View our Broker-Dealer Client Relationship Summary—Form CRS
$0 |
Enjoy access to more than 160 Vanguard mutual funds and over 3,000 funds from other companies, all with no transaction fees.*
|
84% |
The average Vanguard mutual fund and ETF expense ratio is 84% less than the industry average.**
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Investment product fees & minimums for Vanguard Brokerage Accounts
As of July 1, 2024
Vanguard ETFs® (exchange-traded funds)
| Assets invested in Vanguard ETFs & mutual funds | Online | Broker-assisted* |
|---|---|---|
Less than $1 million |
$0 |
$25 per trade |
$1 million or more |
$0 |
$0 |
Learn more about other conditions & costs that may apply
*The broker-assisted commission does not not apply to brokerage accounts enrolled in a Vanguard-affiliated advisory service.
ETFs from other companies
| Assets invested in Vanguard ETFs & mutual funds | Online | Broker-assisted |
|---|---|---|
Less than $1 million |
$0 |
$25 per trade |
$1 million or more |
$0 |
$0 |
Learn more about other conditions & costs that may apply
These also apply to sales of leveraged and inverse ETFs (exchange-traded funds) and ETNs (exchange-traded notes).
Vanguard Brokerage reserves the right to change the non-Vanguard ETFs included in these offers at any time. All ETFs are subject to management fees and expenses; refer to each ETF’s prospectus for more information. All stock and ETF sales are subject to a securities transaction fee. Account service fees may also apply.
You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free online) or through another broker (which may charge commissions). Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.
All investing is subject to risk, including the possible loss of the money you invest.
A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.
Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees. Additional information regarding discount eligibility
Vanguard mutual funds
| Assets invested in Vanguard ETFs & mutual funds | Online | Broker-assisted* |
|---|---|---|
Less than $1 million |
$0 |
$25 per trade |
$1 million or more |
$0 |
$0 |
*The broker-assisted commission does not apply to trades placed through Vanguard's Voicebots or brokerage accounts enrolled in a Vanguard-affiliated advisory service. For Vanguard mutual fund exchanges, the commission will be charged on the “from” side of the transaction based on the total number of trades placed. For some mutual fund transactions, the commission will be deducted as a separate sweep from your settlement fund. It will not apply to some complex Vanguard mutual fund transactions, including across registration types.
A few Vanguard mutual funds charge special purchase and/or redemption fees that are paid directly to the funds to help cover higher transaction costs and protect long-term investors by discouraging short-term, speculative trading. Those fees vary from 0.25% to 1.00% of the amount of the transaction, depending on the fund.
Account service fees may apply.
Minimum investment requirements
- Target Retirement Funds and STAR® Fund: $1,000.
- Most index mutual funds: $3,000 for Admiral™ Shares. (Investor Shares not available.)
- Most actively managed mutual funds: $3,000 for Investor Shares; $50,000 for Admiral Shares.
- Most sector-specific index mutual funds: $100,000 for Admiral Shares. (Investor Shares not available.)
Some funds have higher minimums to protect the funds from short-term trading activity. Fund-specific details are provided in each fund profile.
Mutual funds from other companies
No-transaction-fee (NTF) mutual funds
Initial purchase: For most funds, $500 for nonretirement accounts and $500 for IRAs.
Additional purchases: $500 for any type of account.
Dollar-cost-averaging purchases: $100 for any type of account (minimum 2 transactions).
| Assets invested in Vanguard ETFs & mutual funds | Online | Broker-assisted |
|---|---|---|
Less than $1 million |
$0 |
$25 per trade |
$1 million or more |
$0 |
$0 |
You'll also pay a $50 early redemption fee for all sales executed within 60 calendar days of the trade date of your most recent purchase of the same fund.
Transaction-fee (TF) mutual funds
Initial purchase: $500.
Additional purchases: $500.
Dollar-cost-averaging purchases: $100 (minimum 2 transactions, $3 per transaction).
| Assets invested in Vanguard ETFs & mutual funds | Online | Broker-assisted |
|---|---|---|
Less than $1 million |
$20 per trade |
Online rate + $25 per trade |
$1 million to $5 million |
$0 for first 25 trades;* $8 per trade thereafter |
$0 for first 25 trades;* $8 per trade thereafter |
$5 million or more |
$0 for first 100 trades;* $8 per trade thereafter |
$0 for first 100 trades;* $8 per trade thereafter |
*Learn more about commission-free eligibility
These also apply to sales of leveraged and inverse mutual funds.
