VMVIX Fees and Costs — Vanguard Mid-Cap Value Index Fund, Investor Shares
Data updated: 2026-08-28
The net expense ratio is 0.19%: a 0.18% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.5M in broker commissions, 0.0047% of average net assets, and portfolio turnover was 20%.
VMVIX Fees and Expenses
Annual operating expenses and sales charges of VMVIX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.18% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.19% |
| Fee waiver | — |
| Net expense ratio | 0.19% |
| 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 |
VMVIX Costs Over Time
On $10,000 invested in VMVIX, assuming 5% a year before costs, total costs come to $124 over 5 years, cutting the return by 0.20% 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 0.19%) | $20 | $63 | $110 |
| Trading costs (broker commissions) | $0 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $3 | $11 |
| Total costs | $20 | $67 | $124 |
| Value after costs | $10,480 | $11,509 | $12,639 |
| Impact on return, per year | 0.20% | 0.20% | 0.20% |
VMVIX 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): 0.0047%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $1.9B
- Portfolio turnover (prospectus): 20%
- Securities on loan, average value: $3.3M
- Net income from securities lending: $105K (0.000% of average net assets)
VMVIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP INC. | $401K | 28.83% |
| MORGAN STANLEY | $209K | 15.05% |
| BARCLAYS PLC | $177K | 12.72% |
| BANK OF AMERICA CORPORATION | $149K | 10.74% |
| CITADEL SECURITIES LP | $138K | 9.92% |
| THE GOLDMAN SACHS GROUP, INC. | $116K | 8.38% |
| Mizuho Financial Group, Inc. | $79K | 5.71% |
| JEFFERIES FINANCIAL GROUP INC. | $47K | 3.36% |
| Royal Bank of Canada | $45K | 3.21% |
| JPMORGAN CHASE & CO. | $29K | 2.07% |
VMVIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $1.9B | 98.43% |
| JPMORGAN CHASE & CO. | $18.5M | 0.97% |
| MORGAN STANLEY | $9.6M | 0.50% |
| THE GOLDMAN SACHS GROUP, INC. | $2.0M | 0.10% |
Vanguard Mid-Cap 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 |
|---|---|---|---|
| VOE | ETF Shares | 0.05% | none |
| VMVAX | Admiral Shares | 0.07% | none |
| VMVIX | Investor Shares | 0.19% | 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.