VFMF Fees and Costs — Vanguard U.s. Multifactor ETF
Data updated: 2026-07-29
The net expense ratio is 0.18%: a 0.15% management fee plus 0.03% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $73K in broker commissions, 0.0202% of average net assets, and portfolio turnover was 66%.
VFMF Fees and Expenses
Annual operating expenses and sales charges of VFMF. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.15% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.03% |
| Gross expense ratio | 0.18% |
| Fee waiver | — |
| Net expense ratio | 0.18% |
| 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 |
VFMF Costs Over Time
On $10,000 invested in VFMF, assuming 5% a year before costs, total costs come to $127 over 5 years, cutting the return by 0.21% 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 0.18%) | $19 | $59 | $104 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $3 | $12 |
| Total costs | $21 | $69 | $127 |
| Value after costs | $10,479 | $11,507 | $12,636 |
| Impact on return, per year | 0.21% | 0.21% | 0.21% |
VFMF Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0202%
- Total broker commissions: $73K
- Bought from dealers (principal trades, not a cost): $60.6M
- Portfolio turnover (prospectus): 66%
- Securities on loan, average value: $179K
- Net income from securities lending: $2K (0.001% of average net assets)
VFMF Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES FINANCIAL GROUP INC. | $13K | 19.96% |
| MORGAN STANLEY | $10K | 15.33% |
| BANK OF AMERICA CORPORATION | $8K | 11.83% |
| ROSENBLATT SECURITIES INC. | $7K | 11.48% |
| GUZMAN & COMPANY | $7K | 10.47% |
| Robert W. Baird & Co. Incorporated | $5K | 7.16% |
| FMR LLC | $4K | 6.41% |
| Piper Sandler & Co. | $4K | 6.31% |
| Bank of Montr??al | $4K | 5.81% |
| Nomura Holdings, Inc. | $3K | 5.25% |
VFMF Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $59.1M | 97.67% |
| BANK OF AMERICA CORPORATION | $727K | 1.20% |
| WELLS FARGO & COMPANY | $682K | 1.13% |
| JEFFERIES FINANCIAL GROUP INC. | $1K | 0.00% |
| BERNSTEIN INSTITUTIONAL SERVICES LLC | $245 | 0.00% |
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.