Vanguard has many pieces and parts, many of which are, indeed, corporations. It says so on the bottom of its website: "Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC."

Regardless of its legal structure, I meant "megacorp" in the generic sense of "large company."

It is a large company.