That&#x27;s not how transfer pricing works. Mutuality that extends to fund management means the ultimate owners are the customers of the fund - the people who placed their money with Vanguard. So unless you extend the concept of transfer pricing to all mutuality (something investor-owners would love), co-ops and other ownership and business models that don&#x27;t maximize profit in the same way that investor ownership does, that just not a &quot;transfer pricing&quot; issue. That idea that investor ownership has some special place in the economy is a pretty vile concept.