When you trade with us, you'll enjoy competitive commissions and fees and get unbiased service from investment professionals. Vanguard Brokerage Services may act as an agent, executing your order at cost plus a commission, or as a principal, adding markups to purchase prices or subtracting markdowns from sales prices.

When acting as a principal for a primary market issue, Vanguard Brokerage generally receives a fee concession from the issuer.

Fees apply per trade—purchases, sales, or exchanges—regardless of order size. Purchase fee is added to order cost. Sales fee is subtracted from order proceeds. If you exchange shares of a fund for another fund in the same fund family and share class, the transaction fee will be paid from your money market settlement fund.

Front-end load purchase fee: Varies by fund or fund family and may be as high as 5.

May be available if you make a large purchase, already hold other mutual funds offered by the same fund family individually or combined with a spouse or other qualifying person , or commit to regularly purchasing the fund's shares. Back-end load or contingent deferred sales charge redemption fee: Decreases to zero over a period of years. Smaller than a Class B redemption fee, it decreases to zero after one year. Sales charges and minimum purchases: The schedule for a specific load fund may vary, perhaps significantly, from the general description shown here.

Check the fund's prospectus for details. Vanguard Brokerage doesn't charge additional fees for a purchase, sale, or exchange of any load fund offered through Vanguard Brokerage.

Vanguard Brokerage doesn't charge a fee, but sales charges imposed by the fund still apply.

If a trade executes over multiple days, the commission will be charged for each day on which an execution occurs. Additional fees may apply for trades executed directly on local markets. Banks that custody ADRs are permitted to charge ADR holders certain fees, which are detailed in the ADR prospectuses. Other fees, including dividend processing fees, may be withheld by the DTC from the amount paid by the issuer. Vanguard doesn't charge a fee to wire money to your bank.

However, your bank may charge for receiving wires from your brokerage account or settlement fund. The number of these transactions is limited to 25 per Standard or Flagship client and per Flagship Select client, as identified by the primary Social Security number on the account.

Vanguard Brokerage reserves the right to end these offers at any time. Subsequent transactions are at the rates shown in the options fee schedule above. 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 The Options Clearing Corporation. A copy of this booklet is available at theocc.

Vanguard: Broker Review for Options Trading -- The Motley Fool

It may also be obtained from your broker, any exchange on which options are traded, or by contacting The Options Clearing Corporation at One North Wacker Drive, Suite , Chicago, IL or 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. Call The Options Industry Council OIC helpline at OPTIONS or visit optionseducation. The OIC can provide you with balanced options education and tools to assist you with your options questions and trading.

Online prices for all secondary-market bonds and CDs are before commissions. Subject to dealer minimum. Vanguard Brokerage Services may negotiate fund minimum investment requirements that are greater than or less than the program standards noted above. Subsequent transactions are at the rates shown in the fee schedule for TF funds above.

Other discounts and fee waivers from standard commissions may also be available. We determine eligibility by aggregating assets of all eligible accounts held by the investor and his or her immediate family members who reside at the same address, including investments in Vanguard mutual funds, Vanguard ETFs, certain annuities through Vanguard, The Vanguard Plan, and certain small-business accounts. Assets in employer-sponsored retirement plans for which Vanguard provides recordkeeping services may be included in determining eligibility if the investor also has a personal account holding Vanguard mutual funds.

Vanguard ETFs and Vanguard mutual funds held in a Vanguard Brokerage Account are also included when determining a household's eligibility; other assets held in a brokerage account are not. For further information, call on Monday through Friday from 8 a. A separate commission is charged for each security bought or sold. Orders that execute over multiple days are charged separate commissions.

In addition, a separate commission is charged for each order placed for the same security on the same side of the market buying or selling on the same day. Orders that are changed by the client and executed in multiple trades on the same day are charged separate commissions. These commission and fee schedules are subject to change. You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services we offer them commission-free or through another broker who may charge commissions.

Vanguard ETF Shares aren't 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'll 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 money you invest. Investments in bonds are subject to interest rate, credit, and inflation risk.

Vanguard Marketing Corporation, Distributor of the Vanguard Funds. Your use of this site signifies that you accept our terms and conditions of use Open a new browser window.

Search the site or get a quote. Vanguard Brokerage Services commission and fee schedules When you trade with us, you'll enjoy competitive commissions and fees and get unbiased service from investment professionals. There are no commissions when you buy and sell low-cost Vanguard mutual funds and ETFs. ONLINE First 25 trades: BY PHONE All trades: Free 2 Subsequent trades: BY PHONE First 25 trades: ONLINE First trades: BY PHONE First trades: ASSETS INVESTED IN VANGUARD FUNDS AND VANGUARD ETFs.

SECURITY TYPE Certificates of deposit, U. NEW ISSUES Commission-free 6. SECURITY TYPE Municipal bonds. SECURITY TYPE Mortgage-backed securities and commercial paper. SECURITY TYPE Unit investment trusts UITs. NEW ISSUES Not available. EXISTING ISSUES Selling UITs: Mutual funds from other companies. No-transaction fee NTF funds FEE TYPE. FEE TYPE Transaction fee. FEE TYPE Minimum initial investment. FEE TYPE Minimum additional investment. FEE TYPE NTF redemption fee.

FEE TYPE Dollar-cost-averaging transactions. FEE TYPE Initial and additional investments.

TYPE OF SHARES Class A shares. DETAILS Front-end load purchase fee: TYPE OF SHARES Class B shares. DETAILS Back-end load or contingent deferred sales charge redemption fee: TYPE OF SHARES Class C shares. TYPE OF SHARES All share classes. DETAILS Sales charges and minimum purchases: Fees for other services.

Possible fees at automated teller machines not affiliated with PNC Bank. FEE TYPE Foreign securities transactions. FEE TYPE American Depositary Receipt ADR fees. AMOUNT Banks that custody ADRs are permitted to charge ADR holders certain fees, which are detailed in the ADR prospectuses.

FEE TYPE Wire transfers. AMOUNT Vanguard doesn't charge a fee to wire money to your bank. FEE TYPE Miscellaneous fees.

First Week of February Options Trading For Vanguard Financials ETF (VFH) - TheStreet

AMOUNT Other securities transaction or maintenance fees may apply. Call us for additional information. Open your account online We're here to help If you're new to Vanguard: If you're already a Vanguard client: Learn how to transfer an account to Vanguard. Start your transfer online.

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