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Most Vanguard account holders never chose to own VMFXX, yet it quietly controls what their uninvested cash earns every single day. What it does with that money, and whether it beats the alternatives, depends on details most investors never bother to check.

Most Vanguard investors never chose to own VMFXX, yet it quietly holds their cash by default and generates real yield on Treasury bills. Whether that default is actually working in your favor depends on a few factors most account holders have never checked.