Vanguard ETF Shares are not redeemable with the Visit this site issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. Too many rookie investors will start selling off their assets when they begin to drop.
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