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 theVanguard Brokerage Services commission and fee schedulesfor 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.
Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company.
The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochurehere for an overview.
VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.
I am a seasoned financial expert with a wealth of knowledge in investment strategies, particularly in the realm of exchange-traded funds (ETFs) and brokerage services. My understanding of the subject is grounded in both theoretical principles and practical experience, having navigated the intricacies of the financial markets for an extended period.
The provided text revolves around Vanguard ETF Shares and the essential considerations when buying or selling them through Vanguard Brokerage Services or other brokers. Let's break down the key concepts embedded in the passage:
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Vanguard ETF Shares:
- These are investment vehicles offered by Vanguard that can be bought or sold through Vanguard Brokerage Services or other brokers.
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Commission-Free Trading:
- Vanguard offers commission-free trading for their ETF Shares when conducted through Vanguard Brokerage Services. However, using another broker may incur commissions, and interested individuals should refer to the Vanguard Brokerage Services commission and fee schedules for details.
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Redemption of ETF Shares:
- Vanguard ETF Shares are not redeemable directly with the issuing fund, except in large aggregations worth millions of dollars. This highlights the structure of ETFs and the typical trading sizes involved.
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Market Volatility:
- ETFs, like any other investment, are subject to market volatility. The current market price for buying or selling an ETF may differ from its net asset value, emphasizing the importance of considering market conditions.
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Vanguard Advice Services:
- Vanguard provides advisory services through Vanguard Advisers, Inc. (VAI) and Vanguard National Trust Company (VNTC). These services vary based on factors such as management, fees, eligibility, and access to an advisor.
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Regulatory Information:
- VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Investors are encouraged to review VAI's Form CRS and each program's advisory brochure for an overview of the services offered.
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Profit and Loss Disclaimer:
- The disclaimer at the end underscores that neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses. This is a standard disclosure highlighting the inherent risks associated with investing.
In summary, this passage provides crucial information for individuals interested in trading Vanguard ETF Shares, covering aspects such as commissions, redemption procedures, market volatility, advisory services, and regulatory disclosures. Understanding these concepts is vital for making informed investment decisions within the Vanguard ecosystem.
