Vanguard Small-Cap Index Fund Admiral Shares
VSMAX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- PO Box 2600 Valley Forge PA United States of America 19482
- IPO Date
- Nov 13, 2000
- CIK
- 0000036405
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) is an open-end mutual fund managed by The Vanguard Group, Inc. that employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Index, a broadly diversified index measuring the investment return of small-capitalization U.S. stocks. The fund invests all or substantially all of its assets in the common stocks included in the index, holding each stock in approximately the same proportion as its weighting in the index; it provides exposure to approximately 1,352 small-cap U.S. companies across diversified sectors including industrials, healthcare, financials, and consumer discretionary, with market-cap weighting that emphasizes larger small-caps and includes some mid-cap names for reduced volatility. VSMAX features a low adjusted expense ratio of 0.05%, a minimum initial investment of $3,000, and serves institutional and long-term retail investors seeking broad small-blend equity diversification. Operated within the small-blend category of U.S. equity mutual funds, the fund targets investors interested in capturing the growth potential and higher volatility of small-cap stocks while benefiting from low turnover of around 13% and float-adjusted market-cap weighting that promotes diversification and cost efficiency. Geographically, VSMAX focuses exclusively on U.S.-domiciled companies meeting the index's criteria, such as market caps generally in the bottom 85%-98% of the U.S. equity market (filtered for liquidity above USD 15 million and float ratios over 12.5%). Launched on November 13, 2000, with Admiral Shares inception on that date, the fund is headquartered at 100 Vanguard Blvd., Malvern, Pennsylvania 19355, under the management of Vanguard's indexing team supported by global trading and risk-management resources. Recent developments at Vanguard, the fund's sponsor, include its largest fee reductions in early 2025 costing an estimated USD 350 million, the establishment of a dedicated advice and wealth management division, and continued robust asset inflows rivaling BlackRock. In September 2025, Vanguard expanded its fixed-income offerings with the launch of the actively managed Vanguard Short Duration Bond ETF (VSDB). Additionally, Vanguard announced plans in August 2025 to introduce its first actively managed U.S. stock-picking ETFs, signaling a strategic shift toward select active products while maintaining its passive indexing dominance exemplified by funds like VSMAX.