The new VTC will help investors access the full maturity range of corporate bonds and still come with the same annual fee of 0.07% as its three separate ETF holdings, allowing investors to access the total corporate bond market without having to incur the costs and hassle of trading three different corporate bond ETFs.

Related: Investors Flock to Corporate Bond ETFs

“As mutual fund and ETF costs continue to compress, the relative benefit to choosing the cheapest fund diminishes,” Rich Powers, Vanguard Head of ETF Product Management, said in a note. “When choosing among similarly priced funds, we suggest investors consider elements beyond the expense ratio, such as investment strategy, methodology, tracking difference, spreads, tax efficiency, and brand.”

The ETF-of-ETFs structure allows investors to gain exposure to more than 5,500 U.S. corporate bonds by taking advantage of the existing exposure and scale offered by the underlying existing ETFs. This approach achieves near complete replication of the benchmark as well as tighter bid/ask spreads and lower operating expenses than investing directly in the benchmark’s constituents.

For more information on new fund products, visit our new ETFs category.