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VEU Vanguard FTSE All-World ex-US ETF

Also available as an Admiral™ Shares mutual fund.

Management style

Index

Asset class

International/Global Stock

Category

Foreign Large Blend

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 5

Less

More

End of Risk Scale.

Expense ratio

0.04%

as of 02/03/2025

Market price (MP)

$61.67

as of 02/20/2025

NAV price

$61.57

as of 02/20/2025

Overview

Key facts

IOV ticker symbol

VEU.IV

CUSIP

922042775

Management style

Index

Asset class

International/Global Stock

Category

Foreign Large Blend

Inception date

03/02/2007

Fund Number

0991

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 5

Less

More

End of Risk Scale.
Price

Minimum Investment

$1.00

as of 02/20/2025

Market price

$61.67

as of 02/20/2025

Market price change

increased$0.36 (0.59%)

as of 02/20/2025

Expense Ratio

0.04%

as of 02/03/2025

NAV Price

$61.57

as of 02/20/2025

NAV Change

increased$0.28 (0.46%)

as of 02/20/2025

Performance

YTD returns (MP)

7.42%

as of 02/20/2025

YTD returns (NAV)

7.32%

as of 02/20/2025

Product summary
  • Seeks to track the performance of the FTSE All-World ex US Index.
  • Provides a convenient way to get broad exposure across developed and emerging non-U.S. equity markets around the world.
  • Passively managed, using index sampling.
Fund management

Vanguard Equity Index Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 01/31/2025

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

03/02/2007

VEU (Market price)3.41%0.34%3.41%11.00%3.02%5.86%5.51%3.84%
VEU (NAV)
3.61%0.68%3.61%11.11%3.09%5.88%5.50%3.86%

Benchmark

3.78%0.95%3.78%10.91%3.70%5.90%5.57%3.99%
Market Price/Nav Toggle

as of 12/31/2024

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

2025
20244.86%0.77%7.86%-7.38%5.56% 5.80%
20236.88%2.89%-4.13%9.92%15.88% 15.82%
2022-5.86%-12.26%-10.75%14.49%-15.60% -15.49%
20214.22%5.33%-3.27%1.97%8.27% 8.36%
2020-23.53%16.76%6.68%16.59%11.06% 11.22%
201910.44%2.87%-1.52%8.97%21.92% 21.81%
2018-0.33%-3.50%0.89%-11.57%-14.19% -14.13%
20178.61%5.74%5.93%4.70%27.37% 27.11%
2016-0.18%0.52%6.61%-1.90%4.94% 4.80%
20154.32%0.77%-11.68%2.58%-4.76% -4.72%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Total return by Market Price

Benchmark

20242.15% 3.31%5.46% 5.56%5.80%
202311.76% 3.88%15.64% 15.88%15.82%
2022-18.05% 2.59%-15.46% -15.60%-15.49%
20214.87% 3.28%8.16% 8.27%8.36%
20208.84% 2.55%11.39% 11.06%11.22%
201917.73% 3.90%21.63% 21.92%21.81%
2018-16.49% 2.52%-13.97% -14.19%-14.13%
201723.70% 3.54%27.24% 27.37%27.11%
20161.66% 3.14%4.79% 4.94%4.80%
2015-7.26% 2.58%-4.67% -4.76%-4.72%
2014-7.15% 3.11%-4.05% -4.56%-3.31%
201311.19% 3.30%14.50% 14.27%15.31%
201215.03% 3.51%18.55% 18.72%17.48%
2011-17.16% 2.91%-14.25% -14.03%-13.76%
20109.47% 2.38%11.85% 11.93%11.65%

as of 01/31/2025

1-yr3-yr5-yr10-yr

Since inception

03/02/2007

VEU (Market price)11.00%9.34%32.95%70.92%96.58%
VEU (NAV)11.11% 9.57%33.05% 70.77% 97.10%

Benchmark

10.91%11.53%33.16%71.91%

Expense ratio

VEU

0.04%

Average expense ratio of similar funds3

0.87%

Historical volatility measures
as of 01/31/2025
BenchmarkR-Squared4Beta4
FTSE All-World ex US Index20.981.04
FTSE Global All Cap ex US Index0.981.04

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that 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. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.

Price

Current market price

Current price as of Fri Feb 21 16:11:01GMT+0 2025

Market price change

decreased-$0.05 (-0.07%)

Open

$61.80

High

$61.84

Low

$61.56

Bid/Ask spread

$0.01 (0.02%)

Volume

367,511

Size

70 X 10

Tick

DOWN

Quotes delayed at least 15 minutes. Source: FactSet.