Fees apply per trade for all purchases, sales, and exchanges, regardless of order size. A purchase fee is added to an order’s cost. A sales fee is subtracted from an order’s proceeds. If you exchange shares of a fund for another fund in the same fund family and share class, the transaction fee will be paid from your settlement fund.
| Security type | Fee type | Amount |
|---|---|---|
Class A shares |
Front-end load (purchase fee) |
Varies by fund or fund family; may be as high as 5.75%; discounts may be available |
Class B shares |
Back-end load (redemption fee, also known as a contingent deferred sales charge) |
Decreases to 0% over a period of years |
Class C shares |
Back-end load (redemption fee, also known as a contingent deferred sales charge) |
Smaller than a Class B redemption fee; decreases to 0% after 1 year |
All share classes |
Sales charges and minimum purchases |
Schedule for specific load fund may vary—sometimes significantly—from general description shown here; check fund’s prospectus for details |
Minimum investment requirements
Vanguard Brokerage doesn't charge additional fees for a purchase, a sale, or an exchange of any load mutual fund offered through our program.
You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free online) or through another broker (which may charge commissions). Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.
All investing is subject to risk, including the possible loss of the money you invest.
A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.
Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees. Additional information regarding discount eligibility
| Assets invested in Vanguard ETFs & mutual funds | Online | Broker-assisted |
|---|---|---|
Less than $1 million |
$0 |
$25 per trade |
$1 million or more |
$0 |
$0 |
You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free online) or through another broker (which may charge commissions). Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.
All investing is subject to risk, including the possible loss of the money you invest.
A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.
Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees. Additional information regarding discount eligibility
| Assets invested in Vanguard ETFs & mutual funds | Online or Broker-assisted |
|---|---|
Less than $1 million |
$0 + $1-per-contract fee |
$1 million to $5 million |
$0 for first 25 trades;* $0 + $1-per-contract fee thereafter |
$5 million or more |
$0 for first 100 trades;* $0 + $1-per-contract fee thereafter |
*Learn more about commission-free eligibilty
All options exercises and assignments are commission-free.
You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free online) or through another broker (which may charge commissions). Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.
Options are a leveraged investment and are not suitable for every investor. Options involve risk, including the possibility that you could lose more money than you invest. Before buying or selling options, you must receive a copy of Characteristics and Risks of Standardized Options issued by OCC. A copy of this booklet is available at theocc.com 
. It may also be obtained from your broker, any exchange on which options are traded, or by contacting OCC at 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 (888-678-4667 or 888-OPTIONS). The booklet contains information on options issued by OCC. It is intended for educational purposes. No statement in the booklet should be construed as a recommendation to buy or sell a security or to provide investment advice. For further assistance, please call The Options Industry Council (OIC) helpline at 888-OPTIONS or visit optionseducation.org for more information. The OIC can provide you with balanced options education and tools to assist you with your options questions and trading.
All investing is subject to risk, including the possible loss of the money you invest.
A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.
Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees. Additional information regarding discount eligibility
CDs (certificates of deposit) & bonds
| Investment type | New issues | Secondary market* |
|---|---|---|
CDs, U.S. government agency securities, and corporate bonds |
$0 |
$1 per $1,000 face amount ($250 maximum) |
U.S. Treasury securities |
$0 |
$0 |
Municipal bonds |
N/A |
$1 per $1,000 face amount ($250 maximum) |
Mortgage-backed securities |
N/A |
$35 per trade |
Unit investment trusts (UITs) |
N/A |
$35 per trade |
*A $25 broker-assisted commission will be assessed on fixed income transactions traded on the secondary market by telephone in addition to the rate identified above. It will not be assessed for clients who hold $1 million or more in Vanguard ETFs and Vanguard funds or for fixed income products that are unavailable for trading online.
All online sales of CDs before they mature are commission-free.
Vanguard Brokerage Services may act as either an agent (executing your order at cost plus a commission) or a principal (adding markups to purchase prices or subtracting markdowns from sale prices). When acting as a principal for a primary market issue, Vanguard Brokerage generally receives a fee concession from the issuer.
Investments in bonds are subject to interest rate, credit, and inflation risk.
Minimum investment requirements
U.S. government agency securities, corporate bonds
New issues and secondary market: $1,000.
CDs, U.S. Treasury securities
New issues and secondary market: $1,000.
Municipal bonds
Secondary market: $5,000; also subject to dealer minimums.
More about CD & bond trades
Vanguard Brokerage Services may act as one of the following:
- An agent, executing your order at cost plus a commission.
