Buying and sellingVanguard ETFsPosition your clients for trading success

➊Always check the iNAV or NAVwhen deciding on priceVanguard ETFs can be bought andsold on the stock exchange just likeregular shares.All of our ETFs are well established, highly liquid and covered by multiple marketmakers. This means our investors benefit from accurate pricing and tighttrading spreads.To help you get the best outcomes when buying or selling ETFs we recommendincorporating these six tips.ETF prices fluctuate throughout the day. Thesefluctuations are caused by price movementsof the underlying securities or proxies such as futures and currency markets forinternational products.iNAVThe iNAV is an estimate of the current valueof the ETF. This price is updated every 15seconds. We publish the iNAV for all Vanguarddomestic ETFs.To help determine the price you’re willing toaccept when you’re ready to transact you cancompare the current trading price with anETF’s net asset value (NAV) or intraday netasset value (iNAV). These metrics representsthe net value of all the assets in the ETFdivided by the number of units outstanding.NAVThe NAV is the value of the ETF at the end ofthe trading day. This price does not updatefor live/current prices. However, it doesprovide a rough guide as to where the ETFshould be priced.These figures are published on the ETF productpages on our website.Example for illustrative purpose only: iNAV for Vanguard Australian Shares Index ETFNAV Price (AUD) 95.17844 1.1889 1.26%Estimated Intraday NAV(AUD) 94.90Management feeETF AUM (AUD)Indirect costsTotal AUM (AUD)0.10% p.a.0.00% p.a. 9.59 B 27.22 BYou can see the NAV and iNAV are different. The iNAV is using live prices to value the ETF whereas the NAV usesend of previous day and selling Vanguard ETFs3

➋Use limit orders➌Avoid trading at the open and closeof the marketLimit orders provide peace of mind by lettingyou select a maximum or minimum executionprice for the ETF you want to buy or sell.The opening and closing prices of the stockexchange are determined by a number offactors such as overnight market moves. Thismeans ETFs can be more volatile at the openand close and you need to be cautious whentrading prior to 10:15am and after 3:45pm(Melbourne time).They offer advantages over market orders byproviding greater price control and protection.You can have confidence that your orderwill only execute at a price that you arecomfortable with.Limit orders can be amended or cancelledthroughout the trading day provided the orderhas not already been executed. When youplace a limit order your priority is securing thespecified price or better, rather than speedof execution.At the market open all ETF products begintrading at the same time making it difficult formarket makers to accurately price all of theproducts from the outset. There can be someadditional volatility in the first 15 minutes oftrading and this can be reflected in ETF bidask spreads being wider than usual.It’s important to note, limit orders may not befulfilled if the trading price does not go belowa purchase limit or above a sale limit price.➍Pay attention during volatile periodsDuring periods of heightened volatility,ETF prices will reflect what is happening inthe underlying securities. The prices of theunderlying securities/investments will bemoving more sharply during these times. Thisimpacts ETFs in two ways:Market makers will not absorb these increasedrisks to price and hedge the ETF. They will thenpass them on to ETF investors in the formof wider spreads. ETF investors who chooseto trade during these times need to takeextra caution.1. ETFs become more difficult to price withsharply moving prices.It’s important to remember that ETFs are pricetakers, not price makers. ETFs do not causethe volatility in the underlying market, they aresimply passing it on in a live trading vehicle.2. ETFs become harder and/or more expensivefor the market makers to hedge.4Similarly, as the market approaches the close,an ETF may experience wider spreads andmore volatility as market participants begin tolimit their and selling Vanguard ETFs5

➎For international ETFs,it’s a matter of timeForeachindividual,a broadlydiversified asset allocationWherepossible,it is preferableto buy or sellinternational ETFsrepresentedat times that coincidewith growth assets and 30%(consistentlyas 70%themarkettradinghoursoftheunderlyingdefensive assets) has been set to help reach a personalsecurities. Prices of international ETFs tradedgoalacross a defined time period. So, after the initialin Australia tend to trade with narrower bidcommitmentmadewhatis the impact of key choicesask spreads when pwithAustralianabout cost and contribution?trading hours. Australian ETFs trade from 10:00am to4:00pm (Melbourne time) Asian markets open late in theAustralian morning Europe and western hemisphere markets arenot open during Australian trading hours➏When in doubt, call for helpAll of our ETFs arewell established,highly liquid andcovered by multiplemarket makers.This means ourinvestors benefitfrom accurate pricingand tight tradingspreads.Vanguard ETF Capital Markets Team areavailable to help you achieve the best possibleETF trading outcomes. Led by dedicatedETF specialists located in our head office inMelbourne, Australia, the team provides thefollowing services: Immediate responses to ETF trade andexecution queries Access to market makers who can add depthto the market and keep buy/sell spreads tight Education on potential ETFtrading strategies Research, tools and thought leadershipContact the Vanguard Capital Markets Teamanytime between 10:00am – 5:00pm (AEST),Monday to Friday on 1300 655 and selling Vanguard ETFs7

Vanguard CapitalMarkets TeamYou can contact the Vanguard Capital MarketsTeam anytime between 10:00am – 5:00pm(Melbourne time), Monday to Friday on1300 655 888.Connect with Vanguard 655 205Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) is the product issuer. We have nottaken yours or your clients’ circumstances into account when preparing this document so it may not be applicable tothe particular situation you are considering. You should consider yours and your clients’ circumstances, and our ProductDisclosure Statements (“PDSs”), before making any investment decision or recommendation. Past performance is not anindication of future performance. This presentation was prepared in good faith and we accept no liability for any errorsor omissions. Vanguard ETFs will only be issued to Authorised Participants. That is, persons who have entered into anAuthorised Participant Agreement with Vanguard (“Eligible Investors”). Retail investors can transact in Vanguard ETFsthrough a stockbroker or financial adviser on the secondary market. Investors should consider the Prospectus or ProductDisclosure Statement (“PDS”) in deciding whether to acquire Vanguard ETFs. Retail investors can only use the Prospectusor PDS for informational purposes. Distributors of our products must consider our Target Market Determinations (“TMDs”)which describe the investors for whom the product would likely be appropriate and consistent with their objectives,financial situation and needs. You can access the PDS, Prospectuses and TMDs at or by calling 1300 655205. 2021 Vanguard Investments Australia Ltd. All rights reserved.ADVHTBSVETFS 122021

Example for illustrative purpose only: iNAV for Vanguard Australian Shares Index ETF NAV Price (AUD) 95.17844 1.1889 1.26% Estimated Intraday NAV(AUD) 94.90 Management fee 0.10% p.a. Indirect costs 0.00% p.a. ETF AUM (AUD) 9.59 B Total AUM (AUD) 27.22 B ETF prices fluctuate throughout