Vanguard Small Cap Index Fund expenses

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Vanguard Small Cap Index Fund expenses examines the history of the fund's measurable expenses: the management fees[note 1] and the commission ratio, which measures the cost of fund brokerage commission expense. The fund, initially beginning (10/03/1960 inception date) as the Naess & Thomas Small Growth Fund, was converted to a small cap index fund tracking the Russell 2000 index in September 1989.


Expense Ratios and Turnover [1]
Year Investor ER Admiral ER
[note 2]
ETF ER Turnover Fund CR%
[note 3][note 4]
Benchmark tracker
[note 5]
2016 0.18% 0.06% 0.06% 14% xxx CRSP Indexes logo.png
2015 0.20% 0.08% 0.07% 11% 0.004 CRSP Indexes logo.png
2014 0.23% 0.09% 0.09% 10% 0.003 CRSP Indexes logo.png
2013 0.24% 0.09% 0.09% 29% 0.012 Transition
2012 0.24% 0.10% 0.10% 14% 0.005 MSCI logo.jpg
2011 0.24% 0.10% 0.10% 17% 0.007 MSCI logo.jpg
2010 0.26% 0.12% 0.12% 12% 0.008 MSCI logo.jpg
2009 0.28% 0.14% 0.14% 14% 0.015 MSCI logo.jpg
2008 0.23% 0.12% 0.10% 14% 0.010 MSCI logo.jpg
2007 0.22% 0.11% 0.10% 16% 0.009 MSCI logo.jpg
2006 0.23% 0.13% 0.10% 13% 0.015 MSCI logo.jpg
2005 0.23% 0.13% 0.10% 18% 0.017 MSCI logo.jpg
2004 0.23% 0.13% 0.18% 19% 0.025 MSCI logo.jpg
2003 0.27% 0.18% 39% 0.044 Transition
2002 0.27% 0.18% 32% 0.048 Russelllogo.jpg
2001 0.27% 0.20% 39% 0.039 Russelllogo.jpg
2000 0.27% 0.20% 49% 0.077 Russelllogo.jpg
1999 0.25% 42% 0.079 Russelllogo.jpg
1998 0.24% 35% Russelllogo.jpg
1997 0.23% 29% Russelllogo.jpg
1996 0.25% 28% Russelllogo.jpg
1995 0.28% 30% Russelllogo.jpg
1994 0.18% 26% Russelllogo.jpg
1993 0.18% 26% Russelllogo.jpg
1992 0.18% 33% Russelllogo.jpg
1991 0.21% 40% Russelllogo.jpg
1990 0.31% 28% Russelllogo.jpg

Transaction fee history

  • From conversion (September 1989) through 1996, the fund imposed a 1.00% transaction fee on purchases.
  • From 1997 through March 31, 2000, the fund imposed a 0.50% transaction fee on purchases.

Notes

  1. Chart:Expense ratio

    google drive spreadsheet
  2. On October 6, 2010 Vanguard reduced the minimum requirements for Admiral Shares to $10,000. Vanguard lowers the cost of investing again
  3. The Fund CR (Commission Ratio) is derived by dividing the brokerage commissions paid by the fund into a fund's average net assets. 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. See table for data, derived from annual reports and EDGAR NSAR filings:
    Passive table

    (View Google Spreadsheet in browser, then File --> Download as to download the file.)
  4. From the 2013 SAI: Portfolio rebalancing in response to the benchmark index change for the Fund resulted in an increase in brokerage commissions for the Fund during the fiscal year ended December 31, 2013.
  5. The fund has tracked three indexes in its history:
    • Russell 2000 Index through May 16, 2003.
    • MSCI US Small Cap 1750 Index from May 17, 2003 through January 30, 2013.
    • CRSP US Small Cap Index thereafter.

References