not settled by 23 October 2025, we’ll redeem your shares on that date.
You can still buy and sell shares in the fund until 20 October 2025.
What could happen to the fund
As part of the closure process, the ability of the fund to meet its investment objective might be compromised.
This could be:
- in the event of a significant number of redemptions
- as the underlying portfolio is being liquidated ready for closure
There will therefore be an increased risk of tracking error between the fund and its index.
Previous fund changes
What’s changing
We’re reducing the ongoing charges figure (OCF) for this fund.
OCF for accumulation and income share classes (GBP):
Previous: 0.07% of NAV
New: 0.05% of NAV
When is the change happening?
1 July 2025
Why we made this change
We’re reducing the OCF to bring more value to investors.
What do I need to do?
You do not need to do anything if you are an investor in this fund.
What’s changing
We’re reducing the ongoing charges figure (OCF) for this fund.
OCF for hedged accumulation and hedged income share classes (GBP):
Previous: 0.10% of NAV
New: 0.08% of NAV
When is the change happening?
1 July 2025
Why we made this change
We’re reducing the OCF to bring more value to investors.
What do I need to do?
You do not need to do anything if you are an investor in this fund.
What’s changing
We’re reducing the ongoing charges figure (OCF) for this fund.
OCF for accumulation and income share classes (USD):
Previous: 0.07% of NAV
New: 0.05% of NAV
When is the change happening?
1 July 2025
Why we made this change
We’re reducing the OCF to bring more value to investors.
What do I need to do?
You do not need to do anything if you are an investor in this fund.
What’s changing
We’re reducing the ongoing charges figure (OCF) for this fund.
OCF for accumulation and income share classes (USD):
Previous: 0.25% of NAV
New: 0.23% of NAV
When is the change happening?
1 July 2025
Why we made this change
We’re reducing the OCF to bring more value to investors.
What do I need to do?
You do not need to do anything if you are an investor in this fund.
What’s changing
We’re reducing the ongoing charges figure (OCF) for this fund.
OCF for accumulation and income share classes (EUR):
Previous: 0.09% of NAV
New: 0.07% of NAV
When is the change happening?
1 July 2025
Why we made this change
We’re reducing the OCF to bring more value to investors.
What do I need to do?
You do not need to do anything if you are an investor in this fund.
What’s changing
We’re reducing the ongoing charges figure (OCF) for this fund.
OCF for accumulation and income share classes (EUR):
Previous: 0.11% of NAV
New: 0.09% of NAV
OCF for hedged accumulation share class (GBP):
Previous: 0.16% of NAV
New: 0.14% of NAV
When is the change happening?
1 July 2025
Why we made this change
We’re reducing the OCF to bring more value to investors.
What do I need to do?
You do not need to do anything if you are an investor in this fund.
What’s changing
We’re reducing the ongoing charges figure (OCF) for this fund.
OCF for accumulation and income share classes (USD):
Previous: 0.09% of NAV
New: 0.07% of NAV
OCF for hedged accumulation share class (GBP):
Previous: 0.14% of NAV
New: 0.12% of NAV
When is the change happening?
1 July 2025
Why we made this change
We’re reducing the OCF to bring more value to investors.
What do I need to do?
You do not need to do anything if you are an investor in this fund.
What’s changing
The index the fund tracks, Bloomberg MSCI EUR Corporate Liquid Bond Screened Index, is changing its methodology.
Why we made this change
The provider of the index, Bloomberg, is making changes to the methodologies it applies to the indices. The index methodologies currently exclude corporate issuers that have any involvement in fossil fuels.
Bloomberg has proposed the following changes to their fossil fuel screening criteria. Replacing the “Fossil Fuel – Any Tie” screen with its component parts that is:
- oil & gas reserves
- oil & gas related activities
- thermal coal reserves
- thermal coal activities
- power generation (oil and gas, thermal coal)
As part of this change, Bloomberg has also increased the maximum revenue threshold for oil and gas-related activities from 0% to 5%.
Add Bloomberg Barclays sector classification screens:
- integrated
- independent
- midstream
- natural gas
- oil field services
- refining
It is also adding the following screens:
Exclusion: Oil sands – maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from oil sands extraction for a set of companies that own oil sands reserves and disclose evidence of deriving revenue from oil sands extraction. This factor does not include revenue from non-extraction activities (for example, exploration, surveying, processing, refining); ownership of oil sands reserves with no associated extraction revenues; revenue from intra-company sales.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil - maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from Arctic Oil production. The definition of Arctic is geographical and includes production activities north of the 66.5 latitude. This factor includes offshore or onshore oil production.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic gas - maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from Arctic Gas production. The definition of Arctic is geographical and includes production activities north of the 66.5 latitude. This factor includes offshore or onshore gas production.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the funds, in line with the scheduled Bloomberg re-balancing of the index.
