Admiral Shares help keep your costs under control
Greater cost savings can help you build more wealth over time.
The benefits of owning Admiral Shares
For most of our index funds, Admiral™ Shares make investing more affordable for everyone by combining low expense ratios with low investment minimums.
For our actively managed funds, Admiral Shares pass along the savings that result from accounts with larger balances to the people who own them.
On average, Admiral Shares expense ratios are 84% lower than the industry average.*
How do you qualify?
You must meet—and maintain**—a minimum investment of:
- $3,000 for most index funds.
- $50,000 for most actively managed funds.
- $100,000 for certain sector-specific index funds.
Existing clients: Are you eligible to convert?
If you already own Investor Shares of a Vanguard fund and your balance meets the minimum investment criteria outlined above, you may be able to start saving money immediately!
You can now own lower-cost Admiral Shares for almost 40 of our index mutual funds for a minimum of just $3,000 each.
A conversion from Investor Shares to Admiral Shares of the same fund is tax-free. However, moving money between 2 different funds isn't considered a conversion and may have tax consequences, depending on the type of account you hold the fund in.
A mutual fund's annual operating expenses, expressed as a percentage of the fund's average net assets. It's calculated annually and removed from the fund's earnings before they're distributed to investors, directly reducing investors' returns.
An expense ratio includes management, administrative, marketing, and distribution fees. It doesn't include loads or purchase or redemption fees.