ETP roundup: Vanguard launches ETF of ETFs

Vanguard has launched an exchange-traded-fund (ETF) of ETFs called Vanguard Total World Bond ETF. The ETF is a single index product, but offers exposure to the global investment-grade bond universe. The new fund invests in two bond ETFs of Vanguard: Vanguard Total Bond Market ETF and Vanguard Total international Bond ETF. This structure allows the new fund to achieve diversification benefits, while lowering operating expenses and providing more liquidity. The ETF has an estimated expense ratio