Own VAS ETF? Here's how your portfolio is about to change

Vanguard Australian Shares Index ETF (ASX: VAS) is the largest exchange-traded fund (ETF) on the Australian share market.

The ETF has $21.4 billion in funds under management (FUM), according to the latest data from the ASX.

The VAS ETF tracks the S&P/ASX 300 Index (ASX: XKO), which is comprised of the 300 largest shares by market capitalisation.

S&P Dow Jones Indices updates or 'rebalances' the ASX 300 and other indices every quarter.

This is important to ensure our indices accurately reflect the performance of Australia's largest companies.

S&P Dow Jones Indices has just announced which ASX shares will be entering the ASX 300, and which ones will be dropping out.

ETF provider, Vanguard, will therefore need to adjust its holdings in the VAS to match the new composition of the ASX 300 Index.

The rebalance will come into effect on 22 September.

So, if you own VAS ETF, here are the new ASX stocks you'll own shortly, as well as the shares Vanguard will sell on your behalf.

Own VAS ETF? Here are your new investments

The following ASX shares are about to enter the ASX 300. That means VAS ETF investors will own these stocks from 22 September.

The highest profile shares of the bunch are ASX airline share Virgin Australia Holdings Ltd (ASX: VGN), youth apparel retailer Universal Store Holdings Ltd (ASX: UNI), and rising defence stock Electro Optic Systems Holdings (ASX: EOS).

12 ASX shares you're about to sell

These ASX shares are dropping out of the ASX 300. Therefore, VAS ETF investors will no longer own them from 22 September.