Vanguard is renaming 13 of its flagship index funds and ETFs to reflect a switch from CRSP to Morningstar benchmarks, but investors will see no changes to tickers, fees, or fund strategies
Vanguard is updating the names of 13 of its most widely held index funds and ETFs, adding "Morningstar" to each fund's title. The move follows Morningstar's acquisition of the Center for Research in Security Prices (CRSP), which previously provided the benchmarks tracked by these funds. As a result, the underlying indexes have been rebranded as Morningstar indexes, but the funds' investment strategies and methodologies remain unchanged.
For investors, the most visible change is the new fund names. For example, the Vanguard Total Stock Market Fund is now the Vanguard Morningstar Total Stock Market Index Fund. Despite the rebranding, the funds continue to follow the same index methodology, including rules-based construction, market capitalization weighting, and regular rebalancing. The holdings, performance history, and dividend yields are unaffected by the switch.
What Changes for Investors
According to reporting by TheStreet, the renaming does not impact ticker symbols, expense ratios, or CUSIP numbers. Investors do not need to update their records or tracking tools. The expense ratios for these funds remain among the lowest in the industry, and the index methodologies-including how stocks are selected and weighted-are unchanged. The transition is administrative, reflecting the new ownership and branding of the benchmarks rather than a shift in investment approach.
Vanguard began using CRSP indexes for several of its index funds in 2013, citing their academic rigor and transparent construction. Morningstar's acquisition of CRSP led to the rebranding of these indexes, but the underlying rules and processes remain consistent. Investors should note that while this change is largely cosmetic, it's always wise to review fund documents when a name or benchmark changes, as more substantive shifts can sometimes occur in the industry.
Funds Affected by the Name Change
The 13 funds impacted by the rebranding span a wide range of market segments, including large-cap, mid-cap, and small-cap stocks, as well as growth and value styles. The affected funds include:
- Vanguard Total Stock Market
- Vanguard Mega Cap
- Vanguard Mega Cap Growth
- Vanguard Mega Cap Value
- Vanguard Large Cap Index
- Vanguard Growth Index
- Vanguard Value Index
- Vanguard Mid-Cap Index
- Vanguard Mid-Cap Growth Index
- Vanguard Mid-Cap Value Index
- Vanguard Small Cap Index
- Vanguard Small Cap Growth Index
- Vanguard Small Cap Value Index
Each of these funds is available in multiple share classes, including mutual fund and ETF versions. The rebranding applies across all share classes. Vanguard emphasizes that the funds' investment objectives, strategies, and risk profiles are unchanged, and there is no impact on tax treatment or historical performance data.
Why Index Ownership Matters
Index funds rely on third-party benchmarks to define their investment universe and rules. When the ownership of an index provider changes, as with Morningstar's acquisition of CRSP, fund companies may need to update fund names and disclosures to reflect the new benchmark provider. While this transition has no practical effect on how the funds are managed, it highlights the importance of understanding what a fund's benchmark represents and who controls its methodology.
According to Vanguard's most recent annual report, the Total Stock Market Index Fund had over $1.3 trillion in assets as of December 31, 2025, making it one of the largest index funds in the world. The expense ratio for the ETF share class was 0.03%, consistent with its historical low-cost positioning. These figures underscore the scale and influence of the affected funds within the U.S. investment landscape.
Index construction is a critical but often overlooked aspect of passive investing. The rules that define which stocks are included, how they are weighted, and how often the index is rebalanced can have a significant impact on fund performance and risk. While most index changes are minor, investors should pay attention to any adjustments in methodology, as even subtle shifts can affect returns, tax efficiency, and tracking error over time.
