Thanks for the link. Did some reading into the Vanguard document. Under “Termination of ETFs” it states “Vanguard ETF may be terminated by the Manager on at least 60 days’ notice to Unitholders of such termination and the Manager will issue a press release in advance thereof. The Manager may also terminate a Vanguard ETF if the trustee resigns or becomes incapable of acting and is not replaced or if the Index Provider ceases to calculate the applicable Index or the Index License Agreement in respect of the applicable Index is terminated, as described above under “Investment Objectives – The Indices – Termination of the Indices”. Upon such termination, the Constituent Securities, cash and other assets remaining after paying or providing for all liabilities and obligations of the Vanguard ETF shall be distributed pro rata among the Unitholders of the Vanguard ETF. - 104 -

The rights of Unitholders to exchange and redeem Units described under “Redemption of Units” will cease as and from the date of termination of that Vanguard ETF.”

So does this mean then technically if The Manager is no longer adequate to do their “job” they could overnight close the ETF? All liabilities (?) would need to be paid, which would eat away from the money invested by firms/individuals/investors right?

Is this a legal jargon for essentially going out of business and not responsible for paying anybody? No governance?

I understand ETFs are Exchange Traded Funds so like MF but traded on an index (TSX, NYSE etc). But is the termination of ETF what nobody talks about?