Last year was tough for investors, as the market experienced its worst annual decline since 2008. For many younger investors, 2022 was their first taste of economic uncertainty -- and it's been a difficult ride.

So far in 2023, though, things have started off on a more positive note. The S&P 500 is up by more than 6% since the beginning of the year, and the Nasdaq has increased by more than 12%. We may not be out of the woods just yet, as some experts are still predicting a recession is on the horizon. However, while stock prices are still lower, now is the time to load up on quality investments at a discount.

And there's one ETF I'm buying in bulk before the next bull market: the Vanguard Growth ETF (VUG -0.57%).

Why invest in a growth ETF

A growth ETF is a fund that includes stocks with the potential for above-average returns. The downside to this type of investment is that it tends to be hit harder during periods of volatility. Case in point: the Vanguard Growth ETF fell by more than 33% throughout 2022.

The upside, though, is that growth ETFs also tend to experience faster growth when the market is thriving. This fund is designed to beat the market, and over time, it's more likely to see higher returns than an S&P 500 tracking fund.

Those two factors mean right now could be the perfect time to buy this ETF. While its price has rebounded slightly since the beginning of the year, it's still a beaten-down investment -- and buying now means you can stock up at a hefty discount.

Then, when the market inevitably recovers, you'll be well-positioned to take advantage of its faster-than-average growth.

The best of both worlds

One of the biggest advantages of the Vanguard Growth ETF, in particular, is that it offers both protection against risk and the chance to earn higher returns.

This fund includes 253 stocks from a variety of industries, which is a healthy amount of diversification. Also, the top 10 holdings make up around 45% of the entire fund. These holdings include household names ranging from Amazon and Apple to Home Depot and Mastercard.

Behemoth corporations like these are still subject to short-term market volatility, but they're far more likely to recover from downturns. This limits your risk and can make it easier to sleep at night knowing roughly half of this fund is devoted to industry-leading giants.

At the same time, though, this fund also includes plenty of smaller stocks with the potential for extreme growth. While these stocks are riskier than, say, Amazon, if any one of them experiences astronomical returns, you could make a lot of money.

Is this ETF right for you?

If you're a long-term investor and are willing to tolerate short-term bouts of volatility, this investment may be a good fit for your portfolio.

There's no safe way to make a lot of money overnight, so growth ETFs aren't a "get rich quick" tactic. They can also experience more severe short-term volatility than more stable funds, such as an S&P 500 ETF. But over many years, they're more likely to earn above-average returns.

Growth ETFs can be a fantastic investment to grow your savings, especially during a bull market. By investing now, you'll be ready to take advantage of the market's next upswing.