Vanguard Real Estate ETF
Institutional Structure & Tax Specification
Statutory fund vehicle structure, benchmark mechanics, regulatory identifiers & taxation specifications
Open-Ended Fund (1940 Act)
Physical (Full Replication)
Passive
2004-09-23
MSCI US Investable Market Real Estate 25/50 Index
Market Capitalization with 25/50 Caps
US Real Estate Equity REITs & Real Estate Operating Companies
Quarterly / Periodic
Distributes (Cash Pass-Through)
Section 199A / Return of Capital Mix
39.60%
20.00%
Ordinary Income / Capital Gains Mix
US9229085538 · CEOJMS
The Vanguard Group, Inc.
Vanguard Marketing Corp.
Operational Governance & Primary Market Mechanics (S48-Phase 2)
Statutory Form 497K & N-CEN statutory disclosures: creation/redemption mechanics, securities lending & tax forms
Standard 1099-DIV qualified pass-through; no complex partnership tax filing
Portfolio collateral not rehypothecated to short sellers
100% direct physical equity replication; zero swap counterparty risk
Statutory Form N-PORT transparent reporting schedule
Standard block size for authorized participant (AP) primary creation
Active primary market arbitrage throughput
Massive AUM scale and daily dollar liquidity protect against liquidation
Fit vs. MSCI US Investable Market Real Estate 25/50 Index
Ease of AP primary market arbitrage and basket creation
Annual NAV tracking variance vs benchmark index
SEC EDGAR & Regulatory Structure
Statutory filings and fund prospectuses