When are the changes happening?
The changes will happen on or around 31 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date you’ll also be able to find details about the index's:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
Find out more at Bloomberg
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks, Bloomberg MSCI Global Corporate Float-Adjusted Liquid Bond Screened Index, is changing its methodology.
Why we made this change
The provider of the index, Bloomberg, is making changes to the methodologies it applies to the indices. The index methodologies currently exclude corporate issuers that have any involvement in fossil fuels.
Bloomberg has proposed the following changes to their fossil fuel screening criteria. Replacing the “Fossil Fuel – Any Tie” screen with its component parts that is:
- oil & gas reserves
- oil & gas related activities
- thermal coal reserves
- thermal coal activities
- power generation (oil and gas, thermal coal)
As part of this change, Bloomberg has also increased the maximum revenue threshold for oil and gas-related activities from 0% to 5%.
Add Bloomberg Barclays sector classification screens:
- integrated
- independent
- midstream
- natural gas
- oil field services
- refining
It is also adding the following screens:
Exclusion: Oil sands – maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from oil sands extraction for a set of companies that own oil sands reserves and disclose evidence of deriving revenue from oil sands extraction. This factor does not include revenue from non-extraction activities (for example, exploration, surveying, processing, refining); ownership of oil sands reserves with no associated extraction revenues; revenue from intra-company sales.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil - maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from Arctic Oil production. The definition of Arctic is geographical and includes production activities north of the 66.5 latitude. This factor includes offshore or onshore oil production.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic gas - maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from Arctic Gas production. The definition of Arctic is geographical and includes production activities north of the 66.5 latitude. This factor includes offshore or onshore gas production.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the funds, in line with the scheduled Bloomberg re-balancing of the index.
When are the changes happening?
The changes will happen on or around 31 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date you’ll also be able to find details about the index's:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
Find out more at Bloomberg
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks, Bloomberg MSCI USD Corporate Float-Adjusted Liquid Bond Screened Index, is changing its methodology.
Why we made this change
The provider of the index, Bloomberg, is making changes to the methodologies it applies to the indices. The index methodologies currently exclude corporate issuers that have any involvement in fossil fuels.
Bloomberg has proposed the following changes to their fossil fuel screening criteria. Replacing the “Fossil Fuel – Any Tie” screen with its component parts that is:
- oil & gas reserves
- oil & gas related activities
- thermal coal reserves
- thermal coal activities
- power generation (oil and gas, thermal coal)
As part of this change, Bloomberg has also increased the maximum revenue threshold for oil and gas-related activities from 0% to 5%.
Add Bloomberg Barclays sector classification screens:
- integrated
- independent
- midstream
- natural gas
- oil field services
- refining
It is also adding the following screens:
Exclusion: Oil sands – maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from oil sands extraction for a set of companies that own oil sands reserves and disclose evidence of deriving revenue from oil sands extraction. This factor does not include revenue from non-extraction activities (for example, exploration, surveying, processing, refining); ownership of oil sands reserves with no associated extraction revenues; revenue from intra-company sales.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil - maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from Arctic Oil production. The definition of Arctic is geographical and includes production activities north of the 66.5 latitude. This factor includes offshore or onshore oil production.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic gas - maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from Arctic Gas production. The definition of Arctic is geographical and includes production activities north of the 66.5 latitude. This factor includes offshore or onshore gas production.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the funds, in line with the scheduled Bloomberg re-balancing of the index.
When are the changes happening?
The changes will happen on or around 31 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date you’ll also be able to find details about the index's:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
Find out more at Bloomberg
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks, Bloomberg MSCI Global Corporate Float Adjusted Bond Screened Index, is changing its methodology.
Why we made this change
The provider of the index, Bloomberg, is making changes to the methodologies it applies to the indices. The index methodologies currently exclude corporate issuers that have any involvement in fossil fuels.
Bloomberg has proposed the following changes to their fossil fuel screening criteria. Replacing the “Fossil Fuel – Any Tie” screen with its component parts that is:
- Oil & gas reserves
- Oil & gas related activities
- Thermal coal reserves
- Thermal coal activities
- Power generation (oil & gas, thermal coal)
As part of this change, Bloomberg has also increased the maximum revenue threshold for oil and gas-related activities from 0% to 5%.
