February 2026
S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
56.48 |
4.59 |
36.26 |
2.66 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
30.57 |
32.83 |
30.56 |
27.57 |
23.59 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
21.35 |
23.12 |
20.95 |
19.05 |
15.88 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
16.93 |
17.57 |
16.68 |
16.16 |
14.29 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
12.91 |
11.36 |
12.76 |
15.12 |
16.08 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
11.32 |
10.03 |
12.11 |
12.66 |
18.97 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
6.92 |
5.09 |
6.94 |
9.43 |
11.19 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Jane Street Capital, LLC (JNST):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Two Sigma Securities (SOHO):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
February 2026
Non-S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
66.45 |
4.51 |
27.11 |
1.93 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
28.36 |
29.17 |
29.33 |
26.73 |
21.00 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
18.98 |
20.29 |
17.99 |
16.27 |
14.19 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
17.18 |
17.37 |
17.23 |
16.50 |
20.15 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
14.51 |
14.86 |
12.88 |
13.90 |
14.65 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
13.66 |
13.18 |
14.61 |
14.73 |
12.79 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
7.32 |
5.13 |
7.96 |
11.88 |
17.23 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Two Sigma Securities (SOHO):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Jane Street Capital, LLC (JNST):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
February 2026
Option Contracts
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
0.05 |
18.91 |
77.45 |
3.60 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Wolverine Execution Svc. (WEXX) |
47.10 |
41.88 |
48.73 |
46.71 |
47.14 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Securities (CDRG) |
39.04 |
52.50 |
39.52 |
38.94 |
38.52 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
13.86 |
5.63 |
11.75 |
14.36 |
14.34 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Wolverine Execution Svc. (WEXX):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Susquehanna International Group, LLP (SUSQ):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
March 2026
S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
55.55 |
4.58 |
37.32 |
2.55 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
30.62 |
32.97 |
30.77 |
27.48 |
25.11 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
20.78 |
22.37 |
20.07 |
18.73 |
17.33 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
16.83 |
17.52 |
16.68 |
15.95 |
15.14 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
13.40 |
12.03 |
13.40 |
15.29 |
15.47 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
11.26 |
9.93 |
12.06 |
12.87 |
15.37 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
7.11 |
5.19 |
7.03 |
9.68 |
11.59 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Jane Street Capital, LLC (JNST):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Two Sigma Securities (SOHO):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
March 2026
Non-S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.01 |
64.47 |
4.56 |
29.34 |
1.63 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
27.70 |
28.41 |
28.93 |
26.28 |
21.73 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
19.61 |
20.99 |
18.61 |
16.99 |
14.94 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
16.89 |
17.07 |
17.01 |
16.36 |
19.10 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
14.91 |
15.45 |
13.11 |
14.01 |
14.88 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
13.56 |
13.04 |
14.38 |
14.60 |
13.14 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
7.33 |
5.04 |
7.96 |
11.76 |
16.22 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Two Sigma Securities (SOHO):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Jane Street Capital, LLC (JNST):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
March 2026
Option Contracts
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
0.03 |
18.69 |
77.67 |
3.61 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Wolverine Execution Svc. (WEXX) |
47.18 |
44.55 |
48.95 |
46.75 |
47.23 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Securities (CDRG) |
38.97 |
41.58 |
39.47 |
38.85 |
38.86 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
13.86 |
13.86 |
11.57 |
14.40 |
13.92 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Wolverine Execution Svc. (WEXX):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Susquehanna International Group, LLP (SUSQ):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
January 2026
S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
57.24 |
2.75 |
37.39 |
2.62 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
30.37 |
32.52 |
30.91 |
27.73 |
20.45 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
22.30 |
24.51 |
21.63 |
19.63 |
12.94 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
16.78 |
17.38 |
16.65 |
16.14 |
12.88 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
11.90 |
10.48 |
11.65 |
13.08 |
26.16 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
11.75 |
10.00 |
11.91 |
14.13 |
15.87 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
6.91 |
5.11 |
7.26 |
9.29 |
11.70 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Jane Street Capital, LLC (JNST):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Two Sigma Securities (SOHO):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
January 2026
Non-S&P 500 Stocks
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
67.52 |
3.41 |
26.94 |
2.13 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Citadel Securities (CDRG) |
28.62 |
29.51 |
28.46 |
27.12 |
19.77 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| G1 Execution Services, LLC (ETMM) |
18.68 |
20.04 |
17.73 |
15.87 |
12.60 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Virtu Americas, LLC (NITE) |
18.10 |
18.20 |
18.16 |
17.49 |
22.46 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Two Sigma Securities (SOHO) |
13.80 |
14.06 |
12.53 |
13.23 |
14.70 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Jane Street Capital, LLC (JNST) |
13.56 |
13.09 |
14.45 |
14.67 |
12.90 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| UBS Securities LLC (UBSS) |
7.24 |
5.09 |
8.66 |
11.62 |
17.57 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
G1 Execution Services, LLC (ETMM):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Virtu Americas, LLC (NITE):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Two Sigma Securities (SOHO):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Jane Street Capital, LLC (JNST):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
UBS Securities LLC (UBSS):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
January 2026
Option Contracts
Summary
| Non-Directed Orders as % of All Orders |
Market Orders as % of Non-Directed Orders |
Marketable Limit Orders as % of Non-Directed Orders |
Non-Marketable Limit Orders as % of Non-Directed Orders |
Other Orders as % of Non-Directed Orders |
| 100.00 |
0.02 |
18.50 |
77.83 |
3.65 |
Venues
| Venue - Non-directed Order Flow |
Non-Directed Orders (%) |
Market Orders (%) |
Marketable Limit Orders (%) |
Non-Marketable Limit Orders (%) |
Other Orders (%) |
Net Payment Paid/Received for Market Orders(USD) |
Net Payment Paid/Received for Market Orders(cents per hundred shares) |
Net Payment Paid/Received for Marketable Limit Orders(USD) |
Net Payment Paid/Received for Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Non-Marketable Limit Orders(USD) |
Net Payment Paid/Received for Non-Marketable Limit Orders(cents per hundred shares) |
Net Payment Paid/Received for Other Orders(USD) |
Net Payment Paid/Received for Other Orders(cents per hundred shares) |
| Wolverine Execution Svc. (WEXX) |
46.13 |
54.26 |
47.77 |
45.76 |
45.67 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Citadel Securities (CDRG) |
39.73 |
41.49 |
40.22 |
39.59 |
40.22 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
| Susquehanna International Group, LLP (SUSQ) |
14.14 |
4.26 |
12.01 |
14.65 |
14.12 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
0 |
0.0000 |
Material Aspects:
Wolverine Execution Svc. (WEXX):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Citadel Securities (CDRG):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.
Susquehanna International Group, LLP (SUSQ):
Vanguard Brokerage Services does not receive any payment for order flow. Vanguard Brokerage Services does not receive any monetary payments, services, property, or other direct or indirect benefit that would result in remuneration, compensation, or consideration in return for the routing of customer orders.