VFIAX Fees and Costs — Vanguard 500 Index Fund, Admiral Shares
Data updated: 2026-08-28
The net expense ratio is 0.04%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4.4M in broker commissions, 0.0003% of average net assets, and portfolio turnover was 3%.
VFIAX Fees and Expenses
Annual operating expenses and sales charges of VFIAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.04% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.04% |
| Fee waiver | — |
| Net expense ratio | 0.04% |
| 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 |
VFIAX Costs Over Time
On $10,000 invested in VFIAX, assuming 5% a year before costs, total costs come to $26 over 5 years, cutting the return by 0.04% 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 0.04%) | $4 | $13 | $23 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $1 | $2 |
| Total costs | $4 | $14 | $26 |
| Value after costs | $10,496 | $11,562 | $12,737 |
| Impact on return, per year | 0.04% | 0.04% | 0.04% |
VFIAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0003%
- Total broker commissions: $4.4M
- Bought from dealers (principal trades, not a cost): $64.2B
- Portfolio turnover (prospectus): 3%
- Securities on loan, average value: $65.3M
- Net income from securities lending: $10.0M (0.001% of average net assets)
VFIAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP INC. | $1.5M | 33.94% |
| JPMORGAN CHASE & CO. | $951K | 22.14% |
| BARCLAYS PLC | $713K | 16.60% |
| BANK OF AMERICA CORPORATION | $410K | 9.55% |
| Mizuho Financial Group, Inc. | $280K | 6.51% |
| JEFFERIES FINANCIAL GROUP INC. | $165K | 3.85% |
| THE GOLDMAN SACHS GROUP, INC. | $133K | 3.10% |
| MORGAN STANLEY | $76K | 1.77% |
| Cowen and Company, LLC | $62K | 1.45% |
| CITADEL SECURITIES LP | $47K | 1.09% |
VFIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $63.7B | 99.27% |
| THE GOLDMAN SACHS GROUP, INC. | $271.8M | 0.42% |
| JPMORGAN CHASE & CO. | $177.7M | 0.28% |
| MORGAN STANLEY | $17.0M | 0.03% |
| BARCLAYS PLC | $3.5M | 0.01% |
Vanguard 500 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 |
|---|---|---|---|
| VFFSX | Institutional Select Shares | 0.01% | none |
| VOO | ETF Shares | 0.03% | none |
| VFIAX | Admiral Shares | 0.04% | none |
| VFINX | Investor Shares | 0.14% | 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.