Vanguard Emerging Market Expense Ratios

From Bogleheads

Vanguard Emerging Markets Stock Index Fund Expense Ratios and Turnover

Year	Investor ER	Admiral ER	ETF ER	Turnover	Fund CR
2008	0.32	0.20	0.20	20%	xxx
2007	0.37	0.25	0.25	9%	0.050
2006	0.42	0.30	0.30	26%	0.131
2005	0.45	0.30	0.30	15%	0.152
2004	0.48	-	-	11%	0.156
2003	0.53	-	-	16%	0.154
2002	0.57	-	-	65%	0.400
2001	0.60	-	-	23%	0.171
2000	0.59	-	-	40%	0.262
1999	0.58	-	-	22%	0.213
1998	0.61	-	-	22%	0.160
1997	0.57	-	-	19%	0.314
1996	0.60	-	-	1%	-
1995	0.60	-	-	3%	-
1994	0.60	-	-	6%	-

Transaction Fee History

• 2.0% purchase fee; 1.0% redemption fee from 1994 through 1/1/1997
• 1.5% purchase fee from 1/1/1997 through 11/2/1997; 1.0% redemption fee
• 1.0% purchase fee from 11/3/1997 through 3/31/2000; 1.0% redemption fee
• 0.50% purchase fee from 4/1/2000 through 06/26/2008; 0.5% redemption fee
• 0.25% purchase fee from 06/26/2008; 0.25% redemption fee
• 0.50% purchase fee from 10/30/09; 0.25% redemption fee

Notes

• The Fund CR (Commission Ratio) is derived by dividing the brokerage commissions paid by the fund into a fund's approximate average net assets (three data points derived from annual and semiannual reports). An exact ratio requires all twelve monthly data points. Since these data points are not readily available, the approximation must suffice. Brokerage commission expense is the only transaction expense that can be quantified. Additional transaction costs, such as spread costs and market impact costs, must be estimated. Vanguard provides only aggregate, not individual, international index fund brokerage commission expense prior to 1997.
• The fund's higher than average turnover in fiscal year 2002 was due to a reformulation of the MSCI international indexes.
• On October 20, 2009, Brazil, the second-largest market in which the Emerging Markets Stock Index Fund invests, introduced a tax on the country's equity and fixed-income securities. Vanguard raised its purchase fee to 0.50% to offset this increase in transaction costs.

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