1975
An animated pattern showing Vanguard's 50th anniversary logo.

50 years of changing the way the world invests

The

Vanguard

Effect

Vanguard’s low-cost investments have created competition in the markets, pressuring asset managers to reduce their fees to remain competitive. Today, Vanguard’s ability to lower fees across the industry is widely known as The Vanguard Effect®.

The Vanguard Effect:
Lower costs, higher value since 1975

The animated graph shows historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data from 1975 through Dec 31, 2023. Vanguard's average mutual fund and ETF expense ratio has dropped from 0.68% to 0.09% while the industry average has dropped from 0.73% to 0.49% during the same time period. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. The animated graph shows historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data from 1975 through Dec 31, 2023. Vanguard's average mutual fund and ETF expense ratio has dropped from 0.68% to 0.09% while the industry average has dropped from 0.73% to 0.49% during the same time period. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Animation of the year 1975

1975

An unorthodox approach shakes up the industry

John C. Bogle has a revolutionary idea to build a mutual fund company that takes a stand for all investors.

Unlike mutual funds owned by outside management companies, Vanguard creates a company that is owned by the people who invest in its funds, with a mission to protect their interests and offer the best chance at investment success.

He calls his venture, “The Vanguard Experiment.”

Transcript

I think it's fair to say that Vanguard is a remarkable company. 
Probably anybody could make a statement like that.

But we are remarkable and unique actually in a number of ways.

 
First is our corporate structure.

We're owned by the shareholders.

Our mission is to serve them and not some outside management company owner.

 
Second, we that's structure leads to a very different strategy from most firms in this business.

We focus on low cost and which helps us guarantee about the only guarantee there is out in this mutual fund world that our investors will capture their share of whatever returns to stock and bond markets deliver to us.

And that's not a formal guarantee, but it's, that's what the math says and what the math proves and it's immutable and eternal.

 
And I don't think it's self-serving to say that we are a company that is of the shareholder, by the shareholder and for the shareholder and with the crew that understands that and implements it really quite beautifully.

Video from Vanguard’s founder, John C. Bogle

Video from Vanguard’s founder, John C. Bogle

1976

Vanguard democratizes indexing

Vanguard democratizes mutual fund indexing with its First Index Investment Trust (now Vanguard 500 Index Fund) offering lower costs and broad diversification to individual investors for the first time. Industry insiders ridicule the move as “un-American” and a “sure path to mediocrity.” For his pioneering of this concept, Bogle is often called the “father of indexing.”

Share certificate for the First Index Investment Trust (now Vanguard 500 Index Fund)

Share certificate for the First Index Investment Trust (now Vanguard 500 Index Fund)

1977

A low-cost revolution begins

Vanguard challenges the industry’s status quo with a series of powerful moves that lower the cost of investing.

In 1977, it is the first fund group of its size to convert to no-load distribution, bypassing the traditional broker-dealer network to eliminate sales charges on purchases of Vanguard funds.

In 1981, Vanguard opens its new in-house fund management company, Fixed Income Group, reducing Vanguard’s reliance on external fund managers—and the fees that come with them.

To further reduce costs in 1983, Vanguard launches low-commission brokerage services (stocks and bonds) that offer savings of up to 70% on stock trading commissions.

This image represents a bar chart with a downward slope of costs over an extended period of time and this reflects Vanguard's approach to lowering the cost of investing over the last 50 years.
Animation of the year 1980

1986

Unprecedented opportunity for bonds

Vanguard introduces a second index-tracking fund to its offerings. Vanguard Total Bond Market Index Fund provides low-cost, diversified exposure to the broad U.S. market of taxable, investment-grade bonds.

An image of the letter V displayed as a constellation against a dark background of distant stars.

1989

Defined contribution plans modernize workplace benefits

With the launch of its Institutional Retirement Services Division, Vanguard enters the quickly growing workplace investment market with defined contribution retirement plans. Although it has offered retirement products since approximately 1979, this is the first stand-alone division serving plan sponsors and consultants.

Animation of the year 1990

1995

Vanguard joins the digital revolution

Vanguard's early online presence sets a bold new precedent for client services across the financial industry. By 1997, capabilities were added to enable clients to monitor account balances and transact on their fund holdings.

The original Vanguard website experience

An image displaying the original Vanguard website homepage from 1995 that launched our online experience.

The original Vanguard website experience

1996

Vanguard goes global

Vanguard Investments Australia opens its doors in Melbourne, marking the firm’s first international branch.  

Over the next three decades, Vanguard goes on to expand its global footprint to include multiple European countries, Canada, India, and Mexico.

An image of an iconic red double decker bus passing by the 16-story Big Ben clocktower in London, United Kingdom.

