VWO Fees and Costs — Vanguard Emerging Markets Stock 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 $7.8M in broker commissions, 0.0065% of average net assets, and portfolio turnover was 6%.
VWO Fees and Expenses
Annual operating expenses and sales charges of VWO. 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 |
VWO Costs Over Time
On $10,000 invested in VWO, assuming 5% a year before costs, total costs come to $42 over 5 years, cutting the return by 0.07% 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 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $1 | $4 |
| Total costs | $7 | $23 | $42 |
| Value after costs | $10,493 | $11,553 | $12,720 |
| Impact on return, per year | 0.07% | 0.07% | 0.07% |
VWO 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): 0.0065%
- Total broker commissions: $7.8M
- Bought from dealers (principal trades, not a cost): $12.7B
- Portfolio turnover (prospectus): 6%
- Securities on loan, average value: $1.4B
- Net income from securities lending: $62.3M (0.052% of average net assets)
VWO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE & CO. | $1.4M | 19.78% |
| THE GOLDMAN SACHS GROUP, INC. | $1.1M | 15.60% |
| MORGAN STANLEY | $1.0M | 14.88% |
| JEFFERIES FINANCIAL GROUP INC. | $845K | 12.02% |
| BANK OF AMERICA CORPORATION | $793K | 11.30% |
| UBS GROUP AG | $557K | 7.93% |
| CITIGROUP INC. | $527K | 7.50% |
| CITIC Limited | $283K | 4.04% |
| HSBC HOLDINGS PLC | $266K | 3.78% |
| Nomura Holdings, Inc. | $223K | 3.17% |
VWO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $12.7B | 99.61% |
| BANK OF AMERICA CORPORATION | $21.1M | 0.17% |
| JPMORGAN CHASE & CO. | $13.2M | 0.10% |
| HSBC HOLDINGS PLC | $12.7M | 0.10% |
| JEFFERIES FINANCIAL GROUP INC. | $1.5M | 0.01% |
| KOTAK SECURITIES LIMITED | $940K | 0.01% |
| Nomura Holdings, Inc. | $262K | 0.00% |
| DBS VICKERS SECURITIES (SINGAPORE) PTE LTD | $5 | 0.00% |
| ICICI Securities Limited | $4 | 0.00% |
| Banco BTG Pactual S.A. | $0 | 0.00% |
Vanguard Emerging Markets 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 |
|---|---|---|---|
| VEMRX | Institutional Plus Shares | 0.05% | — |
| VEMIX | Institutional Shares | 0.06% | — |
| VWO | ETF Shares | 0.06% | — |
| VEMAX | Admiral Shares | 0.13% | none |
| VEIEX | Investor Shares | 0.29% | 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.