Add Bloomberg Barclays sector classification screens:
- integrated
- independent
- midstream
- natural Gas
- oil Field Services
- refining
It is also adding the following screens:
Exclusion: Oil sands – maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from oil sands extraction for a set of companies that own oil sands reserves and disclose evidence of deriving revenue from oil sands extraction. This factor does not include revenue from non-extraction activities (for example, exploration, surveying, processing, refining); ownership of oil sands reserves with no associated extraction revenues; revenue from intra-company sales.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil - maximum percentage of revenue.
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from Arctic Oil production. The definition of Arctic is geographical and includes production activities north of the 66.5 latitude. This factor includes offshore or onshore oil production.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic gas - maximum percentage of revenue
Definition: Excludes all researched companies deriving 5% or more revenue (either reported or estimated) from Arctic Gas production. The definition of Arctic is geographical and includes production activities north of the 66.5 latitude. This factor includes offshore or onshore gas production.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the funds, in line with the scheduled Bloomberg re-balancing of the index.
When are the changes happening?
The changes will happen on or around 31 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date you’ll also be able to find details about the index's:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
Find out more at Bloomberg
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks, FTSE Developed Asia Pacific All Cap Choice Index, is changing its methodology.
Why we made this change
The indices are screened against specific environmental, social, and governance (ESG) criteria. This means certain companies are excluded as FTSE Russell, the index provider, identifies them as being involved in certain activities or earning revenue above set thresholds from those activities.
The changes to the index methodologies by FTSE mean that from on or around the 24 March 2025, in addition to the current exclusions, companies involved or engaged in the activities specified below or earning revenue above the specified thresholds from those activities will also be excluded from the indices.
Exclusion: Thermal coal - extraction.
Definition: Companies extracting thermal coal.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Thermal coal - supporting products and services.
Definition: Companies providing tailor-made products or services that support thermal coal extraction.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Oil & gas – production.
Definition: Companies involved in oil and gas exploration, production, refining, transportation and/or storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil & gas – supporting products and services.
Definition: Companies providing tailor-made products or services that support oil and gas exploration, production, refining, transportation and storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil – extraction.
Definition: Companies involved in oil and gas exploration in Arctic regions.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil sands - extraction.
Definition: Companies extracting oil sands.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the fund, in line with the scheduled FTSE re-balancing of the index.
When the changes are happening
The changes will happen on or around 24 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date at FTSE Russell Constituents Weights and FTSE Russell Global Choice you’ll also be able to find details about the index’s:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks FTSE Developed Europe All Cap Choice Index, is changing its methodology.
Why we made this change
The indices are screened against specific environmental, social, and governance (ESG) criteria. This means certain companies are excluded as FTSE Russell, the index provider, identifies them as being involved in certain activities or earning revenue above set thresholds from those activities.
The changes to the index methodologies by FTSE mean that from on or around the 24 March 2025, in addition to the current exclusions, companies involved or engaged in the activities specified below or earning revenue above the specified thresholds from those activities will also be excluded from the indices.
Exclusion: Thermal coal - extraction.
Definition: Companies extracting thermal coal.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Thermal coal - supporting products and services.
Definition: Companies providing tailor-made products or services that support thermal coal extraction.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Oil & gas – production.
Definition: Companies involved in oil and gas exploration, production, refining, transportation and/or storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil & gas – supporting products and services.
Definition: Companies providing tailor-made products or services that support oil and gas exploration, production, refining, transportation and storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil – extraction.
Definition: Companies involved in oil and gas exploration in Arctic regions.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil sands - extraction.
Definition: Companies extracting oil sands.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the fund, in line with the scheduled FTSE re-balancing of the index.
When the changes are happening
The changes will happen on or around 24 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date at FTSE Russell Constituents Weights and FTSE Russell Global Choice you’ll also be able to find details about the index’s:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks FTSE Emerging All Cap Choice Index, is changing its methodology.
Why we made this change
The indices are screened against specific environmental, social, and governance (ESG) criteria. This means certain companies are excluded as FTSE Russell, the index provider, identifies them as being involved in certain activities or earning revenue above set thresholds from those activities.
The changes to the index methodologies by FTSE mean that from on or around the 24 March 2025, in addition to the current exclusions, companies involved or engaged in the activities specified below or earning revenue above the specified thresholds from those activities will also be excluded from the indices.
Exclusion: Thermal coal - extraction.
Definition: Companies extracting thermal coal.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Thermal coal - supporting products and services.
Definition: Companies providing tailor-made products or services that support thermal coal extraction.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Oil & gas – production.
