1.3 Vanguard Marketing Corporation 2026 2 2026-07-15T16:06:06Z 2026 04 100.00 53.25 4.47 35.39 6.89 CITADEL SECURITIES LLC 30.35 32.60 29.97 27.40 28.41 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 20.65 22.32 20.75 18.62 18.06 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 16.77 17.54 17.12 15.91 15.06 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 13.69 12.41 13.87 15.69 13.13 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 11.58 10.01 11.12 12.78 17.75 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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, LLC 6.97 5.12 7.18 9.60 7.59 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. 100.00 62.44 4.55 26.68 6.32 CITADEL SECURITIES LLC 28.37 28.83 28.84 26.72 30.35 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 18.91 20.34 17.88 16.20 16.96 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 16.65 16.64 16.48 15.88 20.11 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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, LLC 15.05 15.76 13.69 14.33 12.04 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 13.63 13.19 14.92 14.76 12.27 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 7.40 5.23 8.18 12.12 8.26 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. 100.00 0.02 17.29 79.39 3.30 Wolverine Execution Services, LLC 47.23 51.85 49.14 46.83 46.71 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 Derivatives Group LLC 38.93 34.57 39.17 38.89 38.80 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. Global Execution Brokers LP 13.84 13.58 11.69 14.28 14.49 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. 2026 05 100.00 54.18 4.21 34.42 7.19 CITADEL SECURITIES LLC 30.61 32.59 30.19 27.93 28.78 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 20.98 22.66 21.12 18.82 18.55 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 16.21 17.38 15.22 14.96 14.01 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 13.50 12.29 13.79 15.41 13.27 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 11.88 10.00 12.56 13.55 17.58 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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, LLC 6.82 5.07 7.12 9.33 7.81 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. 100.00 62.41 4.53 26.68 6.38 CITADEL SECURITIES LLC 30.13 30.80 30.24 28.17 31.61 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 16.97 18.05 15.70 15.03 15.46 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 16.67 16.76 17.07 15.94 18.56 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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, LLC 15.02 15.58 14.10 14.37 12.89 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 13.87 13.55 14.70 14.74 12.76 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 7.34 5.26 8.19 11.75 8.73 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. 100.00 0.08 16.35 80.15 3.41 Wolverine Execution Services, LLC 47.25 45.51 48.77 46.99 46.15 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 Derivatives Group LLC 39.04 44.55 39.27 38.93 40.46 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. Global Execution Brokers LP 13.71 9.94 11.96 14.08 13.38 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. 2026 06 100.00 53.94 4.44 35.15 6.48 CITADEL SECURITIES LLC 31.08 33.14 30.53 28.36 29.08 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 21.17 22.76 21.11 19.24 18.52 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 16.02 17.26 14.98 14.68 13.62 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 13.07 11.99 13.42 14.73 12.75 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 11.87 9.76 12.79 13.75 18.58 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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, LLC 6.79 5.09 7.18 9.23 7.45 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. 100.00 56.96 5.13 31.01 6.90 CITADEL SECURITIES LLC 31.85 33.57 31.24 28.70 32.30 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. Virtu Americas, LLC 17.54 17.61 17.75 17.05 19.05 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. G1 Execution Services, LLC 15.35 15.92 15.02 14.45 15.01 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 14.86 14.68 15.17 15.53 13.12 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. Two Sigma Securities, LLC 13.21 13.05 13.13 13.65 12.55 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. UBS Securities, LLC 7.19 5.18 7.69 10.62 7.97 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. 100.00 0.03 16.58 79.98 3.41 Wolverine Execution Services, LLC 47.05 43.00 48.70 46.76 45.97 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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 Derivatives Group LLC 38.97 47.00 39.28 38.86 40.00 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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. Global Execution Brokers LP 13.97 10.00 12.03 14.38 14.03 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 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.