For more information about Vanguard mutual funds and ETFs, visitVanguard mutual fund prospectusesorVanguard ETF prospectusesto obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.
*Vanguard average expense ratio: 0.09%. Industry average expense ratio: 0.50%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.
**Trading limits, fund expenses, and minimum investments may apply. See the Vanguard Brokerage Services commission and fee schedules for limits.
†There are no fees if you're 1) a brokerage client who signs up to receive statements and other important documents electronically or holds more than $5 million in Vanguard Qualifying Assets (refer to our Commission and Fee Schedules for other exclusions), or 2) a mutual fund-only account holder with more than $5 million in Vanguard Qualifying Assets. Otherwise, a $25 fee is charged annually for all Vanguard Brokerage Accounts and for each individual Vanguard mutual fund holding within a mutual fund-only account.
You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free online) or through another broker (who may charge commissions). See the Vanguard Brokerage Services Commission and Fee Schedulesfor limits. Vanguard ETF Shares are not redeemable directly with the issuing Fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.
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.
Costs are just one of the many factors that can impact returns.
