VMVLX Fees and Costs — Vanguard Mega Cap Value Index Fund, Institutional Shares
Data updated: 2026-07-29
The net expense ratio is 0.05%: a 0.03% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $41K in broker commissions, 0.0005% of average net assets, and portfolio turnover was 8%.
VMVLX Fees and Expenses
Annual operating expenses and sales charges of VMVLX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.03% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.05% |
| Fee waiver | — |
| Net expense ratio | 0.05% |
| 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 |
VMVLX Costs Over Time
On $10,000 invested in VMVLX, assuming 5% a year before costs, total costs come to $32 over 5 years, cutting the return by 0.05% 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 0.05%) | $5 | $17 | $29 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $1 | $3 |
| Total costs | $5 | $18 | $32 |
| Value after costs | $10,495 | $11,559 | $12,731 |
| Impact on return, per year | 0.05% | 0.05% | 0.05% |
VMVLX 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): 0.0005%
- Total broker commissions: $41K
- Bought from dealers (principal trades, not a cost): $668.6M
- Portfolio turnover (prospectus): 8%
- Securities on loan, average value: $58
- Net income from securities lending: $73 (0.000% of average net assets)
VMVLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP INC. | $7K | 18.50% |
| MORGAN STANLEY | $6K | 16.27% |
| CITADEL SECURITIES LP | $6K | 14.23% |
| BARCLAYS PLC | $5K | 12.54% |
| JPMORGAN CHASE & CO. | $4K | 10.62% |
| Mizuho Financial Group, Inc. | $4K | 10.51% |
| BANK OF AMERICA CORPORATION | $3K | 6.67% |
| VIRTU FINANCIAL, INC. | $2K | 4.37% |
| THE GOLDMAN SACHS GROUP, INC. | $1K | 3.74% |
| JEFFERIES FINANCIAL GROUP INC. | $1K | 2.56% |
VMVLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $663.4M | 99.23% |
| THE GOLDMAN SACHS GROUP, INC. | $4.7M | 0.71% |
| JPMORGAN CHASE & CO. | $422K | 0.06% |
| Mizuho Financial Group, Inc. | $19K | 0.00% |
Vanguard Mega 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 |
|---|---|---|---|
| MGV | ETF Shares | 0.05% | — |
| VMVLX | Institutional Shares | 0.05% | 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.