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Disclosure about cost calculations

The impact of costs

This tool shows the impact of fund costs on your investment returns. It allows you to see how purchase fees, redemption fees, and expense ratios can reduce the value of your investment. This is particularly true of long-term investing, since costs—like compounded returns—are magnified over time.

The tool is intended to provide education solely on how to estimate fund costs. It's important to note that:

  • The calculations displayed are hypothetical. They don't represent an investment in any particular fund and aren't a promotion, endorsement, or recommendation of any specific fund.
  • To the best of our knowledge, the information represents the current costs associated with investing in the fund. However, you should consult the fund's prospectus for complete cost information before investing.
  • Fund expenses may fluctuate over time, and the costs and expenses shown may change in the future.

Points to consider

The average annual returns shown are no guarantee of future investment performance. Share price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell your shares.

Remember that cost is one of many factors to consider when investing in a fund. Other important differences may exist. You also should consider:

  • The fund's ability to meet your investment goals and time horizon.
  • The fund's investment objectives, investment strategies, risks, and performance.
  • The fund's liquidity, management company or investment advisor, and available services.

Read the prospectus before investing in any fund to ensure the fund is appropriate for your goals and risk tolerance.


For more information about a Vanguard fund, download its prospectus by selecting the "View prospectus and reports" link on the fund's Overview, or ask us to mail you a prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.