MMN Editor

The ‘Big Short’ investor has intensified his gloom around the artificial intelligence trade with a reported fresh bearish bet on memory-chip maker Micron

Whether you’re a homeowner or just starting to tour houses with your real estate agent, there’s a good chance you’ve used a multiple listing service (MLS).An MLS is a private database used by Realtors to sell homes and find properties for their clients to buy. If your agent sends you a list of houses they think you’d like, they probably pulled the listings from an MLS.The term “MLS” is used broadly, but there are actually 500 MLSs, according to the National Association of Realtors. The ones your agent uses may depend on where you live.The largest real estate listing company in America, the California Regional Multiple Listing Service, has released a new feature called the “Limited Exposure Coming Soon” option.The CRMLS already had a Coming Soon tool. But adding the Limited Exposure option changes the game for both home sellers and buyers.Coming Soon vs. Limited Exposure Coming Soon listingsNormally, a multiple listing service’s Coming Soon feature flags the listing as “coming soon” on the MLS and third-party websites so people know it isn’t for sale yet.This tactic isn’t quite as restrictive as a pocket listing, which isn’t displayed on an MLS. With pocket listings, only buyers in the real estate agent’s private network can view the home.A regular Coming Soon listing typically still appears on third-party listing sites such as Zillow.A Coming Soon designation allows sellers to get the word out about their home while still taking a little extra time to prepare before releasing it to MLSs, according to Rocket Mortgage. This extra time also gives interested buyers more time to craft an offer, which can lead to better offers for the seller.Related: Redfin sees shift in housing market, home pricesNow the CRMLS has taken its existing Coming Soon feature and added the Limited Exposure option. When the seller selects this option, the for-sale listing will not show up on third-party websites such as Zillow, Realtor.com, Homes.com, local and neighborhood broker and agent sites, or the Google mobile app search, according to the CRMLS instructions.Notice that Redfin is not on the list of excluded websites. Sellers can list their home on Redfin Early Access, a search feature for pre-market homes that Redfin created in partnership with Compass.For a seller to select the Limited Exposure for Coming Soon option, their agent sets the “Internet Entire Listing Display” to “No” on the platform, according to the CRMLS guide. Once the seller is ready to make the listing public, the agent manually changes “Internet Entire Listing Display” to “Yes.”

The Coming Soon designation was already an MLS strategy, and now the CRMLS is adding a Limited Exposure option.Greggory DiSalvo / Getty Images

How Limited Exposure Coming Soon option affects sellersWhile a regular Coming Soon listings already gives sellers advantages, Limited Exposure Coming Soon takes those benefits one step further.As with a standard Coming Soon option, sellers have more time to prepare before their house officially goes on the market, and that extra time can generate buyer buzz to result in stronger offers.By keeping their property off of third-party websites like Zillow and Realtor.com, sellers limit who can see their property. The listing only appears on sites such as Redfin Early Access and the selling agent’s website. Other agents can also see the home on the MLS.The limited-exposure option allows the seller’s agent to show the property to other agents and get a sense of buyer interest before setting the listing as public. “They can test whether the price is realistic,” Joe Rath, head of industry relations at Rocket, writes for Redfin. “They can see whether a motivated buyer is willing to pay a premium before broader exposure. They can help the seller decide whether to launch publicly, adjust the strategy, or pause.”These are all strategies for helping the seller get the best price and terms possible, should they decide to move forward with selling.Limited Exposure Coming Soon hurts homebuyersHome affordability is already a crisis in America, and Zillow research shows that low inventory is the main culprit.Private listings make the inventory problem even worse for buyers. When the typical homebuyer can’t access certain listings, they have fewer options.Limited Exposure Coming Soon isn’t quite the same as a private listing. And sellers can choose to make their listing public later in the process. However, they don’t have to. If an agent with access to their limited-exposure listing has a buyer who will pay top dollar, the homeowner may choose to go ahead and sell rather than deal with a public listing.More Selling and Buying Houses:Why first-time homebuyers face a stacked deck right nowMortgage rate outlook shifts after inflation updateAmericans face dilemma after housing market newsLimited Exposure Coming Soon properties could also result in homebuyers paying more for a house.By holding off on showing the listing to the public, the seller and their agent have time to gauge whether their price is fair. If it’s too high, they can lower it before releasing it to websites like Zillow and Homes.com.And by waiting to publicly list the home, the number of days on the market shown on these sites is lower than if they had listed it from day one.In my years of reporting on the housing industry, I’ve learned that the longer a home sits on the market, the more leverage a buyer has. If the house is on the market for a long time and the seller has to cut the price, the buyer knows they have more power to negotiate for a lower price or seller concessions.But now that the typical buyer doesn’t have access to this information, they don’t have the full picture when making an offer.From where I’m sitting, it looks like the Limited Exposure Coming Soon feature adds to the housing inventory problem and has the potential to push buyers to offer more money — ultimately causing more affordability problems. The future of selling and buying homesSure, the California Regional Multiple Listing Service only serves buyers and sellers in one U.S. state. However, it is the largest MLS in the country, covers a significant portion of California real estate, and reaches about 110,000 agents, according to Redfin.Because the CRMLS is so powerful in the real estate world, I worry that more MLSs will follow in its footsteps by creating features like Limited Exposure Coming Soon.And since Redfin already has a tool that shows CRMLS’s Limited Exposure Coming Soon properties, I suspect other third-party websites will begin implementing similar devices.The more widespread this type of feature becomes, the more sellers around the U.S. will benefit. But I believe that more homebuyers will inevitably face limited access, less leverage, and — in some cases — higher home prices.Related: Zillow releases crucial new housing market prediction

