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Overview

Fund name
Asset class
Category
Risk Potential
Expense ratio
NAV
Change in NAV
Change in price
Ask
Bid
Last price
Admiral™ Shares

The expense ratios of exchange-traded funds (ETFs) often are lower than corresponding mutual funds because ETFs are traded through brokerage firms, alleviating administrative costs. When purchasing or selling ETFs, however, you may incur transaction costs that would not apply to no-load mutual funds.

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Non-Vanguard fund expense ratio data provided by Morningstar are for the fund's latest fiscal year and may vary from current expense ratios. Such data do not reflect fee waivers, expense recoupments, or expense reimbursements, which the applicable fund manager may discontinue at any time. For more complete information about fees and expenses, see the fee table in the fund's prospectus. Vanguard is not responsible for the accuracy or timeliness of third-party data.

Non-Vanguard ETF expense ratio data provided by Morningstar are for the fund's latest fiscal year and may vary from current expense ratios. Such data do not reflect fee waivers, expense recoupments, or expense reimbursements, which the applicable fund manager may discontinue at any time. For more complete information about fees and expenses, see the fee table in the fund's prospectus. Vanguard is not responsible for the accuracy or timeliness of third-party data.

Average annual performance

Average annual performance toggle
YTD
YTD as-of date
1-year
3-year
5-year
10-year
1-, 3-, 5-, 10-year as-of date
Since inception
Inception date
SEC yield
SEC yield as-of date

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.

Performance data for periods of less than one year do not reflect the deduction of purchase and redemption fees. Maintenance, low-balance, and service fees may be assessed by some funds. None of these fees are reflected in the performance figures. If these fees were included, the performance would be lower. All other performance data are adjusted for purchase and redemption fees, where applicable.

A non-money market fund's SEC yield is based on a formula developed by the SEC. The method calculates a fund's hypothetical annualized income as a percentage of its assets.

 

A security's income, for the purposes of this calculation, is based on the current market yield to maturity (for bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience. As a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

 

The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous 7 days.

Average annual total return—after taxes on distributions

1-year
3-year
5-year
10-year
Since inception
Inception date
1-, 3-, 5-, 10-year as-of date

Average annual total return—after taxes on distributions and sale of fund shares

1-year
3-year
5-year
10-year
Since inception
Inception date
1-, 3-, 5-, 10-year as-of date

Fees and Minimums

Load
Commission
12b-1 fee
Purchase fee
Redemption fee
General account minimum
IRA minimum
UGMA/UTMA minimum
Additional investments
Fund Access fee

Asset allocation

As-of date
Stocks
Bonds
Short-term investments
Other

Equity characteristics

Number of stocks
Median market cap
Price/earnings ratio
Price/book ratio
Return on equity
Earnings growth rate
Foreign holdings
Turnover rate

Money market characteristics as of —

Average maturity

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 Cash Reserves Federal Money Market Fund and Vanguard Federal 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.

Top five countries

As-of date
1
2
3
4
5

Fixed income characteristics

As-of date
Number of bonds
Average maturity
Average duration
Average coupon

Fund characteristics

Fund total net assets
Share class total net assets
Fiscal year end

Historical volatility measures

As-of date
Beta
R-squared

Ten Largest Holdings

As-of date
1
2
3
4
5
6
7
8
9
10
% of total net assets

The yield for a money market fund more closely reflects the current earnings of the fund than its total return does.

For non-Vanguard funds, yield is defined as a fund's annualized current rate of investment income, calculated with a Securities and Exchange Commission formula that includes the fund's net income (based on the yield to maturity of each bond it holds), the average number of outstanding fund shares during the 30-day period reported by Morningstar, and the maximum offering price per share on the last day of the period. The data is provided by Morningstar and is only as current as the information supplied to Morningstar by third parties.

Some funds may charge purchase, redemption, and/or 12b-1 fees. All transactions are subject to any applicable terms and conditions in a Fund's prospectus, including, but not limited to, any applicable fees or other frequent trading and market-timing policies and procedures imposed by the Fund. All transactions are also subject to Vanguard Brokerage Services' Commission and Fee Schedules, policies, and procedures.

Individual fund families may impose additional minimum, fees, or charges. NTF, TF, and load funds are subject to the greater of the FundAccess minimum investment requirements or those identified in the fund's prospectus. Vanguard Brokerage Services may negotiate fund minimum investment requirements that are greater than or less than the program standards noted above. For complete information, read the prospectus carefully before investing. The offering conditions of the various funds included in the FundAccess program are subject to change at any time, including, but not limited to, fee classification (load, TF, or NTF) and transfer eligibility.

Transaction-fee (TF) and no-transaction-fee (NTF) funds. A transaction fee is a charge assessed by an intermediary, such as a broker-dealer or a bank, for assisting in the sale (redemption) or purchase of a security. NTF funds may carry a redemption fee. See the Vanguard brokerage commission and fee schedule for more information. A short-term redemption fees may also be charged by the outside fund family.

Mutual funds and exchange-traded funds (ETFs) are subject to risk, including possible loss of principal.

There may be other material differences between products that must be considered prior to investing.

For more information about Vanguard funds or ETFs, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

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.