I have a Voya 401k account from employer. I've been investing in four funds, three of which (I thought) are "Vanguard" funds.
The names are identical to Vanguard funds, but they aren't the same at all. A Voya rep today told me that the Voya funds have no ticker symbols, can't be tracked like the Vanguard funds, are not "actually" the Vanguard funds, and, yes, they have very different prices:
Voya's "0899 Vanguard 500 Index Fund Adm" is priced today at $15.59/sh. The "Vanguard 500 Index Fund, Admiral Shares" symbol VFIAX, is $253.81/sh today.
What the actual **** is this about? Is this common? I understand about different share classes, but this seems like Voya has created some derivative funds of Vanguard funds, and uses the EXACT same names as the Vanguard funds.
This seems strange, wrong, confusing, stupid, inexplicable, and...fraudulent? Or, is it just a nice -- Voya lets employees bypass the Vanguard minimums and accumulate a lot of "shares" by offering what are really fractional shares of the Vanguard funds? But why use the exact same names? The Voya fact sheet on the fund has this exact title: "Vanguard® 500 Index Fund - Admiral (TM) Shares." Yet my shares are worth $15, but every market says the "Vanguard" fund shares are $250.
So, to boil it down to one question: What is the meaning of Voya having a $15 share "Vanguard 500 Index Admiral" fund, which isn't actually the $253 a share Vanguard fund with the exact same name?