VTSIX Fees and Costs — Vanguard Tax-Managed Small-Cap Fund, Institutional Shares
Data updated: 2026-08-28
The net expense ratio is 0.03%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.1M in broker commissions, 0.0126% of average net assets, and portfolio turnover was 18%.
VTSIX Fees and Expenses
Annual operating expenses and sales charges of VTSIX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.03% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.03% |
| Fee waiver | — |
| Net expense ratio | 0.03% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VTSIX Costs Over Time
On $10,000 invested in VTSIX, assuming 5% a year before costs, total costs come to $27 over 5 years, cutting the return by 0.04% 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 0.03%) | $3 | $10 | $17 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $1 | $2 |
| Total costs | $4 | $15 | $27 |
| Value after costs | $10,496 | $11,561 | $12,736 |
| Impact on return, per year | 0.04% | 0.04% | 0.04% |
VTSIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0126%
- Total broker commissions: $1.1M
- Bought from dealers (principal trades, not a cost): $1.9B
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
VTSIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Piper Sandler & Co. | $328K | 31.10% |
| BARCLAYS PLC | $275K | 26.07% |
| BANK OF AMERICA CORPORATION | $147K | 13.94% |
| CITIGROUP INC. | $69K | 6.57% |
| MORGAN STANLEY | $57K | 5.40% |
| Mizuho Financial Group, Inc. | $53K | 5.02% |
| THE GOLDMAN SACHS GROUP, INC. | $33K | 3.11% |
| CITADEL SECURITIES LP | $31K | 2.94% |
| WELLS FARGO & COMPANY | $31K | 2.93% |
| Academy Securities, Inc. | $31K | 2.93% |
VTSIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $1.8B | 99.48% |
| JPMORGAN CHASE & CO. | $3.9M | 0.21% |
| BANK OF AMERICA CORPORATION | $3.0M | 0.16% |
| THE GOLDMAN SACHS GROUP, INC. | $2.4M | 0.13% |
| Leerink Partners LLC | $388K | 0.02% |
Vanguard Tax-Managed Small-Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VTSIX | Institutional Shares | 0.03% | none |
| VTMSX | Admiral Shares | 0.05% | 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.