VIVAX Fees and Costs — Vanguard Value Index Fund, Investor Shares
Data updated: 2026-08-28
The net expense ratio is 0.17%: a 0.16% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.6M in broker commissions, 0.0008% of average net assets, and portfolio turnover was 8%.
VIVAX Fees and Expenses
Annual operating expenses and sales charges of VIVAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.16% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.17% |
| Fee waiver | — |
| Net expense ratio | 0.17% |
| 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 |
VIVAX Costs Over Time
On $10,000 invested in VIVAX, 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 0.17%) | $18 | $56 | $98 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| 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% |
VIVAX 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): 0.0008%
- Total broker commissions: $1.6M
- Bought from dealers (principal trades, not a cost): $15.2B
- Portfolio turnover (prospectus): 8%
- Securities on loan, average value: $15.2M
- Net income from securities lending: $1.1M (0.001% of average net assets)
VIVAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP INC. | $415K | 27.80% |
| BARCLAYS PLC | $248K | 16.60% |
| MORGAN STANLEY | $176K | 11.81% |
| THE GOLDMAN SACHS GROUP, INC. | $151K | 10.11% |
| CITADEL SECURITIES LP | $137K | 9.19% |
| Mizuho Financial Group, Inc. | $103K | 6.93% |
| JPMORGAN CHASE & CO. | $81K | 5.41% |
| BANK OF AMERICA CORPORATION | $76K | 5.10% |
| Cowen and Company, LLC | $57K | 3.83% |
| Royal Bank of Canada | $48K | 3.22% |
VIVAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $15.0B | 99.13% |
| THE GOLDMAN SACHS GROUP, INC. | $84.4M | 0.56% |
| JPMORGAN CHASE & CO. | $33.2M | 0.22% |
| MORGAN STANLEY | $13.8M | 0.09% |
| FMR LLC | $133K | 0.00% |
Vanguard Value 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 |
|---|---|---|---|
| VIVIX | Institutional Shares | 0.03% | none |
| VTV | ETF Shares | 0.03% | — |
| VVIAX | Admiral Shares | 0.05% | none |
| VIVAX | Investor Shares | 0.17% | 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.