See the difference low-cost mutual funds can make

The less you pay for your funds, the more you keep in your pocket—it's that simple.

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Vanguard funds offer an enviable cost advantage

The average Vanguard mutual fund and ETF (exchange-traded fund) expense ratio is 82% less than the industry average.1

You don't get a bill explaining how much of your savings went toward paying fund expenses, because those costs are paid directly out of each fund's returns.

Vanguard was built differently to make sure we stay focused on keeping your costs low.

Vanguard's low fees can help you save * -

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Average investment firm -

*As of December 31, 2023, Vanguard's average mutual fund and ETF expense ratio is 0.08%. Industry average mutual fund and ETF expense ratio: 0.44%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023. This is a hypothetical calculation that does not represent any particular investment and does not account for inflation. Results shown are not guaranteed. There may be other material differences between investment products that must be considered prior to investing.

Other ways we keep your costs low

There are no trading commissions when you buy and sell Vanguard low-cost mutual funds or ETFs online.2

If you decide to invest in individual stocks, bonds, or CDs (certificates of deposit) or in other companies' mutual funds or ETFs, you may pay a brokerage commission—but we keep those low too online.

Review our brokerage commission & fee schedules

Plus, you'll pay no account service fees.3

For more information about Vanguard mutual funds and ETFs, visit Vanguard mutual fund prospectuses or Vanguard ETF prospectuses to 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.

1Vanguard average expense ratio: 0.08%. Industry average expense ratio: 0.44%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

2Trading limits, fund expenses, and minimum investments may apply. See the Vanguard Brokerage Services commission and fee schedules for limits.

3There 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 Schedules for 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.