Vanguard introduced 15 new ETFs in 2025, its highest annual total since 2010. More telling than the pace of launches is the pricing, as the average fee on those new products is about 16 basis points, the highest for any year and well above Vanguard's firmwide ETF average of roughly 9 basis points. The shift suggests Vanguard may be deliberately venturing into higher-cost areas, testing how far it can move beyond its long-standing identity as the industry's low-cost provider. Bloomberg Intelligence ETF analyst Athanasios Psarofagis joins "Bloomberg ETF IQ". (Source: Bloomberg)