VCMDX Fees and Costs — Vanguard Commodity Strategy Fund, Admiral Shares
Data updated: 2026-09-28
The net expense ratio is 0.16%. There are no sales loads or redemption fees. Portfolio turnover was 25%.
VCMDX Fees and Expenses
Annual operating expenses and sales charges of VCMDX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.12% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.16% |
| Fee waiver | — |
| Net expense ratio | 0.16% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VCMDX Costs Over Time
On $10,000 invested in VCMDX, assuming 5% a year before costs, total costs come to $102 over 5 years, cutting the return by 0.17% 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 0.16%) | $17 | $53 | $93 |
| Lost growth on money paid in costs | $0 | $3 | $9 |
| Total costs | $17 | $55 | $102 |
| Value after costs | $10,483 | $11,521 | $12,661 |
| Impact on return, per year | 0.17% | 0.17% | 0.17% |
VCMDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $4.1B
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
VCMDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $1.6B | 41.24% |
| CITADEL SECURITIES LP | $572.2M | 14.46% |
| Bank of Montr??al | $449.9M | 11.37% |
| MORGAN STANLEY | $360.3M | 9.10% |
| JPMORGAN CHASE & CO. | $286.8M | 7.25% |
| BARCLAYS PLC | $250.2M | 6.32% |
| THE GOLDMAN SACHS GROUP, INC. | $236.8M | 5.98% |
| Nomura Securities International, Inc. | $82.8M | 2.09% |
| SOCIETE GENERALE | $45.8M | 1.16% |
| BNP PARIBAS | $40.8M | 1.03% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.