Also they simultaneously hold the ownership rights as well as equivalent owenrship liabilities, so they own shit squat in net terms (excpet maybe their management fees).
I don’t understand why customer owned co-ops aren’t ubiquitous. Vanguard is amazing- low fees, and great services- they beat all of the competition. I had to call their support line today and it was the most professional customer service I’ve ever experienced.
Vanguard has an odd corporate structure where it’s owned by the funds that it manages, so it’s effectively a co-op owned by its customers.