ETF adoption has rapidly accelerated in recent years, with many investors steering to cheap ETFs to potentially bolster long-term investment returns.

There are 2,040 U.S.-listed ETFs on the market with an average expense ratio of 0.59%, according to XTF data.

Among the forerunners of cheap ETF options, Vanguard Group has been among the beneficiaries of the recent surge in popularity of low-cost investment options and is now the second largest ETF provider in the U.S. Vanguard has 70 U.S.-listed ETFs with $784.8 billion in assets under management and an average 0.11% expense ratio.

“One of the benefits of our unique client-owned structure is that it allows us to return profits to our fund shareholders in the form of lower expense ratios, and we’ve been doing just that for more than 40 years,” Bill McNabb, chairman and chief executive officer of Vanguard, said in a note. “I’m humbled to say that we’ve become so synonymous with driving down costs that when other investment companies lower their fees, the financial press often refers to it as the ‘Vanguard Effect.'”

Related: What’s Next for Vanguard ETFs?

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