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The fund shall invest at least 80% of its NAV in Vanguard Real Estate ETF (master fund), an Exchange Traded Fund listed and traded on the New York Stock Exchange (NYSE Arca). The master fund is managed by the Vanguard Group, Inc. and seeks to provide a high level of income and moderate longterm capital appreciation by tracking the performance of the MSCI US Investable Market Real Estate 25/50 Transition index that measures the performance of publicly traded equity REITs. Additionally, the fund may invest in derivatives for hedging purpose upon fund manager’s judgment but in the normal circumstance the fund will not invest in derivatives for hedging purpose.
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