VMFVX Fees and Costs — Vanguard S&P Mid-Cap 400 Value Index Fund, Institutional Shares
Data updated: 2026-07-29
The net expense ratio is 0.03%: a 0.02% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $39K in broker commissions, 0.0037% of average net assets, and portfolio turnover was 39%.
VMFVX Fees and Expenses
Annual operating expenses and sales charges of VMFVX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.02% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.03% |
| Fee waiver | — |
| Net expense ratio | 0.03% |
| 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 |
VMFVX Costs Over Time
On $10,000 invested in VMFVX, assuming 5% a year before costs, total costs come to $21 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 0.03%) | $3 | $10 | $17 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $1 | $2 |
| Total costs | $4 | $12 | $21 |
| Value after costs | $10,496 | $11,565 | $12,741 |
| Impact on return, per year | 0.04% | 0.04% | 0.04% |
VMFVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0037%
- Total broker commissions: $39K
- Bought from dealers (principal trades, not a cost): $107.6M
- Portfolio turnover (prospectus): 39%
- Securities on loan, average value: $892K
- Net income from securities lending: $18K (0.002% of average net assets)
VMFVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS PLC | $11K | 27.56% |
| JEFFERIES FINANCIAL GROUP INC. | $8K | 21.47% |
| CITIGROUP INC. | $7K | 16.96% |
| MORGAN STANLEY | $5K | 13.50% |
| JPMORGAN CHASE & CO. | $4K | 9.86% |
| BANK OF AMERICA CORPORATION | $2K | 4.32% |
| VIRTU FINANCIAL, INC. | $849 | 2.21% |
| THE GOLDMAN SACHS GROUP, INC. | $779 | 2.03% |
| CITADEL SECURITIES LP | $588 | 1.53% |
| Mizuho Financial Group, Inc. | $213 | 0.55% |
VMFVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $106.9M | 99.35% |
| BANK OF AMERICA CORPORATION | $367K | 0.34% |
| CITIGROUP INC. | $172K | 0.16% |
| JPMORGAN CHASE & CO. | $155K | 0.14% |
| MORGAN STANLEY | $5K | 0.00% |
| BARCLAYS PLC | $1K | 0.00% |
Vanguard S&P Mid-Cap 400 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 |
|---|---|---|---|
| VMFVX | Institutional Shares | 0.03% | none |
| IVOV | ETF Shares | 0.10% | — |
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.