Close to 40% of U.S. adults don’t believe they’ll ever be considered “wealthy” in their lifetime, according to a 2025 survey from Charles Schwab, and 27% don’t think they’ll be “financially comfortable” either.

While building wealth isn’t necessarily easy, investing in the stock market is one of the most effective ways to make a lot of money over time. Exchange-traded funds (ETFs) are a particularly good choice for those seeking a simpler way to generate wealth, as these investments require next to no effort on your part.

There are numerous ETFs to choose from, each with their unique advantages and disadvantages. However, there’s one Vanguard fund that can help you accumulate $1 million or more while also mitigating risk. Here’s how.

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A growth ETF with a proven track record

An ETF is a collection of stocks grouped together into a single fund. Some ETFs track major market indexes, while others follow particular sectors of the market or even more niche sub-sectors.

If you’re looking for an investment that can potentially make you a millionaire while also helping to protect against risk, the Vanguard S&P 500 Growth ETF (VOOG -0.79%) could be a fantastic option. It follows the S&P 500 (^GSPC -0.69%), but instead of containing stocks from all 500 companies within the index, it only includes the 213 stocks with the most potential for growth.

One of the primary advantages of this fund is its balance of risk and reward. The companies within the S&P 500 are among the largest and strongest in the U.S., and many are industry leaders with decades of experience navigating economic uncertainty. While there are no guarantees when investing, juggernaut businesses like those in the S&P 500 are more likely to survive periods of market turbulence.

At the same time, though, because this ETF only includes the stocks with potential for faster-than-average growth, you’re more likely to earn higher returns than you would with a standard S&P 500 ETF.

A downside to consider, however, is that with less diversification, this fund does carry more risk than a standard S&P 500 ETF. Growth stocks can often be more volatile than those from more established industries, and because this fund only contains stocks poised for significant growth, it could face more severe ups and downs than the S&P 500.

Accumulating $1 million or more

Nobody knows where the market will be in a few months or a year, so before you buy, be sure you’re willing to stay invested for at least five to 10 years — or, ideally, a couple of decades. The longer your timeline, the less you’ll need to worry about short-term volatility.

There are also no guarantees that any investment will continue to earn returns similar to what it has in the past, but historical returns can be a good starting point to see roughly how much you could potentially earn.

Over the last 10 years, the Vanguard S&P 500 Growth ETF has earned an average rate of return of 15.79% per year. For comparison, the Vanguard S&P 500 ETF has earned an average return of just 13.62% per year in that time.

Let’s say you were to invest $200 per month. Here’s approximately how much you could accumulate over time, depending on whether you’re earning a 15.79% or 13.62% average annual return:

Data source: author’s calculations via investor.gov.

The difference between 13% and 15% average annual returns may not seem like much, but it can add up to nearly half a million dollars over three decades. If you have even a few extra years to invest, you could earn exponentially more.

Investing in ETFs is a lower-effort way to generate wealth, as you never need to choose individual stocks or decide when to buy or sell. The Vanguard S&P 500 Growth ETF is a powerhouse fund that can help balance risk and reward, and with enough time, you could build a million-dollar portfolio while barely lifting a finger.