- *A principal, adding markups to purchase prices or subtracting markdowns from sale prices. When acting as a principal for a primary market issue, Vanguard Brokerage generally receives a fee concession from the issuer.
CD and bond prices are available online and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions.
All investing is subject to risk, including the possible loss of the money you invest. Investments in bonds are subject to interest rate, credit, and inflation risk.
A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.
Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees. Additional information regarding discount eligibility
Investments in bonds are subject to interest rate, credit, and inflation risk.
Fees for other services
| Fee type | Amount |
|---|---|
Account closure and full transfer out fee |
Vanguard Brokerage may charge a $100 processing fee for each account closure and full transfer of account assets to another firm. Electronic Bank Transfers and ACH are not subject to this fee. The fee will not be assessed for clients who hold at least $5 million in qualifying Vanguard assets or brokerage accounts enrolled in a Vanguard-affiliated advisory service. |
Vanguard Brokerage Services charges a $25 annual account service fee. We don't charge the fee to any of the following:
|
|
American Depositary Receipts (ADRs) |
Banks that custody ADRs are permitted to charge ADR holders certain fees, as detailed in the ADR prospectuses. "Pass through" ADR fees are collected from Vanguard Brokerage Services by the Depository Trust Company (DTC) and will be automatically deducted from your brokerage account and shown on your account statement. Other fees—including dividend processing fees—may be withheld by the DTC from the amount paid by the issuer. Vanguard does not process voluntary ADR conversions. |
Broker-assisted (closing transactions) |
A $25 broker-assisted commission may be assessed on closing transactions placed by Vanguard Brokerage on behalf of clients to cover a margin call or debit obligation. The commission will not be assessed for clients who hold at least $1 million in qualifying Vanguard assets or brokerage accounts enrolled in a Vanguard-affiliated advisory service. |
Class Action Service |
A fee of 20% will be deducted from any class action settlement funds recovered on your behalf prior to the deposit of proceeds into your brokerage account. See the Vanguard Brokerage Account Agreement for more information about the service. |
Deposit of physical certificates |
Vanguard Brokerage charges a $100 processing fee (per CUSIP) for the deposit of physical certificates. The fee does not apply to Certificates of Deposit (CDs). |
Foreign securities and ADR dividends |
Vanguard Brokerage charges a fee of 1% on the gross dividend amount, up to $100 per dividend payment, when foreign tax withholding relief is received on a dividend of a foreign or ADR asset held in US dollars (USD). |
Foreign securities transactions |
$50 processing fee for non-DTC-eligible securities (not applicable to ADRs) plus commission. If a trade executes over multiple days, the commission will be charged for each day on which an execution occurs. Additional fees may apply for trades executed directly on local markets. |
Restricted security legend removal |
Vanguard Brokerage may charge a $250 processing fee for research and removal of a restriction on a security held in your brokerage account. |
Wire transfers |
Vanguard charges a $10 wire fee unless you're a Flagship/Flagship Select client or wiring out of an IRA. Your bank may also charge a fee for each wire. |
Tax filing for Master Limited Partnerships (MLPs) in an IRA |
Vanguard Fiduciary Trust Company (VFTC), the custodian for IRAs held at Vanguard Brokerage Services, is responsible for IRS 990-T tax filings for MLPs. VFTC charges a fee of $500 per account for these filings.* Vanguard Brokerage will facilitate collection of the fee by deducting the fee amount from your brokerage account when a filing is required. |
Miscellaneous |
Other securities transaction or maintenance fees may apply. Call us for additional information. |
*The fee applies to tax filings for the tax year 2020 and thereafter. The fee will not be assessed for clients who hold at least $1 million in qualifying Vanguard assets or brokerage accounts enrolled in a Vanguard-affiliated advisory service.
All investing is subject to risk, including the possible loss of the money you invest.
A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions. In addition, a separate commission is charged for each order placed for the same security on the same side of the market (buying or selling) on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change.
Discounts and fee waivers from standard commissions may be available. Vanguard Retirement Investment Program pooled plan accounts are not eligible for discounts from standard commissions and fees. Additional information regarding discount eligibility
The value of investing with Vanguard
With decades of expertise and consistently low costs, Vanguard gives you a simple, transparent way to trade with confidence.
