MUTUAL FUNDS

Vanguard mutual fund fees and minimums

Find out how much you'll need to open an account and how much—or how little—you'll pay.

Mutual fund fees & expenses at a glance

Expense ratios

Account service fees

Account service fees are automatically waived when you register for secure access to our website and let us send account documents to you electronically. They're also waived for clients with at least $50,000 in qualifying Vanguard assets.

If none of those waivers apply, a $20 fee will be charged annually for each fund account in which you have a balance of less than $10,000.

Avoid account service fees by signing up for e-delivery

See what you get as a Voyager or Flagship Services client

Purchase & redemption fees

Very few Vanguard funds charge fees when you buy and sell shares. The fees are designed to help those funds cover higher transaction costs and protect long-term investors by discouraging short-term, speculative trading.

Fees vary from 0.25% to 1.00% of the amount of the transaction.

See which funds charge purchase & redemption fees

Fees you won't pay at Vanguard

Vanguard funds never charge front-end or back-end loads or other sales commissions.

And you'll have access to thousands of commission-free ETFs and more than 160 no-transaction-fee mutual funds from Vanguard and other companies.**

Minimum investment requirements

The following minimums apply to individual and joint accounts, Roth and traditional IRAs, UGMA/UTMA accounts, and most other account types.

Investor Shares

  • $1,000 for Vanguard Target Retirement Funds and Vanguard STAR® Fund.
  • $3,000 for most actively managed Vanguard funds.***

Most Vanguard index funds are now available in lower-cost Admiral Shares.
 

Admiral Shares

  • $3,000 for most index funds.
  • $50,000 for most actively managed funds.
  • $100,000 for certain sector-specific index funds.

See a list of low-cost, minimum index funds

You can now own lower-cost Admiral Shares for 43 of our index mutual funds for a minimum of just $3,000 each. 

Interested in ETFs?

All Vanguard clients pay $0 commissions to trade ETFs (exchange traded funds) online. Get broad access to the vast majority of ETFs — all commission-free. 

For more information about Vanguard mutual funds and ETFs, visit Vanguard mutual fund prospectuses or Vanguard ETF prospectuses to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

*Vanguard average mutual fund expense ratio: 0.10%. Industry average mutual fund expense ratio: 0.55%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2021.

**Commission-free trading of Vanguard ETFs applies to trades placed both online and by phone. Commission-free trading of non-Vanguard ETFs excludes leveraged and inverse ETFs and applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. Commission-free trading of non-Vanguard ETFs also excludes 401(k) participants using the Self-Directed Brokerage Option; see your plan's current commission schedule. Vanguard Brokerage reserves the right to change the non-Vanguard ETFs included in these offers at any time. All ETFs are subject to management fees and expenses; refer to each ETF's prospectus for more information. Account service fees may also apply. All ETF sales are subject to a securities transaction fee. See the Vanguard Brokerage Services commission and fee schedules for limits.

***Some funds have higher minimums to protect the funds from short-term trading activity. Fund-specific details are provided in each fund profile.

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). Vanguard ETF Shares aren't 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'll pay or receive the current market price, which may be more or less than net asset value.

Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the "target date") when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in a Target Retirement Fund is not guaranteed at any time, including on or after the target date.

All investing is subject to risk, including the possible loss of the money you invest.