Put the Vanguard advantage to work for you

^footnote*Vanguard average expense ratio: 0.10%. Industry average expense ratio: 0.58%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2018.

^footnote**There are no fees if you sign up to receive statements and other important documents electronically or if you're a Voyager, Voyager Select, Flagship, or Flagship Select client. Otherwise, a $20 fee is charged annually for all Vanguard Brokerage Accounts and for each individual Vanguard mutual fund holding with a balance lower than $10,000.

^footnote†As of December 31, 2018.

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares aren't 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'll 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.