If you need to place a brokerage trade—whether for an ETF, individual stock, or option—keep in mind your order type. Each type presents its own benefits and risks

  • Market order: An order to buy or sell a security at the best available price. Immediate execution is likely if the security is actively traded and market conditions permit. Execution price isn’t guaranteed and can vary during volatile markets.
  • Limit order: An order to buy or sell a security at a specified price (limit price) or better. The execution isn’t guaranteed.

ETF consideration: ETFs generally have wider bid-ask spreads in the first 30 minutes of market open (9:30–10:00 a.m., Eastern time) and leading up to market close at 4:00 p.m. The wider the spread, the more it costs to trade the ETF. Consider avoiding trading ETFs during these times or using a limit order for price protection.

Consider checking with your advisor, if you have one, before placing any trades. If you don’t have an advisor, a Vanguard financial advisor will develop and manage a personalized, goals-based plan to help meet your unique needs.



All investing is subject to risk, including the possible loss of the money you invest.

Advice services are provided by Vanguard Advisers, Inc., a registered investment advisor, or by Vanguard National Trust Company, a federally chartered, limited-purpose trust company.