Business
How Vanguard, Index Funds Became the Behemoth Hiding in Plain Sight
Most people know that Vanguard offers low-cost index funds. Some know that Vanguard is itself owned by those fund investors collectively. But few realize that this clever corporate structure is why the funds are so low cost. And why Americans have access to low-cost index funds at all. Together with the other large index-fund companies like BlackRock, State Street and Fidelity, Vanguard owns an estimated 24% of the entire U.S. stock market. Here’s how that happened:
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