Many ASX investors are familiar with index fund provider Vanguard. After all, Vanguard runs several of the ASX's most popular exchange-traded funds (ETFs), including the Vanguard Australian Shares Index ETF (ASX: VAS).

The Vanguard MSCI Index International Shares ETF (ASX: VGS) and the Vanguard US Total Market Shares ETF (ASX: VTS) can also be found in many an ASX investor's portfolios today.

So it goes without saying that two new Vanguard ETFs hitting the ASX is big news for many investors.

Yep, Vanguard has just launched two new exchange-traded fund products. Unlike other providers, Vanguard doesn't tend to debut new funds too often, so this is indeed big ASX news.

Let's dive into these new ASX ETFs.

Two new ASX ETFs from Vanguard

First up, we have the Vanguard Diversified All Growth Index ETF (ASX: VDAL).

This new ETF joins the provider's series of 'one-size fits all' ETFs, which invest in a basket of underlying Vanguard funds to form their own diversified portfolio.

Here at the Fool, we've previously discussed the popular Vanguard Diversified High Growth Index ETF (ASX: VDHG) many times. This fund splits investors' money between ASX shares, international shares (both hedged and unhedged), small-cap international stocks, emerging markets, and fixed-interest investments (bonds). The latter asset class makes up 10% of VDHG's portfolio.

VDAL aims to turn this up a notch. It holds a similar portfolio but eliminates exposure to bonds entirely. In their place, it ups the exposure to the other pillars of its portfolio.

Investors with a very long time horizon might find this ETF better suits them than VDHG, so let's see how this ETF performs going forward.

VDAL will charge a management fee of 0.27% per annum.

One for the income investors

Next up, we have the Vanguard Diversified Income ETF (ASX: VDIF) to dive into.

This is a rather unusual fund for Vanguard to deploy, as there are no similar products on the market currently.

VDIF, as its name implies, is a fund designed to deliver stable income to investors. According to Vanguard, investors should expect "regular income and some capital growth potential" with the Vanguard Diversified Income ETF.

It derives this income from a combination of ASX shares, international shares, property investments, and both government and corporate bonds. The portfolio is split 60-40, with 'growth assets' like shares making up the 60%, and the 'defensive assets' like bonds making up the 40%.

Vanguard hasn't yet revealed what the exact underlying investments in VDIF are. But it has said that this ETF's portfolio contains more than 12,000 individual securities

VDIF will charge a management fee of 0.32% per annum.