Bomber Who Targeted Ukrainian Tycoon In Monaco Identified, Manhunt Continues

Update: Earlier yesterday, Monaco authorities stated that a person was taken into custody – then released – in the probe of the blast that reportedly hurt Ukrainian tycoon.

However, a few hours later, prosecutors confirmed that they had identified the suspect in the bombing.

*  *  *

As Chris Summers reported earlier via The Epoch Times, a manhunt is underway for a bomber after a Ukrainian businessman – who was sanctioned by Kyiv for alleged ties to Russia – and two other people were seriously injured in an explosion in the foyer of an upmarket apartment building in Monaco.
Investigators examine the scene of a bombing—which injured three people—in Monaco on June 30, 2026. Philippe Magoni/AP

French media has identified Vadym Iermolaiev, a construction tycoon from Dnipro in central Ukraine, his wife, and his 13-year-old son as being the victims of the explosion, which took place on the evening of June 29.

Iermolaiev – who had renounced his Ukrainian citizenship and obtained a Cyprus passport – was sanctioned by Kyiv in June 2024 for allegedly selling vodka in Russian-occupied Crimea.

In a June 29 X post, the Monaco government said, “Tonight, shortly before 9 p.m., a violent explosion linked to a booby-trapped package was heard in the Principality not far from Place des Moulins.”

“A suspect was spotted by the video surveillance system fleeing toward the municipality of Beausoleil on French territory,” it added.

Prosecutor Stephane Thibault said on June 30 that the Monaco police had opened an attempted murder investigation, adding that it was not being treated as terrorism.

“In coordination with the French authorities, we are pursuing efforts to identify and apprehend him. I hope that will happen quickly, given the resources we are deploying,” Thibault said.

Thibault said the female victim was in a life-threatening condition.

Monaco’s ruler, Prince Albert II, described the bombing as “an odious act” and said the country had mobilized all its services to ensure security.

Christophe Mirmand, minister of state for Monaco, said the victims were “returning home peacefully” when the bomb exploded, citing surveillance footage.

“They were caught in the explosion as they crossed the threshold of their apartment building,” he said.

“It appears that the family was specifically targeted.”

He said surveillance footage suggested the suspect “had walked around the area several times while waiting for the victims.”

‘Unverified Allegations’ Rejected

A public relations company, the Silver Eye Communications Agency, released a statement to Monaco Life in which it confirmed Iermolaiev was targeted but rejected media outlets’ characterization of him as an “oligarch” and “unverified allegations” printed in numerous European newspapers.

“The use of an explosive device in an attempt on a person’s life is a barbaric act that has no place in any civilized society,” Silver Eye said.

“The fact that Mr. Iermolaiev’s child was also injured makes this crime particularly shocking.

“Mr. Vadym Iermolaiev is not an oligarch. He has never held political office, never controlled strategic sectors of the Ukrainian economy, never enjoyed a monopoly in any industry and has never been part of Ukraine’s political establishment.”

Monaco is a tiny principality on the Mediterranean coast with a population of only 38,000 – many of whom are wealthy foreign nationals attracted by its minimal taxes. The country is completely surrounded by France, which also defends it militarily under the terms of a 2002 treaty.

