Vanguard Money Market Funds Available At ETrade

[Leesbro63]

I seem to recall that there is at least one Vanguard money market fund that I can buy at ETrade. Is that correct?

[sycamore]

I seem to recall that there is at least one Vanguard money market fund that I can buy at ETrade. Is that correct?

Yes, based on this thread: viewtopic.php?t=396957

[the_wiki]

They have VUSXX, VMRXX, VMFXX

also GABXX and WMPXX, which have slightly higher yields.

[student]

I have VUSXX at Etrade. No fee.

[student]

They have VUSXX, VMRXX, VMFXX

also GABXX and WMPXX, which have slightly higher yields.

Wow, GABXX is 1 basis point cheaper than VUSXX. I did not know that.

[the_wiki]

They have VUSXX, VMRXX, VMFXX

also GABXX and WMPXX, which have slightly higher yields.

Wow, GABXX is 1 basis point cheaper than VUSXX. I did not know that.

Yield is more important than fees, but it has a few bp higher yield, too. It does have a $10k minimum vs vanguard’s 3k.

WMPXX is showing 5.5% yield and only $1 min at E*Trade. Everywhere else says $10 mil minimum.

[indexfundfan]

I use GABXX instead of VUSXX at Etrade. In addition to the slightly higher yield, GABXX also has a higher USGO percentage compared to VUSXX. If I'm not wrong, GABXX has 100% in US treasury securities.

[UpperNwGuy]

Why is GABXX not getting more attention from bogleheads?

[indexfundfan]

Why is GABXX not getting more attention from bogleheads?

It has limited availability. Chase is possibly the other brokerage where you can buy it without fees.

[student]

They have VUSXX, VMRXX, VMFXX

also GABXX and WMPXX, which have slightly higher yields.

Wow, GABXX is 1 basis point cheaper than VUSXX. I did not know that.

Yield is more important than fees, but it has a few bp higher yield, too. It does have a $10k minimum vs vanguard’s 3k.

WMPXX is showing 5.5% yield and only $1 min at E*Trade. Everywhere else says $10 mil minimum.

Yes. Yield is more important. I checked the yields too. For treasury funds, usually the one with the lower ER has the higher yield. I guess I will stick with VUSXX for now.

[the_wiki]

Why is GABXX not getting more attention from bogleheads?

Etrade is one of the few that offers no-fee mutual funds. People at other major brokers are going to be stuck with mainly the MMF run by their broker unless they want to pay like $50-75 per trade. Plus this forum just has a vanguard bias.

[indexfundfan]

They have VUSXX, VMRXX, VMFXX

also GABXX and WMPXX, which have slightly higher yields.

Wow, GABXX is 1 basis point cheaper than VUSXX. I did not know that.

Yield is more important than fees, but it has a few bp higher yield, too. It does have a $10k minimum vs vanguard’s 3k.

WMPXX is showing 5.5% yield and only $1 min at E*Trade. Everywhere else says $10 mil minimum.

WMPXX looks interesting. However when I tried to place an order, the system refused and said "Call Customer Service to check money market fund eligibility." Anyone managed to complete a purchase?

[the_wiki]

They have VUSXX, VMRXX, VMFXX

also GABXX and WMPXX, which have slightly higher yields.

Wow, GABXX is 1 basis point cheaper than VUSXX. I did not know that.

Yield is more important than fees, but it has a few bp higher yield, too. It does have a $10k minimum vs vanguard’s 3k.

WMPXX is showing 5.5% yield and only $1 min at E*Trade. Everywhere else says $10 mil minimum.

WMPXX looks interesting. However when I tried to place an order, the system refused and said "Call Customer Service to check money market fund eligibility." Anyone managed to complete a purchase?

I think there's probably an error in their system with regards to the minimum purchase. I looked into it (but didn't try to buy). As I said, everyone else lists an 8 figure minimum investment, which is prob why the rate is so much higher. So my guess is that mere mortals cannot actually buy it.

[chickadee]

Yes, just placed an $40,000 order for WMPXX at E*trade with no problems. We will see if it clears.

[indexfundfan]

Yes, just placed an $40,000 order for WMPXX at E*trade with no problems. We will see if it clears.