Definition: Companies involved in oil and gas exploration, production, refining, transportation and/or storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil & gas – supporting products and services
Definition: Companies providing tailor-made products or services that support oil and gas exploration, production, refining, transportation and storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil – extraction.
Definition: Companies involved in oil and gas exploration in Arctic regions.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil sands - extraction.
Definition: Companies extracting oil sands.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the fund, in line with the scheduled FTSE re-balancing of the index.
When the changes are happening
The changes will happen on or around 24 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date at FTSE Russell Constituents Weights and FTSE Russell Global Choice you’ll also be able to find details about the index’s:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks, FTSE Global All Cap Choice Index, is changing its methodology.
Why we made this change
The indices are screened against specific environmental, social, and governance (ESG) criteria. This means certain companies are excluded as FTSE Russell, the index provider, identifies them as being involved in certain activities or earning revenue above set thresholds from those activities.
The changes to the index methodologies by FTSE mean that from on or around the 24 March 2025, in addition to the current exclusions, companies involved or engaged in the activities specified below or earning revenue above the specified thresholds from those activities will also be excluded from the indices.
Exclusion: Thermal coal - extraction.
Definition: Companies extracting thermal coal.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Thermal coal - supporting products and services.
Definition: Companies providing tailor-made products or services that support thermal coal extraction.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Oil & gas – production.
Definition: Companies involved in oil and gas exploration, production, refining, transportation and/or storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil & gas – supporting products and services.
Definition: Companies providing tailor-made products or services that support oil and gas exploration, production, refining, transportation and storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil – extraction.
Definition: Companies involved in oil and gas exploration in Arctic regions.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil sands - extraction.
Definition: Companies extracting oil sands.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the fund, in line with the scheduled FTSE re-balancing of the index.
When the changes are happening
The changes will happen on or around 24 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date at FTSE Russell Constituents Weights and FTSE Russell Global Choice you’ll also be able to find details about the index’s:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks FTSE North America All Cap Choice Index, is changing its methodology.
Why we made this change
The indices are screened against specific environmental, social, and governance (ESG) criteria. This means certain companies are excluded as FTSE Russell, the index provider, identifies them as being involved in certain activities or earning revenue above set thresholds from those activities.
The changes to the index methodologies by FTSE mean that from on or around the 24 March 2025, in addition to the current exclusions, companies involved or engaged in the activities specified below or earning revenue above the specified thresholds from those activities will also be excluded from the indices.
Exclusion: Thermal coal - extraction.
Definition: Companies extracting thermal coal.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Thermal coal - supporting products and services.
Definition: Companies providing tailor-made products or services that support thermal coal extraction.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Oil & gas – production.
Definition: Companies involved in oil and gas exploration, production, refining, transportation and/or storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil & gas – supporting products and services.
Definition: Companies providing tailor-made products or services that support oil and gas exploration, production, refining, transportation and storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil – extraction.
Definition: Companies involved in oil and gas exploration in Arctic regions.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil sands - extraction.
Definition: Companies extracting oil sands.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
In addition to the changes described above, this fund seeks to fully replicate the relevant Index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.
When the changes are happening
The changes will happen on or around 24 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date at FTSE Russell Constituents Weights and FTSE Russell Global Choice you’ll also be able to find details about the index’s:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks, FTSE Developed Europe Choice Index, is changing its methodology.
Why we made this change
The provider of the index, FTSE Russell, is making changes to the methodologies it applies to the indices. The changes mean that in addition to exclusions already applied companies engaged, involved or deriving revenue from the following activities will also be excluded from the indices:
Exclusion: Thermal coal - extraction.
Definition: Companies extracting thermal coal.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Thermal coal - supporting products and services.
Definition: Companies providing tailor-made products or services that support thermal coal extraction.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Oil & gas – production.
Definition: Companies involved in oil and gas exploration, production, refining, transportation and/or storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil & gas – supporting products and services.
Definition: Companies providing tailor-made products or services that support oil and gas exploration, production, refining, transportation and storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil – extraction
Definition: Companies involved in oil and gas exploration in Arctic regions.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil sands - extraction.
Definition: Companies extracting oil sands.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the fund, in line with the scheduled FTSE re-balancing of the index.
When the changes are happening
The changes will happen on or around 24 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date at FTSE Russell Constituents Weights and FTSE Russell Global Choice you’ll also be able to find details about the index’s:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks, FTSE Developed All Cap Choice Index, is changing its methodology.
Why we made this change
The provider of the index, FTSE Russell, is making changes to the methodologies it applies to the indices. The changes mean that in addition to exclusions already applied companies engaged, involved or deriving revenue from the following activities will also be excluded from the indices:
Exclusion: Thermal coal - extraction.
