Lower fees for your fixed income edge

Disclosures and footnotes:

1 Savings 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. 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.

2 All competitor fund data sourced from Morningstar Direct as of November 2024. The combination of Morningstar Category, Investment Type, and Management Style define Vanguard's category. Lowest decile expense ratios are calculated excluding Vanguard funds. Vanguard's updated expense ratios (effective February 1, 2025) were compared to the lowest decile expense ratios in each category. Summing all active fixed income funds that were less than or equal to the lowest decile expense ratio and dividing by total active fixed income funds resulted in 100% of funds in the lowest cost decile.



3 All competitor fund data sourced from Morningstar Direct as of November 2024. The combination of Morningstar Category, Investment Type, and Management Style define Vanguard's category. Lowest decile expense ratios are calculated excluding Vanguard funds. Vanguard's updated expense ratios (effective February 1, 2025) were compared to the lowest decile expense ratios in each category. Summing all fixed income ETFs that were less than or equal to the lowest decile expense ratio and dividing by total fixed income ETFs resulted in 85% of ETFs in the lowest cost decile.



4 For the 10-year period ended December 31, 2024, 40 of 44 Vanguard active bond funds outperformed their peer group averages; results will vary for other time periods. Only funds with a minimum quarter- , one- , three- , five- , or 10- year history, respectively, 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 advisors.vanguard.com/investments/all.

All investing is subject to risk, including the possible loss of the money you invest. 

For more information about Vanguard funds and Vanguard 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.