The Monaco government said two adults and a child were taken to a hospital in the nearby French city of Nice.

Silvano Ippolito, a neighbor who lives opposite the scene of the explosion in Place des Moulins, said he saw a young boy on the ground and immediately called his wife, a doctor, who treated the boy’s badly injured mother.

“She intervened very quickly, before the emergency services arrived, to apply tourniquets and perform mouth-to-mouth resuscitation, as the woman was losing consciousness,” Ippolito said.

Suspect Caught On Camera

A photograph of the suspect, published by French media, shows a man in a black jacket, light-colored pants, and white shoes running along while trying to conceal his face with a black bucket hat.

Iermolaiev founded the Alef Group, a conglomerate involved in commercial real estate, manufacturing, and agriculture.

He was heavily involved in reshaping downtown Dnipro before the war with Russia began in 2022.

In an interview with Forbes Ukraine, Iermolaiev said he had renounced his Ukrainian citizenship and became a Cypriot citizen in 2017. Cyprus is a European Union member, allowing him to live in France or Monaco.

In April, Iermolaiev’s son Artur, 35, pleaded guilty in Estonia to fraud charges in relation to a 100 million euro ($114 million) phone call scam, and was given a suspended jail sentence, and ordered to pay an 8.5 million euro ($9.7 million) fine.

Ukrainian President Volodymyr Zelenskyy has not commented on the incident in Monaco.

The Ukrainian Foreign Ministry said its embassy in Paris, which is also responsible for Monaco, was liaising with the authorities in Monte Carlo, the capital of Monaco.
A view of the residential building where an explosive device seriously injured Vadym Iermolaiev, his wife, and his son, in Monaco, on June 30, 2026. Philippe Magoni/AP
Tyler Durden
Fri, 07/03/2026 – 07:00

After dominating markets in 2026, AI-tied memory and semiconductor stocks are losing momentum, raising the question whether capital will shift back into bitcoin.

If you can chip in, it makes a big difference.

The New York Mets have cut ties with a long-time Chicago Cubs player after a brutal season debut.

Joe Rogan overtakes Fox News, your $100 has been cut by a quarter, and only one man this year has beaten Elon Musk on X.

