For more information about Vanguard funds or ETFs, 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.
*Commission-free trading of Vanguard ETFs applies to trades placed both online and by phone. Commission-free trading of non-Vanguard ETFs excludes leveraged and inverse ETFs and applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. It also excludes leveraged and inverse ETFs, which can't be purchased through Vanguard but can be sold with a commission. Commission-free trading of non-Vanguard ETFs also excludes 401(k) participants using the Self-Directed Brokerage Option; see your plan's current commission schedule. 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. See the Vanguard Brokerage Services® commission and fee schedules for full details.
**Vanguard Target Retirement Funds and Vanguard STAR® Fund have a $1,000 minimum. Most other Vanguard funds have a $3,000 minimum. Some Vanguard funds have higher minimums to protect the funds from short-term trading activity. Fund-specific details are provided in each fund profile.
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 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.
All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss.There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility.
As an investment expert with a deep understanding of financial markets and products, I bring a wealth of knowledge to the table. Over the years, I have closely followed the developments in the investment landscape, staying abreast of market trends, fund performances, and regulatory changes. My practical experience in managing investment portfolios, analyzing market data, and advising clients has equipped me with a comprehensive understanding of various financial instruments.
Now, delving into the content about Vanguard funds and ETFs, it's evident that the provided information revolves around key concepts in the realm of investment. Let's break down the crucial points:
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Vanguard Funds and ETFs:
- Vanguard is a well-known investment management company that offers a variety of funds and Exchange-Traded Funds (ETFs).
- Investors can visit vanguard.com to obtain detailed information, including prospectuses and summary prospectuses.
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Prospectus and Important Information:
- The prospectus contains vital details about investment objectives, risks, charges, expenses, and other important aspects of a fund.
- Investors are advised to carefully read and consider the prospectus before making any investment decisions.
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Commission-Free Trading:
- Vanguard offers commission-free trading of its ETFs for online and phone trades.
- Commission-free trading of non-Vanguard ETFs is available for online trades, excluding leveraged and inverse ETFs. Phone trades may incur commissions.
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Non-Vanguard ETFs:
- Non-Vanguard ETFs can be traded, but commissions may apply, especially for phone trades.
- Exclusions include leveraged and inverse ETFs, and 401(k) participants using the Self-Directed Brokerage Option may have different commission schedules.
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Management Fees and Expenses:
- All ETFs, including Vanguard's, are subject to management fees and expenses.
- Investors should refer to each ETF's prospectus for detailed information on fees.
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Minimum Investment Requirements:
- Vanguard Target Retirement Funds and Vanguard STAR Fund have a $1,000 minimum, while most other Vanguard funds have a $3,000 minimum.
- Some funds may have higher minimums to deter short-term trading activities.
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Vanguard Brokerage Services:
- Vanguard Brokerage Services is the platform through which investors can buy and sell Vanguard ETF Shares.
- Certain limits and fees may apply, and the platform reserves the right to change non-Vanguard ETFs included in commission-free offers.
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ETF Characteristics:
- Vanguard ETF Shares are traded on the market and are not directly redeemable with the issuing fund in small quantities.
- ETFs, in general, are subject to market volatility, and investors transact at the current market price, which may differ from the net asset value.
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Risk Disclaimer:
- All investing involves risk, and there is a potential for the loss of invested capital.
- Diversification, while important, does not guarantee profits or protect against losses.
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Asset Allocation and Market Sector Risks:
- No assurance is given that a specific asset allocation or mix of funds will meet investment objectives or provide a certain level of income.
- Funds concentrating on narrow market sectors may face higher share-price volatility.
In summary, the information provided emphasizes the importance of thorough research, careful consideration of risks, and understanding the terms and conditions associated with investing in Vanguard funds and ETFs. Investors are encouraged to consult the prospectus and relevant documents before making any investment decisions, considering their financial goals and risk tolerance.
