Building on our low-cost, investor-first legacy

All investments are 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.

Investments in bonds are subject to interest rate, credit, and inflation risk.

Vanguard Morningstar Total Stock Market ETF (VTI) standardized performance available here.

Vanguard Financial Services assets under management: $5 trillion as of May 2026.

Vanguard does not, and will not, make any representations about whether a model portfolio is in the best interest of any investor; is not, and will not be, responsible for the determination of whether a model portfolio is in the best interests of any investor; and is not acting as an investment advisor to any investor. It is the investment advisor's responsibility to determine the appropriateness of the model portfolios, or any of the securities included therein, for any client.

Vanguard model portfolio assets: $33 billion. Source: Morningstar, as of March 31, 2026.

The Vanguard active bond fund outperformance information mentioned in the article is as of March 31, 2026. For the ten year period ended March 31, 43 of 52 active Vanguard bond funds outperformed their peer group averages.

The most recent outperformance information is as of June 30, 2026. For that ten-year period, 40 of 51 Vanguard active bond funds outperformed their peer group averages.

Results will vary for other time periods. Only funds with a minimum ten-year history were included in the comparisons. (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.

The Vanguard Cash Plus Account is a brokerage account offered by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC. Under the Sweep Program, Eligible Balances swept to Program Banks are not securities: they are not covered by SIPC, but are eligible for FDIC insurance, subject to applicable limits. Money market funds held in the account are not guaranteed or insured by the FDIC, but are securities eligible for SIPC coverage. See the Vanguard Bank Sweep Products Terms of Use and Program Bank list for more information.

The Vanguard Cash Plus bank sweep program APY (annual percentage yield) is 3.35% as of August 14, 2026 and includes a 0.25% boost effective through 9/30/2026. The APY will vary and may change at any time. Source for average bank savings yield of 0.38%: FDIC National Rates and Rate Caps as of July 20, 2026. Bank savings accounts offer different services and features than a Vanguard Cash Plus Account. For example, savings accounts often offer features like overdraft protection, ATM access, bill pay services and other conveniences that Cash Plus Accounts do not offer. Cash Plus Accounts allow you to hold certain securities that bank savings accounts cannot hold. In addition, Cash Plus Accounts are subject to fraud prevention restrictions such as holding periods and transaction limits, which may not apply to a bank savings account. There may be other differences between these products that you may want to consider before choosing which option is best for you.

Vanguard is owned by its funds, which are owned by Vanguard's fund shareholders.

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.

Vanguard Investment Advisory Research Center estimate that one out of five Americans works with a fee-based financial advisor is based on a variety of third-party research. Northwestern Mutual estimates that 34% of the general population works with a financial advisor (What Can Millionaires Teach Us About Financial Planning?), while YouGov offers a slightly lower estimate (27% of Americans use financial advisors, with 60% prioritizing trust as the top factor). We assume the actual figure is 30%, then multiply that estimate by 75%—which is the share of financial advisors who are fee-based, according to Cerulli Associates (More Than 72% of Financial Advisors Are Compensated by Fee-Based Models).

Vanguard Digital Advisor assets under management: $31 billion as of June 30, 2026.

Vanguard Digital Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.20% for its all-index investment options and 0.25% for an active/index mix. Vanguard Personal Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.35% for its all-index investment options and 0.40% for an active/index mix. These services reduce those fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from your portfolio in order to calculate your net advisory fee. Note that this fee doesn't include investment expense ratios charged by a fund, such as fees paid to the funds' third-party managers which are not credited. While we generally recommend using low-cost Vanguard funds to build your portfolio, actively managed funds will have higher expense ratios than index funds. Please review each service's advisory brochure for more fee information. You should consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your 401(k) account.

Vanguard Personal Advisor assets under management: $456 billion as of June 30, 2026.

Kitces found that traditional full-service advisors charge about 1% on assets under management in a 2024 survey.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any specific investment product sponsored by, or investment services provided by The Vanguard Group, Inc., Vanguard Marketing Corporation, Vanguard National Trust Company, or their subsidiaries or affiliates. Investments in funds issued by HarbourVest are made available to the following Vanguard clients:

• Self-directed clients of Vanguard Personal Wealth can access HarbourVest funds through Vanguard Marketing Corporation. The decision to invest in the HarbourVest funds will be the sole responsibility of such self-directed clients, and no Vanguard entity will determine the suitability of investments in any HarbourVest fund or otherwise make investment recommendations to Vanguard's self-directed clients.
• Advised clients of Vanguard's Personal Advisor Wealth Management can access HarbourVest funds through Vanguard National Trust Company. Vanguard National Trust Company will assess the suitability of any recommendations to Personal Advisor Wealth Management clients to invest in the HarbourVest funds.

Any such offers may be made only to Vanguard clients who met the definition of accredited investors and qualified purchasers under federal law and by means of delivery of a confidential Private Placement Memorandum or similar materials that contain a description of the material terms of such investment. No sale will be made in any jurisdiction in which the offer, solicitation, or sale is not authorized or to any person to whom it is unlawful to make the offer, solicitation, or sale. Private investments involve a high degree of risk and, therefore, should be undertaken only by prospective investors capable of evaluating and bearing the risks such an investment represents. Investors in private equity generally must meet certain minimum financial qualifications that may make it unsuitable for specific market participants.