Costs, fees & minimums
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Investment costs
Expense ratios
The average Vanguard mutual fund and ETF (exchange-traded fund) expense ratio is 83% less than the industry average.*
Vanguard fund trading fees
Never pay a commission when you buy and sell Vanguard mutual funds and ETFs in your Vanguard account.
A few Vanguard mutual funds charge fees designed to help cover high transaction costs and discourage short-term trading.
Other trading costs
Enjoy low rates when you buy and sell non-Vanguard mutual funds and ETFs, stocks, CDs (certificates of deposit), and bonds in your Vanguard Brokerage Account.
Some trades can be as low as $2—or even commission-free.
Account & advice fees
Account service fee
A $20 annual fee applies to each of your brokerage and mutual-fund-only accounts.
SIMPLE IRAs, Individual 401(k)s, and Vanguard 529 Plan accounts have special account service fees.
Asset management fee
The annual fee for Vanguard Personal Advisor Services® is only 0.30% of assets under management.
Minimum investing requirements
Mutual funds
Most Vanguard mutual funds require a minimum investment of $3,000.**
But you can invest in any Vanguard Target Retirement Fund or in Vanguard STAR® Fund with as little as $1,000.
Minimums for non-Vanguard mutual funds vary by fund. Details are available in each fund profile.
ETFs
The minimum investment for all Vanguard and non-Vanguard ETFs is simply the price of one share.
Stocks, CDs & bonds
The minimum investment for individual securities is also the price of one share.
Buy and sell:
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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 just a small number of Vanguard funds (each with multiple share classes) that charge one or both of these fees. Each has a corresponding exchange-traded fund (ETF) share class that excludes these fees and can be bought and sold in your Vanguard Brokerage Account commission-free.
FUND NAME & TICKER
Intermediate-Term Corporate Bond Index Fund—Admiral Shares™ (VICSX)
PURCHASE FEE
0.25%
REDEMPTION FEE
None
FUND NAME & TICKER
Intermediate-Term Corporate Bond Index Fund—Institutional Shares (VICBX)
PURCHASE FEE
0.25%
REDEMPTION FEE
None
FUND NAME & TICKER
Long-Term Corporate Bond Index Fund—Admiral Shares (VLTCX)
PURCHASE FEE
1.00%
REDEMPTION FEE
None
FUND NAME & TICKER
Long-Term Corporate Bond Index Fund—Institutional Shares (VLCIX)
PURCHASE FEE
1.00%
REDEMPTION FEE
None
FUND NAME & TICKER
Tax-Exempt Bond Index Fund—Admiral Shares (VTEAX)
PURCHASE FEE
0.25%
REDEMPTION FEE
None
FUND NAME & TICKER
Emerging Markets Government Bond Index Fund—Investor Shares (VGOVX)
PURCHASE FEE
0.75%
REDEMPTION FEE
None
FUND NAME & TICKER
Emerging Markets Government Bond Index Fund—Admiral Shares (VGAVX)
PURCHASE FEE
0.75%
REDEMPTION FEE
None
FUND NAME & TICKER
Emerging Markets Government Bond Index Fund—Institutional Shares (VGIVX)
PURCHASE FEE
0.75%
REDEMPTION FEE
None
FUND NAME & TICKER
Global ex-U.S. Real Estate Index Fund—Investor Shares (VGXRX)
PURCHASE FEE
0.25%
REDEMPTION FEE
0.25%
FUND NAME & TICKER
Global ex-U.S. Real Estate Index Fund—Admiral Shares (VGRLX)
PURCHASE FEE
0.25%
REDEMPTION FEE
0.25%
FUND NAME & TICKER
Global ex-U.S. Real Estate Index Fund—Institutional Shares (VGRNX)
PURCHASE FEE
0.25%
REDEMPTION FEE
0.25%
FUND NAME & TICKER
International Dividend Appreciation Index Fund—Admiral Shares™ (VIAAX)
PURCHASE FEE
0.25%
REDEMPTION FEE
0.25%
FUND NAME & TICKER
International High Dividend Yield Index Fund—Admiral Shares™ (VIHAX)
PURCHASE FEE
0.25%
REDEMPTION FEE
0.25%
FUND NAME & TICKER
Long-Term Bond Index Fund—Investor Shares (VBLTX)
PURCHASE FEE
0.50%
REDEMPTION FEE
None
FUND NAME & TICKER
Long-Term Bond Index Fund—Admiral Shares (VBLAX)
PURCHASE FEE
0.50%
REDEMPTION FEE
None
FUND NAME & TICKER
Long-Term Bond Index Fund—Institutional Shares (VBLLX)
PURCHASE FEE
0.50%
REDEMPTION FEE
None
FUND NAME & TICKER
Long-Term Bond Index Fund—Institutional Plus Shares (VBLIX)
PURCHASE FEE
0.50%
REDEMPTION FEE
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.