What are Vanguard Exchange-Traded Funds (Vanguard ETFs)?
Vanguard ETFs™ are a share class of Vanguard index funds that trade on an exchange. They combine the benefits of indexing, such as low costs, with the trading flexibility and continuous pricing of individual stocks. Conventional mutual fund shares are bought from and redeemed with the issuing fund at a net asset value (NAV) typically calculated once daily. Vanguard ETF Shares, by contrast, are bought and sold on the open market through a broker, such as Vanguard Brokerage Services®, at market prices that change throughout the day. Your broker in most cases will charge you a commission to buy or sell Vanguard ETF Shares. You cannot buy Vanguard ETF Shares from or redeem them with the issuing fund, except if you are an authorized broker-dealer. We expect that the market price of a Vanguard ETF Share will not vary significantly from its NAV under normal market conditions. However, it is possible for the 2 prices to differ substantially. Depending on prevailing market prices, you may pay m
Vanguard ETFs® are a share class of Vanguard index funds that trade on an exchange. They combine the benefits of indexing, such as low costs, with the trading flexibility and continuous pricing of individual stocks. Conventional mutual fund shares are bought from and redeemed with the issuing fund at a net asset value (NAV) typically calculated once daily. Vanguard ETF Shares, by contrast, are bought and sold on the open market through a broker, such as Vanguard Brokerage Services®, at market prices that change throughout the day. Your broker in most cases will charge you a commission to buy or sell Vanguard ETF Shares. You cannot buy Vanguard ETF Shares from or redeem them with the issuing fund, except if you are an authorized broker-dealer. We expect that the market price of a Vanguard ETF Share will not vary significantly from its NAV under normal market conditions. However, it is possible for the 2 prices to differ substantially. Depending on prevailing market prices, you may pay m
