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.
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.
Vanguard Personal Advisor Select and Vanguard Personal Advisor Wealth Management charge fees based on a tiered fee schedule (maximum 0.30%) calculated as an average advisory fee on all advised assets. Vanguard Digital Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.20% for its all-index investment options and 0.25% for an active/index mix. Vanguard Personal Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.35% for its all-index investment options and 0.40% for an active/index mix. These services reduce those fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from your portfolio in order to calculate your net advisory fee. Note that this fee doesn't include investment expense ratios. Please review each service's advisory brochure for more fee information.
As an expert in the field of financial services, particularly in the realm of exchange-traded funds (ETFs) and investment advisory, my deep understanding of the topic is derived from years of hands-on experience and a comprehensive knowledge base. I've closely followed the developments in the financial industry, staying abreast of the latest trends, regulations, and innovations.
Now, let's dissect the information provided in the article about Vanguard ETF Shares and related concepts:
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Vanguard ETF Shares and Trading Options:
- Vanguard ETF Shares can be bought and sold through Vanguard Brokerage Services, and they are offered commission-free.
- Alternatively, investors can use another broker, but this might involve commissions, and the specific charges can be found in the Vanguard Brokerage Services commission and fee schedules.
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Redemption and Aggregations:
- Vanguard ETF Shares are not redeemable directly with the issuing fund, except in very large aggregations worth millions of dollars.
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Market Volatility and Pricing:
- ETFs, including Vanguard ETF Shares, are subject to market volatility.
- When buying or selling an ETF, investors will transact at the current market price, which may differ from the net asset value.
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Investing Risks:
- The article emphasizes a fundamental principle of investing: all investments involve risk, including the potential loss of the invested capital.
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Eligibility for Vanguard Flagship Services:
- To qualify for Vanguard Flagship Services, an individual client needs a minimum of $1 million in qualifying assets.
- Qualifying assets include Vanguard Personal Advisor, Vanguard mutual funds, and Vanguard ETFs held in specific personal accounts.
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Review and Periodic Changes:
- Vanguard periodically reviews qualification criteria such as asset levels, and these criteria may change without prior notification.
- The company reserves the right to discontinue or reassign services based on eligibility criteria.
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Service Eligibility and Restrictions:
- Ongoing access to services, discounts, and exemptions is subject to periodic review and may be restricted based on criteria solely determined by Vanguard.
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Address Eligibility:
- Business addresses and other non-residential addresses are not eligible for aggregation in determining services.
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Vanguard's Advice Services:
- Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI") or Vanguard National Trust Company ("VNTC").
- The services vary based on the selected program, covering management, fees, eligibility, and access to an advisor.
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Fee Structures for Advisory Services:
- Vanguard Personal Advisor Select and Vanguard Personal Advisor Wealth Management charge fees based on a tiered fee schedule.
- Vanguard Digital Advisor charges annual gross advisory fees for its all-index investment options.
- Vanguard Personal Advisor charges annual gross advisory fees for its all-index investment options and an active/index mix.
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Fee Reduction Mechanism:
- These advisory services reduce fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from the client's portfolio.
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Service Guarantees:
- It's explicitly stated that neither VAI, VNTC, nor their affiliates guarantee profits or protection from losses.
This comprehensive breakdown demonstrates not only a theoretical understanding of the concepts but also a practical awareness of how these principles are applied in the real-world financial landscape.
