Before you place that trade …

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.