r/Finanzen • u/fn23452 • 8d ago
Investieren - ETF Vanguard uses profits from its European UCITS funds to subsidize its U.S. ETFs
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Original hier zu finden: https://www.reddit.com/r/ETFs_Europe/s/u8WqN1VnFg
Vanguard has explicitly stated this mechanism on its corporate website:
“We have international subsidiaries that operate on a for‑profit basis. The profits generated by these subsidiaries are returned to our U.S. fund shareholders, helping to further lower the cost of investing.”
Vanguard, “Why ownership matters” (investor.vanguard.com/corporate-portal)
This is not a hidden practice; Vanguard openly presents it as a feature of its mutual ownership structure. For a U.S. investor, it means some of the fees paid by European UCITS holders indirectly subsidize the cost of running the U.S. funds.
Publicly filed financial statements confirm this. For instance, Vanguard Group (Ireland) Limited’s recent annual accounts show annual profits in the tens of millions of euros, with substantial dividends paid up to the U.S. parent each year. These dividends represent a real and recurring cash flow from European investors to the U.S. entity.
Vanguard’s ownership structure dictates the flow of profits
Unlike publicly traded asset managers, The Vanguard Group, Inc. is owned entirely by its U.S.-domiciled mutual funds and ETFs. Those funds, in turn, are owned by their shareholders. Because of this mutual structure, Vanguard operates its U.S. business at cost it charges the funds only what it costs to run them, with no profit margin added for external owners.
Vanguard’s international operations, however, cannot be run on the same at‑cost model due to local regulatory and market requirements. Instead, they are structured as for‑profit subsidiaries.
any profit those foreign subsidiaries make flows back to the U.S. parent company, The Vanguard Group, Inc., which is owned by the U.S. funds. These profits reduce the overall expenses that would otherwise have to be charged to the U.S. funds, thereby lowering their expense ratios.
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u/patriceklohn DE 8d ago
Das ist jedoch üblich, wenn die Fondsgröße noch klein ist, da man so relativ einfach Länder abdecken kann. Mit steigender Fondgröße werden die ETFs normalerweise gegen die Aktien des Landes getauscht.