Well people can invest in something else that has higher returns than 5% with the same risk and abandon services like ETFs so Vanguard has something to lose. Yo

Well people can invest in something else that has higher returns than 5% with the same risk and abandon services like ETFs so Vanguard has something to lose. You might be right though in the way that people got so used to invest in ETFs and will still invest with a 5% gain. Vanguard might be aware of that and might be trying to pull down the expectations to increase their margin. This is all unfounded speculation though.