Once again, Vanguard is lowering the cost of investing. Effective February 1, 2025, the firm reduced expense ratios on 168 share classes across 87 funds. The expense ratio reductions are expected to save investors more than $350 million this year alone.1
Company news
Announcing the largest expense ratio reduction in Vanguard history
Effective February 1, 2025, the company has lowered the expense ratios of 168 share classes across 87 funds.
Company news
Vanguard news
Expense ratios
Investing costs
ETFs
Mutual funds
Page
Why investment costs matter
Vanguard Founder John C. Bogle explained why investment costs matter this way:
In investing, realize that you get what you don’t pay for. Whatever future returns the markets are generous enough to deliver, few investors will succeed in capturing 100% of those returns, simply because of the high costs of investing—all those commissions, management fees, investment expenses, yes, even taxes—so pare them to the bone.2
May 1 will mark Vanguard’s 50th anniversary. All along, we have emphasized the importance of limiting the cost of investing. Lower costs leave more money in investors’ funds and raise their potential returns. Indeed, across the industry, lower-cost funds have historically outperformed higher-cost funds on a net-of-expenses basis.3
Lower-cost portfolios tend to outperform higher-cost ones
At Vanguard, we believe our funds’ impressive long-term performance owes much to their low costs. For the 10 years ended December 31, 2024, 84% of our funds outpaced the average results of competing funds. The performance of our actively managed fixed income funds has been especially strong: 91% of our active bond funds and 100% of our money market funds have outpaced their peers’ average results.4
Vanguard executives comment on expense ratio reductions
Vanguard Chief Executive Officer Salim Ramji and President and Chief Investment Officer Greg Davis discuss the expense ratio reductions in this brief video.
Video length: 1 minute 48 seconds
Massy Williams: Salim, Greg, some very exciting news we have to share with investors: Vanguard announced the largest fee cut in our history, lowering expense ratios across 168 mutual fund and ETF share classes by a total of more than $350 million this year.
Salim Ramji: Yeah, it is really exciting. This fee cut speaks to what our founder, Jack Bogle, set out to do, which was create an investment company that was designed for one constituency, and that's our investors. Bogle had a great phrase: “You get what you don’t pay for.”
Massy Williams: That’s correct.
Salim Ramji: There’s a false dichotomy between, Do you want great performance or high quality, or do you want low costs? At Vanguard, you can get both. This is over $350 million of estimated savings—the largest expense cut in our history. Since 1975, we've actually reduced our funds' expense ratios more than 2,000 times.
Greg Davis: Lower fees mean fund investors can keep more of their returns and a competitive edge for our funds.
When you think about our actively managed funds, our managers don't have to take unnecessary risk to earn back our fees. Our financial model and structure creates a virtuous cycle of economies of scale, where we can continue to reduce fees and invest in things like technology and talent. And as a result, our edge just keeps getting sharper.
Massy Williams: Thank you both. Just another example of our commitment to saving our investors over $350 million and helping to give them the best chance for investment success.
Following our latest expense ratio reductions, Vanguard funds are less expensive than ever. Consider that:
- Overall, 86% of Vanguard mutual fund and ETF assets are in the lowest-cost deciles of their peer groups.5
- Our average expense ratio for index fixed income ETFs is only 0.037%.6
- Our active fixed income ETFs have an average expense ratio of 0.105%—the lowest among leading issuers of such ETFs.7
Vanguard expense ratio cuts, explained
Our lower fees are the estimated annual operating costs of the affected fund share classes, expressed as percentages of their average net assets. Also known as their expense ratios, the fees are detailed in the funds’ prospectuses. The prospectuses of all affected funds were updated today in filings with the Securities and Exchange Commission. The amended prospectuses are available here.
Operating costs generally are deducted from the income that mutual funds and exchange-traded funds earn on their holdings. Expense ratios may cover investment advisory fees, marketing and distribution expenses, brokerage fees, and custodial, transfer agency, legal, and accounting fees.
