VCRM Fees and Costs — Vanguard Core Tax-Exempt Bond ETF
Data updated: 2026-09-28
The net expense ratio is 0.12%: a 0.09% management fee plus 0.03% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 18%.
VCRM Fees and Expenses
Annual operating expenses and sales charges of VCRM. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.09% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.03% |
| Gross expense ratio | 0.12% |
| Fee waiver | — |
| Net expense ratio | 0.12% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
VCRM Costs Over Time
On $10,000 invested in VCRM, assuming 5% a year before costs, total costs come to $76 over 5 years, cutting the return by 0.13% 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 0.12%) | $13 | $40 | $69 |
| Lost growth on money paid in costs | $0 | $2 | $7 |
| Total costs | $13 | $42 | $76 |
| Value after costs | $10,487 | $11,535 | $12,686 |
| Impact on return, per year | 0.13% | 0.13% | 0.13% |
VCRM 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): $998.7M
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
VCRM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $444.0M | 52.43% |
| WELLS FARGO & COMPANY | $83.4M | 9.85% |
| BANK OF AMERICA CORPORATION | $71.5M | 8.45% |
| Royal Bank of Canada | $54.1M | 6.38% |
| SumRidge Partners, LLC | $45.6M | 5.38% |
| JPMORGAN CHASE & CO. | $36.4M | 4.30% |
| MORGAN STANLEY | $35.0M | 4.13% |
| THE GOLDMAN SACHS GROUP, INC. | $29.5M | 3.48% |
| THE BANK OF NEW YORK MELLON CORPORATION | $27.1M | 3.20% |
| STIFEL FINANCIAL CORP. | $20.3M | 2.40% |
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.