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# Exchange-traded funds (ETFs) Optimize your trading strategy with the diversification, affordability, and tax efficiency of Vanguard ETFs®. Open an account Browse all Vanguard ETFs  ## Use our tool to see historical market performance Explore the tool ## What's an ETF? An ETF is a collection of hundreds or thousands of stocks, bonds, or other securities, managed by experts, in a single fund that trades on major stock exchanges, like the New York Stock Exchange, Nasdaq, and Cboe. ETFs offer diversification, low costs, and the ability to trade shares live during the trading day. ## 4 benefits of investing in Vanguard ETFs ### Competitive, long-term returns 84% of Vanguard ETFs outperformed the returns of their peer-group averages over the past 10 years.1 ### Lower taxes 82% of all Vanguard ETFs have had no taxable capital gains distributions in the last 5 years.2 ### Lower expense ratios Our average ETF expense ratio is 83% less than the industry average.3 ### Better prices for your trades 99\.5% of all Vanguard ETF shares bought and sold through a Vanguard account were executed at a better price than the quoted market price.4 ## ETF investment strategies at Vanguard With a variety of options, you can choose ETFs that best fit your goals, values, and overall portfolio strategy.  ### Core ETFs Build a fully diversified portfolio with our 4 total-market ETFs that cover nearly all aspects of the U.S. and international stock and bond markets. Shop our core ETFs  ### ESG ETFs Explore funds that reflect your personal preferences and consider environmental, social, and governance (ESG) issues. Shop ESG ETFs  ### Short-term ETFs These ETFs can help you diversify your portfolio and save for short-term goals—like a down payment on a car or home. Shop short-term bond ETFs ## Choose from more than just Vanguard funds Access thousands of investments from other fund companies and hold them in one Vanguard account. We offer many no-transaction-fee (NTF) funds. Learn more about fees and commissions Explore non-Vanguard funds ## ETFs vs. Mutual funds ETFs (exchange-traded funds) and Mutual funds are similar in many ways, but there are a few key differences that set them apart. Learn more about the difference between ETFs and mutual funds ### ETFs An ETF is a collection of hundreds or thousands of stocks, bonds, or other securities, managed by experts, in a single fund that trades on major stock exchanges. - You can buy and sell ETFs throughout the trading day and get real-time pricing, just like stocks. - Vanguard ETFs have a \$1 investment minimum. Minimums for all other ETFs are set at the share price. - ETFs are generally more tax-efficient than mutual funds. - We offer both index and actively managed ETFs. Shop ETFs ### Mutual funds A mutual fund is a collection of stocks, bonds, or other securities, managed by experts, in a single fund that's bought and sold at the end of each trading day based on its net asset value (NAV). - You can place buy or sell orders for mutual funds throughout the trading day. However, these trades are processed and priced at the end of the day at NAV. - Investment minimums can range from \$1,000 to \$50,000, depending on the fund. - Mutual funds are generally less tax-efficient than ETFs. - We offer both index and actively managed funds. Shop mutual funds ## How do I invest in an ETF? Start investing in an ETF by opening a Vanguard Brokerage Account or logging in to your existing account. Enter the ETF trade path through the **Buy & sell** page. Open a Vanguard Brokerage Account  ## Which ETFs are good to invest in? Every investor is unique. Use our questionnaire to find an asset mix—a combination of stocks, bonds, and short-term reserves—that fits your investment goals and risk tolerance. Start investor questionnaire  ## 2 ways to open an investment account  ### Do it yourself Both industry experts and everyday people rely on our high-performing,1 low-cost mutual funds and ETFs. Choose from diverse investments to save for your financial goals. Invest on your own  ### Explore professional advice Whatever you're working toward, we have a range of services to help you get there. Get a personalized plan and judgment-free guidance to keep you on track. Compare advice services ## Explore Vanguard ETFs Shop ETFs ## Invest according to your goals  ### Mutual funds Diversify your portfolio with high-quality, low-cost Vanguard mutual funds. Explore mutual funds  ### Money market funds Save for short-term goals and emergencies with a lower-risk investment. Explore money markets  ### Other investment products Choose from a variety of products that may fit your needs. Explore other investments ## Frequently asked questions ### What's an expense ratio? An expense ratio reflects how much an ETF pays for portfolio management, administration, marketing, and distribution, among other expenses. The lower the expense ratio, the more of the fund's earnings investors get to keep. These costs don't come out of your original investment—instead, they're deducted from the fund's total value on a regular basis. Learn more about expense ratios ### Are ETFs tax-efficient? ETFs can be tax-efficient. Most ETFs try to track an index, like the S\&P 500. They only add and remove securities when the index does. Big moves—like when a company is completely removed from an index—happen very rarely. So you'll usually have few, if any, capital gains distributions to report at tax time. Learn more about how ETFs can be tax-efficient ### Do ETFs pay dividends? Yes, if you're investing in an ETF that includes stocks, bonds, or other securities that generate income, you can expect to receive dividends. Dividends are often reinvested automatically or taken as cash, depending on your preference and the terms of the ETF. Distributions are typically made on a quarterly basis, but it can vary depending on the ETF and its assets. With Vanguard ETFs, you have the option to use your dividends to automatically buy more fractional shares of the fund. For the 10-year period ended December 31, 2025, 6 of 6 Vanguard money market funds, 72 of 104 Vanguard bond funds, 21 of 23 Vanguard balanced funds, and 176 of 193 Vanguard stock funds—for a total of 275 of 326 Vanguard funds—outperformed their peer group averages. Results will vary for other time periods. Only funds with a minimum 10-year history were included in the comparison. (Source: LSEG Lipper.) *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 our website at www.vanguard.com/performance.