Vanguard Cash Deposit

¹You could lose money by investing in the 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.

²The annual percentage yield (APY) on Vanguard Cash Deposit is -% as of -. The APY will vary and may change at any time.

³Bank Sweep program balances are held at one or more Program Banks and are not cash balances held by Vanguard Brokerage Services® (VBS®), earn a variable rate of interest, and are not securities covered by SIPC. Bank Sweep deposits are covered by FDIC insurance up to $250,000 per insurable category of ownership at each Program Bank, when aggregated with all other deposits held by you at such bank and in the same insurable category. VBS will aggregate and allocate Bank Sweep deposits to Program Banks across Vanguard Cash Plus and Vanguard Cash Deposit with identically registered accounts to offer maximum FDIC coverage up to $1.25 million for individual and trust accounts and $2.5 million for joint accounts when at least 5 Program Banks are utilized. VBS will aggregate and allocate Bank Sweep deposits for trust accounts at the account level and not at the beneficiary level. FDIC coverage may be decreased based on Program Bank limits and whether you've opted out of any Program Banks and is subject to applicable FDIC coverage limits. You are solely responsible for monitoring the aggregate amount that you have on deposit at each Program Bank in connection with FDIC limits, including through other accounts at VBS. See the Vanguard Bank Sweep Products Terms of Use (PDF) and list of participating Program Banks (PDF) for more information. For more information about FDIC insurance coverage, please visit fdic.gov.

⁴There are no fees or minimum balance requirements associated with Vanguard Cash Deposit as a settlement fund. See the Vanguard Brokerage Services commission and fee schedules for commission and fees applicable to the Vanguard Brokerage Account.

⁵You can choose between Vanguard Cash Deposit and Vanguard Federal Money Market Fund as your settlement fund. Both options strive to provide capital preservation. However, they may perform differently depending on the interest rate environment.

When you are enrolled in the Vanguard Cash Deposit program, Eligible Deposits that are swept to Program Banks are not securities, are not cash balances held by VBS, and are not covered by SIPC. Assets swept to Vanguard Federal Money Market Fund are held by VBS, are not covered by FDIC insurance, and are eligible for SIPC coverage. See the Vanguard Bank Sweep Products Terms of Use (PDF) and Vanguard Brokerage Account Agreement (PDF) for more information.

Vanguard Federal Money Market Fund has an expense ratio of 0.11% as of December 22, 2023. Vanguard Cash Deposit's Program Banks pay a fee to VBS for Bank Sweep deposits that is retained by VBS as revenue and reduces the amount of interest paid to depositors.

There may be other material differences between these products that must be considered prior to investing.

For more information about Vanguard funds or ETFs, obtain a Vanguard mutual fund or Vanguard ETF 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.

All investing is subject to risk, including the possible loss of the money you invest.