VNQI Fees and Costs — Vanguard Global Ex-U.s. Real Estate Index Fund
Data updated: 2026-09-28
The net expense ratio is 0.12%: a 0.08% management fee plus 0.04% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $294K in broker commissions, 0.0082% of average net assets, and portfolio turnover was 10%.
VNQI Fees and Expenses
Annual operating expenses and sales charges of VNQI. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.08% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.04% |
| Gross expense ratio | 0.12% |
| Fee waiver | — |
| Net expense ratio | 0.12% |
| 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 |
VNQI Costs Over Time
On $10,000 invested in VNQI, assuming 5% a year before costs, total costs come to $82 over 5 years, cutting the return by 0.13% 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 0.12%) | $13 | $40 | $69 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $2 | $7 |
| Total costs | $13 | $44 | $82 |
| Value after costs | $10,487 | $11,532 | $12,681 |
| Impact on return, per year | 0.13% | 0.13% | 0.13% |
VNQI 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): 0.0082%
- Total broker commissions: $294K
- Bought from dealers (principal trades, not a cost): $1.9B
- Portfolio turnover (prospectus): 10%
- Securities on loan, average value: $49.4M
- Net income from securities lending: $2.6M (0.073% of average net assets)
VNQI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $62K | 23.81% |
| JPMORGAN CHASE & CO. | $55K | 20.98% |
| JEFFERIES FINANCIAL GROUP INC. | $37K | 14.08% |
| HSBC HOLDINGS PLC | $25K | 9.53% |
| CITIGROUP INC. | $22K | 8.38% |
| THE GOLDMAN SACHS GROUP, INC. | $16K | 6.07% |
| UBS GROUP AG | $14K | 5.53% |
| MORGAN STANLEY | $13K | 5.13% |
| EFG Hermes Holding SAE | $10K | 3.88% |
| Banco BTG Pactual S.A. | $7K | 2.60% |
VNQI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $1.9B | 99.55% |
| JPMORGAN CHASE & CO. | $6.8M | 0.36% |
| MORGAN STANLEY | $1.5M | 0.08% |
| BNP PARIBAS | $130K | 0.01% |
| Cowen and Company, LLC | $2 | 0.00% |
Vanguard Global Ex-U.s. 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 |
|---|---|---|---|
| VGRNX | Institutional Shares | 0.11% | none |
| VGRLX | Admiral Shares | 0.12% | none |
| VNQI | ETF Shares | 0.12% | — |
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.