Each month, we check in on the performance of the largest US bond exchange-traded funds. When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.Out of the 10 largest US bond ETFs, the top performer last month was the $122 billion Vanguard Total International Bond Index Fund BNDX, which gained 0.49%. The bottom performer was the $70.5 billion Vanguard Short-Term Inflation-Protected Securities Index Fund VTIP, which lost 0.32%.Here’s more about the performance of the largest bond ETFs.Vanguard Total Bond Market Index FundMorningstar Medalist Rating: GoldMorningstar Category: Intermediate Core BondIn June, the Vanguard Total Bond Market Index Fund rose 0.23%, while the average intermediate core bond fund gained 0.24%. The fund placed in the 60th percentile for performance. The $394.4 billion fund has climbed 3.7% over the past 12 months, performing roughly in line with the average fund in its category, which rose 3.8%. The Vanguard fund, launched in April 2007, has climbed 4.15% over the past three years annualized and gained 0.07% annualized over the past five years.iShares Core US Aggregate Bond ETFMorningstar Medalist Rating: GoldMorningstar Category: Intermediate Core BondIn June, the iShares Core US Aggregate Bond ETF rose 0.25%, while the average intermediate core bond fund gained 0.24%. The fund placed in the 45th percentile for performance. The $138.1 billion fund has climbed 3.80% over the past 12 months, performing roughly in line with the average fund in its category, which rose 3.80%. The iShares fund, launched in September 2003, has climbed 4.16% over the past three years annualized and gained 0.09% annualized over the past five years.Vanguard Total International Bond Index FundMorningstar Medalist Rating: GoldMorningstar Category: Global Bond-USD HedgedIn June, the Vanguard Total International Bond Index Fund rose 0.49%, while the average global bond-USD hedged fund gained 0.47%. The fund placed in the 40th percentile for performance. The $122 billion fund has climbed 2.38% over the past 12 months, underperforming the average fund in its category, which rose 3.47%. The Vanguard fund, launched in May 2013, has climbed 4.31% over the past three years annualized and gained 0.48% annualized over the past five years.iShares 0-3 Month Treasury Bond ETFMorningstar Medalist Rating: NeutralMorningstar Category: Ultrashort BondThe iShares 0-3 Month Treasury Bond ETF gained 0.30% in June, outperforming the average fund in the ultrashort bond category, which rose 0.25%. The $94.7 billion fund has gained 3.90% over the past 12 months, while the average fund in its category is up 4.22%. The iShares fund, launched in May 2020, has climbed 4.68% over the past three years annualized and gained 3.59% annualized over the past five years.Vanguard Short-Term Inflation-Protected Securities Index FundMorningstar Medalist Rating: GoldMorningstar Category: Short-Term Inflation-Protected BondThe Vanguard Short-Term Inflation-Protected Securities Index Fund lost 0.32% in June, falling less than the average fund in the short-term inflation-protected bond category, which fell 0.42%. The $70.5 billion fund has gained 3.64% over the past 12 months, while the average fund in its category is up 3.36%. The Vanguard fund, launched in October 2012, has climbed 5.17% over the past three years annualized and gained 3.30% annualized over the past five years.Vanguard Short-Term Bond Index FundMorningstar Medalist Rating: GoldMorningstar Category: Short-Term BondThe Vanguard Short-Term Bond Index Fund gained 0.07% in June, underperforming the average fund in the short-term bond category, which rose 0.12%. The $70.4 billion fund has gained 2.99% over the past 12 months, while the average fund in its category is up 3.72%. The Vanguard fund, launched in April 2007, has climbed 4.65% over the past three years annualized and gained 1.71% annualized over the past five years.Vanguard Intermediate-Term Corporate Bond Index FundMorningstar Medalist Rating: GoldMorningstar Category: Corporate BondThe Vanguard Intermediate-Term Corporate Bond Index Fund gained 0.12% in June, underperforming the average fund in the corporate bond category, which rose 0.17%. The $68.7 billion fund has gained 4.54% over the past 12 months, while the average fund in its category is up 4.21%. The Vanguard fund, launched in November 2009, has climbed 6.21% over the past three years annualized and gained 1.16% annualized over the past five years.Vanguard Intermediate-Term Bond Index FundMorningstar Medalist Rating: NeutralMorningstar Category: Intermediate Core BondThe Vanguard Intermediate-Term Bond Index Fund gained 0.17% in June, underperforming the average fund in the intermediate core bond category, which rose 0.24%. The $52.2 billion fund has gained 3.39% over the past 12 months, while the average fund in its category is up 3.80%. The Vanguard fund, launched in April 2007, has climbed 4.64% over the past three years annualized and gained 0.25% annualized over the past five years.Vanguard Short-Term Corporate Bond Index FundMorningstar Medalist Rating: GoldMorningstar Category: Short-Term BondIn June, the Vanguard Short-Term Corporate Bond Index Fund rose 0.12%, while the average short-term bond fund gained 0.12%. The fund placed in the 62nd percentile for performance. The $50.5 billion fund has climbed 3.85% over the past 12 months, performing roughly in line with the average fund in its category, which rose 3.72%. The Vanguard fund, launched in November 2009, has climbed 5.68% over the past three years annualized and gained 2.41% annualized over the past five years.Vanguard Intermediate-Term Treasury Index FundMorningstar Medalist Rating: GoldMorningstar Category: Intermediate GovernmentIn June, the Vanguard Intermediate-Term Treasury Index Fund rose 0.13%, while the average intermediate government fund gained 0.20%. The fund placed in the 68th percentile for performance. The $49.5 billion fund has climbed 2.43% over the past 12 months, underperforming the average fund in its category, which rose 2.74%. The Vanguard fund, launched in November 2009, has climbed 3.85% over the past three years annualized and gained 0.15% annualized over the past five years.