Closing price

Closing price as of 02/20/2025

Market price change

increased$0.36 (0.59%)

NAV

$61.57

NAV change

increased$0.28 (0.46%)

30-day Median Bid/Ask spread

0.02%

52-week High

$63.59

as of 09/26/2024

52-week Low

$56.12

as of 04/19/2024

52-week Difference

$7.47 (13.31%)

Premium/Discount

$0.10

25-day Avg Volume

2,928,507.36

50-day Avg Volume

3,066,102.14

Historical prices
Chart/Table Toggle
NameDateNAV
VEU 02/20/2025
$61.57

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Characteristics

as of 01/31/2025

FundamentalVEU
Benchmark
Number of stocks 3835 3701
Median market cap $46.9 B $46.9 B
Earnings growth rate 13.6% 13.6%
Short-term reserves
P/E ratio 16.0x 16.0x
P/B ratio 1.9x 1.9x
Turnover rate (Fiscal Year-end 10/31/2024) 4.8%
Return on equity 12.4% 12.4%
Foreign holdings 98.9%
Fund total net assets as of 01/31/2025 $57.9 B
Share class total net assets $38.8 B
Weighted exposures

as of 01/31/2025

26.80%Emerging Markets
RegionsVEUEmerging Markets 26.80%Europe 40.10%Pacific 25.90%Middle East 0.50%North America 6.70%Other 0.00%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Holding details

as of 01/31/2025

Ticker Holdings CUSIP SEDOL % of fundShares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 6889106 2.75 % 48,428,873 $1,616,220,909
700 Tencent Holdings Ltd. G87572163 BMMV2K8 1.12 % 12,489,904 $657,158,574
SAP SAP SE D66992104 4846288 1.04 % 2,212,451 $609,694,261
ASML ASML Holding NV N07059202 B929F46 1.00 % 793,585 $587,064,889
NOVO B Novo Nordisk A/S Class B BP6KMJ1 0.89 % 6,230,936 $526,044,298
7203 Toyota Motor Corp. 6900643 0.75 % 23,342,835 $442,802,127
NESN Nestle SA H57312649 7123870 0.75 % 5,188,982 $440,755,367
ROG Roche Holding AG H69293217 7110388 0.75 % 1,396,046 $438,877,358
AZN AstraZeneca plc 0989529 0.72 % 3,021,798 $424,186,584
NOVN Novartis AG H5820Q150 7103065 0.72 % 4,032,578 $422,117,199
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
G87572163
D66992104
N07059202
H57312649
H69293217
H5820Q150
Ticker Description Shares
2330
700
SAP
ASML
NOVO B
7203
NESN
ROG
AZN
NOVN
Ticker Holdings CUSIP SEDOL % of fundShares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 6889106 2.75 % 48,428,873 $1,616,220,909
700 Tencent Holdings Ltd. G87572163 BMMV2K8 1.12 % 12,489,904 $657,158,574
SAP SAP SE D66992104 4846288 1.04 % 2,212,451 $609,694,261
ASML ASML Holding NV N07059202 B929F46 1.00 % 793,585 $587,064,889
NOVO B Novo Nordisk A/S Class B BP6KMJ1 0.89 % 6,230,936 $526,044,298
7203 Toyota Motor Corp. 6900643 0.75 % 23,342,835 $442,802,127
NESN Nestle SA H57312649 7123870 0.75 % 5,188,982 $440,755,367
ROG Roche Holding AG H69293217 7110388 0.75 % 1,396,046 $438,877,358
AZN AstraZeneca plc 0989529 0.72 % 3,021,798 $424,186,584
NOVN Novartis AG H5820Q150 7103065 0.72 % 4,032,578 $422,117,199
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
G87572163
D66992104
N07059202
H57312649
H69293217
H5820Q150
Ticker Description Shares
2330
700
SAP
ASML
NOVO B
7203
NESN
ROG
AZN
NOVN
Ticker Holdings CUSIP SEDOL % of fundShares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 6889106 2.75 % 48,428,873 $1,616,220,909
700 Tencent Holdings Ltd. G87572163 BMMV2K8 1.12 % 12,489,904 $657,158,574
SAP SAP SE D66992104 4846288 1.04 % 2,212,451 $609,694,261
ASML ASML Holding NV N07059202 B929F46 1.00 % 793,585 $587,064,889
NOVO B Novo Nordisk A/S Class B BP6KMJ1 0.89 % 6,230,936 $526,044,298
7203 Toyota Motor Corp. 6900643 0.75 % 23,342,835 $442,802,127
NESN Nestle SA H57312649 7123870 0.75 % 5,188,982 $440,755,367
ROG Roche Holding AG H69293217 7110388 0.75 % 1,396,046 $438,877,358
AZN AstraZeneca plc 0989529 0.72 % 3,021,798 $424,186,584
NOVN Novartis AG H5820Q150 7103065 0.72 % 4,032,578 $422,117,199
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
G87572163
D66992104
N07059202
H57312649
H69293217
H5820Q150
Ticker Description Shares
2330
700
SAP
ASML
NOVO B
7203
NESN
ROG
AZN
NOVN
Ticker Holdings CUSIP SEDOL % of fundShares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 6889106 2.75 % 48,428,873 $1,616,220,909
700 Tencent Holdings Ltd. G87572163 BMMV2K8 1.12 % 12,489,904 $657,158,574
SAP SAP SE D66992104 4846288 1.04 % 2,212,451 $609,694,261
ASML ASML Holding NV N07059202 B929F46 1.00 % 793,585 $587,064,889
NOVO B Novo Nordisk A/S Class B BP6KMJ1 0.89 % 6,230,936 $526,044,298
7203 Toyota Motor Corp. 6900643 0.75 % 23,342,835 $442,802,127
NESN Nestle SA H57312649 7123870 0.75 % 5,188,982 $440,755,367
ROG Roche Holding AG H69293217 7110388 0.75 % 1,396,046 $438,877,358
AZN AstraZeneca plc 0989529 0.72 % 3,021,798 $424,186,584
NOVN Novartis AG H5820Q150 7103065 0.72 % 4,032,578 $422,117,199
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
G87572163
D66992104
N07059202
H57312649
H69293217
H5820Q150
Ticker Description Shares
2330
700
SAP
ASML
NOVO B
7203
NESN
ROG
AZN
NOVN

