VMVFX Fees and Costs — Vanguard Global Minimum Volatility Fund, Investor Shares
Data updated: 2026-09-28
The net expense ratio is 0.21%: a 0.18% management fee plus 0.03% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $280K in broker commissions, 0.0133% of average net assets, and portfolio turnover was 43%.
VMVFX Fees and Expenses
Annual operating expenses and sales charges of VMVFX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.18% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.03% |
| Gross expense ratio | 0.21% |
| Fee waiver | — |
| Net expense ratio | 0.21% |
| 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 |
VMVFX Costs Over Time
On $10,000 invested in VMVFX, assuming 5% a year before costs, total costs come to $142 over 5 years, cutting the return by 0.23% 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 0.21%) | $22 | $69 | $121 |
| Trading costs (broker commissions) | $1 | $4 | $8 |
| Lost growth on money paid in costs | $0 | $4 | $13 |
| Total costs | $23 | $77 | $142 |
| Value after costs | $10,477 | $11,499 | $12,621 |
| Impact on return, per year | 0.23% | 0.23% | 0.23% |
VMVFX 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): 0.0133%
- Total broker commissions: $280K
- Bought from dealers (principal trades, not a cost): $1.6B
- Portfolio turnover (prospectus): 43%
- Securities on loan, average value: $45.4M
- Net income from securities lending: $3.4M (0.160% of average net assets)
VMVFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES FINANCIAL GROUP INC. | $67K | 28.67% |
| MORGAN STANLEY | $43K | 18.23% |
| Nomura Holdings, Inc. | $29K | 12.43% |
| THE GOLDMAN SACHS GROUP, INC. | $25K | 10.60% |
| WELLS FARGO & COMPANY | $20K | 8.34% |
| BANK OF AMERICA CORPORATION | $17K | 7.26% |
| Royal Bank of Canada | $10K | 4.17% |
| JPMORGAN CHASE & CO. | $10K | 4.16% |
| Cowen and Company, LLC | $7K | 3.11% |
| GUZMAN & COMPANY | $7K | 3.03% |
VMVFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $1.6B | 100.00% |
| MORGAN STANLEY | $4 | 0.00% |
Vanguard Global Minimum Volatility Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VMNVX | Admiral Shares | 0.14% | none |
| VMVFX | Investor Shares | 0.21% | 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.