VINIX Fees and Costs — Vanguard Institutional Index Fund, Institutional Shares
Data updated: 2026-08-28
The net expense ratio is 0.04%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.5M in broker commissions, 0.0005% of average net assets, and portfolio turnover was 4%.
VINIX Fees and Expenses
Annual operating expenses and sales charges of VINIX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.03% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.04% |
| Fee waiver | — |
| Net expense ratio | 0.04% |
| 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 |
VINIX Costs Over Time
On $10,000 invested in VINIX, assuming 5% a year before costs, total costs come to $26 over 5 years, cutting the return by 0.04% 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 0.04%) | $4 | $13 | $23 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $1 | $2 |
| Total costs | $4 | $14 | $26 |
| Value after costs | $10,496 | $11,562 | $12,737 |
| Impact on return, per year | 0.04% | 0.04% | 0.04% |
VINIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0005%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $16.6B
- Portfolio turnover (prospectus): 4%
- Securities on loan, average value: $12.2M
- Net income from securities lending: $2.1M (0.001% of average net assets)
VINIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP INC. | $445K | 29.91% |
| BARCLAYS PLC | $370K | 24.89% |
| JPMORGAN CHASE & CO. | $246K | 16.54% |
| Mizuho Financial Group, Inc. | $121K | 8.16% |
| BANK OF AMERICA CORPORATION | $106K | 7.15% |
| Cantor Fitzgerald & Co. | $67K | 4.48% |
| JEFFERIES FINANCIAL GROUP INC. | $39K | 2.60% |
| THE GOLDMAN SACHS GROUP, INC. | $37K | 2.50% |
| MORGAN STANLEY | $31K | 2.05% |
| CITADEL SECURITIES LP | $26K | 1.73% |
VINIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $16.5B | 99.37% |
| THE GOLDMAN SACHS GROUP, INC. | $61.6M | 0.37% |
| JPMORGAN CHASE & CO. | $39.3M | 0.24% |
| MORGAN STANLEY | $3.9M | 0.02% |
Vanguard Institutional Index Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VIIIX | Institutional Plus Shares | 0.02% | none |
| VINIX | Institutional Shares | 0.04% | none |
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.