FTSE All-World ex-US ETF (VEU)

Also available as a 

mutual fund.

Indexed to FTSE All-World ex US Index

  Fact sheet (12/31/2013)

Summary of this fund

Vanguard FTSE All-World ex-US ETF seeks to track the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets around the world.

Investment approach

  • Seeks to track the performance of the FTSE All-World ex US Index.
  • Passively managed, using index sampling.
  • Fund remains fully invested.
  • Broad exposure across developed and emerging non-U.S. equity markets around the world.
  • Low expenses minimize net tracking error.

About the benchmark

  • The FTSE All-World ex US Index measures the investment return of stocks of companies located in developed and emerging markets around the world, excluding the United States.
  • Includes approximately 2,200 holdings in nearly 50 countries.

PRICE AND DISTRIBUTIONS

Price and distributions

as of 04/17/2014

Market price

The price at which a security trades in the secondary market. The market price is determined by the midpoint between the bid and asked prices as of the closing time of the New York Stock Exchange (typically 4 p.m., Eastern time) on business days.

Change $/%
$50.71
$0.24 positive change   0.48%
NAV

The market value of a mutual fund's total assets, minus liabilities, divided by the number of shares outstanding. The value of a single share is called its share value or share price.

Change $/%
$50.53
$0.20 positive change   0.40%
Dividend yield

The annual rate of return on a share of stock, determined by dividing the annual dividend by its current share price. In a stock mutual fund, this figure represents the average dividend yield of the stocks held by the fund.

2.84%

KEY FUND FACTS

Key fund facts

Expense ratio
0.15% as of 02/27/2014
Lipper peer average
expense ratio
1.36% as of 12/31/2013
Designation
International Large Blend
Inception on
03/02/2007
Total net assets

This represents the total net assets for all share classes of Vanguard's U.S. funds that share the same investment strategy, management and holdings, but does not include any collective trusts sharing the same investment mandate.

$21.3 billion as of 03/31/2014
Net assets for
VEU
 
$11.9 billion as of 03/31/2014
Holdings 
2,419 as of 03/31/2014
Management style
Index
Benchmark
FTSE All-World ex US Index (GPVAN2TR)
Turnover rate 
 8.40%(Fiscal year-end  10/31/2013)

TRADING

Trading

IOV:

Intraday Optimized Value Ticker
Intraday Optimized Value (IOV), also known as the Intraday Indicative Value (IIV), is the calculated per share price of the ETF which is published every 15 seconds based on the last sale price of each of the underlying securities in the portfolio basket, plus any estimated cash amounts associated with the creation unit.

VEU.IV
Outstanding shares:
236,141,841 as of 03/31/2014
ETF exchange:
NYSE Arca

STYLEBOX

Stylebox

Stock
Diversified index portfolio of non-U.S. stocks in developed and emerging equity markets.



Expected range
Central tendency

About our styleboxes  

Objective

Vanguard FTSE All-World ex-US ETF seeks to track the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets around the world.

Investment approach

  • Seeks to track the performance of the FTSE All-World ex US Index.
  • Passively managed, using index sampling.
  • Fund remains fully invested.
  • Broad exposure across developed and emerging non-U.S. equity markets around the world.
  • Low expenses minimize net tracking error.

About the benchmark

  • The FTSE All-World ex US Index measures the investment return of stocks of companies located in developed and emerging markets around the world, excluding the United States.
  • Includes approximately 2,200 holdings in nearly 50 countries.

Total returns

as of 03/31/2014

View as:

as of 03/31/2014

View as:
20%
15
10
5
0%
 
 
 
 
  YTD 1 year 5 year 10 year Since inception

03/02/2007

Market price  – 0.07% 12.27% 15.59% 2.66%
NAV 
0.40% 12.46% 15.67% 2.67%
Benchmark

FTSE All-World ex US Index

*
0.51% 12.50% 15.93%

* Tracks approximately 2,220 large- and mid-capitalization stocks in countries around the world, including both developed and emerging markets, but excluding the United States. The index is administered by FTSE. Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.


