Investment costs
Vanguard funds with purchase & redemption fees
Purchase fees are charged generally by funds that routinely face higher transaction costs when buying securities for the portfolio.
Redemption fees are charged generally by funds that want to discourage market-timing.
Neither is considered a sales charge or "load" because both are paid directly to the fund to offset higher transaction costs.
There are currently only a few Vanguard funds (each with multiple share classes) that charge one or both of these fees. Each has a corresponding ETF (exchange-traded fund) share class that excludes these fees and can be bought and sold commission-free in your Vanguard account.
| Fund Name & Ticker | Purchase Fee | Redemption Fee |
Emerging Markets Government Bond Index Fund Admiral™ Shares (VGAVX) |
0.75% |
None |
Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) |
0.75% |
None |
Global ex-U.S. Real Estate Index Fund Admiral Shares (VGRLX) |
0.25% |
0.25% |
Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) |
0.25% |
0.25% |
Intermediate-Term Corporate Bond Index Fund Admiral Shares (VICSX) |
0.25% |
None |
Intermediate-Term Corporate Bond Index Fund Institutional Shares (VICBX) |
0.25% |
None |
International Dividend Appreciation Index Fund Admiral Shares (VIAAX) |
0.25% |
0.25% |
International High Dividend Yield Index Fund Admiral Shares (VIHAX) |
0.25% |
0.25% |
1.00% |
None |
|
Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) |
1.00% |
None |
None |
None |
|
0.50% |
0.25% |
|
0.50% |
None |
|
0.50% |
None |
You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.
Account and advice fees
Minimum investing requirements
*Vanguard average expense ratio: 0.09%. Industry average expense ratio: 0.49%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2021.
**Vanguard Personal Advisor Select and Vanguard Personal Advisor Wealth Management charge fees based on a tiered fee schedule (maximum 0.30%) calculated as an average advisory fee on all advised assets. Vanguard Digital Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.20% for its all-index investment options and 0.25% for an active/index mix. Vanguard Personal Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.35% for its all-index investment options and 0.40% for an active/index mix. These services reduce those fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from your portfolio in order to calculate your net advisory fee. Note that this fee doesn't include investment expense ratios. Please review each service’s advisory brochure for more fee information.
You should consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your 401(k) account.
***Some funds have higher minimums to protect the funds from short-term trading activity. Fund-specific details are provided in each fund profile.