Stock exchange-traded funds, or equity ETFs, are often low-cost, tax-efficient instruments for investors to track popular indexes or leverage experienced manager choices to beat the market. The best ones serve as low-cost building blocks in a portfolio, and unlike open-end mutual funds, all ETFs are traded throughout the day on an exchange.In the second quarter of 2026, the top-performing stock ETFs included large growth fund US Vegan Climate ETF VEGN and mid-cap blend fund Castellan Targeted Equity ETF CTEF. Data in this article is sourced from Morningstar Direct.Screening for the Best-Performing ETFsWhen evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.To find the quarter’s best-performing stock ETFs, we screened the Morningstar US equity category for those that trade within the United States. We excluded exchange-traded notes and ETFs with less than $100 million in total assets. Within our list, five funds fell into the large growth category, where the average name rose 18.71% in the second quarter.The 10 Best-Performing ETFs of Q2 2026US Vegan Climate ETF VEGNCastellan Targeted Equity ETF CTEFOptimize Strategy Index ETF OPTZMig Core ETF MIGOInvesco S&P 500 High Beta ETF SPHBInvesco S&P Spin-Off ETF CSDAlger Concentrated Equity ETF CNEQMango Growth ETF GARYFirst Trust Innovation Leaders ETF ILDRAlger 35 ETF ATFVMetrics for the Best-Performing Stock ETFsUS Vegan Climate ETFMorningstar Rating: ★★★★Expense Ratio: 0.6%Morningstar Category: Large GrowthThe $186.2 million US Vegan Climate ETF ranked first for the quarter, returning 45.41%. The Beyond ETF, which is passively managed, beat the 18.71% gain on the average large growth fund. Over the past year, the fund has risen 47.61%, outperforming the 17.45% gain on funds in its category, placing it in the 2nd percentile for the period.The Neutral-rated US Vegan Climate ETF launched in September 2019.Castellan Targeted Equity ETFMorningstar Rating: N/AExpense Ratio: 0.45%Morningstar Category: Mid-Cap BlendThe $667.8 million Castellan Targeted Equity ETF was the second-best-performing ETF in the quarter, with a 38.24% gain. The actively managed Castellan ETF beat the 14.50% gain on the average fund in Morningstar’s mid-cap blend category for the quarter. Over the last year, the fund has gained 80.17%, outperforming the 23.67% gain on funds in its category, placing it in the 1st percentile for the period.The Castellan Targeted Equity ETF has not yet been awarded a Morningstar Medalist Rating.Optimize Strategy Index ETFMorningstar Rating: N/AExpense Ratio: 0.25%Morningstar Category: Mid-Cap BlendThe third-best-performing ETF in the quarter was the $277.1 million Optimize Strategy Index ETF. The passively managed Optimize Financial ETF returned 37.36%, outperforming the average mid-cap blend fund, which gained 14.50%. Over the last year, the fund has climbed 61.86%, outperforming the 23.67% gain on funds in its category, placing it in the 3rd percentile for the period.The Optimize Strategy Index ETF has not yet been awarded a Morningstar Medalist Rating.Mig Core ETFMorningstar Rating: N/AExpense Ratio: 0.45%Morningstar Category: Large BlendThe $775.9 million Mig Core ETF was the fourth-best-performing ETF in the second quarter, with a 34.49% gain. The actively managed None ETF beat the 14.14% gain on the average fund in Morningstar’s large blend category for the quarter. The fund launched in February 2026 and does not have a one-year record.The Mig Core ETF has not yet been awarded a Morningstar Medalist Rating.Invesco S&P 500 High Beta ETFMorningstar Rating: ★★★★★Expense Ratio: 0.25%Morningstar Category: Mid-Cap BlendThe $1 billion Invesco S&P 500 High Beta ETF ranked fifth for the quarter, returning 34.30%. The Invesco ETF, which is passively managed, beat the 14.50% gain on the average mid-cap blend fund. Over the past year, the fund has risen 60.69%, outperforming the 23.67% gain on funds in its category, placing it in the 3rd percentile for the period.The Silver-rated Invesco S&P 500 High Beta ETF launched in May 2011.Invesco S&P Spin-Off ETFMorningstar Rating: ★★★★Expense Ratio: 0.65%Morningstar Category: Mid-Cap BlendThe $223.2 million Invesco S&P Spin-Off ETF was the sixth-best-performing ETF in the quarter, with a 32.71% gain. The passively managed Invesco ETF beat the 14.50% gain on the average fund in Morningstar’s mid-cap blend category for the quarter. Over the last year, the fund has