1996

Affordable advice enhances investor value

Vanguard offers investment advisory and financial planning services with affordable fee structures that set a new standard for value.  

When you look back to 1996, it was an exciting time where we were highly respected, very successful; and what's arguably most impressive in my view is that the company could have been satisfied, and the company wasn't satisfied. The company said, ‘There's more we can do. There are more investors we can serve.’ We can be higher value for those investors.

Jack Brennan, CEO 1996–2008

1998

Bogle legacy ignites a movement  

A group of avid fans and investment enthusiasts launch an online forum to champion the tenets of Bogle’s innovative investment principles.

A collage of facial portraits.
Animation of the year 2000

2001

Low-cost entry disrupts the ETF market

The firm begins offering ETFs as exchange-traded shares of Vanguard index funds with Vanguard Total Stock Market ETF. The unique and patented approach leverages the size and scale of existing index funds to bring lower-cost entries to the ETF market.

Historical artwork from Vanguard ETF campaign.

Historical artwork from Vanguard ETF campaign.

2011

Advisor services strengthen a post-crisis world

On the tail of the financial crisis, Vanguard launches its Financial Advisor Services division, providing products, services, and education to better serve registered independent advisors and broker-dealers. The division scales Vanguard’s mission to serve even more investors through partnerships with financial advisors. ​

Well, I think anytime you go through a crisis, and 2008 was certainly the most significant crisis we’ve gone through, organizations have an opportunity to sort of rise or fall. And what Vanguard did was step up on behalf of clients. Frankly, we stepped up on behalf of the crew as well, and we emerged from the crisis, actually, a much stronger company.

Bill McNabb, CEO 2008–2017

2014

Vanguard reaches 20 million investors

Vanguard’s once-unconventional structure garners the trust and loyalty of 20 million investors.

The Letter V created using thousands of colored dots.

2015

Vanguard introduces hybrid advice services

To support more investors in reaching their goals, Vanguard launches Personal Advisor Services. This innovative hybrid advice offering combines a personal relationship with an advisor and a sophisticated, yet user-friendly online experience for a fraction of the cost of traditional advisor relationships.

A personal investor reading about Vangaurd's advice offering on their phone.

2021

AI innovation reinvents the trading floor

Vanguard solidifies its competitive status as a modern asset manager with a new, high-efficiency trading floor and the adoption of advanced artificial intelligence trading technology. In the years that follow, it goes on to introduce innovative offerings to amplify client service capabilities through Personalized Indexing and the Vanilla estate planning platform.

Technology-driven solutions such as direct indexing continue to reshape our industry, driving better investment outcomes and lowering costs for clients. Wise investments in technology are an important equalizer, enabling us to democratize valuable investment capabilities and products.

Tim Buckley, CEO 2018–2024

Animation of the year 2025

New leadership,
same mission

 

Photograph of Salim Ramji, Vanguard's CEO

Salim Ramji

CEO

Senior financial services executive Salim Ramji joined Vanguard as CEO in July 2024 after more than 25 years in senior leadership roles across investments, capital markets, and wealth management.

The current investor landscape is changing, and that presents opportunities for Vanguard to further its mission of giving people the best chance for investment success, which is more relevant today than at any time in the firm’s five-decade history. My focus is to mobilize Vanguard to meet the moment while staying true to that core purpose—remaining the trusted firm that takes a stand for all investors.
Photograph of Greg Davis, Vanguard President and Chief Investment Officer

Greg Davis

President

Vanguard president, chief investment officer, and board of directors’ member, Greg Davis oversees all aspects of the firm’s investment management and enterprise risk management. A 25-year Vanguard veteran and respected industry thought leader, he is a champion of product innovation at Vanguard and routinely advocates for regulatory changes that benefit everyday investors.​

For nearly 50 years we have kept our clients at the forefront of the decisions we make, and that commitment remains today. We’re thrilled to take Vanguard into its next chapter of helping to give investors the best chance for investment success.

2025

Largest expense ratio cut makes Vanguard history

Following a long-standing tradition of expense ratio reductions, Vanguard announces a historic reduction to more than 87 funds across more than 150 mutual fund and exchange-traded share classes. The reductions are expected to save over $350 million to Vanguard investors in 2025. * 

 

*Comparison uses AUM as of 11/2024. There is no guarantee that any individual investor will save money due to the reductions in expense ratios. Figures are estimates and should not be relied on. For illustrative purposes only. See here for details.

Father and Son walking on the beach and sharing a personal moment
2025

Vanguard celebrates 50 years

As we proudly celebrate our 50th anniversary in business on May 1, 2025, we extend our deepest gratitude to you, our clients, partners, and crew, for your continued support of our mission to take a stand for all investors.