Good for you. I tried $40,000 and it's no go (it does not even get to the preview screen).

[chickadee]

I did a search for the fund company, then chose the fund from the list. This brought up a working order screen. When I just typed in the fund symbol, the trade button was greyed out.

So Trading > Mutual funds.

Then on this screen Advanced Lookup.

Find Allspring Global Investments. Click Show Only Funds Available for Investment. Then scroll way down to WMPXX. Choose it.

Enter $ amount, Preview Order.

[indexfundfan]

I did a search for the fund company, then chose the fund from the list. This brought up a working order screen. When I just typed in the fund symbol, the trade button was greyed out.

So Trading > Mutual funds.

Then on this screen Advanced Lookup.

Find Allspring Global Investments. Click Show Only Funds Available for Investment. Then scroll way down to WMPXX. Choose it.

Enter $ amount, Preview Order.

I followed your steps. Doesn't work either.

I think Etrade's MMFs order system is wonky. The last time I managed to purchase PCOXX when it was listed with $0 minimum. Now it is listed with a $500k minimum.

[indexfundfan]

I did a search for the fund company, then chose the fund from the list. This brought up a working order screen. When I just typed in the fund symbol, the trade button was greyed out.

So Trading > Mutual funds.

Then on this screen Advanced Lookup.

Find Allspring Global Investments. Click Show Only Funds Available for Investment. Then scroll way down to WMPXX. Choose it.

Enter $ amount, Preview Order.

I followed your steps. Doesn't work either.

I think Etrade's MMFs order system is wonky. The last time I managed to purchase PCOXX when it was listed with $0 minimum. Now it is listed with a $500k minimum.

I need to make an addendum. I tried to submit a $100 purchase (WMPXX) in my IRA account, and I can get to the preview screen. It just does not work for my taxable account.

[chickadee]

Hmmmm. I placed my order in an IRA. I don’t have even a single dollar uninvested to test it in my taxable account.

I’d just pick up the phone and get a customer service rep to place the order for me at this point, or explain the hold up.

I’m interested to see if it clears now. Won’t know until after close of business.

EDIT: Okay. I was curious enough to transfer $100 to my taxable acct. The Advanced Lookup screen is definitely a bit laggy or buggy. But I did get it to display all the Allspring funds eventually. I choose another fund family, then clicked back over and chose Allspring. Then it worked. It definitely didn’t work to just type in the fund ticker by hand. Weird.

FURTHER EDIT: The order did go through. So you can buy WMPXX ALLSPRING MONEY MARKET PREMIER at Etrade with $1 minimum.

[the_wiki]

Something for you guys that bought WMPXX:

I was just going to place an order myself, but I noticed it had a 12b-1 fee flag on the quote. Looking the glossary, I found this:

12b-1 Fee Paying Share Classes

The 12b-1 fee paying share classes offered on the E*TRADE platform are generally Class A shares where the front-end sales charge that applies to Class A shares is waived at the time of purchase. However, Class A shares typically charge an annual 0.25% (25 basis point) 12b-1 fee ($25 per $10,000 investment) that is deducted from the fund’s assets and paid as compensation to E*TRADE during each year you hold the investment. Although no transaction fee is charged on the purchase, sale or exchange of 12b-1 fee paying share classes, the 12b-1 fee increases the fund’s internal expenses thereby reducing fund performance.


So while the fund is showing 5.5%, there will be a 0.25% fee charged annually that will reduce returns. This may make it worse than the Vanguard or Gabelli funds.

[indexfundfan]

Something for you guys that bought WMPXX:

I was just going to place an order myself, but I noticed it had a 12b-1 fee flag on the quote. Looking the glossary, I found this:

12b-1 Fee Paying Share Classes

The 12b-1 fee paying share classes offered on the E*TRADE platform are generally Class A shares where the front-end sales charge that applies to Class A shares is waived at the time of purchase. However, Class A shares typically charge an annual 0.25% (25 basis point) 12b-1 fee ($25 per $10,000 investment) that is deducted from the fund’s assets and paid as compensation to E*TRADE during each year you hold the investment. Although no transaction fee is charged on the purchase, sale or exchange of 12b-1 fee paying share classes, the 12b-1 fee increases the fund’s internal expenses thereby reducing fund performance.