Definition: Companies extracting thermal coal.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Thermal coal - supporting products and services.
Definition: Companies providing tailor-made products or services that support thermal coal extraction.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Oil & gas – production.
Definition: Companies involved in oil and gas exploration, production, refining, transportation and/or storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil & gas – supporting products and services.
Definition: Companies providing tailor-made products or services that support oil and gas exploration, production, refining, transportation and storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil – extraction
Definition: Companies involved in oil and gas exploration in Arctic regions.
Involvement threshold: Greater than or equal to 5% of revenues
Exclusion: Oil sands - extraction
Definition: Companies extracting oil sands.
Involvement threshold: Greater than or equal to 5% of revenues
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the fund, in line with the scheduled FTSE re-balancing of the index.
When the changes are happening
The changes will happen on or around 24 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date at FTSE Russell Constituents Weights and FTSE Russell Global Choice you’ll also be able to find details about the index’s:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks, FTSE Emerging All Cap Choice Index, is changing its methodology.
Why we made this change
The provider of the index, FTSE Russell, is making changes to the methodologies it applies to the indices. The changes mean that in addition to exclusions already applied companies engaged, involved or deriving revenue from the following activities will also be excluded from the indices:
Exclusion: Thermal coal - extraction
Definition: Companies extracting thermal coal.
Involvement threshold: Greater than 0% of revenues
Exclusion: Thermal coal - supporting products and services.
Definition: Companies providing tailor-made products or services that support thermal coal extraction.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Oil & gas – production.
Definition: Companies involved in oil and gas exploration, production, refining, transportation and/or storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil & gas – supporting products and services.
Definition: Companies providing tailor-made products or services that support oil and gas exploration, production, refining, transportation and storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil – extraction
Definition: Companies involved in oil and gas exploration in Arctic regions.
Involvement threshold: Greater than or equal to 5% of revenues
Exclusion: Oil sands - extraction.
Definition: Companies extracting oil sands.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the fund, in line with the scheduled FTSE re-balancing of the index.
When the changes are happening
The changes will happen on or around 24 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date at FTSE Russell Constituents Weights and FTSE Russell Global Choice you’ll also be able to find details about the index’s:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The index the fund tracks, FTSE Developed All Cap Choice Index, is changing its methodology.
Why we made this change
The indices are screened against specific environmental, social, and governance (ESG) criteria. This means certain companies are excluded as FTSE Russell, the index provider, identifies them as being involved in certain activities or earning revenue above set thresholds from those activities.
The changes to the index methodologies by FTSE mean that from on or around the 24 March 2025, in addition to the current exclusions, companies involved or engaged in the activities specified below or earning revenue above the specified thresholds from those activities will also be excluded from the indices.
Exclusion: Thermal coal - extraction.
Definition: Companies extracting thermal coal.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Thermal coal - supporting products and services.
Definition: Companies providing tailor-made products or services that support thermal coal extraction.
Involvement threshold: Greater than 0% of revenues.
Exclusion: Oil & gas – production.
Definition: Companies involved in oil and gas exploration, production, refining, transportation and/or storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil & gas – supporting products and services.
Definition: Companies providing tailor-made products or services that support oil and gas exploration, production, refining, transportation and storage.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Arctic oil – extraction.
Definition: Companies involved in oil and gas exploration in Arctic regions.
Involvement threshold: Greater than or equal to 5% of revenues.
Exclusion: Oil sands - extraction.
Definition: Companies extracting oil sands.
Involvement threshold: Greater than or equal to 5% of revenues.
What the changes mean in practice
The fund will continue to aim to track the performance of the index. There will be some minor adjustments to the underlying holdings of the fund, in line with the scheduled FTSE re-balancing of the index.
When the changes are happening
The changes will happen on or around 24 March 2025. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
From this date at FTSE Russell Constituents Weights and FTSE Russell Global Choice you’ll also be able to find details about the index’s:
- exact composition
- methodology
- product and conduct-related exclusions
- supply chain involvement for exclusions
- any revenue thresholds for exclusions
What is not changing
There are no changes to:
- fund management
- investment objective
- index
- annual management charge
- risk profiles
What’s changing
The Vanguard SustainableLife Equity Funds are changing their name to:
Vanguard ActiveLife Climate Aware 40-50% Equity Fund
Vanguard ActiveLife Climate Aware 60-70% Equity Fund
Vanguard ActiveLife Climate Aware 80-90% Equity Fund
How the investment policies are described will also change to make it clearer to investors what the funds are invested in.
