VNQ Fees and Costs — Vanguard Real Estate Index Fund
Data updated: 2026-09-28
The net expense ratio is 0.13%: a 0.11% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.3M in broker commissions, 0.0019% of average net assets, and portfolio turnover was 7%.
VNQ Fees and Expenses
Annual operating expenses and sales charges of VNQ. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.11% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.13% |
| Fee waiver | — |
| Net expense ratio | 0.13% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VNQ Costs Over Time
On $10,000 invested in VNQ, assuming 5% a year before costs, total costs come to $84 over 5 years, cutting the return by 0.14% 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 0.13%) | $14 | $43 | $75 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $2 | $8 |
| Total costs | $14 | $46 | $84 |
| Value after costs | $10,486 | $11,531 | $12,679 |
| Impact on return, per year | 0.14% | 0.14% | 0.14% |
VNQ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0019%
- Total broker commissions: $1.3M
- Bought from dealers (principal trades, not a cost): $6.8B
- Portfolio turnover (prospectus): 7%
- Securities on loan, average value: $156.3M
- Net income from securities lending: $2.5M (0.004% of average net assets)
VNQ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| THE GOLDMAN SACHS GROUP, INC. | $341K | 27.65% |
| Mizuho Financial Group, Inc. | $180K | 14.61% |
| BARCLAYS PLC | $175K | 14.20% |
| BANK OF AMERICA CORPORATION | $174K | 14.15% |
| JPMORGAN CHASE & CO. | $128K | 10.40% |
| MORGAN STANLEY | $87K | 7.06% |
| CITIGROUP INC. | $74K | 6.02% |
| JEFFERIES FINANCIAL GROUP INC. | $32K | 2.63% |
| Piper Sandler & Co. | $28K | 2.26% |
| Cowen and Company, LLC | $13K | 1.02% |
VNQ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $6.7B | 99.39% |
| THE GOLDMAN SACHS GROUP, INC. | $35.3M | 0.52% |
| BANK OF AMERICA CORPORATION | $6.1M | 0.09% |
| JEFFERIES FINANCIAL GROUP INC. | $13 | 0.00% |
Vanguard Real Estate 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 |
|---|---|---|---|
| VGSNX | Institutional Shares | 0.11% | none |
| VGSLX | Admiral Shares | 0.13% | none |
| VNQ | ETF Shares | 0.13% | — |
| VGSIX | Investor Shares | 0.27% | 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.