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.
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.
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. Before 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, 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. For further assistance, please 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.
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.
As an experienced financial professional deeply entrenched in the realm of investments and brokerage services, I've spent years navigating the intricate landscape of funds, ETFs, options trading, and investment advisory services. My expertise spans various aspects, from understanding the nuances of different investment vehicles to delving into risk assessments, prospectus analysis, and the regulatory landscape governing these financial instruments.
The provided article contains critical information regarding Vanguard funds, ETFs, options trading, and investment advisory services. Let's break down the key concepts highlighted in the text:
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Vanguard Funds and ETFs:
- Vanguard offers funds and ETFs with distinct investment objectives and associated risks.
- Investors are encouraged to visit vanguard.com to access prospectuses or summary prospectuses, which contain essential details about the fund, including objectives, risks, charges, and expenses.
- Vanguard ETF Shares can be bought and sold through Vanguard Brokerage Services without commission fees or through other brokers, which may charge commissions.
- ETFs are subject to market volatility, and their market prices may differ from their net asset value.
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Options Trading:
- Options are a leveraged investment and entail significant risks. They might not be suitable for all investors.
- Before engaging in options trading, individuals must obtain and review the Characteristics and Risks of Standardized Options booklet issued by OCC (Options Clearing Corporation).
- This booklet, available at theocc.com or through brokers, offers educational information and outlines the risks associated with options trading.
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Investment Advisory Services by Vanguard:
- Vanguard provides advisory services through Vanguard Advisers, Inc. (VAI), a registered investment advisor, or Vanguard National Trust Company (VNTC), a federally chartered, limited-purpose trust company.
- The services offered, including management, fees, eligibility criteria, and access to an advisor, may vary based on the chosen program.
- Investors can find Vanguard's Form CRS and each program's advisory brochure for an overview of services provided by VAI and VNTC.
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Risk Disclaimer:
- The text emphasizes that all investments involve risk, and investors might lose the money they invest.
- Neither VAI, VNTC, nor their affiliates guarantee profits or protection from losses.
Understanding the intricate details and risks associated with each investment vehicle, regulatory compliance, and the specific services provided by Vanguard and its subsidiaries is crucial for making informed investment decisions. It's imperative for investors to thoroughly review prospectuses, regulatory documents, and seek professional guidance before making any investment choices in these financial instruments.
