Global ex-U.S. Real Estate ETF (VNQI)

Also available as a 

mutual fund.

Indexed to S&P Global ex U.S. Property Index

  Fact sheet (12/31/2017)

Summary of this fund

Vanguard Global ex-U.S. Real Estate ETF seeks to track the performance of a benchmark index that measures the investment return of international real estate stocks.

Investment approach

  • Seeks to track the performance of the S&P Global ex-U.S. Property Index.
  • Equity real estate investment trusts and operating companies.
  • Passively managed, full-replication approach.
  • Market-capitalization–weighted.
  • Low expenses minimize net tracking error.

About the benchmark

  • The S&P Global ex-U.S. Property Index is a free-float-adjusted, market-capitalization-weighted index that measures the equity market performance of international real estate stocks in both developed and emerging markets.
  • The index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs) and real estate operating companies (known as REOCs).
  • The index includes holdings from approximately 35 countries and consists of companies that derive more than 60% their revenue from real-estate related activities.

PRICE AND DISTRIBUTIONS

Price and distributions

as of 02/23/2018

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 $/%
$60.69
$0.74 positive change   1.23%

For funds with a fluctuating price per share, the net asset value (NAV) is 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.

For money market funds that seek to maintain a stable price per share, the NAV is calculated by valuing securities at amortized cost, which approximates market value.

Change $/%
$60.84
$0.92 positive change   1.54%

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.

3.24%

KEY FUND FACTS

Key fund facts

Expense ratio
0.14% as of 02/23/2018
Lipper peer average
expense ratio
1.363% as of 12/31/2016
Designation
International World Stock
Inception on
11/01/2010

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.

$7.0 billion as of 01/31/2018
Net assets for
VNQI
 
$6.2 billion as of 01/31/2018
Holdings 
641 as of 01/31/2018
Management style
Index
Benchmark
S&P Global ex U.S. Property Index (SPBMGUUN)
Turnover rate 
 6.40%(Fiscal year-end  10/31/2017)
CUSIP
922042676

TRADING

Trading

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.

VNQI.IV
Outstanding shares:
97,088,201 as of 01/31/2018
ETF exchange:
NASDAQ Stock Exchange

Objective

Vanguard Global ex-U.S. Real Estate ETF seeks to track the performance of a benchmark index that measures the investment return of international real estate stocks.

Investment approach

  • Seeks to track the performance of the S&P Global ex-U.S. Property Index.
  • Equity real estate investment trusts and operating companies.
  • Passively managed, full-replication approach.
  • Market-capitalization–weighted.
  • Low expenses minimize net tracking error.

About the benchmark

  • The S&P Global ex-U.S. Property Index is a free-float-adjusted, market-capitalization-weighted index that measures the equity market performance of international real estate stocks in both developed and emerging markets.
  • The index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs) and real estate operating companies (known as REOCs).
  • The index includes holdings from approximately 35 countries and consists of companies that derive more than 60% their revenue from real-estate related activities.

Total returns

as of 12/31/2017

View as:

as of 12/31/2017

View as:
30%
20
10
0%
 
 
 
 
  YTD 1 year 5 year 10 year Since

11/01/2010

Market price  27.02% 27.02% 5.90% 6.85%
NAV 
26.52% 26.52% 6.14% 6.93%

S&P Global ex U.S. Property Index

*
25.86% 25.86% 5.93%

* Measures the equity market performance of international real estate stocks in both developed and emerging markets.

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 01/31/2018

 as of 01/31/2018
  Region  VNQI

S&P Global ex U.S. Property Index

+/- Weight
Europe 24.3% 24.3% 0.0%
Pacific 48.7% 48.9% – 0.2%
Emerging Markets 23.2% 23.0% 0.2%
North America 2.3% 2.3% 0.0%
Middle East 0.9% 0.9% 0.0%
Other 0.6% 0.6% 0.0%
0%
50%
Total 100.0% 100.0%  

