Costs, Fees & Commissions

Brokerage services commission & fee schedules

Leading with low costs no matter what you trade.

Pay $0 commission to trade stocks & ETFs online

Combine that with higher-yielding money market funds and industry-leading ETFs, and you'll see that a Vanguard Brokerage Account takes you well beyond zeros.

Take a closer look at Vanguard Brokerage

As of January 25, 2021

Vanguard ETFs (exchange-traded funds)

Investment type Online By phone

Vanguard ETFs

$0

$0

ETFs from other companies

Assets invested in Vanguard ETFs & mutual funds Online By phone

Less than $1 million

$0

Online rate + $25 broker-assisted fee

$1 million or more

$0

$0

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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

Investment type Online By phone

Vanguard mutual funds

$0

$0

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 By phone

Less than $1 million

$0

Online rate + $25 broker-assisted fee

$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 By phone

Less than $1 million

$20 per trade

Online rate + $25 broker-assisted fee

$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 money market 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) 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

Stocks

Assets invested in Vanguard ETFs & mutual funds Online By phone

Less than $1 million

$0

Online rate + $25 broker-assisted fee

$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).

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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

Options

Assets invested in Vanguard ETFs & mutual funds Online or by phone

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) 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

$35 per trade

$35 per trade

Unit investment trusts (UITs)

N/A

$35 per trade

*A $25 broker-assisted fee will be assessed on fixed income transactions traded on the secondary market by telephone, in addition to the rate identified above. This fee 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.

Minimum investment requirements

U.S. government agency securities, and 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 markeup 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 issue.

**CD and bond prices are available online and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions.

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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

Fees for other services

Fee type Amount

Account service fee

Effective September 5, 2022

Vanguard Brokerage Services charges a $20 annual account service fee. We don't charge the fee to any of the following:

  • Clients who have an organization or a trust account registered under an employee identification number (EIN).
  • Clients who’ve elected e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates.
  • Brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard.
  • Clients with at least $1 million in qualifying Vanguard assets.

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.

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.

Wire transfers

Vanguard Brokerage charges a $10 wire fee for each holding you're redeeming. However, this fee is waived for clients who hold at least $1 million in qualifying Vanguard assets. While Vanguard doesn't charge a fee for electronic bank transfers or wire, your bank may charge you a fee.

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 $300 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. If you hold $1 million or more in Vanguard ETFs and Vanguard funds or you’re a Personal Advisor Services client, this fee will be waived.

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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 ETFs (exchange-traded funds)

Investment type Online By phone

Vanguard ETFs

$0

$0

ETFs from other companies

Assets invested in Vanguard ETFs & mutual funds Online By phone

Less than $1 million

$0

Online rate + $25 broker-assisted fee

$1 million or more

$0

$0

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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

Investment type Online By phone

Vanguard mutual funds

$0

$0

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 By phone

Less than $1 million

$0

Online rate + $25 broker-assisted fee

$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 By phone

Less than $1 million

$20 per trade

Online rate + $25 broker-assisted fee

$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 money market 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) 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

Stocks

Assets invested in Vanguard ETFs & mutual funds Online By phone

Less than $1 million

$0

Online rate + $25 broker-assisted fee

$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).

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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

Options

Assets invested in Vanguard ETFs & mutual funds Online or by phone

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) 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

$35 per trade

$35 per trade

Unit investment trusts (UITs)

N/A

$35 per trade

*A $25 broker-assisted fee will be assessed on fixed income transactions traded on the secondary market by telephone, in addition to the rate identified above. This fee 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.

Minimum investment requirements

U.S. government agency securities, and 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 markeup 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 issue.

**CD and bond prices are available online and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions.

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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

Fees for other services

Fee type Amount

Account service fee

Effective September 5, 2022

Vanguard Brokerage Services charges a $20 annual account service fee. We don't charge the fee to any of the following:

  • Clients who have an organization or a trust account registered under an employee identification number (EIN).
  • Clients who’ve elected e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates.
  • Brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard.
  • Clients with at least $1 million in qualifying Vanguard assets.

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.

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.

Wire transfers

Vanguard Brokerage charges a $10 wire fee for each holding you're redeeming. However, this fee is waived for clients who hold at least $1 million in qualifying Vanguard assets. While Vanguard doesn't charge a fee for electronic bank transfers or wire, your bank may charge you a fee.

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 $300 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. If you hold $1 million or more in Vanguard ETFs and Vanguard funds or you’re a Personal Advisor Services client, this fee will be waived.