Vanguard |
Fidelity |
Schwab |
E*TRADE |
Robinhood |
|
|---|---|---|---|---|---|
Commission to trade U.S. Treasuries online |
$0 |
$0 |
$0 |
$0 |
Does not offer Treasuries |
Minimum commission for online bond trade |
$1 |
$1
|
$10
|
$10
|
Does not offer bonds |
Brokered certificate of deposit (CD) availability1 |
|
|
|
|
Does not offer brokered CDs |
Competitor information obtained from their respective websites as of 5/4/2026. Competitor information is subject to change without notice. Vanguard Brokerage Services® is a division of Vanguard Marketing Corporation (VMC), a registered broker-dealer, member FINRA and SIPC, and we are comparing VMC to the brokerage offerings of Fidelity, Charles Schwab, E*TRADE, and Robinhood.
1All brokered CDs may fluctuate in value between purchase date and maturity date. CDs may be sold on the secondary market, which may be limited, prior to maturity subject to market conditions. Any CD sold prior to maturity may be subject to a substantial gain or loss. Vanguard Brokerage Services® does not make a market in brokered CDs. For information regarding FDIC coverage eligibility, visit fdic.gov.
Stocks/ETFs
Competitor information obtained from their respective websites as of 5/4/2026. Competitor information is subject to change without notice. Vanguard Brokerage Services® is a division of Vanguard Marketing Corporation (VMC), a registered broker-dealer, member FINRA and SIPC, and we are comparing VMC to the brokerage offerings of Fidelity, Charles Schwab, E*TRADE, and Robinhood.
Fields with dashes (—) indicate information that was not publicly available as of 5/4/2026.
1For all held share-based marketable orders and dollar-based orders, sized up to 1,999 shares, for the 12-month period ending December 31, 2025, midpoint pricing was determined using the National Best Bid and Offer (NBBO) at the time of trade execution.
2E*TRADE offers ETF fractional shares through automatic investing with a minimum of $25.
Mutual funds
Competitor information obtained from their respective websites as of 5/4/2026. Competitor information is subject to change without notice. Vanguard Brokerage Services® is a division of Vanguard Marketing Corporation (VMC), a registered broker-dealer, member FINRA and SIPC, and we are comparing VMC to the brokerage offerings of Fidelity, Charles Schwab, E*TRADE, and Robinhood.
Rates
Competitor information obtained from their respective websites as of 5/4/2026. Competitor information is subject to change without notice. Vanguard Brokerage Services® is a division of Vanguard Marketing Corporation (VMC), a registered broker-dealer, member FINRA and SIPC, and we are comparing VMC to the brokerage offerings of Fidelity, Charles Schwab, E*TRADE, and Robinhood.
1The margin rate shown represents the lowest publicly disclosed margin rate and may not be available to all clients. Actual margin rates may vary based on client type, account type, asset balances, margin loan balances, pricing tier eligibility, or other factors. Certain clients may qualify for different rates, including rates available through negotiated pricing or by contacting the broker directly by phone.
2To qualify for Vanguard Wealth Management premier rates, a client must have at least $5 million in Vanguard funds and ETFs.
3The first $1,000 of margin investing is included with the subscription fee for Robinhood Gold subscribers ($5/month).
4APY (annual percentage yield) reflects the total amount of interest earned on an investment over one year, assuming interest is compounded and no withdrawals are made. APY might change at any time at any of the financial firms' discretion. The settlement fund options available at each firm are different and the terms and features may vary. For example, there are bank sweep programs which sweep eligible balances to banks which offer FDIC coverage, while money market funds held in a brokerage account are securities eligible for SIPC coverage. The yield or rate offered by each program will vary. It's important to consider the differences between each program before choosing what's best for you.
5The performance data shown represents past performance, which is not a guarantee of future results. Investment returns will fluctuate. Current performance may be lower or higher than the performance data cited. For Vanguard performance data current to the most recent month-end, visit www.vanguard.com/performance. Vanguard Federal Money Market Fund (VMFXX) is a money market fund used as a sweep (settlement) option for Vanguard Brokerage Accounts. For competitor performance data, please go to their respective websites. The money market yields listed more closely reflect the current earnings of the fund than the average annual total returns shown.
6Vanguard Brokerage Services® (VBS®) offers various account types with varying settlement fund options for a client to choose from. The settlement fund is where VBS automatically sweeps uninvested cash deposited into a brokerage account. The Federal Money Market Fund is currently the highest-yielding settlement fund option offered in a Vanguard Brokerage Account. Vanguard Cash Deposit (VCD) is also available, at a lower rate, for investors who prefer to have their settlement funds FDIC insured. Cash Plus Accounts only offer the bank sweep program as a settlement fund option which, like VCD, offers FDIC coverage. Bank sweep balances swept to Program Banks are FDIC insured subject to applicable limits and certain conditions. VMC is not a bank. FDIC insurance only covers failure of the program banks. VCD and bank sweep balances are held at one or more Program Banks, earning a variable APY. The applicable sweep option and terms are described in the Vanguard Brokerage Account Agreement and related disclosures.
