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Vanguard mutual fund fees & 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

The average Vanguard mutual fund expense ratio is 84% less than the industry average.*

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 all Voyager, Voyager Select, Flagship, and Flagship Select Services clients.

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.

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.

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 no-transaction-fee mutual funds from Vanguard and hundreds of 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 other Vanguard funds.***

Most Vanguard index funds no longer offer Investor Shares to new investors.

Admiral Shares

  • $3,000 for most index funds.
  • $50,000 for most actively managed funds.
  • $100,000 for certain sector-specific index funds.
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Access thousands of commission-free ETFs and no-transaction-fee mutual funds from Vanguard and hundreds of other companies.**

REFERENCE CONTENT

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Expense ratio

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.

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Front-end load

A sales fee that's charged when you buy fund shares. Fees can be as high as 8.5% of your purchase amount—which would reduce a $100,000 investment to $91,500.

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Back-end load

A sales fee that's charged when you sell fund shares. Fees can start as high as 5% to 7% but typically decline each year you're invested in the fund, ultimately disappearing after 5 to 10 years.

This may also be referred to as a "contingent deferred sales charge."

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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 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.


PURCHASE FEE

0.75%

REDEMPTION FEE

None


PURCHASE FEE

0.75%

REDEMPTION FEE

None


PURCHASE FEE

0.75%

REDEMPTION FEE

None


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.25%

REDEMPTION FEE

None


PURCHASE FEE

0.25%

REDEMPTION FEE

None


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

0.25%

REDEMPTION FEE

0.25%


PURCHASE FEE

1.00%

REDEMPTION FEE

None


PURCHASE FEE

1.00%

REDEMPTION FEE

None


PURCHASE FEE

0.25%

REDEMPTION FEE

None


PURCHASE FEE

0.25%

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 full details. 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.