IVOO Fees and Costs — Vanguard S&P Mid-Cap 400 Index Fund
Data updated: 2026-07-29
The net expense ratio is 0.07%: a 0.06% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $120K in broker commissions, 0.0029% of average net assets, and portfolio turnover was 15%.
IVOO Fees and Expenses
Annual operating expenses and sales charges of IVOO. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.06% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.07% |
| Fee waiver | — |
| Net expense ratio | 0.07% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
IVOO Costs Over Time
On $10,000 invested in IVOO, assuming 5% a year before costs, total costs come to $46 over 5 years, cutting the return by 0.08% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.07%) | $7 | $23 | $41 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $1 | $4 |
| Total costs | $8 | $25 | $46 |
| Value after costs | $10,492 | $11,551 | $12,716 |
| Impact on return, per year | 0.08% | 0.08% | 0.08% |
IVOO Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0029%
- Total broker commissions: $120K
- Bought from dealers (principal trades, not a cost): $401.2M
- Portfolio turnover (prospectus): 15%
- Securities on loan, average value: $4.5M
- Net income from securities lending: $74K (0.002% of average net assets)
IVOO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS PLC | $31K | 27.56% |
| CITIGROUP INC. | $20K | 17.79% |
| JEFFERIES FINANCIAL GROUP INC. | $17K | 14.62% |
| JPMORGAN CHASE & CO. | $15K | 12.77% |
| BANK OF AMERICA CORPORATION | $9K | 7.63% |
| MORGAN STANLEY | $8K | 7.23% |
| CITADEL SECURITIES LP | $5K | 4.03% |
| WELLS FARGO & COMPANY | $4K | 3.50% |
| THE GOLDMAN SACHS GROUP, INC. | $3K | 2.63% |
| VIRTU FINANCIAL, INC. | $3K | 2.23% |
IVOO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $397.9M | 99.19% |
| JPMORGAN CHASE & CO. | $1.6M | 0.41% |
| BANK OF AMERICA CORPORATION | $708K | 0.18% |
| CITIGROUP INC. | $599K | 0.15% |
| WELLS FARGO & COMPANY | $290K | 0.07% |
| Mizuho Financial Group, Inc. | $2K | 0.00% |
| Bank of Montr??al | $625 | 0.00% |
Vanguard S&P Mid-Cap 400 Index Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VSPMX | Institutional Shares | 0.03% | none |
| IVOO | ETF Shares | 0.07% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.