Which ETFs are (and aren't) commission-free?

4 minute read

Nearly the entire universe of ETFs are commission-free.*

Download a list of commission-free ETFs.

The only types of ETFs that aren't commission-free are leveraged and inverse ETFs, which account for only about 10% of all ETFs available. You might recognize them when you see "2x," "ultra," "daily," or something similar in the name of the ETF.

We exclude them for a good reason. Leveraged and inverse ETFs are intentionally designed to be bought and sold within a very short time period (for example, 1 day or 1 month), making them extremely speculative in nature. They're meant to be short-term trading tools and aren't intended for buy-and-hold investing. We—and the vast majority of the Vanguard community—prefer to think long-term. It's as simple as that!

On January 22, 2019, Vanguard stopped accepting purchases in leveraged and inverse ETFs, as well as leveraged and inverse mutual funds or ETNs (exchange-traded notes). If you already own these investments, you can continue to hold them or choose to sell them. If you choose to sell them, you'll have to pay a commission. You can also transfer them in kind from or to other institutions.

Review our complete commission and fee schedules

*Commission-free trading of Vanguard ETFs applies to trades placed both online and by phone. Commission-free trading of non-Vanguard ETFs applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. It also excludes leveraged and inverse ETFs, which can't be purchased through Vanguard but can be sold with a commission. Commission-free trading of non-Vanguard ETFs excludes leveraged and inverse ETFs and applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. Commission-free trading of non-Vanguard ETFs also excludes 401(k) participants using the Self-Directed Brokerage Option; see your plan's current commission schedule. Vanguard Brokerage reserves the right to change the non-Vanguard ETFs included in these offers at any time. All ETFs are subject to management fees and expenses; refer to each ETF's prospectus for more information. Account service fees may also apply. All ETF sales are subject to a securities transaction fee. See the Vanguard Brokerage Services commission and fee schedules for full details.

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 full details. 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.