Vanguard Extended Market Index Fund Admiral Shares
Figures last verified October 31, 2026
Tracks the S&P Completion Index — the entire US market except the S&P 500.
VEXAX is a tool, not a thesis. It holds everything in the US market that isn't in the S&P 500 — thousands of mid and small caps — specifically so investors whose 401(k) only offers an S&P 500 fund can rebuild total-market exposure. The standard recipe is roughly 85% S&P 500 fund, 15% extended market, rebalanced occasionally; the result tracks VTSAX almost perfectly.
As a standalone holding it's a bet against mega caps, which is a legitimate view but a spicier one than most owners realize. Used as designed — the completion piece of a two-fund total market — it's one of the most quietly useful funds Vanguard runs, and at 0.06% the price of completeness is negligible.
Completing an S&P 500 fund into total-market coverage.
VEXAX alternatives & comparable funds
If you’re weighing VEXAX against the field, these are the funds most investors line it up against — same job, different provider, slightly different terms.
| Fund | Family | Expense Ratio | Minimum |
|---|---|---|---|
| VEXAX — Vanguard Extended Market I… | Vanguard | 0.06% | $3,000 |
| FSMAX — Fidelity Extended Market Index Fund | Fidelity | 0.035% | $0 |
| VIMAX — Vanguard Mid-Cap Index Fun… | Vanguard | 0.05% | $3,000 |
| VSMAX — Vanguard Small-Cap Index F… | Vanguard | 0.05% | $3,000 |
Frequently asked questions
What is the expense ratio of VEXAX?
VEXAX (Vanguard Extended Market Index Fund Admiral Shares) has an expense ratio of 0.06%, which works out to roughly $6 per year for every $10,000 invested. That is very low by industry standards, where the average fund still charges well over 0.40%.
What is the minimum investment for VEXAX?
VEXAX requires a minimum initial investment of $3,000.
What does VEXAX invest in?
Tracks the S&P Completion Index — the entire US market except the S&P 500. It falls in the mid cap category and is an index fund.
What are good alternatives to VEXAX?
The funds most often compared with VEXAX are FSMAX, VIMAX, VSMAX — broadly similar exposure from different providers, with small differences in fee, minimum, and portability that usually come down to which brokerage holds your account.
Expense ratio and minimum for VEXAX drawn from Vanguard fund documentation; last verified October 31, 2026. Figures change — confirm against the official prospectus before investing. This review is editorial opinion, not investment advice.