In June $2021,$ there were $223$ ETFs available on the Australian Stock Exchange $($ASX$),$ valued at $$113\mathrm{.}5$ billion. Exchange$-$traded funds $($ETFs$)$ offer investors a convenient and cost effective way to get exposure to a range of asset classes and investment strategies. They

allow investors to explore the domestic and overseas markets rather than investing in individual stocks. If an ETF tracks the S&P$/$ASX$200$ index, the percentage movements in the index will be mirrored by the percentage change in the price of the ETF.

Although the first ETFs tracked equity indexes, some ETFs track a wide range of assets, such

as currency, fixed income or commodity. Investing in ETFs helps investors diversify their

portfolios across asset classes, sectors$,$ and geographies that would otherwise be difficult to

Access.

The performance evaluation is an integral part of investment management. This leads to an

important question: How can ETFs' performance be measured and compared?

Required:

Question Discuss the risk exposure of each ETF $-$ Vanguard Australia Shares IndexVa $($VAS$).-$ iShares MSCI Australia UCITS $($IAF$),$ BetaShares Australian Equities $($EX$20)$