A quarterly brochure on the U.S. ETF ecosystem, with information designed to give advisors tools to help clients.

Vanguard has updated its forecasts for broad asset class returns through a March 31, 2025, running of the Vanguard Capital Markets Model® (VCMM). The probabilistic return assumptions depend on market conditions and change with each running over time. Forecast changes relative to the December 31, 2024, running of the VCMM are attributable both to market movements and enhancements to our model itself.

In six brief videos, Vanguard Global Chief Economist Joe Davis and Head of Wealth Management Massy Williams discuss market volatility, the near-term economic outlook, the power of a diversified portfolio, the risk of recession, economic and market forecasting as a form of risk management, and the power of sound financial advice.

“Cash flow has never been a goal for us, it’s more of an outcome,” says Janel Jackson, Vanguard Head of Bank and Institutional, who recently appeared on Bloomberg to discuss the fast growth of Vanguard’s S&P 500 ETF (VOO). VOO officially claimed the top spot for the ETF with the most assets, passing State Street’s SPDR S&P 500 ETF Trust (SPY).