gained 78.69%, outperforming the 23.67% gain on funds in its category, placing it in the 2nd percentile for the period.The Neutral-rated Invesco S&P Spin-Off ETF launched in December 2006.Alger Concentrated Equity ETFMorningstar Rating: N/AExpense Ratio: 0.56%Morningstar Category: Large GrowthThe seventh-best-performing ETF in the quarter was the $726.1 million Alger Concentrated Equity ETF. The actively managed Alger ETF returned 32.18%, outperforming the average large growth fund, which gained 18.71%. Over the last year, the fund has climbed 39.72%, outperforming the 17.45% gain on funds in its category, placing it in the 6th percentile for the period.The Bronze-rated Alger Concentrated Equity ETF launched in April 2024.Mango Growth ETFMorningstar Rating: N/AExpense Ratio: 0.77%Morningstar Category: Large GrowthThe $293.6 million Mango Growth ETF ranked eighth for the quarter, returning 31.33%. The Mango Growth ETF, which is actively managed, beat the 18.71% gain on the average large growth fund. The fund launched in December 2025 and does not have a one-year record.The Mango Growth ETF has not yet been awarded a Morningstar Medalist Rating.First Trust Innovation Leaders ETFMorningstar Rating: ★★★★Expense Ratio: 0.75%Morningstar Category: Large GrowthThe ninth-best-performing ETF in the second quarter was the $298.9 million First Trust Innovation Leaders ETF. The actively managed First Trust ETF returned 31.32%, outperforming the average large growth fund, which gained 18.71%. Over the last year, the fund has climbed 33.42%, outperforming the 17.45% gain on funds in its category, placing it in the 13th percentile for the period.The Neutral-rated First Trust Innovation Leaders ETF launched in May 2021.Alger 35 ETFMorningstar Rating: ★★★★Expense Ratio: 0.56%Morningstar Category: Large GrowthThe $210.5 million Alger 35 ETF was the tenth-best-performing ETF in the second quarter, with a 31.26% gain. The actively managed Alger ETF beat the 18.71% gain on the average fund in Morningstar’s large growth category for the quarter. Over the last year, the fund has gained 39.97%, outperforming the 17.45% gain on funds in its category, placing it in the 5th percentile for the period.The Gold-rated Alger 35 ETF launched in May 2021.What Are ETFs?Exchange-traded funds are investments that trade throughout the day on stock exchanges, much like individual stocks. They differ from traditional mutual funds—known as open-end funds—which can only be bought or sold at a single price each day. Historically, ETFs have tracked indexes, but in recent years, more have been actively managed. ETFs cover a range of asset classes, including stocks, bonds, commodities, and most recently, cryptocurrency.ETFs offer investors an efficient way to gain exposure to the markets, often with low fees and ease of buying and selling. They also generally offer higher tax efficiency than open-end funds.How to Find the Top ETFs for the Long TermETFs are often equated with low-cost indexing. However, the ETF marketplace has grown increasingly complicated. Some ETFs track a very narrow part of the market or pursue specific themes. Some ETFs invest based on a particular factor or a combination of factors. And now there are actively managed ETFs.Use these Morningstar resources to help find the best ETFs for the long term:Learn about the types of exchange-traded funds, their costs, and how to invest in them by reading Morningstar’s Guide to ETF Investing.Find the highest-rated ETFs across all investment categories in The Best ETFs and How They Fit in Your Portfolio.Review Morningstar director of personal finance Christine Benz’s suggested ETF portfolios for those saving for or already in retirement, including Tax-Efficient Retirement-Saver Portfolios for ETF Investors, Tax-Sheltered Retirement-Saver Portfolios for ETF Investors, ESG Tax-Sheltered Retirement-Saver Portfolios for ETF Investors, Tax-Sheltered Retirement-Bucket Portfolios for ETF Investors, and Tax-Sheltered ESG Retirement-Bucket Portfolios for ETF Investors.Research ETFs based on your personal selection criteria by using our Morningstar Investor Screener. The tool, which is available to Morningstar Investor members, allows investors to screen ETFs through various criteria, including asset class, Morningstar Category, Medalist Rating, and fee level.Visit Morningstar’s ETF page for the latest articles and videos from our ETF specialists.