There are small changes to prevent investments in bonds (1) issued by governments known as ‘sovereign bonds’, where those governments have fuel exports above a defined threshold.
There is no change to the fund charges.
Why we made this change
The Financial Conduct Authority (FCA) has introduced new rules, known as the Sustainability Disclosure Requirements, which apply to the funds because they have environmental and/or social characteristics.
The new rules allow a fund to use a sustainable investment label if it meets certain conditions. These labels help investors find products that have a specific sustainability goal.
The new rules also set new requirements around the names that can be used for funds with sustainability characteristics. In particular, funds cannot use the term ‘sustainable’ in their name unless they are using a sustainable investment label. The use of other ESG-related terms also needs to be clear to investors.
Funds that meet the FCA’s new rules can use 1 of 4 new labels:
Sustainability Focus
Sustainability Improvers
Sustainability Impact
Sustainability Mixed Goals
To use the labels, funds must meet the following criteria:
a sustainability objective with environmental or social outcomes
70% of assets invested with reference to a robust, evidence-based standard
the remaining 30% of assets cannot conflict with the sustainability objective of the fund
KPIs to measure how the fund is meeting or making progress to its sustainability objective
a strategy for stewardship (2)
appropriate resources and governance (3)
Vanguard is not applying one of these labels as the funds do not meet the criteria outlined above and we would have to change how we manage these funds.
The funds are still ESG funds even though they do not have a label. They do still have sustainable characteristics, and they do still consider ESG factors in the investment process.
The change to the investment policy will make it clearer how the fund invests.
What do I need to do?
You do not need to do anything if you are an investor in one of these funds.
When are the changes happening?
The changes will happen on 26 November 2024. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
We will also be adding a new consumer-facing disclosure. This provides further information about the fund and how it manages ESG-related issues.
(1) Bonds are a type of loan issued by governments or companies, which typically pay a fixed amount of interest and return the capital at the end of the term.
(2) The responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries, leading to sustainable benefits for the economy, the environment and society.
(3) Sufficient resources, governance and organisational arrangements to achieve the sustainability objectives.
What’s changing
The Vanguard Global Sustainable Equity Fund is changing its name to:
The Vanguard Global Capital Stewards Equity Fund.
There are no changes to the way this fund is managed. However, we are making changes to the way the investment policy is described within the Prospectus.
There is no change to the fund charges.
Why we made this change
The Financial Conduct Authority (FCA) has introduced new rules, known as the Sustainability Disclosure Requirements, which apply to the funds because they have environmental and/or social characteristics.
The new rules allow a fund to use a sustainable investment label if it meets certain conditions. These labels help investors find products that have a specific sustainability goal.
The new rules also set new requirements around the names that can be used for funds with sustainability characteristics. In particular, funds cannot use the term ‘sustainable’ in their name unless they are using a sustainable investment label. The use of other ESG-related terms also needs to be clear to investors.
Funds that meet the FCA’s new rules can use 1 of 4 new labels:
Sustainability Focus
Sustainability Improvers
Sustainability Impact
Sustainability Mixed Goals
To use the labels, funds must meet the following criteria:
a sustainability objective with environmental or social outcomes
70% of assets invested with reference to a robust, evidence-based standard
the remaining 30% of assets cannot conflict with the sustainability objective of the fund
KPIs to measure how the fund is meeting or making progress to its sustainability objective
a strategy for stewardship (1)
appropriate resources and governance (2)
Vanguard is not applying one of these labels as the fund does not meet the criteria outlined above and we would have to change how we manage the fund.
The fund is still an ESG fund even though it does not have a label. It still has sustainable characteristics and it still considers ESG factors in the investment process.
The change to the investment policy will make it clearer how the fund invests.
What do I need to do?
You do not need to do anything if you are an investor in one of these funds.
When are the changes happening?
The changes will happen on 26 November 2024. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
We will also be adding a new consumer-facing disclosure. This provides further information about the fund and how it manages ESG-related issues.
(1) The responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries, leading to sustainable benefits for the economy, the environment and society.
(2) Sufficient resources, governance and organisational arrangements to achieve the sustainability objectives.
What’s changing
The Vanguard ESG Developed World All Cap Equity Index Fund (UK) is changing its name to:
The Vanguard ESG Screened Developed World All Cap Equity Index Fund (UK)
There are no changes to the way this fund is managed. However, we are making changes to the way the investment policy is described within the Prospectus.
There is no change to the fund charges.
