VINEX Fees and Costs — Vanguard International Explorer Fund, Investor Shares
Data updated: 2026-09-28
The net expense ratio is 0.46%: a 0.43% management fee plus 0.03% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2.6M in broker commissions, 0.1882% of average net assets, and portfolio turnover was 92%.
VINEX Fees and Expenses
Annual operating expenses and sales charges of VINEX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.43% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.03% |
| Gross expense ratio | 0.46% |
| Fee waiver | — |
| Net expense ratio | 0.46% |
| 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 |
VINEX Costs Over Time
On $10,000 invested in VINEX, assuming 5% a year before costs, total costs come to $408 over 5 years, cutting the return by 0.68% 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 0.46%) | $48 | $151 | $263 |
| Trading costs (broker commissions) | $20 | $62 | $108 |
| Lost growth on money paid in costs | $0 | $11 | $37 |
| Total costs | $68 | $224 | $408 |
| Value after costs | $10,432 | $11,353 | $12,355 |
| Impact on return, per year | 0.68% | 0.68% | 0.68% |
VINEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1882%
- Total broker commissions: $2.6M
- Bought from dealers (principal trades, not a cost): $3.7B
- Portfolio turnover (prospectus): 92%
- Securities on loan, average value: $16.4M
- Net income from securities lending: $485K (0.036% of average net assets)
VINEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS GROUP AG | $259K | 14.14% |
| BANK OF AMERICA CORPORATION | $238K | 12.97% |
| MORGAN STANLEY | $226K | 12.31% |
| THE GOLDMAN SACHS GROUP, INC. | $215K | 11.71% |
| JEFFERIES FINANCIAL GROUP INC. | $182K | 9.91% |
| Royal Bank of Canada | $174K | 9.47% |
| JPMORGAN CHASE & CO. | $150K | 8.15% |
| BNP PARIBAS | $136K | 7.41% |
| CITIGROUP INC. | $134K | 7.28% |
| Nomura Holdings, Inc. | $122K | 6.64% |
VINEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| THE GOLDMAN SACHS GROUP, INC. | $2.4B | 63.86% |
| Vanguard Market Liquidity Fund | $1.3B | 35.36% |
| Bank of Montr??al | $14.4M | 0.38% |
| MORGAN STANLEY | $10.5M | 0.28% |
| MACQUARIE GROUP LIMITED | $1.6M | 0.04% |
| JPMORGAN CHASE & CO. | $1.5M | 0.04% |
| CITIGROUP INC. | $713K | 0.02% |
| JEFFERIES FINANCIAL GROUP INC. | $672K | 0.02% |
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.