* Source: Morningstar, Inc., as of December 31, 2025. Vanguard average ETF expense ratio: 0\.04%. Industry average ETF expense ratio: 0\.23%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2025. Source: The Karn Group. Includes market orders entered from January 2024 through August 2024, during market hours with share sizes from 1 to 1,999. Excludes orders received during locked, crossed, or fast markets or during destination outages. **For more information about Vanguard mutual funds or Vanguard ETFs, obtain a** **mutual fund** **or an** **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 the money you invest. Diversification does not ensure a profit or protect against a loss. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk. Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments. ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the index provider or advisor, as applicable, for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria. The index provider or advisor's assessment of a company, based on the company's level of involvement in a particular industry or their own ESG criteria, may differ from that of other funds or an investor's assessment of such company. As a result, the companies deemed eligible by the index provider or advisor may not reflect the beliefs and values of any particular investor and may not exhibit positive or favorable ESG characteristics. The evaluation of companies for ESG screening or integration is dependent on the timely and accurate reporting of ESG data by the companies. Successful application of the screens will depend on the index provider or advisor's proper identification and analysis of ESG data. The advisor may not be successful in assessing and identifying companies that have or will have a positive impact or support a given position. In some circumstances, companies could ultimately have a negative or no impact or support of a given position. Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company. The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview . VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.

Optimize your trading strategy with the diversification, affordability, and tax efficiency of Vanguard ETFs®. Open an account Browse all Vanguard ETFs  ## Use our tool to see historical market performance Explore the tool What's an ETF? An ETF is a collection of hundreds or thousands of stocks, bonds, or other securities, managed by experts, in a single fund that trades on major stock exchanges, like the New York Stock Exchange, Nasdaq, and Cboe. ETFs offer diversification, low costs, and the ability to trade shares live during the trading day. 4 benefits of investing in Vanguard ETFs ### Competitive, long-term returns 84% of Vanguard ETFs outperformed the returns of their peer-group averages over the past 10 years.1 ### Lower taxes 82% of all Vanguard ETFs have had no taxable capital gains distributions in the last 5 years.2 ### Lower expense ratios Our average ETF expense ratio is 83% less than the industry average.3 ### Better prices for your trades 99\.5% of all Vanguard ETF shares bought and sold through a Vanguard account were executed at a better price than the quoted market price.4 ## ETF investment strategies at Vanguard With a variety of options, you can choose ETFs that best fit your goals, values, and overall portfolio strategy.  ### Core ETFs Build a fully diversified portfolio with our 4 total-market ETFs that cover nearly all aspects of the U.S. and international stock and bond markets. Shop our core ETFs  ### ESG ETFs Explore funds that reflect your personal preferences and consider environmental, social, and governance (ESG) issues. Shop ESG ETFs  ### Short-term ETFs These ETFs can help you diversify your portfolio and save for short-term goals—like a down payment on a car or home. Shop short-term bond ETFs ## Choose from more than just Vanguard funds Access thousands of investments from other fund companies and hold them in one Vanguard account. We offer many no-transaction-fee (NTF) funds. Learn more about fees and commissions Explore non-Vanguard funds ## ETFs vs. Mutual funds ETFs (exchange-traded funds) and Mutual funds are similar in many ways, but there are a few key differences that set them apart. Learn more about the difference between ETFs and mutual funds ### ETFs An ETF is a collection of hundreds or thousands of stocks, bonds, or other securities, managed by experts, in a single fund that trades on major stock exchanges. - You can buy and sell ETFs throughout the trading day and get real-time pricing, just like stocks. - Vanguard ETFs have a \$1 investment minimum. Minimums for all other ETFs are set at the share price. - ETFs are generally more tax-efficient than mutual funds. - We offer both index and actively managed ETFs. Shop ETFs ### Mutual funds A mutual fund is a collection of stocks, bonds, or other securities, managed