Why we made this change
The Financial Conduct Authority (FCA) has introduced new rules, known as the Sustainability Disclosure Requirements, which apply to the funds because they have environmental and/or social characteristics.
The new rules allow a fund to use a sustainable investment label if it meets certain conditions. These labels help investors find products that have a specific sustainability goal.
Funds that meet the FCA’s new rules can use 1 of 4 new labels:
Sustainability Focus
Sustainability Improvers
Sustainability Impact
Sustainability Mixed Goals
To use the labels, funds must meet the following criteria:
a sustainability objective with environmental or social outcomes
70% of assets invested with reference to a robust, evidence-based standard
the remaining 30% of assets cannot conflict with the sustainability objective of the fund
KPIs to measure how the fund is meeting or making progress to its sustainability objective
a strategy for stewardship (1)
appropriate resources and governance (2)
Vanguard is not applying one of these labels, as the fund uses an exclusions investment strategy, which does not meet the criteria outlined above.
Vanguard is adding the word ‘screened’ to the fund name to make it clear the fund tracks the FTSE Developed All Cap Choice Index, which has excluded, or screened out companies based on ESG criteria, rather than choosing investments based on ESG criteria.
What do I need to do?
You do not need to do anything if you are an investor in one of these funds.
When are the changes happening?
The changes will happen on 26 November 2024. An updated fund prospectus and Key Investor Information Documents will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
We will also be adding a new consumer-facing disclosure. This provides further information about the fund and how it manages ESG-related issues.
(1) The responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries, leading to sustainable benefits for the economy, the environment and society.
(2) Sufficient resources, governance and organisational arrangements to achieve the sustainability objectives.
What does the fund do currently?
The fund seeks to increase the value of your investments over the long term. The fund tries to do this in two ways. Firstly, the fund buys shares of companies which may increase in value over time. These shares form the ‘capital’ of the fund. Secondly, the fund receives cash payments (referred to as ‘income’) when the companies it invests in pay dividends to shareholders out of their profits.
The fund keeps a record of the shares it owns in the ‘capital account’ and the income it has received in the ‘income account’.
The main fee payable by the fund is the annual management charge, which covers the costs of running the fund. Currently, this charge is paid from the fund’s capital account. This means the fund may have to sell the shares it owns to pay the charge rather than using cash from the income account.
What is changing?
We are making a change to allow fees to be paid from the income account. The fund will be able to use the cash it already has to pay the annual management charge, rather than having to sell the shares it owns. This change is permitted under UK rules.
What do the changes mean in practice?
The fees you pay for investing in the fund are not changing.
Currently, the capital of the fund is reduced when fees and payments are taken. This could mean we have to sell investments to cover the annual management charge.
In future, these fees will be taken from income, so the capital of the fund will not be impacted.
Since growing capital is a key objective of the fund, we believe this change is in the best interests of investors.
When will the changes take place?
The changes will take effect from 1 November 2024. An updated fund prospectus will be published on or around that date to reflect the changes. Vanguard will cover the costs relating to this change.
Date of this notice: 12 August 2024
Exposure to the Index
As outlined in the Prospectus, the investment objective of the Sub-Fund is to seek to track the performance of the MSCI Emerging Markets Index (the “Index”).
The UCITS Regulations, which transposed Directive 2009/65/EC (the “UCITS Directive”) into Irish law, provide that no more than 10% of a UCITS’ net asset value may be invested in transferable securities or money market instruments issued by the same body (the “10% Limit”).
However, the UCITS Regulations also provide that for a UCITS that has an investment policy to replicate the composition of an index (i.e. an index tracking fund), such as the Sub-Fund, the 10% Limit may be increased to 20%. Accordingly, where permitted by the Central Bank, such UCITS may continue to have exposure to an index which has constituents issued by the same body which account for up to 20% of the relevant index being tracked (the “Increased Diversification Limit”).
As at the date of this Notice, no single constituent of the Index amounts to more than 10% of the Index. However, in light of recent market movements, there is a possibility that one of the Index constituents may exceed 10% of the Index in the future. In order to allow the Sub-Fund to continue to track the Index in the event that any of the index constituents exceed the 10% Limit, it is necessary to update the Prospectus to reflect the Increased Diversification Limit.
Revised Prospectus
A revised Prospectus reflecting that the Sub-Fund seeks to fully replicate the Index and, where necessary in doing so, avail of the Increased Diversification Limit has been submitted to the Central Bank. Once noted by the Central Bank, the revised Prospectus will be made available on https://www.ie.vanguard/products.
Is any action required?
No action is required from Shareholders in respect of the change outlined in this Notice.
