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Vanguard Emerging Market ETF Surpasses BlackRock’s

Vanguard Emerging Market ETF became the third-largest U.S. exchange-traded fund this week, surpassing a rival BlackRock Inc. fund that just a year ago was twice as big, and adding to evidence that investors are migrating to the cheapest offerings.

The Vanguard fund had $46.2 billion as of yesterday, more than the $46 billion in iShares MSCI Emerging Markets, according to data compiled by Bloomberg. At the end of 2009, the BlackRock fund was twice as large as Vanguard’s, according to Chicago-based Morningstar Inc.