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Pay no commission for these online trades—and so much more.

ETFs

$0

Mutual funds

$01

Account service fee

$03

Electronic bank transfers

$0

Stocks

$0

Options

$02

New-issue CDs

$0

Account minimum

$0

ETFs

$0

Stocks

$0

Mutual funds

$01

Options

$02

Account service fee

$03

New-issue CDs

$0

Electronic bank transfers

$0

Account minimum

$0

Put your cash to work

Vanguard Federal Money Market Fund—the settlement fund for all Vanguard Brokerage Accounts—delivered a higher average yield than 98% of its peer group last quarter.4

0.16%

Fidelity
Government Money Market Fund (SPAXX)5

0.01%

Schwab
Bank Sweep
cash feature6

Money market funds and bank sweep features have different characteristics you'll want to consider. Read more about these Vanguard, Fidelity, and Schwab accounts

57-day SEC yield as of March 27, 2020, for each fund.

6The annual percentage yield (APY) as of March 16, 2020, for the Schwab Bank Sweep feature (for retirement and brokerage accounts) on uninvested cash balances less than $1 million. Read more here

The SEC yield is the average amount earned by a money market fund's investors (after expenses) over the past 7 days and then multiplied into an annual figure. APY is the total interest earned on a bank product in 1 year, assuming no funds are added or withdrawn. One big difference is that SEC yields don't take into account compounding, which makes them seem lower when compared directly to APYs. To account for that, money market funds also report a "compound yield," which can be compared with an APY.

See why Vanguard ETFs are hard to beat

87%

beat the returns of their peer-group averages.7

76%

is how much lower Vanguard's average ETF expense ratio is than the industry average.8

86%

had no taxable gains distributions.9

95%

of Vanguard ETF® marketable orders were executed with no spread cost.10


Don't just take our word for it. Take theirs.

#

placed 17 Vanguard ETFs on its honor roll.11

#

called 4 Vanguard ETFs some of the best cheap ETFs.12

Get everything you expect from Vanguard—and nothing less

A home for all your investments

A Vanguard Brokerage Account allows you to hold all your investments in one place, making it more convenient to manage your entire portfolio.

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A relentless drive toward lower costs

Whether it's cutting expense ratios or eliminating trading costs, it's just another day at Vanguard—because we've been lowering costs for nearly 45 years.

1Includes more than 160 Vanguard mutual funds plus about 3,000 no-transaction-fee funds from other companies. 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.

2Plus $1 per options contract.

3Vanguard Brokerage Services doesn't charge the fee to: 1) Voyager, Voyager Select, Flagship, or Flagship Select clients; 2) clients who hold at least $10,000 in Vanguard funds and ETFs; or 3) clients who have elected e-delivery of statements, our annual privacy policy notice, and brokerage and mutual fund confirmations, reports, prospectuses, and proxy materials.

4Based on average 7-day yield for the period from October 1, 2019, through December 31, 2019, during which Vanguard Federal Money Market Fund outperformed 555 of 569 of its Lipper peer-group funds. Yield comparison results will vary for other time periods. Sources: Vanguard and Lipper, a Thomson Reuters Company. The competitive performance data shown represent past performance, which is not a guarantee of future results. View current fund performance

7For the 10-year period ended December 31, 2019, 31 of 35 Vanguard stock ETFs and 10 of 12 Vanguard bond ETFs—for a total of 41 of 47 Vanguard ETFs—outperformed their Lipper peer-group averages. Results will vary for other time periods. Only ETFs with a minimum 10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company. The competitive performance data shown represent past performance, which is not a guarantee of future results. View ETF performance

8Vanguard average ETF expense ratio: 0.06%. Industry average ETF expense ratio: 0.25%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2019.

9Includes capital gains paid over the past 5 years as of December 31, 2019.

10Source: IHS Markit RegOne. Includes orders up to 2,000 shares entered from January 2, 2019, through December 31, 2019, that were executed during market hours at the midpoint of the spread or better.

11Forbes "Best ETFs for Investors in 2019" list included 824 ETFs with at least $10 million in assets and expense ratios no higher than 0.40%. It displayed the lowest-cost ETFs in each of 55 categories. The Honor Roll combined excellent cost efficiency with liquidity. Performance was not considered for any of the ratings. Forbes bases the rankings on data from Morningstar, Bloomberg, and fund distributors. Forbes is not affiliated with Vanguard or its ETFs. The articles mentioned here are neither offers to sell nor solicitations of offers to buy shares.

12Kiplinger is not affiliated with Vanguard or its ETFs. The article is neither an offer to sell nor a solicitation of an offer to buy shares.

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). See the Vanguard Brokerage Services commission and fee schedules for full details. 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.

You could lose money investing in Vanguard Federal Money Market Fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

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. Prior to 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, from 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. 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. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost.

Advice services are provided by Vanguard Advisers, Inc., a registered investment advisor, or by Vanguard National Trust Company, a federally chartered, limited-purpose trust company.

The services provided to clients who elect to receive ongoing advice will vary based upon the amount of assets in a portfolio. Please review the Vanguard Personal Advisor Services Brochure for important details about the service, including its asset-based service levels and fee breakpoints.