VTEL Fees and Costs — Vanguard Long-Term Tax-Exempt Bond ETF
Data updated: 2026-09-28
The net expense ratio is 0.09%: a 0.08% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 5%.
VTEL Fees and Expenses
Annual operating expenses and sales charges of VTEL. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.08% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.09% |
| Fee waiver | — |
| Net expense ratio | 0.09% |
| 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 |
VTEL Costs Over Time
On $10,000 invested in VTEL, assuming 5% a year before costs, total costs come to $57 over 5 years, cutting the return by 0.09% 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 0.09%) | $9 | $30 | $52 |
| Lost growth on money paid in costs | $0 | $1 | $5 |
| Total costs | $9 | $31 | $57 |
| Value after costs | $10,491 | $11,545 | $12,705 |
| Impact on return, per year | 0.09% | 0.09% | 0.09% |
VTEL 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): $125.2M
- Portfolio turnover (prospectus): 5%
- Securities lending: none during the year
VTEL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $17.7M | 16.57% |
| INTERCONTINENTAL EXCHANGE, INC. | $17.5M | 16.32% |
| THE BANK OF NEW YORK MELLON CORPORATION | $17.4M | 16.30% |
| MORGAN STANLEY | $14.0M | 13.08% |
| THE GOLDMAN SACHS GROUP, INC. | $11.4M | 10.64% |
| WELLS FARGO & COMPANY | $8.7M | 8.12% |
| BANK OF AMERICA CORPORATION | $6.7M | 6.27% |
| JPMORGAN CHASE & CO. | $5.6M | 5.27% |
| DEUTSCHE BANK AKTIENGESELLSCHAFT | $4.0M | 3.74% |
| Royal Bank of Canada | $3.9M | 3.69% |
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.