Regional exposure as of 03/31/2014

 as of 03/31/2014
  Region  VEU Benchmark

FTSE All-World ex US Index

+/- Weight
Europe 47.9% 47.9% 0.0%
Pacific 27.8% 27.9% – 0.1%
Emerging Markets 17.4% 17.3% 0.1%
North America 6.4% 6.4% 0.0%
Middle East 0.5% 0.5% 0.0%
0%
50%
Total 100.0% 100.0%  

Top 10 countries as of 03/31/2014

 as of 03/31/2014
Country Region VEU Benchmark

FTSE All-World ex US Index

+/- Weight
Japan Pacific 15.2% 15.2% 0.0%
United Kingdom Europe 15.1% 15.1% 0.0%
France Europe 7.0% 7.0% 0.0%
Germany Europe 6.7% 6.7% 0.0%
Switzerland Europe 6.6% 6.6% 0.0%
Canada North America 6.4% 6.4% 0.0%
Australia Pacific 5.8% 5.8% 0.0%
China Emerging Markets 3.7% 3.7% 0.0%
Korea Pacific 3.1% 3.1% 0.0%
Spain Europe 2.5% 2.5% 0.0%
Top 10 equals 72.1% of stock

Country diversification details  

Sector weightings as of 03/31/2014

as of 03/31/2014
  Sector  VEU Benchmark

FTSE All-World ex US Index

+/- Weight
Financials 26.5% 26.4% 0.1%
Consumer Goods 15.5% 15.6% – 0.1%
Industrials 13.1% 13.1% 0.0%
Basic Materials 8.5% 8.5% 0.0%
Oil & Gas 8.5% 8.5% 0.0%
Consumer Services 7.6% 7.6% 0.0%
Health Care 7.5% 7.5% 0.0%
Telecommunications 4.8% 4.8% 0.0%
Technology 4.4% 4.4% 0.0%
Utilities 3.6% 3.6% 0.0%
Other 0.0% 0.0% 0.0%
0%
30%
Total 100.0% 100.0%

Sector categories are based on the Industry Classification Benchmark system.

Top 10 holdings as of 03/31/2014

 as of 03/31/2014
Rank Holding
1 Nestle SA
2 Royal Dutch Shell plc
3 Roche Holding AG
4 Novartis AG
5 HSBC Holdings plc
6 BHP Billiton Ltd.
7 Toyota Motor Corp.
8 BP plc
9 Samsung Electronics Co. Ltd.
10 Total SA
Top 10 equals 9.5% of net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Holdings policy for this fund  

Fundamentals

Stockas of 03/31/2014 VEU Benchmark

FTSE All-World ex US Index

Number of stocks 2,419 2,313
Median market cap $32.6 billion $33.0 billion
P/E ratio 16.5x 16.2x
P/B ratio 1.7x 1.6x
Turnover rate 8.4% Fiscal year end 10/2013 N/A
% Emerging 17.40% 17.30%
% Developed 82.60% 82.70%

Risk and volatility as of 03/31/2014

as of 03/31/2014
  VEU Benchmark

FTSE All-World ex US Index

R-squared N/A 0.98
Beta N/A 1.00
Alpha 0.00 N/A
Standard deviation 17.19% 16.99%
Sharpe ratio 0.24 0.25

Risk and volatility are based on the share class with the earliest inception date.

Risk measures are calculated from trailing 36-month fund returns relative to the associated benchmarks.

An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. Although FTSE All-World ex-US ETFs are listed for trading on the NYSE Arca , it is possible that an active trading market may not be maintained. Trading of FTSE All-World ex-US ETFs on the NYSE Arca may be halted if NYSE Arca officials deem such action appropriate, if FTSE All-World ex-US ETFs are delisted from the NYSE Arca, or if the activation of marketwide “circuit breakers” halts stock trading generally. The fund’s performance could be hurt by:

  • Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund’s investments in foreign stock markets can be riskier than U.S. stock investments. The prices of foreign stocks and the prices of U.S. stocks have, at times, moved in opposite directions. In addition, the fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies.
  • Country/regional risk: The chance that world events—such as political upheaval, financial troubles, or natural disasters—will adversely affect the value of securities issued by companies in foreign countries or regions. Because the fund may invest a large portion of its assets in securities of companies located in any one country or region, its performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.
  • Emerging markets risk: The chance the stocks of companies located in emerging markets will be substantially more volatile, and substantially less liquid, than the stocks of companies located in more developed foreign markets.
  • Currency risk: The chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.




Vanguard ETF Shares can be bought and sold only through a broker (who may charge a commission) and cannot be redeemed with the issuing fund. The market price of Vanguard ETF Shares may be more or less than net asset value. Investments are subject to market risk. Go to the performance page to read more about risk and volatility.

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