VMIAX Fees and Costs — Vanguard Materials Index Fund, Admiral Shares
Data updated: 2026-07-29
The net expense ratio is 0.09%: a 0.08% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $55K in broker commissions, 0.0014% of average net assets, and portfolio turnover was 7%.
VMIAX Fees and Expenses
Annual operating expenses and sales charges of VMIAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.08% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.09% |
| Fee waiver | — |
| Net expense ratio | 0.09% |
| 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 |
VMIAX Costs Over Time
On $10,000 invested in VMIAX, assuming 5% a year before costs, total costs come to $58 over 5 years, cutting the return by 0.10% 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 0.09%) | $9 | $30 | $52 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $1 | $5 |
| Total costs | $10 | $32 | $58 |
| Value after costs | $10,490 | $11,545 | $12,705 |
| Impact on return, per year | 0.10% | 0.10% | 0.10% |
VMIAX 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): 0.0014%
- Total broker commissions: $55K
- Bought from dealers (principal trades, not a cost): $677.0M
- Portfolio turnover (prospectus): 7%
- Securities on loan, average value: $6.2M
- Net income from securities lending: $176K (0.004% of average net assets)
VMIAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| THE GOLDMAN SACHS GROUP, INC. | $22K | 40.07% |
| JPMORGAN CHASE & CO. | $10K | 18.49% |
| BARCLAYS PLC | $6K | 11.80% |
| CITIGROUP INC. | $6K | 10.69% |
| BANK OF AMERICA CORPORATION | $3K | 6.19% |
| MORGAN STANLEY | $3K | 5.61% |
| Mizuho Financial Group, Inc. | $2K | 3.60% |
| Cantor Fitzgerald & Co. | $2K | 2.79% |
| VIRTU FINANCIAL, INC. | $248 | 0.45% |
| Cowen and Company, LLC | $167 | 0.30% |
VMIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $676.7M | 99.95% |
| MORGAN STANLEY | $329K | 0.05% |
Vanguard Materials 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 |
|---|---|---|---|
| VAW | ETF Shares | 0.09% | — |
| VMIAX | Admiral Shares | 0.09% | 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.