TRADE EXECUTION QUALITY

Brokerage built for you

Our mission: To give you the best chance of investment success.

We strive to give you the best price on trades with:

11.64%

Effective over quoted spread*

Effective over quoted spread (E/Q) is the industry measurement for trade quality. The lower the percentage, the better. We're constantly working to give you the best price on trades, and those efforts are reflected in our low E/Q.

What this means

95%

Of Vanguard ETFs traded at midpoint**

A trade at the midpoint of the quoted spread is generally considered the best price available. We provided midpoint pricing on over 95% of Vanguard ETF trades.**

What this means

$1.92

Savings per 100-share order

Competitive trades add up to real savings. On average, investors would have saved $1.92 for a 100-share order compared to the National Best Bid and Offer (NBBO).** More shares mean more savings, with $19.20 for 1,000 shares.

What this means

*For market orders on the S&P 500 Index sizes 100-499 for the 12-month period ending December 31, 2020.

**For all marketable orders with a share size of 1-1,999.

View the quarterly reports for Vanguard Brokerage Services®†

4 ways Vanguard Brokerage Services puts our mission into practice

Give you information designed to help you stay the course.

We provide all investors a long-term perspective to help you stay committed to your investing strategy.

What we don't do:

Provide frequent watch lists and constant updates that entice you to trade frequently.

Strive to get you the best price for your orders.

We route orders to the market centers that consistently execute at a price better than the NBBO.

What we don't do:

Get compensated for routing your orders to specific market centers. We don't have a financial incentive to encourage you to trade.

Offer world-class, carefully curated products and services.

We tie our product offerings to our mission. That's why we focus on high-quality, low-cost mutual funds, ETFs, and more.

What we don't do:

Offer hot new products that don't have enduring investment merit or long-term viability.

Help you minimize trading costs and taxes on stocks and ETFs.

We offer $0 commission on stocks and ETFs online. To keep taxes low, you can easily trade within your IRA or use first-in, first-out accounting.

What we don't do:

Lower our costs in one place, only to raise them in another.

Learn more about other conditions & costs that may apply.

Investing principles that are built to last

At the core of Vanguard's investment philosophy are 4 principles we believe give our clients the best chance for investing success.