VFMO Fees and Costs — Vanguard U.s. Momentum Factor ETF
Data updated: 2026-07-29
The net expense ratio is 0.13%: a 0.11% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $432K in broker commissions, 0.0408% of average net assets, and portfolio turnover was 100%.
VFMO Fees and Expenses
Annual operating expenses and sales charges of VFMO. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.11% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.13% |
| Fee waiver | — |
| Net expense ratio | 0.13% |
| 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 |
VFMO Costs Over Time
On $10,000 invested in VFMO, assuming 5% a year before costs, total costs come to $109 over 5 years, cutting the return by 0.18% 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 0.13%) | $14 | $43 | $75 |
| Trading costs (broker commissions) | $4 | $13 | $24 |
| Lost growth on money paid in costs | $0 | $3 | $10 |
| Total costs | $18 | $59 | $109 |
| Value after costs | $10,482 | $11,517 | $12,654 |
| Impact on return, per year | 0.18% | 0.18% | 0.18% |
VFMO 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): 0.0408%
- Total broker commissions: $432K
- Bought from dealers (principal trades, not a cost): $437.8M
- Portfolio turnover (prospectus): 100%
- Securities on loan, average value: $16.4M
- Net income from securities lending: $1.1M (0.106% of average net assets)
VFMO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES FINANCIAL GROUP INC. | $76K | 19.74% |
| GUZMAN & COMPANY | $66K | 17.06% |
| ROSENBLATT SECURITIES INC. | $58K | 15.13% |
| BANK OF AMERICA CORPORATION | $41K | 10.74% |
| MORGAN STANLEY | $32K | 8.28% |
| Robert W. Baird & Co. Incorporated | $32K | 8.20% |
| Piper Sandler & Co. | $31K | 8.03% |
| Nomura Holdings, Inc. | $20K | 5.08% |
| Penserra Securities LLC | $16K | 4.28% |
| BERNSTEIN INSTITUTIONAL SERVICES LLC | $13K | 3.46% |
VFMO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $436.7M | 99.75% |
| BANK OF AMERICA CORPORATION | $1.1M | 0.25% |
| JEFFERIES FINANCIAL GROUP INC. | $99 | 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.