Vanguard is an investment management company founded by John C. Bogle on May 1, 1975. With U.S. offices in Charlotte, North Carolina; Scottsdale, Arizona and Valley Forge, Pennsylvania, Vanguard also holds various international offices including those in the Netherlands, Australia, Hong Kong, England, France, Canada, Japan and Switzerland. Vanguard is owned by its own funds, and as a result, by its clients, giving it a unique position among other ETF providers.

In 2001, Vanguard created its first ETFs called Vanguard Index Participation Equity Receipt Shares or VIPERS, and in 2010 announced a program allowing investors to trade Vanguard ETFs commission free. As of the end of 2011, Vanguard held approximately $1.7 trillion in total assets. Today, Vanguard offers 65 ETFs that provides access to a variety of asset classes including bonds, domestic stocks, sector-specific (including financials, energy, healthcare and consumer goods) and international (which include European, Pacific and emerging markets). Vanguard's Equity Investment Group is the advisor for Vanguard's stock index funds (including those that issue Vanguard ETFs); Vanguard's Fixed Income Group is the advisor for Vanguard's bond index funds (including those that issue Vanguard ETFs).

Headquartered in Valley Forge, Pennsylvania, Vanguard ETFs have expense ratios that range between 0.05 and 0.35%, with an average expense ratio of 0.15%.

Vanguard\'s top five largest funds by AUM.
Figure 11: Vanguard\'s top five largest funds by AUM. Information current as of Feb. 8, 2013.



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