VSDM Fees and Costs — Vanguard Short Duration Tax-Exempt Bond ETF
Data updated: 2026-09-28
The net expense ratio is 0.12%: a 0.07% management fee plus 0.05% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 13%.
VSDM Fees and Expenses
Annual operating expenses and sales charges of VSDM. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.07% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.05% |
| 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) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
VSDM Costs Over Time
On $10,000 invested in VSDM, assuming 5% a year before costs, total costs come to $76 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 |
| Lost growth on money paid in costs | $0 | $2 | $7 |
| Total costs | $13 | $42 | $76 |
| Value after costs | $10,487 | $11,535 | $12,686 |
| Impact on return, per year | 0.13% | 0.13% | 0.13% |
VSDM 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $382.2M
- Portfolio turnover (prospectus): 13%
- Securities lending: none during the year
VSDM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $137.5M | 44.96% |
| SumRidge Partners, LLC | $26.6M | 8.70% |
| THE BANK OF NEW YORK MELLON CORPORATION | $26.3M | 8.59% |
| INTERCONTINENTAL EXCHANGE, INC. | $23.4M | 7.66% |
| JPMORGAN CHASE & CO. | $19.4M | 6.35% |
| Royal Bank of Canada | $18.9M | 6.19% |
| STIFEL FINANCIAL CORP. | $15.2M | 4.97% |
| WELLS FARGO & COMPANY | $14.9M | 4.88% |
| BANK OF AMERICA CORPORATION | $13.9M | 4.55% |
| MORGAN STANLEY | $9.6M | 3.13% |
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.