Vanguard money-market funds can be exited at the close of business any day: bonds may comprise the underlying assets, but you don't actually have to wait for ma

Vanguard money-market funds can be exited at the close of business any day: bonds may comprise the underlying assets, but you don't actually have to wait for maturity. The main risk with these funds is that you don't get FDIC insurance. Historically this has not been a problem (for Vanguard), but past results etc. ETA: in 2008 there was an instance where one fund "broke the buck", but the Fed stepped in and backstopped it.