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Investing in exchange-traded funds (ETFs) is one of the simplest and most straightforward ways to buy into the stock market. By owning just one share of an ETF, you can gain exposure to dozens or hundreds of stocks at once.

While some ETFs aim to track major indexes, like the S&P 500 (SNPINDEX: ^GSPC), others are more niche. Growth ETFs, for example, are designed to beat the market and earn above-average returns over time.

These investments can carry more risk than broad-market funds, but they could also help supercharge your savings. This one growth ETF has nearly doubled the S&P 500's performance over the last 15 years, and it could potentially turn just $200 per month into more than $1 million. Here's how.

A powerhouse for your portfolio

If you're looking for a growth ETF with a proven track record, the Schwab U.S. Large-Cap Growth ETF (NYSEMKT: SCHG) could be a smart option. This fund includes 231 stocks (nearly half of which come from the tech sector), with a weighted average market capitalization of around $1.4 billion.

The five largest holdings in this ETF are Nvidia, Apple, Microsoft, Amazon, and Meta Platforms, respectively, and those stocks alone make up nearly 40% of the entire fund. The rest of the ETF, then, is made up of dozens of smaller stocks.

While all of the holdings in this fund are large-cap stocks (meaning they have a market cap of at least $10 billion), the inclusion of "mega-cap" stocks (generally defined as having a market cap of at least $200 billion) can help mitigate some risk. These industry titans may not have quite as much room for explosive growth as up-and-coming companies, but they're also more likely to survive market volatility.

Growth ETFs are designed to outperform the market over time, and this fund is no exception. Since its inception in December 2009, it's earned total returns of around 755%, as of this writing -- almost double the S&P 500's returns of 435% in that time.

SCHG data by YCharts

Keep in mind that there are no guarantees this ETF will continue performing at this rate, and growth ETFs, in general, tend to be riskier than many other types of investments. They are also often hit harder during downturns, so be prepared for more severe fluctuations if the market takes a turn for the worse.

How much could you earn with this ETF?

Again, there's no way to know for certain how any investment will fare going forward, as past performance doesn't predict future returns. But it can still be helpful to look at those past returns to get a rough idea of how much you might be able to earn.

Since its launch in 2009, the Schwab U.S. Large-Cap Growth ETF has earned an average annual return of 16.22% per year. At that rate, if you were to invest $200 per month, you could accumulate around $1.33 million after 30 years.

Because growth ETFs can be somewhat unpredictable, it may be helpful to look at alternative scenarios, too. If you're still investing $200 per month, here's approximately what you might earn over time depending on whether you're earning average returns of 10% per year (which is in line with the stock market's historic average), 12% per year, or 14% per year.

Data source: Author's calculations via investor.gov.

Of course, 16% average annual returns are preferable to 10% average annual returns. But even if this ETF fails to beat the market at all, you could still earn hundreds of thousands of dollars over time. And if it's only able to earn slightly higher-than-average returns, it could boost your earnings substantially.

The right ETF for you will depend on your goals and risk tolerance, and a growth ETF could be a good fit for those looking to beat the market with less effort than buying individual stocks. Just be sure to keep your expectations in check and stay invested for at least a decade or two to maximize your returns while minimizing risk.

Should you invest $1,000 in Schwab Strategic Trust - Schwab U.s. Large-Cap Growth ETF right now?

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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. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Katie Brockman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Apple, Meta Platforms, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.