All Vanguard share classes with reduced expense ratios, effective February 1, 2025
| Vanguard fund | Old expense ratios | New expense ratios |
| California Intermediate-Term Tax-Exempt Fund (Investor Shares) | 0.17% | 0.14% |
| California Long-Term Tax-Exempt Fund (Investor Shares) | 0.17% | 0.14% |
| California Municipal Money Market Fund (Investor Shares) | 0.16% | 0.12% |
| Capital Opportunity Fund (Admiral™ Shares) | 0.36% | 0.35% |
| Commodity Strategy Fund (Admiral Shares) | 0.21% | 0.16% |
| Communication Services ETF (ETF Shares) | 0.10% | 0.09% |
| Communication Services Index Fund (Admiral Shares) | 0.10% | 0.09% |
| Consumer Discretionary ETF (ETF Shares) | 0.10% | 0.09% |
| Consumer Discretionary Index Fund (Admiral Shares) | 0.10% | 0.09% |
| Consumer Staples ETF (ETF Shares) | 0.10% | 0.09% |
| Consumer Staples Index Fund (Admiral Shares) | 0.10% | 0.09% |
| Developed Markets Index Fund (Institutional Shares) | 0.06% | 0.03% |
| Developed Markets Index Fund (Admiral Shares) | 0.08% | 0.05% |
| Developed Markets Index Fund (Institutional Plus Shares) | 0.05% | 0.02% |
| Dividend Appreciation ETF (ETF Shares) | 0.06% | 0.05% |
| Dividend Appreciation Index Fund (Admiral Shares) | 0.08% | 0.07% |
| Emerging Market Government Bond ETF (ETF Shares) | 0.20% | 0.15% |
| Emerging Market Government Bond Index Fund (Institutional Shares) Purchase fee: 0.75% |
0.18% | 0.13% |
| Emerging Markets Bond Fund (Admiral Shares) | 0.40% | 0.35% |
| Emerging Markets Bond Fund (Investor Shares) | 0.55% | 0.50% |
| Emerging Markets Stock Index Fund (Admiral Shares) | 0.14% | 0.13% |
| Emerging Markets Stock Index Fund (Institutional Plus Shares) | 0.08% | 0.07% |
| Emerging Markets Stock Index Fund (Institutional Shares) | 0.10% | 0.09% |
| Energy ETF (ETF Shares) | 0.10% | 0.09% |
| Energy Index Fund (Admiral Shares) | 0.10% | 0.09% |
| ESG International Stock ETF (ETF Shares) | 0.12% | 0.10% |
| European Stock Index Fund (Admiral Shares) | 0.11% | 0.08% |
| European Stock Index Fund (Institutional Plus Shares) | 0.08% | 0.05% |
| European Stock Index Fund (Institutional Shares) | 0.09% | 0.06% |
| Extended Duration Treasury ETF (ETF Shares) | 0.06% | 0.05% |
| Extended Duration Treasury Index Fund (Institutional Shares) Purchase fee: 0.50% |
0.06% | 0.05% |
| Extended Duration Treasury Index Fund (Institutional Plus Shares) Purchase fee: 0.50% |
0.04% | 0.03% |
| Extended Market ETF (ETF Shares) | 0.06% | 0.05% |
| Extended Market Index Fund (Admiral Shares) | 0.06% | 0.05% |
| Financials ETF (ETF Shares) | 0.10% | 0.09% |
| Financials Index Fund (Admiral Shares) | 0.10% | 0.09% |
| FTSE All-World ex-US ETF (ETF Shares) | 0.07% | 0.04% |
| FTSE All-World ex-US Index Fund (Institutional Shares) | 0.08% | 0.05% |
| FTSE All-World ex-US Index Fund (Admiral Shares) | 0.11% | 0.08% |
| FTSE All-World ex-US Index Fund (Institutional Plus Shares) | 0.06% | 0.03% |
| FTSE All-World ex-US Small-Cap Index Fund (Institutional Shares) | 0.12% | 0.10% |
