*As of December 31, 2024, Vanguard's average mutual fund and ETF expense ratio is 0.08%. Industry average mutual fund and ETF expense ratio: 0.44%. All average are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023. The is a hypothetical calculation that does not represent any particular investment and does not account for inflation. Results show are not guaranteed. There may be other material differences between investment products that must be considered prior to investing.

A low annual account service fee of $25 is waived when you elect e-delivery of documents. You can sign up for e-delivery during and after the process of opening an account. There may be low fees for certain types of transactions. See the Vanguard Brokerage Services Commission and Fee Schedules for details and exclusions.

For more information about Vanguard mutual funds or ETFs, obtain a mutual fund or ETF 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.

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 money you invest.