Just between us

Hi, I’m Bill McNabb. If you’re new to Vanguard, thanks for visiting. As our clients know, we’re very different from other investment companies. Vanguard was founded in 1975 to offer investors a place where their interests would always come first.

From day one, we’ve believed that you shouldn’t have to pay a lot for high-quality investment products and first-rate service, and that you deserve candid, clear information to help you make good investment decisions.

That’s why Vanguard has always been organized differently from other investment firms. Instead of being publicly traded or privately owned, Vanguard is owned by the Vanguard funds, which are owned by our clients. So when you invest in any of Vanguard’s index or actively managed funds, our interests are completely aligned with yours.

Vanguard’s client-ownership structure offers many advantages. We can offer a rare kind of stability because we can focus on the long term, which is the right outlook for both investing and running a business. The company you invest with today will be the same company serving you tomorrow.

And since we aren’t being pressured to generate profits for outside owners, we’re free to give back profits to our funds. This has allowed us to keep our costs among the lowest in the industrywhich lets you, the investor, keep more of your investment returns, an advantage that compounds over time.

In other words, when you invest at Vanguard, you can count on us to work hard every day to earn and keep your trustin all marketsby delivering exceptional value with the highest standards of integrity. This commitment to doing the right thing for our clients has made Vanguard one of the most trusted names in the industry.

No wonder Vanguard has grown to be one of the largest investment management companies in the world. Millions of individual investors, institutions, employer-sponsored retirement plans, and financial professionals rely on us to help protect and grow their assets and the investments they oversee for others.

Thanks for taking the time to learn about Vanguard. We look forward to helping you reach your investment goals.

Visit vanguard.com to obtain a fund prospectus, which contains investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing.

All investing is subject to risks.

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.

Vanguard is client-owned. As a client-owner, you own the funds that own Vanguard. Vanguard provides services to the Vanguard funds and ETFs at cost.