Date of this notice: 12 August 2024
Exposure to the Index
As outlined in the Prospectus, the investment objective of the Sub-Fund is to seek to track the performance of the FTSE Emerging Index (the “Index”).
The UCITS Regulations, which transposed Directive 2009/65/EC (the “UCITS Directive”) into Irish law, provide that no more than 10% of a UCITS’ net asset value may be invested in transferable securities or money market instruments issued by the same body (the “10% Limit”).
However, the UCITS Regulations also provide that for a UCITS that has an investment policy to replicate the composition of an index (i.e. an index tracking fund), such as the Sub-Fund, the 10% Limit may be increased to 20%. Accordingly, where permitted by the Central Bank, such UCITS may continue to have exposure to an index which has constituents issued by the same body which account for up to 20% of the relevant index being tracked (the “Increased Diversification Limit”).
As at the date of this Notice, no single constituent of the Index amounts to more than 10% of the Index. However, in light of recent market movements, there is a possibility that one of the Index constituents may exceed 10% of the Index in the future. In order to allow the Sub-Fund to continue to track the Index in the event that any of the index constituents exceed the 10% Limit, it is necessary to update the Prospectus to reflect the Increased Diversification Limit.
Revised Prospectus
A revised Prospectus reflecting that the Sub-Fund seeks to fully replicate the Index and, where necessary in doing so, avail of the Increased Diversification Limit has been submitted to the Central Bank. Once noted by the Central Bank, the revised Prospectus will be made available on https://www.ie.vanguard/products.
Is any action required?
No action is required from Shareholders in respect of the change outlined in this Notice.
On 12 August 2024, changes were made to the sub-investment advisers appointed for this fund.
What the fund used to do
- The fund’s investment adviser (Vanguard Global Advisers, LLC) appointed 3 sub-investment advisers to manage approximately equal portions of the fund.
- The sub-investment advisers use their expertise to pick investments for their portions of the fund.
- The sub-investment advisers were Oaktree, Pzena and Baillie Gifford.
What’s changed
- Oaktree has been removed as a sub-investment adviser.
- Pzena and Baillie Gifford will manage the portion of the fund previously managed by Oaktree.
Why we made this change
Our ongoing monitoring of the fund’s sub-investment advisers looks beyond short-term performance to focus on the drivers of long-term success.
As part of this review process, we’ve determined that changes to the investment advisory structure would best serve current and future shareholders of the fund.
What does the change mean in practice?
You do not need to take any action.
There will be some adjustments to the fund’s underlying investments. The costs of making these adjustments will be borne by the fund.
There will be no change to the fund’s investment objective, investment policy, risk profile or ongoing costs as a result of the change.
The Vanguard SRI European Stock Fund is changing the index it tracks from on or around 24 June 2024. This change means the fund will also change its name, objective and investment policy.
What the fund does now
The fund promotes environmental and social characteristics by not investing in companies that:
- are involved in activities that result in serious violations of the United Nations Global Compact Principles
It may also avoid investing in companies involved in the production of:
- controversial weapons (for example, cluster munitions, land mines, biochemical and nuclear weapons)
- tobacco
To do this, the fund tracks the FTSE Developed Europe Index. This is a non-ESG index. The fund then manually excludes companies that do not meet its environmental and social characteristics.
What’s changing
The fund will track a new index that excludes a wider range of companies, including those involved in:
- non-renewable energy (nuclear power and fossil fuels – including power generation from oil, gas, and thermal coal)
- vice products (tobacco, gambling, alcohol, cannabis and adult entertainment)
- weapons (chemical and biological weapons, cluster munitions, anti-personnel landmines, nuclear weapons, civilian firearms and conventional military weapons)
It will also exclude companies that do not meet the labour, human rights, environmental, and anti-corruption standards as defined by the United Nations Global Compact Principles.
To make this change the fund will start tracking the FTSE Developed Europe Choice Index. This is a dedicated ESG index. The fund’s new name will be the Vanguard ESG Developed Europe Index Fund.
Why we’re making this change
We have reviewed our fund range and the wider market and found that investors are increasingly focused on the environment and climate change. We believe the change we’re making will better meet the preferences of those investors.
From the week of 6 December 2021, the Vanguard Global Balanced Fund will:
- be called the Vanguard SustainableLife 60-70% Equity Fund
- invest in a sustainable way based on certain sustainability criteria
If you’re already invested in the Vanguard Global Balanced Fund, you do not need to do anything. Your money will remain invested, the fund manager will not change and the overall objective of the fund will stay the same.
If you do not want to stay invested in the Vanguard Global Balanced Fund when it changes, you can sell your units at any time.