Each month, we check in on the performance of the largest US stock exchange-traded funds. When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.Out of the 10 largest US stock ETFs, the top performer last month was the $245 billion Vanguard Value Index Fund VTV, which gained 3.43%. The bottom performer was the $393.8 billion Vanguard Growth Index Fund VUG, which lost 3.57%.Here’s more about the performance of the largest stock ETFs.Vanguard Total Stock Market Index FundMorningstar Medalist Rating: GoldMorningstar Category: Large BlendIn June, the Vanguard Total Stock Market Index Fund fell 0.33%, while the average large blend fund lost 0.06%. The fund placed in the 47th percentile for performance. The $2.3 trillion fund has climbed 23.16% over the past year, outperforming the average fund in its category, which rose 20.01%. The Vanguard fund, launched in May 2001, has climbed 20.43% over the past three years annualized, and 12.24% annualized over the past five.Vanguard 500 Index FundMorningstar Medalist Rating: GoldMorningstar Category: Large BlendIn June, the Vanguard 500 Index Fund fell 0.95%, while the average large blend fund lost 0.06%. The fund placed in the 68th percentile for performance. The $1.7 trillion fund has climbed 22.28% over the past year, outperforming the average fund in its category, which rose 20.01%. The Vanguard fund, launched in September 2010, has climbed 20.58% over the past three years annualized, and 13.36% annualized over the past five.iShares Core S&P 500 ETFMorningstar Medalist Rating: GoldMorningstar Category: Large BlendThe iShares Core S&P 500 ETF lost 0.96% in June, falling further than the average fund in the large blend category, which fell 0.06%. The $889.1 billion fund has gained 22.29% over the past year, while the average fund in its category is up 20.01%. The iShares fund, launched in May 2000, has climbed 20.58% over the past three years annualized and 13.37% annualized over the past five.State Street SPDR S&P 500 ETF TrustMorningstar Medalist Rating: GoldMorningstar Category: Large BlendIn June, the State Street SPDR S&P 500 ETF Trust fell 0.96%, while the average large blend fund lost 0.06%. The fund placed in the 69th percentile for performance. The $777.4 billion fund has climbed 22.20% over the past year, outperforming the average fund in its category, which rose 20.01%. The State Street fund, launched in January 1993, has climbed 20.48% over the past three years annualized, and 13.30% annualized over the past five.Vanguard Total Intl Stock Idx FundMorningstar Medalist Rating: GoldMorningstar Category: Foreign Large BlendIn June, the Vanguard Total Intl Stock Idx Fund fell 0.20%, while the average foreign large blend fund gained 0.21%. The fund placed in the 66th percentile for performance. The $652.3 billion fund has climbed 27.42% over the past year, outperforming the average fund in its category, which rose 21.56%. The Vanguard fund, launched in January 2011, has climbed 18.73% over the past three years annualized, and 8.81% annualized over the past five.Invesco QQQ TrustMorningstar Medalist Rating: NeutralMorningstar Category: Large GrowthThe Invesco QQQ Trust lost 0.14% in June, falling less than the average fund in the large growth category, which fell 1.10%. The $478.3 billion fund has gained 34.10% over the past year, while the average fund in its category is up 17.45%. The Invesco fund, launched in March 1999, has climbed 26.56% over the past three years annualized, and 16.44% annualized over the past five years.Vanguard Growth Index FundMorningstar Medalist Rating: GoldMorningstar Category: Large GrowthThe Vanguard Growth Index Fund lost 3.57% in June, falling further than the average fund in the large growth category, which fell 1.10%. The $393.8 billion fund has gained 18.61% over the past year, while the average fund in its category is up 17.45%. The Vanguard fund, launched in January 2004, has climbed 22.92% over the past three years annualized, and 13.18% annualized over the past five.Vanguard Developed Markets Index FundMorningstar Medalist Rating: GoldMorningstar Category: Foreign Large BlendIn June, the Vanguard Developed Markets Index Fund fell 0.23%, while the average foreign large blend fund gained 0.21%. The fund placed in the 67th percentile for performance. The $317.3 billion fund has climbed 28.64% over the past year, outperforming the average fund in its category, which rose 21.56%. The Vanguard fund, launched in July 2007, has climbed 19.29% over the past three years annualized, and 10.12% annualized over the past five.Vanguard Value Index FundMorningstar Medalist Rating: GoldMorningstar Category: Large ValueIn June, the Vanguard Value Index Fund rose 3.43%, while the average large value fund gained 1.22%. The fund placed in the ninth percentile for performance. The $245 billion fund has climbed 25.92% over the past year, outperforming the average fund in its category, which rose 21.08%. The Vanguard fund, launched in January 2004, has climbed 18.01% over the past three years annualized, and 12.32% annualized over the past five.Vanguard Mid Cap Index FundMorningstar Medalist Rating: GoldMorningstar Category: Mid-Cap BlendThe $218.8 billion Vanguard Mid Cap Index Fund rose 2.39% in June. The gain on the fund was shy of the 3.54% gain on the average fund in the mid-cap blend category, leaving it in the 75th percentile for performance. Over the past year, the Vanguard fund rose 16.75%, while the average fund in its category rose 23.67%. The fund, launched in January 2004, has climbed 15.33% over the past three years annualized, and 7.95% annualized over the past five.