So while the fund is showing 5.5%, there will be a 0.25% fee charged annually that will reduce returns. This may make it worse than the Vanguard or Gabelli funds.

Wouldn't the quoted yield already reflect any fees charged?

[chickadee]

I believe Yield is net of fees.

The prospectus says:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)(1)
Management Fees
0.20%

Distribution (12b-1) Fees
0.00%

Other Expenses
0.09%

Total Annual Fund Operating Expenses
0.29%

Fee Waivers
(0.09)%

Total Annual Fund Operating Expenses After Fee Waivers(2)
0.20%

1. Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.

2. The Manager has contractually committed through May 31, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.20% for Premier Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time.

[the_wiki]

I think Etrade's MMFs order system is wonky. The last time I managed to purchase PCOXX when it was listed with $0 minimum. Now it is listed with a $500k minimum.

As further proof of this statement, it is back to $0 minimum for taxable but still $500k for IRA. Was definitely 0$ last year and $500k last week:

PCOXX
FEDERATED HERMES PRIME CASH OBL WEALTH
Initial Investment
$0
Additional Investment
$0
Initial IRA
$500,000
Additional IRA
$0

[indexfundfan]

I think Etrade's MMFs order system is wonky. The last time I managed to purchase PCOXX when it was listed with $0 minimum. Now it is listed with a $500k minimum.

As further proof of this statement, it is back to $0 minimum for taxable but still $500k for IRA. Was definitely 0$ last year and $500k last week:

PCOXX
FEDERATED HERMES PRIME CASH OBL WEALTH
Initial Investment
$0
Additional Investment
$0
Initial IRA
$500,000
Additional IRA
$0

Another change is that PCOXX had a 2pm ET cutoff a few days ago, now it is back to 4pm ET.

[the_wiki]

Well I also bought some WMPXX. I did not have any difficulty. Just used the mutual fund screener tool to list all Money market funds. Clicked the little buy button next to the fund name, filled in the amount and hit order. Executed a few hours after market close.

5.5% has to be the best MMF around, no?

[Leesbro63]

OK, so, thanks to some help on this thread, I now have a nice chunk in Vanguard Cash Reserves Federal Money Market Admiral Shares (VMRXX) at ETrade. I'm curious how frequently and when this pays the interest-dividend into my account?

[indexfundfan]

OK, so, thanks to some help on this thread, I now have a nice chunk in Vanguard Cash Reserves Federal Money Market Admiral Shares (VMRXX) at ETrade. I'm curious how frequently and when this pays the interest-dividend into my account?

It is paid out with the same frequency as at Vanguard. I think Vanguard MMFs pay out dividends on the 1st of each month.

[GoldenBear17]

Has anyone experienced at ETrade that if you try to do an exchange from a Vanguard Money Market fund to another Vanguard fund, if it's for less than $1000 it says you can't do it because it's less than the required minimum? This happens not only when you're meeting the initial minimum for the other fund you're exchanging the money market for, but even in later purchases where there shouldn't even be a minimum?

[bens_money]

Why is GABXX not getting more attention from bogleheads?

It has limited availability. Chase is possibly the other brokerage where you can buy it without fees.

I was unable to buy GABXX in my Chase self directed account. The fund shows up as available but when I tried to place the order I received an error message. I spoke to a representative over the phone who checked and confirmed it was not available to my account. Maybe you can buy it in a non-self directed account? I didn't ask so I'm not sure.

[indexfundfan]

It has limited availability. Chase is possibly the other brokerage where you can buy it without fees.

I was unable to buy GABXX in my Chase self directed account. The fund shows up as available but when I tried to place the order I received an error message. I spoke to a representative over the phone who checked and confirmed it was not available to my account. Maybe you can buy it in a non-self directed account? I didn't ask so I'm not sure.

Thanks for checking and reporting that. I had an old Chase account with $0 in it from a prior bonus signup. I saw GABXX as available but I didn't have money to try purchasing it.

For those interested in GABXX, you can also transact it with no fees at US Bank's self-directed brokerage account.