7The Fidelity fund yield is the average amount earned by the fund after expenses over the past 7 days (per date indicated) and annualized. For Schwab, APY is the amount of total interest earned on a bank product in 1 year and reflects the Schwab Default Sweep for the Schwab One Interest for retail and Bank Sweep Account for retirement. Other rates may be available for other non-default core options, which may be available and are not reflected in the above average. For E*TRADE, the Bank Deposit Program (“BDP”) is the only sweep vehicle available to most clients. Free credit balances are automatically deposited into an interest-bearing account(s), at FDIC-insured banks. Deposit balances below $500,000 are 0.01%, from $500,000 to $999,999 are 0.05%, and $1 million and above are 0.15% interest rate tier. Interest rate tiers are based upon value of total deposit balances in the account. Any deposit balance above $20 million in an account are swept, without limit, to Morgan Stanley Institutional Liquidity Funds Government Securities Portfolio (Participant Share Class), MGPXX, which had a 7-day effective yield of 3.29% as of May 4, 2026. For Robinhood non-Gold members, uninvested cash in Robinhood self-directed investing accounts will not be swept to a bank and will be held as a free credit balance and will not earn interest. Free credit balances, while covered by SIPC, are not FDIC insured. Robinhood's Cash Sweep program is now part of the High-Yield Cash Program, which allows Robinhood Gold subscribers ($5/month) to earn a 3.35% annual percentage yield (APY) on eligible uninvested brokerage cash. Eligible cash up to and including $10,000 in Robinhood accounts will earn 3.35% APY as free credit balances as part of the Brokerage-Held Cash program, while cash over $10,000 will also earn 3.35% APY but be swept to FDIC-insured program banks as part of the Cash Sweep program. Please consider each type of account and products carefully, as there are differences in services and fees. You could lose money by investing in a money market fund. Although these funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee that it will do so. An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Vanguard Federal Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.
Bonds
Competitor information obtained from their respective websites as of 5/4/2026. Competitor information is subject to change without notice. Vanguard Brokerage Services® is a division of Vanguard Marketing Corporation (VMC), a registered broker-dealer, member FINRA and SIPC, and we are comparing VMC to the brokerage offerings of Fidelity, Charles Schwab, E*TRADE, and Robinhood.
Vanguard account service fees
| Fees | How you can avoid the fee |
Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply. |
If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. |
| Fees | How you can avoid the fee |
Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply. |
If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. |
| Fees | How you can avoid the fee |
Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply. |
If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. |
| Fees | How you can avoid the fee |
Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply. |
If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. |
| Fees | How you can avoid the fee |
Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply. |
If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. |
| Fees | How you can avoid the fee |
Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply. |
If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. |
| Fees | How you can avoid the fee |
Brokerage accounts: $25 for each account. Vanguard Brokerage Services® won’t assess the fee if a client’s total qualifying Vanguard assets are at least $5 million. Mutual fund-only accounts: $25 for each Vanguard mutual fund. We'll waive the fee if you have at least $5 million in qualifying Vanguard assets. Refer to the applicable fund prospectus for other exclusions that may apply. |
If you’re the primary account owner, you can eliminate the fee on brokerage accounts by signing up for e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates. In addition, Vanguard Brokerage Services does not charge the fee to clients who have an organization or a trust account registered under an employee identification number (EIN) or brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard. |
| Fees | How you can avoid the fee |
$5 per month per Plan ($60 per year). |
The fee is charged for every participant in a plan. It's a flat fee that won't increase as your account assets grow. |
| Fees | How you can avoid the fee |
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*Commissions and other fees may apply as noted in these commission and fee schedules.
**Vanguard average ETF and mutual fund expense ratio: 0.07%. Industry average ETF and mutual fund expense ratio: 0.44%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2025.
You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free online) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.
For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.
Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company.
The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview.
VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.
Vanguard Brokerage reserves the right to change the non-Vanguard ETFs included in these offers at any time. All ETFs are subject to management fees and expenses; refer to each ETF's prospectus for more information. Account service fees may also apply. All ETF sales are subject to a securities transaction fee.