FYI: Almost reflexively, fund company executives list these two characteristics when asked to name the merits of exchange-traded funds: lows costs and transparency.
Vanguard Group, now the No. 2 player in the U.S. ETF market, certainly has low costs squared away. Vanguard’s unique, mutual ownership structure helps it drive down expense ratios to among the lowest in the ETF industry.
On the subject of transparency, however, Vanguard takes a different view
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2015/03/09/dont-expect-daily-transparency-in-vanguard-etfs/tab/print/