| FTSE Developed Markets ETF (ETF Shares) | 0.06% | 0.03% |
| FTSE Emerging Markets ETF (ETF Shares) | 0.08% | 0.07% |
| FTSE Europe ETF (ETF Shares) | 0.09% | 0.06% |
| FTSE Pacific ETF (ETF Shares) | 0.08% | 0.07% |
| FTSE Social Index Fund (Admiral Shares) | 0.14% | 0.13% |
| FTSE Social Index Fund (Institutional Shares) | 0.12% | 0.07% |
| Global Equity Fund (Investor Shares) | 0.42% | 0.39% |
| Growth and Income Fund (Admiral Shares) | 0.25% | 0.24% |
| Health Care ETF (ETF Shares) | 0.10% | 0.09% |
| Health Care Index Fund (Admiral Shares) | 0.10% | 0.09% |
| Industrials ETF (ETF Shares) | 0.10% | 0.09% |
| Industrials Index Fund (Admiral Shares) | 0.10% | 0.09% |
| Information Technology ETF (ETF Shares) | 0.10% | 0.09% |
| Information Technology Index Fund (Admiral Shares) | 0.10% | 0.09% |
| Intermediate-Term Bond ETF (ETF Shares) | 0.04% | 0.03% |
| Intermediate-Term Bond Index Fund (Admiral Shares) | 0.07% | 0.06% |
| Intermediate-Term Bond Index Fund (Institutional Plus Shares) | 0.04% | 0.03% |
| Intermediate-Term Bond Index Fund (Institutional Shares) | 0.05% | 0.04% |
| Intermediate-Term Corporate Bond ETF (ETF Shares) | 0.04% | 0.03% |
| Intermediate-Term Corporate Bond Index Fund (Admiral Shares) Purchase fee: 0.25% |
0.07% | 0.06% |
| Intermediate-Term Corporate Bond Index Fund (Institutional Shares) Purchase fee: 0.25% |
0.05% | 0.04% |
| Intermediate-Term Investment-Grade Fund (Admiral Shares) | 0.10% | 0.09% |
| Intermediate-Term Treasury ETF (ETF Shares) | 0.04% | 0.03% |
| Intermediate-Term Treasury Index Fund (Admiral Shares) | 0.07% | 0.06% |
| Intermediate-Term Treasury Index Fund (Institutional Shares) | 0.05% | 0.04% |
| International Dividend Appreciation ETF (ETF Shares) | 0.15% | 0.10% |
| International Growth Fund (Admiral Shares) | 0.26% | 0.25% |
| International High Dividend Yield ETF (ETF Shares) | 0.22% | 0.17% |
| International High Dividend Yield Index Fund (Admiral Shares) Purchase fee: 0.25% Redemption fee: 0.25% |
0.22% | 0.17% |
| International Value Fund (Investor Shares) | 0.39% | 0.36% |
| Long-Term Bond Index Fund (Admiral Shares) Purchase fee: 0.50% |
0.07% | 0.06% |
| Long-Term Bond ETF (ETF Shares) | 0.04% | 0.03% |
| Long-Term Bond Index Fund (Institutional Plus Shares) Purchase fee: 0.50% |
0.04% | 0.03% |
| Long-Term Bond Index Fund (Institutional Shares) Purchase fee: 0.50% |
0.05% | 0.04% |
| Long-Term Corporate Bond Index Fund (Admiral Shares) Purchase fee: 1.00% |
0.07% | 0.06% |
| Long-Term Corporate Bond ETF (ETF Shares) | 0.04% | 0.03% |
| Long-Term Corporate Bond Index Fund (Institutional Shares) Purchase fee: 1.00% |
0.05% | 0.04% |
| Long-Term Investment-Grade Fund (Admiral Shares) | 0.11% | 0.10% |
| Long-Term Treasury ETF (ETF Shares) | 0.04% | 0.03% |
| Long-Term Treasury Index Fund (Admiral Shares) | 0.07% | 0.06% |
| Long-Term Treasury Index Fund (Institutional Shares) | 0.05% | 0.04% |
