PDF Evaluating dollar-weighted returns of ETFs versus traditional ...

ETF Shares' IRR greater than Admiral Shares' IRR 11 15 13 Note: Data based on the 21 Vanguard funds listed in Appendix A-1 in which both Admiral and ETF share classes had at least a five-year history as of December 31, 2011. Sources: Vanguard and Morningstar, Inc. Comparing IRRs for ETFs versus Admiral Shares Figure 4. ................
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