Top 10 countries as of 01/31/2018

 as of 01/31/2018
Country Region VNQI

S&P Global ex U.S. Property Index

+/- Weight
Japan Pacific 21.0% 21.1% – 0.1%
Hong Kong Pacific 12.9% 13.0% – 0.1%
China Emerging Markets 11.8% 11.5% 0.3%
Australia Pacific 8.8% 8.9% – 0.1%
United Kingdom Europe 6.5% 6.5% 0.0%
Singapore Pacific 5.5% 5.5% 0.0%
Germany Europe 5.4% 5.4% 0.0%
France Europe 5.1% 5.1% 0.0%
South Africa Emerging Markets 2.7% 2.7% 0.0%
Canada North America 2.3% 2.3% 0.0%
Top 10 equals 82.0% of stock

Country diversification details  

Top subsectors as of 01/31/2018

Subindustry VNQI

S&P Global ex U.S. Property Index

+/- Weight
Diversified Real Estate Activites 21.7% 21.9% – 0.2%
Real Estate Development 18.4% 18.4% 0.0%
Real Estate Operating Companies 16.9% 17.1% – 0.2%
Retail REITs 14.4% 14.5% – 0.1%
Diversified REITs 12.3% 12.4% – 0.1%
Office REITs 6.8% 6.9% – 0.1%
Industrial REITs 4.7% 4.8% – 0.1%
Residential REITs 1.8% 1.8% 0.0%
Hotel & Resort REITs 0.9% 0.9% 0.0%
Health Care REITs 0.7% 0.7% 0.0%
Top sectors equal 98.6% of stock  

Sector categories are based on the Global Industry Classification Standard, except for the "Other" category (if applicable), which includes securities that have not been provided a Global Industry Classification Standard as of the effective reporting period.

Top 10 holdings as of 01/31/2018

 as of 01/31/2018
Rank Holding
1 Sun Hung Kai Properties Ltd.
2 Mitsubishi Estate Co. Ltd.
3 Daiwa House Industry Co. Ltd.
4 Mitsui Fudosan Co. Ltd.
5 Unibail-Rodamco SE
6 CK Asset Holdings Ltd.
7 Vonovia SE
8 Link REIT
9 Sumitomo Realty & Development Co. Ltd.
10 Scentre Group
Top 10 equals 19.9% of net assets

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

Holdings policy for this fund  

Fundamentals

Equityas of 01/31/2018 VNQI

S&P Global ex U.S. Property Index

Number of equity 641 604
Median market cap $7.3 billion $7.3 billion
P/E ratio 10.8x 10.7x
P/B ratio 1.2x 1.2x
Turnover rate 6.4% Fiscal year end 10/2017 N/A
% Emerging 23.20% 23.00%
% Developed 76.80% 77.00%

Risk and volatility as of 01/31/2018

as of 01/31/2018
  VNQI

S&P Global ex U.S. Property Index

R-squared N/A 0.99
Beta N/A 0.95
Alpha 0.08 N/A
Standard deviation 11.65% 12.20%
Sharpe ratio 0.76 0.68

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 Global ex-U.S. Real Estate ETF is listed for trading on the Nasdaq, it is possible that an active trading market may not be maintained. Trading of Global ex-U.S. Real Estate  ETF  on the Nasdaq may be halted if Nasdaq officials deem such action appropriate, if Global ex-U.S. Real Estate  ETF is delisted from the Nasdaq, or if the activation of marketwide “circuit breakers” halts stock trading generally. The fund’s performance could be hurt by:

  • Industry concentration risk: The chance that real estate stocks will decline because of adverse developments affecting the real estate industry and real property values. Because the fund concentrates its assets in real estate stocks, industry concentration risk is high.
  • Investment style risk: The chance that the returns from real estate securities—which frequently are small- or mid-capitalization stocks—will trail returns from the overall stock market. Historically, real estate securities have performed quite differently from the overall market.
  • Nondiversification risk: The chance that the fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks or even a single stock. The fund is considered nondiversified, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with other mutual funds.
  • Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The fund’s investments in foreign stocks can be riskier than U.S. stock investments. Foreign stocks tend to be more volatile and less liquid than U.S. stocks. The prices of foreign stocks and the prices of U.S. stocks may move in opposite directions.
  • Asset concentration risk: The chance that the fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks. The fund tends to invest a high percentage of assets in its ten largest holdings.
  • 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.
  • 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 are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.