| Massachusetts Tax-Exempt Fund (Investor Shares) | 0.13% | 0.09% |
| Materials ETF (ETF Shares) | 0.10% | 0.09% |
| Materials Index Fund (Admiral Shares) | 0.10% | 0.09% |
| Mortgage-Backed Securities ETF (ETF Shares) | 0.04% | 0.03% |
| Mortgage-Backed Securities Index Fund (Admiral Shares) | 0.07% | 0.06% |
| Mortgage-Backed Securities Index Fund (Institutional Shares) | 0.05% | 0.04% |
| Municipal Money Market Fund (Investor Shares) | 0.15% | 0.11% |
| New Jersey Long-Term Tax-Exempt Fund (Investor Shares) | 0.17% | 0.14% |
| New York Long-Term Tax-Exempt Fund (Investor Shares) | 0.17% | 0.14% |
| New York Municipal Money Market Fund (Investor Shares) | 0.16% | 0.11% |
| Ohio Long-Term Tax-Exempt Fund (Investor Shares) | 0.13% | 0.09% |
| Pacific Stock Index Fund (Admiral Shares) | 0.10% | 0.09% |
| Pacific Stock Index Fund (Institutional Shares) | 0.08% | 0.07% |
| Pennsylvania Long-Term Tax-Exempt Fund (Investor Shares) | 0.17% | 0.14% |
| PRIMECAP Core Fund (Investor Shares) | 0.46% | 0.43% |
| PRIMECAP Fund (Admiral Shares) | 0.31% | 0.29% |
| PRIMECAP Fund (Investor Shares) | 0.38% | 0.37% |
| Russell 1000 ETF (ETF Shares) | 0.08% | 0.07% |
| Russell 1000 Growth ETF (ETF Shares) | 0.08% | 0.07% |
| Russell 1000 Growth Index Fund (Institutional Shares) | 0.07% | 0.06% |
| Russell 1000 Index Fund (Institutional Shares) | 0.07% | 0.06% |
| Russell 1000 Value ETF (ETF Shares) | 0.08% | 0.07% |
| Russell 1000 Value Index Fund (Institutional Shares) | 0.07% | 0.06% |
| Russell 2000 ETF (ETF Shares) | 0.10% | 0.07% |
| Russell 2000 Growth ETF (ETF Shares) | 0.15% | 0.10% |
| Russell 2000 Growth Index Fund (Institutional Shares) | 0.08% | 0.07% |
| Russell 2000 Index Fund (Institutional Shares) | 0.08% | 0.07% |
| Russell 2000 Value ETF (ETF Shares) | 0.15% | 0.10% |
| Russell 2000 Value Index Fund (Institutional Shares) | 0.08% | 0.07% |
| Russell 3000 ETF (ETF Shares) | 0.10% | 0.07% |
| Russell 3000 Index Fund (Institutional Shares) | 0.08% | 0.07% |
| S&P 500 Growth ETF (ETF Shares) | 0.10% | 0.07% |
| S&P 500 Growth Index Fund (Institutional Shares) | 0.08% | 0.05% |
| S&P 500 Value ETF (ETF Shares) | 0.10% | 0.07% |
| S&P 500 Value Index Fund (Institutional Shares) | 0.08% | 0.05% |
| S&P Mid-Cap 400 ETF (ETF Shares) | 0.10% | 0.07% |
| S&P Mid-Cap 400 Growth ETF (ETF Shares) | 0.15% | 0.10% |
| S&P MidCap 400 Growth Index Fund (Institutional Shares) | 0.08% | 0.03% |
| S&P MidCap 400 Index Fund (Institutional Shares) | 0.08% | 0.03% |
| S&P Mid-Cap 400 Value ETF (ETF Shares) | 0.15% | 0.10% |
| S&P MidCap 400 Value Index Fund (Institutional Shares) | 0.08% | 0.03% |
| S&P Small-Cap 600 ETF (ETF Shares) | 0.10% | 0.07% |
| S&P Small-Cap 600 Growth ETF (ETF Shares) | 0.15% | 0.10% |
| S&P SmallCap 600 Index Fund (Institutional Shares) | 0.08% | 0.03% |
| S&P Small-Cap 600 Value ETF (ETF Shares) | 0.15% | 0.10% |
| S&P SmallCap 600 Value Index Fund (Institutional Shares) | 0.08% | 0.03% |
