VFMFX Fees and Costs — Vanguard U.s. Multifactor Fund, Admiral Shares
Data updated: 2026-07-29
The net expense ratio is 0.18%: a 0.13% management fee plus 0.05% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $44K in broker commissions, 0.0244% of average net assets, and portfolio turnover was 87%.
VFMFX Fees and Expenses
Annual operating expenses and sales charges of VFMFX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.13% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.05% |
| Gross expense ratio | 0.18% |
| Fee waiver | — |
| Net expense ratio | 0.18% |
| 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 |
VFMFX Costs Over Time
On $10,000 invested in VFMFX, assuming 5% a year before costs, total costs come to $130 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) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $3 | $12 |
| Total costs | $21 | $71 | $130 |
| Value after costs | $10,479 | $11,505 | $12,633 |
| Impact on return, per year | 0.21% | 0.21% | 0.21% |
VFMFX 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): 0.0244%
- Total broker commissions: $44K
- Bought from dealers (principal trades, not a cost): $87.7M
- Portfolio turnover (prospectus): 87%
- Securities on loan, average value: $23K
- Net income from securities lending: $709 (0.000% of average net assets)
VFMFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES FINANCIAL GROUP INC. | $12K | 31.63% |
| MORGAN STANLEY | $4K | 11.08% |
| Piper Sandler & Co. | $3K | 8.89% |
| GUZMAN & COMPANY | $3K | 8.16% |
| ROSENBLATT SECURITIES INC. | $3K | 7.37% |
| WELLS FARGO & COMPANY | $3K | 7.23% |
| Nomura Holdings, Inc. | $3K | 7.01% |
| FMR LLC | $2K | 6.48% |
| Bank of Montr??al | $2K | 6.42% |
| Penserra Securities LLC | $2K | 5.73% |
VFMFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $87.7M | 100.00% |
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.