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Commission-free trading of non-Vanguard ETFs excludes inverse and leveraged ETFs and applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. All ETFs are subject to management fees and expenses. Account service fees may apply.

© 2018 The Vanguard Group, Inc. All rights reserved. U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623. Vanguard Marketing Corporation, Distributor.