1Revenue returned to funds (2024): 95.2%. Source Vanguard, as of December 31, 2024.
For more information about Vanguard funds, Vanguard ETFs, or non-Vanguard funds offered through Vanguard Brokerage Services, 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 ETF Shares are not redeemable with the issuing fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.
All investing is subject to risk, including the possible loss of the money you invest.
There's no guarantee your shares will be borrowed while you're enrolled in the program. The duration of any loan can vary. When your shares are on loan, your voting rights will be temporarily transferred to the borrower. Vanguard Marketing Corporation's ("VMC") SIPC protection doesn't apply to shares out on loan. In the event VMC defaults on its loan obligations, you have the right to the collateral held on your behalf. Borrowed shares can be used to facilitate a short sale, which could influence the price of the security. If your security on loan pays a dividend, you'll receive a substitute payment that could have tax consequences different than dividend payments made on shares held in your account. While your security is on loan, the lending rate will adjust frequently with the lending market, meaning the rate may not be fixed during the loan period.
This information isn't a recommendation to participate in Vanguard Brokerage's Fully Paid Lending program. Vanguard Brokerage does not provide tax advice. Please consult a tax advisor when determining the tax implications of transacting in your account or lending securities.
Participation requires eligibility, client-determined appropriateness, and enrollment. Participation involves certain risks and doesn't guarantee that you'll earn money. Loans are collateralized, but there is a risk of loss in the event of bankruptcy.
Vanguard Brokerage maintains an economic interest in Fully Paid Lending program loans and earns revenue in connection with such loans.
Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.