by experts, in a single fund that's bought and sold at the end of each trading day based on its net asset value (NAV). - You can place buy or sell orders for mutual funds throughout the trading day. However, these trades are processed and priced at the end of the day at NAV. - Investment minimums can range from \$1,000 to \$50,000, depending on the fund. - Mutual funds are generally less tax-efficient than ETFs. - We offer both index and actively managed funds. Shop mutual funds How do I invest in an ETF? Start investing in an ETF by opening a Vanguard Brokerage Account or logging in to your existing account. Enter the ETF trade path through the **Buy & sell** page. Open a Vanguard Brokerage Account  Which ETFs are good to invest in? Every investor is unique. Use our questionnaire to find an asset mix—a combination of stocks, bonds, and short-term reserves—that fits your investment goals and risk tolerance. Start investor questionnaire  2 ways to open an investment account  ### Do it yourself Both industry experts and everyday people rely on our high-performing,1 low-cost mutual funds and ETFs. Choose from diverse investments to save for your financial goals. Invest on your own  ### Explore professional advice Whatever you're working toward, we have a range of services to help you get there. Get a personalized plan and judgment-free guidance to keep you on track. Compare advice services ## Explore Vanguard ETFs Shop ETFs Invest according to your goals  ### Mutual funds Diversify your portfolio with high-quality, low-cost Vanguard mutual funds. Explore mutual funds  ### Money market funds Save for short-term goals and emergencies with a lower-risk investment. Explore money markets  ### Other investment products Choose from a variety of products that may fit your needs. Explore other investments ## Frequently asked questions ### What's an expense ratio? An expense ratio reflects how much an ETF pays for portfolio management, administration, marketing, and distribution, among other expenses. The lower the expense ratio, the more of the fund's earnings investors get to keep. These costs don't come out of your original investment—instead, they're deducted from the fund's total value on a regular basis. Learn more about expense ratios ### Are ETFs tax-efficient? ETFs can be tax-efficient. Most ETFs try to track an index, like the S\&P 500. They only add and remove securities when the index does. Big moves—like when a company is completely removed from an index—happen very rarely. So you'll usually have few, if any, capital gains distributions to report at tax time. Learn more about how ETFs can be tax-efficient ### Do ETFs pay dividends? Yes, if you're investing in an ETF that includes stocks, bonds, or other securities that generate income, you can expect to receive dividends. Dividends are often reinvested automatically or taken as cash, depending on your preference and the terms of the ETF. Distributions are typically made on a quarterly basis, but it can vary depending on the ETF and its assets. With Vanguard ETFs, you have the option to use your dividends to automatically buy more fractional shares of the fund. For the 10-year period ended December 31, 2025, 6 of 6 Vanguard money market funds, 72 of 104 Vanguard bond funds, 21 of 23 Vanguard balanced funds, and 176 of 193 Vanguard stock funds—for a total of 275 of 326 Vanguard funds—outperformed their peer group averages. Results will vary for other time periods. Only funds with a minimum 10-year history were included in the comparison. (Source: LSEG Lipper.) *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 our website at www.vanguard.com/performance.* Source: Morningstar, Inc., as of December 31, 2025. Vanguard average ETF expense ratio: 0\.04%. Industry average ETF expense ratio: 0\.23%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2025. Source: The Karn Group. Includes market orders entered from January 2024 through August 2024, during market hours with share sizes from 1 to 1,999. Excludes orders received during locked, crossed, or fast markets or during destination outages. **For more information about Vanguard mutual funds or Vanguard ETFs, obtain a** **mutual fund** **or an** **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.** 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. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk. Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments. ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the index provider or advisor, as applicable, for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria. The index provider or advisor's assessment of a company, based on the company's level of involvement in a particular industry or their own ESG criteria, may differ from that of other funds or an investor's assessment of such company. As a result, the companies deemed eligible by the index provider or advisor may not reflect the beliefs and values of any particular investor and may not exhibit positive or favorable ESG characteristics. The evaluation of companies for ESG screening or integration is dependent on the timely and accurate reporting of ESG data by the companies. Successful application of the screens will depend on the index provider or advisor's proper identification and analysis of ESG data. The advisor may not be successful in assessing and identifying companies that have or will have a positive impact or support a given position. In some circumstances, companies could ultimately have a negative or no impact or support of a given position. Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company. The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview . VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.