| Short-Term Bond ETF (ETF Shares) | 0.04% | 0.03% |
| Short-Term Bond Index Fund (Institutional Plus Shares) | 0.04% | 0.03% |
| Short-Term Bond Index Fund (Institutional Shares) | 0.05% | 0.04% |
| Short-Term Bond Index Fund (Admiral Shares) | 0.07% | 0.06% |
| Short-Term Corporate Bond ETF (ETF Shares) | 0.04% | 0.03% |
| Short-Term Corporate Bond Index Fund (Institutional Shares) | 0.05% | 0.04% |
| Short-Term Corporate Bond Index Fund (Admiral Shares) | 0.07% | 0.06% |
| Short-Term Inflation-Protected Securities ETF (ETF Shares) | 0.04% | 0.03% |
| Short-Term Inflation-Protected Securities Index Fund (Institutional Shares) | 0.04% | 0.03% |
| Short-Term Investment-Grade Fund (Admiral Shares) | 0.10% | 0.09% |
| Short-Term Tax-Exempt Bond ETF (ETF Shares) | 0.07% | 0.06% |
| Short-Term Treasury ETF (ETF Shares) | 0.04% | 0.03% |
| Short-Term Treasury Index Fund (Admiral Shares) | 0.07% | 0.06% |
| Short-Term Treasury Index Fund (Institutional Shares) | 0.05% | 0.04% |
| Strategic Small-Cap Equity Fund (Investor Shares) | 0.26% | 0.21% |
| Tax-Exempt Bond ETF (ETF Shares) | 0.05% | 0.03% |
| Tax-Exempt Bond Index Fund (Admiral Shares) | 0.09% | 0.07% |
| Total Bond Market Index Fund (Admiral Shares) | 0.05% | 0.04% |
| Total Bond Market Index Fund (Institutional Plus Shares) | 0.03% | 0.02% |
| Total Bond Market Index Fund (Institutional Shares) | 0.035% | 0.025% |
| Total Corporate Bond ETF (ETF Shares) | 0.04% | 0.03% |
| Total International Bond Index Fund (Admiral Shares) | 0.11% | 0.10% |
| Total International Bond Index Fund (Institutional Shares) | 0.07% | 0.06% |
| Total International Stock ETF (ETF Shares) | 0.08% | 0.05% |
| Total International Stock Index Fund (Admiral Shares) | 0.12% | 0.09% |
| Total International Stock Index Fund (Institutional Plus Shares) | 0.08% | 0.05% |
| Total International Stock Index Fund (Institutional Shares) | 0.09% | 0.06% |
| Total World Stock ETF (ETF Shares) | 0.07% | 0.06% |
| Total World Stock Index Fund (Admiral Shares) | 0.10% | 0.09% |
| Total World Stock Index Fund (Institutional Shares) | 0.08% | 0.07% |
| Treasury Money Market Fund (Investor Shares) | 0.09% | 0.07% |
| Ultra-Short-Term Bond Fund (Admiral Shares) | 0.10% | 0.09% |
| Utilities ETF (ETF Shares) | 0.10% | 0.09% |
| Utilities Index Fund (Admiral Shares) | 0.10% | 0.09% |
| Variable Insurance Fund – Conservative Allocation Portfolio | 0.13% | 0.12% |
| Variable Insurance Fund – Moderate Allocation Portfolio | 0.13% | 0.12% |
| Variable Insurance Fund – Total International Stock Market Index Portfolio | 0.11% | 0.08% |
| Windsor™ Fund (Admiral Shares) | 0.32% | 0.26% |
| Windsor II Fund (Admiral Shares) | 0.26% | 0.23% |
| Windsor II Fund (Investor Shares) | 0.34% | 0.32% |
Most Viewed
Investing strategies
Ready to invest? See how to open an account
Start with this step-by-step guide to opening a personal investment account, such as a general investing brokerage account or an IRA.
