New style-based ETFs add flexibility to international equity allocations

Vanguard has launched two index ETFs designed to help advisors fine-tune growth and value style exposure within international equity allocations.

The new ETFs—Vanguard Developed Markets ex‑US Value Index ETF (VDV) and Vanguard Developed Markets ex‑US Growth Index ETF (VDG)—can serve as building blocks that complement broad international holdings while allowing for more precise style tilts and diversification.

VDV and VDG provide exposure to large‑ and mid‑cap stocks in developed markets outside the U.S., segmented by investment style: 

• VDV seeks to track the performance of the S&P Developed Ex‑U.S. LargeMidCap Value Index.
• VDG seeks to track the performance of the S&P Developed Ex‑U.S. LargeMidCap Growth Index.

The S&P indexes use a transparent, rules‑based, multifactor methodology to classify companies as value or growth across countries, resulting in clear, investable style benchmarks.

Each ETF is expected to have an expense ratio of 0.08%, placing them among the lowest cost ETFs in their respective peer groups. *

Built to add precision to international equity portfolios

Many advisors anchor their international exposure with broad developed markets strategies such as Vanguard FTSE Developed Markets ETF (VEA) paired with a dedicated emerging markets product such as Vanguard FTSE Emerging Markets ETF (VWO).  VDV and VDG build on that approach by enabling advisors to:

• Separate developed markets exposure by style.
• Tilt toward value or growth based on portfolio goals.
• Adjust developed markets allocations while keeping emerging markets exposure intact.

Managed by Vanguard’s experienced indexing team 

The new ETFs are advised by Global Equity Index Management, within Vanguard Capital Management. The team has decades of experience managing equity index strategies for investors worldwide.

VDV is managed by Jeffrey D. Miller, Christine Franquin, and John Kraynak, CFA, while VDG is managed by Jeffrey D. Miller, Christine Franquin, and Nicole Brubaker.

Explore the ETFs

View VDV details

View VDG details

* Source: Vanguard, using data from Morningstar, Inc. As of March 16, 2026, the asset-weighted average expense ratio was 0.38% for Morningstar’s US Fund Foreign Large Growth category and 0.30% for its US Fund Foreign Large Value category.

Important information

For more information about Vanguard funds or Vanguard ETFs, visit advisors.vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing. 

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.

All investing is subject to risk, including possible loss of principal.

Investments in stocks issued by non-U.S. companies are subject to risks including country/regional risk and currency risk. These risks are especially high in emerging markets.