You are correct for equities but see here:<p><a href="https:&#x2F;&#x2F;personal.vanguard.com&#x2F;pdf&#x2F;v719.pdf" rel="nofollow">https:&#x2F;&#x2F;personal.vanguard.com&#x2F;pdf&#x2F;v719.pdf</a><p>&gt; Vanguard brokerage receives compensation for directing certain options securities to our execution partners.