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Of course, not every firm needs to be an upmarket distributor. There's still room for the low-cost provider, such as Vanguard Group whose 52 equity funds have expenses averaging 0.32% vs. over 1 .5% for the industry. Through September, Vanguard has collected some $26.2 billion of net new money, almost double the $14.3 billion in the same period last year. "Our business has been quite robust since the silliness on he stock market ended in April of last year," says CEO John J. Brennan. Still, Vanguard isn't resting on its laurels. When the Malvern (Pa.) company was threatened by exchange-trade funds (an alternative to mutual funds that trade like stocks on an exchange), it developed its own ETF product line, including the Vanguard Total Stock Market VIPERS, which tracks the broad Wilshire 5000 index. To hold on to the $700 billion it has under management already, it is developing a private- equity investment program for wealthy clients and rewarding long-term investors with charges as low as 0.12% of assets.

The main idea of the paragraph

Besides the high-net-worth separate-account market, fund companies can become a low-cost provider and prosper. Vanguard Group reduced its expenses and made money in the equity fund market and then developed its own exchange-trade fund product line and is developing a private-equity investment program for wealthy clients to expand its business.

除了高净值的分立市场外，基金公司也可以成为低运作成本的基金供应商并获得发展。前锋集团通过降低运作成本在股票基金市场赚了钱，之后它开发了它自己的交易所交易基金产品，并正在开发面向富裕客户的私人股票投资项目以扩大其业务。

句子分析

When the Malvern (Pa.) company was threatened by exchange-trade funds (an alternative to mutual funds that trade like stocks on an exchange), it developed its own EFT product line, including the Vanguard Total Stock Market VIPERS, which tracks the broad Wilshire 5,000 index.
此句中：
　　1）it developed its own EFT product line是主句
　　2）When the Malvern (Pa.) company was threatened by exchange-trade funds (an alternative to mutual funds that trade like stocks on an exchange)是时间状语从句，说明谓语动词developed 发生的时间，其中的an alternative to mutual funds that trade like stocks on an exchange是同位语，说明名词exchange-trade funds的性质，同位语中还有一个限制性的定语从句that trade like stocks on an exchange修饰名词funds
　　3）including the Vanguard Total Stock Market VIPERS, which tracks the broad Wilshire 5,000 index是个现在分词短语，作定语，修饰名词product line，相当于which included the Vanguard Total Stock Market VIPERS, which tracks the broad Wilshire 5,000 index，其中的which tracks the broad Wilshire 5,000 index是个非限制性定语从句，修饰Vanguard Total Stock Market VIPERS

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