This is only the beginning.

Vanguard at 50

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 2015, Vanguard's average expense ration was 0.13% compared to the industry average of 0.61%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 2015, Vanguard's average expense ration was 0.13% compared to the industry average of 0.61%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 2014, Vanguard's average expense ration was 0.14% compared to the industry average of 0.63%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 2014, Vanguard's average expense ration was 0.14% compared to the industry average of 0.63%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 2011, Vanguard's average expense ration was 0.17% compared to the industry average of 0.65%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 2011, Vanguard's average expense ration was 0.17% compared to the industry average of 0.65%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 2001, Vanguard's average expense ration was 0.27% compared to the industry average of 0.74%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 2001, Vanguard's average expense ration was 0.27% compared to the industry average of 0.74%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1998, Vanguard's average expense ration was 0.28% compared to the industry average of 0.77%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1998, Vanguard's average expense ration was 0.28% compared to the industry average of 0.77%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1996, Vanguard's average expense ration was 0.29% compared to the industry average of 0.79%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February/March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1996, Vanguard's average expense ration was 0.29% compared to the industry average of 0.79%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February/March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1995, Vanguard's average expense ration was 0.31% compared to the industry average of 0.82%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1995, Vanguard's average expense ration was 0.31% compared to the industry average of 0.82%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1989, Vanguard's average expense ration was 0.35% compared to the industry average of 0.88%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1989, Vanguard's average expense ration was 0.35% compared to the industry average of 0.88%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1986, Vanguard's average expense ration was 0.46% compared to the industry average of 0.77%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1986, Vanguard's average expense ration was 0.46% compared to the industry average of 0.77%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1977, Vanguard's average expense ration was 0.61% compared to the industry average of 0.64%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1977, Vanguard's average expense ration was 0.61% compared to the industry average of 0.64%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1976, Vanguard's average expense ration was 0.61% compared to the industry average of 0.64%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1976, Vanguard's average expense ration was 0.61% compared to the industry average of 0.64%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1975, Vanguard's average expense ration was 0.68% compared to the industry average of 0.73%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 1975, Vanguard's average expense ration was 0.68% compared to the industry average of 0.73%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Vanguard Effect:

Lower costs, higher value since 1975

An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 2021, Vanguard's average expense ration was 0.09% compared to the industry average of 0.49%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year. An image of a graph displaying historical average U.S. mutual fund and ETF expense ratios and compares Vanguard's expense ratio versus competitors as represented by using Morningstar data. For 2021, Vanguard's average expense ration was 0.09% compared to the industry average of 0.49%. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of average new U.S. assets. Updated mid-February / March for the previous year.

Notes: 

For more information about Vanguard funds or ETFs, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

Vanguard ETF Shares are not redeemable directly with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss.

Vanguard is owned by its funds, which are owned by Vanguard’s fund shareholder clients.

Investments in bonds are subject to interest rate, credit, and inflation risk.

Vanguard is reducing expense ratios for certain share classes of some funds. There is no guarantee that any individual investor will save money due to the reductions in fund expense ratios. Not all fund share classes will have a reduced expense ratio and therefore not all investors will experience the estimated savings. Investors that purchase the relevant funds after the expense ratios have been reduced will not experience savings. Savings means future money not spent on expense ratios, and does not entail a rebate or deposit of any sort. Savings figures are estimates and should not be relied upon. Savings is based on data as of November 30, 2024; if other data is used, savings may differ. Estimated savings accrue to existing investors holding relevant share classes for 2024 and 2025. For illustrative purposes only. Past performance is not indicative of future results.

Savings due to the reduction in expense ratios were calculated on a share class basis for each fund for which there is a Vanguard-initiated reduction. AUM as of November 30, 2024 for each relevant share class was multiplied by 2024 expense ratios. The same AUM data was then multiplied by 2025 reduced expense ratios. The difference was added across funds to determine the total estimated savings to Vanguard investors holding those funds in both 2024 and 2025

Vanguard Personalized Indexing Management, LLC ("Vanguard Personalized Indexing Management"), formerly Just Invest, LLC, an SEC-registered investment advisor, is an independently operated wholly-owned subsidiary of The Vanguard Group, Inc. ("Vanguard"). Vanguard Personalized Indexing is an asset management technology that has been developed and is offered solely by Vanguard Personalized Indexing Management.

For more information on Vanguard Personalized Indexing Management and Vanguard Personalized Indexing, and to access Vanguard Personalized Indexing Management's Form CRS and Form ADV Part 2A disclosure brochure, please visit the Vanguard Personalized Indexing topic page.

Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company.

The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview.

VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.

 

 

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