What is an expense ratio? | Vanguard Charitable

What is an expense ratio?

An expense ratio is a fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. 

 

The expense ratio includes management and administrative expenses, but it does not include the transaction costs of buying and selling portfolio securities. Vanguard Charitable is able to offer a direct pass-through of Vanguard expense ratios and does not add additional fees for investing. 

 

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