Choosing between ETFs and mutual funds ... - Vanguard

1 Unless otherwise stated, all data points in this paper are derived from Vanguard calculations using Morningstar, Inc., as of June 30, 2015. The data include mutual funds (open-end funds) and what are sometimes referred to as exchange-traded products such as open-end ETFs, unit investment trust ETFs, grantor-trust ETFs, and partnership ETFs. ................
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