Retirement
Backdoor Roth IRA What it is and how to set it up
If you are a high-income earner, a Backdoor Roth IRA may be a good
retirement investment option for you. Learn what it is and how to set up this type of
retirement plan.
Company news
Who owns Vanguard?
Who owns Vanguard? Learn why we're proud to be the only investor-owned investment management company and how we focus on putting investor needs first.
Understanding investment types
Are bonds a good investment right now?
Learn how high-quality bonds can play a valuable role in your portfolio in a high-yield environment.
Personal finance
Top 6 tips: Your year-end financial checklist
Get a checklist with money saving strategies to maximize your end-of-year savings, minimize your tax bill, and start your 2024 financial goals strong.
Company news
Discover our new international fund
- 1
- 2
- 1
- 2
Investing strategies
Ready to invest? See how to open an account
Start with this step-by-step guide to opening a personal investment account, such as a general investing brokerage account or an IRA.
Retirement
Backdoor Roth IRA What it is and how to set it up
If you are a high-income earner, a Backdoor Roth IRA may be a good
retirement investment option for you. Learn what it is and how to set up this type of
retirement plan.
Company news
Who owns Vanguard?
Who owns Vanguard? Learn why we're proud to be the only investor-owned investment management company and how we focus on putting investor needs first.
Understanding investment types
Are bonds a good investment right now?
Learn how high-quality bonds can play a valuable role in your portfolio in a high-yield environment.
Personal finance
Top 6 tips: Your year-end financial checklist
Get a checklist with money saving strategies to maximize your end-of-year savings, minimize your tax bill, and start your 2024 financial goals strong.
Company news
Discover our new international fund
- 1
- 2
- 1
- 2
- 1
- 2
- 3
- 4
- 1
- 2
- 3
- 4
1Savings 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. Assets under management (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.
2Speech delivered at The World Money Show, Orlando, Florida, February 2, 2005.
3See, for example, Principles for Investing Success, Vanguard, 2023.
4Source: LSEG Lipper. Numbers of Vanguard funds that outperformed their Lipper peer-group averages for the 10-year period ended December 31, 2024: 265 of all 317 funds, indexed and actively managed, and among active fixed income funds, 6 of 6 money market funds and 40 of 44 bond funds. Results will vary for other time periods. Only funds with a minimum 10-year history were included in the comparison.
5Source: Vanguard calculations, based on data as of November 30, 2024, from Morningstar Direct. Peer groups are defined as products with the same Morningstar category, investment type, and management style.
6Source: Vanguard calculations, based on data as of November 30, 2024, from Morningstar Direct. Average expense ratio is asset-weighted.
7Source: Vanguard calculations, based on data as of November 30, 2024, from Morningstar Direct. Average expense ratio is asset-weighted. Leading active fixed income ETF issuers are based on assets under management in such funds. Vanguard’s average expense ratio was lower than the top 10 active fixed income ETF issuers.
Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit vanguard.com/performance.
All investing is subject to risk, including the possible loss of the money you invest.
For more information about Vanguard funds and ETFs, visit vanguard.com 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.
Vanguard ETF Shares are not redeemable 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.
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.
Vanguard Treasury Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.
Vanguard Municipal Money Markets: The Fund is only available to retail investors (natural persons). You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.