Morningstar Advisor - August/September 2011 - (Page Cover4)

VTWO 2000 ETF Vanguard Russell VTWO has an expense ratio 36% lower than the industry average. * ® Every client’s portfolio could use some Vanguarding. The Vanguard Russell 2000 ETF is one option in a suite of seven Vanguard Russell Index ETFs. On average, our expense ratio costs are 1/ 3 lower than our competitors, making it a great building block to help your clients reach their goals. Help them keep more of their returns with the Vanguard Russell ETF lineup. Take a closer look at advisors.vanguard.com/ VTWO 800-453-3390 All investments are subject to risk. Vanguard funds are not insured or guaranteed. Vanguard ETFs are not redeemable with an Applicant Fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor will incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. For more information about Vanguard ETF Shares, visit advisors.vanguard.com/VTWO, call 800-453-3390, or contact your broker to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing. The Russell 2000 Index and Russell are registered trademarks of Russell Investments and have been licensed for use by The Vanguard Group, Inc. The Product(s) are not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in the Products. ® *Source: Morningstar as of 05/01/2011. Based on Vanguard Russell 2000 ETF expense ratio of 0.19% and 2011 ETF industry average expense ratio of 0.28% for similar funds. © 2011 The Vanguard Group, Inc. All rights reserved. U.S. Pat. No. 6,879,964 B2; 7,337,138. Vanguard Marketing Corporation, Distributor. http://advisors.vanguard.com/VTWO http://advisors.vanguard.com/VTWO http://advisors.vanguard.com/VTWO

Table of Contents for the Digital Edition of Morningstar Advisor - August/September 2011

Morningstar Advisor - August/September 2011
Contents
Contributors
Letter From the Editor
Simplicity and Design Matter
Do You Use ETFs Strategically or Tactically?
The Institutional Way
How to Analyze an ETF
Eyeing ETFs’ Next Chapter
Small-Cap/Large-Cap Flip-Flop?
Four Picks for the Present
Investment Briefs
Morningstar Investment Conference
Pitfalls of Peer Groups
A REIT Recovery, With a Catch
Turning Fund Distribution on Its Head
Here Come ETF Managed Portfolios
Circle These Picks Amid the Crop of New ETFs
ETF Analyst Favorites
Beware, the Accidental Portfolio Manager
It’s the Destination, Not the Vehicle
New Growth, Rooted in Experience
Better Ways to Look at ETFs
How to Better Manage Your Clients’ Future(s)
More Bargain Than Bubble
Cheap, Local, and On a Roll
Mutual Fund Analyst Picks
50 Most Popular ETFs
Undervalued Stocks With Wide Moats
First-Quarter Assets Hit an All-Time High
You Say You Want a Revolution?

Morningstar Advisor - August/September 2011