Vanguard said it intends to introduce a new equity index fund, the Vanguard Dividend Achievers Index Fund, which will offer both traditional Investor Shares and exchange-traded VIPER Shares.

The fund, which will be managed by the Vanguard Quantitative Equity Group, will seek to provide long-term growth of capital and increasing income. The fund’s target benchmark will be based on the Mergent Dividend Achievers Select Index, a subset of the Mergent Dividend Achievers Index. The benchmark is a market-cap weighted index of about 300 stocks with a consistent history of increasing dividends.

The Investor Shares of the fund will require an initial minimum investment of $3,000. The fund is expected to be available to investors in December, pending a review period with the SEC.

The VIPER Shares of the Dividend Achievers Index Fund will bring Vanguard’s ETF offerings to 24, including ten VIPERs tracking broad domestic stock markets, eleven targeting specific domestic stock sectors, and three tracking broad international stock markets.

Vanguard currently manages about $9 billion in ETF assets.

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