VEXPX Fees and Costs — Vanguard Explorer Fund, Investor Shares
Data updated: 2026-09-28
The net expense ratio is 0.39%: a 0.38% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $10.1M in broker commissions, 0.0483% of average net assets, and portfolio turnover was 51%.
VEXPX Fees and Expenses
Annual operating expenses and sales charges of VEXPX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.38% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.39% |
| Fee waiver | — |
| Net expense ratio | 0.39% |
| 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 |
VEXPX Costs Over Time
On $10,000 invested in VEXPX, assuming 5% a year before costs, total costs come to $277 over 5 years, cutting the return by 0.46% 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 0.39%) | $41 | $129 | $224 |
| Trading costs (broker commissions) | $5 | $16 | $28 |
| Lost growth on money paid in costs | $0 | $7 | $25 |
| Total costs | $46 | $152 | $277 |
| Value after costs | $10,454 | $11,425 | $12,486 |
| Impact on return, per year | 0.46% | 0.46% | 0.46% |
VEXPX 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): 0.0483%
- Total broker commissions: $10.1M
- Bought from dealers (principal trades, not a cost): $37.1B
- Portfolio turnover (prospectus): 51%
- Securities on loan, average value: $48.9M
- Net income from securities lending: $528K (0.003% of average net assets)
VEXPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES FINANCIAL GROUP INC. | $893K | 15.70% |
| MORGAN STANLEY | $727K | 12.77% |
| THE GOLDMAN SACHS GROUP, INC. | $661K | 11.62% |
| Cowen and Company, LLC | $632K | 11.11% |
| JPMORGAN CHASE & CO. | $525K | 9.23% |
| BANK OF AMERICA CORPORATION | $523K | 9.20% |
| Royal Bank of Canada | $474K | 8.34% |
| Robert W. Baird & Co. Incorporated | $466K | 8.19% |
| Raymond James & Associates, Inc. | $440K | 7.73% |
| EVERCORE GROUP L.L.C. | $348K | 6.11% |
VEXPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| DEUTSCHE BANK AKTIENGESELLSCHAFT | $18.8B | 50.54% |
| Vanguard Market Liquidity Fund | $13.0B | 35.10% |
| HSBC HOLDINGS PLC | $5.1B | 13.80% |
| Royal Bank of Canada | $64.8M | 0.17% |
| THE GOLDMAN SACHS GROUP, INC. | $34.6M | 0.09% |
| JEFFERIES FINANCIAL GROUP INC. | $30.8M | 0.08% |
| MORGAN STANLEY | $27.1M | 0.07% |
| JPMORGAN CHASE & CO. | $20.4M | 0.05% |
| WELLS FARGO & COMPANY | $14.9M | 0.04% |
| EVERCORE GROUP L.L.C. | $13.0M | 0.04% |
Vanguard Explorer Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VEXRX | Admiral Shares | 0.28% | none |
| VEXPX | Investor Shares | 0.39% | none |
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.