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Established on prioritizing broad exposure to the stock market over the complexity of trying to outperform the market every year, Vanguard exchange-traded funds (ETFs) focus on simplicity without compromising performance. Vanguard boasts an extensive ETF lineup, with 81 products covering various sectors, investing styles, market caps, and geographies.

With a diverse range of products and industry-leading low fees, Vanguard’s products can be invaluable tools in the journey to achieving millionaire status. For those with some time on their side and an appetite for above-average risk, three Vanguard ETFs stand out as potent options for aspiring millionaires.

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1. Vanguard Dividend Appreciation ETF

In the pursuit of long-term wealth, dividends can play a lucrative role. The Vanguard Dividend Appreciation ETF (NYSEMKT: VIG), while offering a slightly lower dividend payout than other dividend-focused ETFs, makes up for it due to its substantial allocations to high-growth sectors.

With its greater emphasis on exposure to the technology sector, 22% of the fund invests in tech giants like Microsoft and Apple. Even though this approach can introduce a little more risk, historical data supports the potential for significant growth and innovation in tech investments.

Most importantly, though, the Vanguard Dividend Appreciation ETF holds companies with a history of increasing dividends over time, such as Coca-Cola and Procter & Gamble. With a commendable 118% increase in the last decade and a healthy dividend payout that can supplement compound growth, this ETF is worth considering for investors aiming for the millionaire mark while mitigating volatility.

2. Vanguard Russell 100 Growth ETF

The Vanguard Russell 1000 Growth ETF (NASDAQ: VONG) is designed to track the performance of the top 1,000 companies in the United States, based on market capitalization. Unlike funds that follow the S&P 500 and focus on the 500 largest companies, this fund exposes investors to a broader market spectrum that offers more significant growth opportunities.

While still holding established giants like Apple, Amazon, and Microsoft, approximately 40% of the Russell 1000 Growth ETF comprises companies in other sectors known for considerable growth, such as healthcare and industrials. By expanding beyond larger companies that might be near their full potential, VONG allows investors to capitalize on opportunities with more room to grow in future years.

Thanks to this strategic approach, the fund delivered a remarkable 250% increase in the last decade and 460% since its creation. While introducing slightly more risk, investors with some time on their side would be mistaken to overlook VONG as a way to grow portfolios to the million-dollar target.

3. Vanguard Mega Cap Growth ETF

The third contender is the Vanguard Mega Cap Growth ETF (NYSEMKT: MGK), which concentrates on the most prominent companies in the market with specific growth characteristics. The fund allocates weights to companies based on the composite score of metrics, such as future long-term growth in earnings per share (EPS) and return on assets. This means that the greater the growth opportunity, the larger the company’s position within the fund.

With a remarkable 260% increase over the past decade and an impressive 389% jump since its inception, the Vanguard Mega Cap Growth ETF is the ideal option for investors seeking high growth. While heavily concentrated in the tech sector, the fund diversifies approximately one-third of its holdings into sectors like consumer discretionary and communication services. This strategy allows investors to benefit from investments in well-established companies like Home Depot, T-Mobile, and Starbucks.

Despite the volatility associated with high-growth companies, the Vanguard Mega Cap Growth ETF can be a great option for investors, since it continually reevaluates criteria to optimize returns. For aspiring millionaires, the Vanguard Mega Cap Growth ETF removes the complexity of picking individual stocks while providing exposure to the best companies on the market.

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. RJ Fulton has positions in Vanguard World Fund – Vanguard Mega Cap Growth ETF. The Motley Fool has positions in and recommends Amazon, Apple, Home Depot, Microsoft, Starbucks, and Vanguard Specialized Funds – Vanguard Dividend Appreciation ETF. The Motley Fool recommends T-Mobile US and recommends the following options: long January 2024 $47.50 calls on Coca-Cola. The Motley Fool has a disclosure policy.

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