VGMS Fees and Costs — Vanguard Multi-Sector Income Bond ETF
Data updated: 2026-08-28
The net expense ratio is 0.30%: a 0.12% management fee plus 0.18% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 28%.
VGMS Fees and Expenses
Annual operating expenses and sales charges of VGMS. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.12% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.18% |
| Gross expense ratio | 0.30% |
| Fee waiver | — |
| Net expense ratio | 0.30% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
VGMS Costs Over Time
On $10,000 invested in VGMS, assuming 5% a year before costs, total costs come to $190 over 5 years, cutting the return by 0.31% 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 0.30%) | $32 | $99 | $173 |
| Lost growth on money paid in costs | $0 | $5 | $17 |
| Total costs | $32 | $104 | $190 |
| Value after costs | $10,468 | $11,472 | $12,573 |
| Impact on return, per year | 0.31% | 0.31% | 0.31% |
VGMS Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $133.5M
- Portfolio turnover (prospectus): 28%
- Securities lending: none during the year
VGMS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $40.8M | 35.59% |
| BARCLAYS PLC | $19.5M | 16.99% |
| JPMORGAN CHASE & CO. | $12.4M | 10.84% |
| MORGAN STANLEY | $7.8M | 6.81% |
| CITIGROUP INC. | $7.2M | 6.32% |
| BANK OF AMERICA CORPORATION | $6.3M | 5.54% |
| CITADEL SECURITIES LP | $6.1M | 5.34% |
| THE GOLDMAN SACHS GROUP, INC. | $5.5M | 4.77% |
| WELLS FARGO & COMPANY | $4.5M | 3.97% |
| BNP PARIBAS | $4.4M | 3.83% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.