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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 ETFs (exchange-traded funds)

Investment type

Vanguard ETF

 

Online

$0

 

By Phone

$0

 

Learn more about other conditions & costs that may apply

ETFs from other companies

Assets invested in Vanguard ETFs & mutual funds

Less than $1 million

 

Online

$0

 

By phone

Online rate + $25 broker-assisted fee

 


 

Assets invested in Vanguard ETFs & mutual funds

$1 million or more

 

Online

$0

 

By phone

$0

 

Learn more about other conditions & costs that may apply

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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

Investment type

Vanguard mutual funds

 

Online

$0

 

By phone

$0

 

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

Assets invested in Vanguard ETFs & mutual funds

Less than $1 million

 

Online

$0

 

By phone

Online rate + $25 broker-assisted fee

 


 

Assets invested in Vanguard ETFs & mutual funds

$1 million or more

 

Online

$0

 

By phone

Online rate + $25 broker-assisted fee

 

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

Less than $1 million

 

Online

$20 per trade

 

By phone

Online rate + $25 broker-assisted fee

 


 

Assets invested in Vanguard ETFs & mutual funds

$1 million to $5 million

 

Online

$0 for first 25 trades;*

$8 per trade thereafter

 

By phone

$0 for first 25 trades;*

$8 per trade thereafter

 


 

Assets invested in Vanguard ETFs & mutual funds

$5 million or more

 

Online

$0 for first 100 trades;*

$8 per trade thereafter

 

By phone

$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 money market settlement fund.

Security type

Class A shares

 

Fee type

Front-end load (purchase fee)

 

Amount

Varies by fund or fund family; may be as high as 5.75%; discounts may be available

 


 

Security type

Class B shares

 

Fee type

Back-end load (redemption fee, also known as a contingent deferred sales charge)

 

Amount

Decreases to 0% over a period of years

 


 

Security type

Class C shares

 

Fee type

Back-end load (redemption fee, also known as a contingent deferred sales charge)

 

Amount

Smaller than a Class B redemption fee; decreases to 0% after 1 year

 


 

Security type

All share classes

 

Fee type

Sales charges and minimum purchases

 

Amount

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) 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

Stocks

 

Assets invested in Vanguard ETFs® & mutual funds

Less than $1 million

 

Online

$0

 

By phone

Online rate + $25 broker-assisted fee

 


 

Assets invested in Vanguard ETFs® & mutual funds

$1 million or more

 

Online

$0

 

By phone

$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).

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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

Options

 

Assets invested in Vanguard ETFs® & mutual funds

Less than $1 million

 

Online or by phone

$0 + $1-per-contract fee

 


 

Assets invested in Vanguard ETFs® & mutual funds

$1 million to $5 million

 

Online or by phone

$0 for first 25 trades;*

$0 + $1-per-contract fee thereafter

 


 

Assets invested in Vanguard ETFs® & mutual funds

Class C shares

 

Online or by phone

$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) 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 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

CDs, U.S. government agency securities, and corporate bonds

 

New issues

$0 + $1-per-contract fee

 

Secondary market*

$1 per $1,000 face amount ($250 maximum)

 


 

Investment type

U.S. Treasury securities

 

New issues

$0

 

Secondary market*

$0

 


 

Investment type

Municipal bonds

 

New issues

N/A

 

Secondary market*

$1 per $1,000 face amount ($250 maximum)

 


 

Investment type

Mortgage-backed securities

 

New issues

$35 per trade

 

Secondary market*

$35 per trade

 


 

Investment type

Unit investment trusts (UITs)

 

New issues

N/A

 

Secondary market*

$35 per trade

*A $25 broker-assisted fee will be assessed on fixed income transactions traded on the secondary market by telephone, in addition to the rate identified above. This fee 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.

Minimum investment requirements

U.S. government agency securities, and 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.

**CD and bond prices are available online and are price indications only. Online prices for all secondary-market bonds and CDs are before commissions.

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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

Fees for other services

 

Fee type

Account service fee

 

Effective September 5, 2022

Vanguard Brokerage Services charges a $20 annual account service fee. We don't charge the fee to any of the following:

  • Clients who have an organization or a trust account registered under an employee identification number (EIN).
  • Clients who’ve elected e-delivery of statements and the annual privacy policy notice; confirmations; reports, prospectuses, and proxy materials; and notices, amendments, and other important account updates.
  • Brokerage accounts enrolled in an advisory program serviced by an affiliate of Vanguard.
  • Clients with at least $1 million in qualifying Vanguard assets.

 


 

Fee type

American Depositary Receipts (ADRs)

 

Amount

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.

 


 

Fee type

Foreign securities transactions

 

Amount

$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.

 


 

Fee type

Wire transfers

 

Amount

Vanguard Brokerage charges a $10 wire fee for each holding you're redeeming. However, this fee is waived for clients who hold at least $1 million in qualifying Vanguard assets. While Vanguard doesn't charge a fee for electronic bank transfers or wire, your bank may charge you a fee.

 


 

Fee type

Tax filing for Master Limited Partnerships (MLPs) in an IRA

 

Amount

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 $300 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.

 


 

Fee type

Miscellaneous

 

Amount

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. If you hold $1 million or more in Vanguard ETFs and Vanguard funds or you’re a Personal Advisor Services client, this fee will be waived.

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) 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