VSS Fees and Costs — Vanguard FTSE All-World Ex-US Small-Cap Index Fund
Data updated: 2026-09-28
The net expense ratio is 0.06%: a 0.02% management fee plus 0.04% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.4M in broker commissions, 0.0124% of average net assets, and portfolio turnover was 27%.
VSS Fees and Expenses
Annual operating expenses and sales charges of VSS. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.02% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.04% |
| Gross expense ratio | 0.06% |
| Fee waiver | — |
| Net expense ratio | 0.06% |
| 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 |
VSS Costs Over Time
On $10,000 invested in VSS, assuming 5% a year before costs, total costs come to $46 over 5 years, cutting the return by 0.08% 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 0.06%) | $6 | $20 | $35 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $1 | $4 |
| Total costs | $8 | $25 | $46 |
| Value after costs | $10,492 | $11,551 | $12,717 |
| Impact on return, per year | 0.08% | 0.08% | 0.08% |
VSS 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): 0.0124%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $5.1B
- Portfolio turnover (prospectus): 27%
- Securities on loan, average value: $317.1M
- Net income from securities lending: $14.7M (0.133% of average net assets)
VSS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $293K | 26.42% |
| JPMORGAN CHASE & CO. | $199K | 17.91% |
| THE GOLDMAN SACHS GROUP, INC. | $117K | 10.54% |
| MORGAN STANLEY | $95K | 8.54% |
| CITIGROUP INC. | $90K | 8.14% |
| Cowen and Company, LLC | $83K | 7.52% |
| UBS GROUP AG | $72K | 6.52% |
| JEFFERIES FINANCIAL GROUP INC. | $65K | 5.87% |
| THE BANK OF NOVA SCOTIA | $48K | 4.30% |
| Nomura Holdings, Inc. | $47K | 4.25% |
VSS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $5.1B | 99.85% |
| CITIGROUP INC. | $2.4M | 0.05% |
| Royal Bank of Canada | $1.8M | 0.04% |
| BNP PARIBAS | $1.1M | 0.02% |
| MACQUARIE GROUP LIMITED | $823K | 0.02% |
| BARRENJOEY MARKETS PTY LIMITED | $732K | 0.01% |
| BANK OF AMERICA CORPORATION | $400K | 0.01% |
| KOTAK SECURITIES LIMITED | $251K | 0.00% |
| UBS GROUP AG | $151K | 0.00% |
| THE GOLDMAN SACHS GROUP, INC. | $90K | 0.00% |
Vanguard FTSE All-World Ex-US Small-Cap 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 |
|---|---|---|---|
| VSS | ETF Shares | 0.06% | — |
| VFSNX | Institutional Shares | 0.08% | — |
| VFSAX | Admiral Shares | 0.16% | 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.