VTWAX Fees and Costs — Vanguard Total World Stock Index Fund, Admiral Shares
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. In fiscal 2025 the fund paid $1.2M in broker commissions, 0.0020% of average net assets, and portfolio turnover was 3%.
VTWAX Fees and Expenses
Annual operating expenses and sales charges of VTWAX. 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 | 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 |
VTWAX Costs Over Time
On $10,000 invested in VTWAX, assuming 5% a year before costs, total costs come to $59 over 5 years, cutting the return by 0.10% 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 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $1 | $5 |
| Total costs | $10 | $32 | $59 |
| Value after costs | $10,490 | $11,544 | $12,704 |
| Impact on return, per year | 0.10% | 0.10% | 0.10% |
VTWAX 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): 0.0020%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $8.3B
- Portfolio turnover (prospectus): 3%
- Securities on loan, average value: $182.9M
- Net income from securities lending: $7.4M (0.012% of average net assets)
VTWAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE & CO. | $243K | 23.12% |
| THE GOLDMAN SACHS GROUP, INC. | $147K | 13.94% |
| MORGAN STANLEY | $139K | 13.23% |
| BANK OF AMERICA CORPORATION | $124K | 11.82% |
| CITIGROUP INC. | $123K | 11.69% |
| JEFFERIES FINANCIAL GROUP INC. | $96K | 9.13% |
| UBS GROUP AG | $72K | 6.80% |
| Nomura Holdings, Inc. | $51K | 4.86% |
| BARCLAYS PLC | $34K | 3.21% |
| BNP PARIBAS | $23K | 2.21% |
VTWAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $8.3B | 99.57% |
| JPMORGAN CHASE & CO. | $14.7M | 0.18% |
| THE GOLDMAN SACHS GROUP, INC. | $8.2M | 0.10% |
| MORGAN STANLEY | $6.3M | 0.08% |
| BANK OF AMERICA CORPORATION | $2.3M | 0.03% |
| UBS GROUP AG | $1.9M | 0.02% |
| CITIGROUP INC. | $998K | 0.01% |
| MACQUARIE GROUP LIMITED | $570K | 0.01% |
| JEFFERIES FINANCIAL GROUP INC. | $457K | 0.01% |
| HSBC HOLDINGS PLC | $452K | 0.01% |
Vanguard Total World Stock 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 |
|---|---|---|---|
| VT | ETF Shares | 0.06% | — |
| VTWIX | Institutional Shares | 0.07% | none |
| VTWAX | Admiral Shares | 0.09% | 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.