Here are the highlights:

  • The ability to invest in Vanguard mutual funds and ETFs, stocks, bonds, certificates of deposit (CDs), and funds and ETFs from other companies in the same account.
  • A streamlined process to buy and sell investments.
  • The flexibility to use proceeds from security sales to immediately buy Vanguard funds—no more four-day wait.
  • A single tax statement for your convenience (in the tax year after you adopt the new account structure).
To ensure a smooth transition from existing accounts, we’re phasing in the new account structure. Clients will be notified of their eligibility via email, letter, or prompt when they log on to their accounts. A simple online process will guide clients through transferring their mutual fund assets into brokerage accounts. We’re always looking for ways to improve the investing experience for our clients. With this new account structure, investing with Vanguard has never been easier.


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

You must buy and sell Vanguard ETF Shares through a broker like Vanguard Brokerage Services (we offer them commission-free) or through another broker (you may incur commissions). See the Vanguard Brokerage Services commission and fee schedules on for limits. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. Like stocks, 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 the net asset value.

Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard marketing Corporation, member FINRA and SIPC.