Vanguard has launched three new exchange-traded funds tied to three of the company's international index funds.
   The exchange-traded funds-Vanguard calls them VIPERs-track Morgan Stanley Capital International's Europe Index, Pacific Index and Emerging Markets Select Index.
   The shares are respectively called the Vanguard European VIPERs, the Vanguard Pacific VIPERs and the Vanguard Emerging Markets VIPERs. They have expense ratios ranging from 0.18% to 0.30%, according to the company.
   The MSCI Europe Index is composed of stocks from 16 European countries. The Pacific Index follows stocks of companies in Japan, Hong Kong, Australia, New Zealand and Singapore. The Emerging Markets Select Index consists of stocks that can be bought free of restrictions in 18 emerging markets in Europe, Asia, Africa and Latin America.
   "With the new Pacific and European VIPERs, investors will have-for the first time-the opportunity to invest in both of the developed international market regions through ETFs targeting broad benchmarks," says Gus Sauter, Vanguard's chief investment officer.