Distributions

Realized/Unrealized gains

as of 01/31/2025

Realized gain

-$5.21

% of NAV

decreased-8.76%

Unrealized gains of NAV

$14.54

% of NAV

increased24.46%

Fiscal year end

10/31/2025

Distribution schedule

Quarterly

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains
Type$/Share Payable date Record date Ex-dividend date
Dividend$0.94030012/24/202412/20/202412/20/2024
Dividend$0.24700009/24/202409/20/202409/20/2024
Dividend$0.45890006/25/202406/21/202406/21/2024
Dividend$0.21530003/20/202403/18/202403/15/2024
Dividend$0.84300012/21/202312/19/202312/18/2023
Dividend$0.30000009/21/202309/19/202309/18/2023

Fund management

Vanguard FTSE All-World ex-US ETF seeks to track the investment performance of the FTSE All-World ex US Index, which includes approximately 2,200 stocks of companies located in 46 countries, including both developed and emerging markets around the world. Vanguard FTSE All-World ex-US ETF is an exchange-traded share class of Vanguard FTSE All-World ex-US Index Fund.The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. The experience and stability of Vanguard’s Equity Index Group have permitted continuous refinement of techniques for reducing tracking error. The group uses proprietary software to implement trading decisions that accommodate cash flow and maintain close correlation with the index’s key characteristics. Vanguard’s refined indexing process, combined with low management fees and efficient trading, has provided tight tracking, net of expenses.

Vanguard Equity Index Group
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard’s Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. Rodney Comegys, Principal and global head of Vanguard's Equity Index Group, is responsible for all equity index funds. The Equity Index Group manages indexed equity portfolios covering U.S. and international markets. It has developed sophisticated portfolio construction methodologies and efficient trading strategies that seek to deliver returns that are highly correlated with target portfolio benchmarks.  The group has advised Vanguard FTSE All-World ex-US ETF since 2007.
Christine D. Franquin
Principal, Portfolio manager.
Advised the fund since 2016. Worked in investment management since 2000. B.A., Universitaire Faculteiten Sint Ignatius, Antwerpen Belgium. J.D., University of Liege Belgium. Master of Science in Finance, Clark University, Massachusetts.
Jeffrey D. Miller
Portfolio manager.
Advised the fund since 2022. Worked in investment management since 2007. B.A., Pennsylvania State University. M.B.A., Drexel University.

Performance & fees

1
Effective July 15, 2024, the market price returns are calculated using the official closing price as reported by the ETF’s primary exchange. Prior to July 15, 2024, the market price returns were calculated using the midpoint between the bid and ask prices as of the closing time of the New York Stock Exchange (typically 4 p.m., Eastern time). The returns shown do not represent the returns you would receive if you traded shares at other times.
2
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. Index returns are adjusted for withholding taxes.
3

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

4

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Vanguard ETFs as a share class: Vanguard ETFs® (exchange-traded funds) are a class of shares listed for trading on an exchange. The shares are available only through a broker, including Vanguard Brokerage Services®.

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.

Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.

Vanguard average ETF expense ratio: 0.05%. Industry average ETF expense ratio: 0.22%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

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 ETF 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 ETF on the NYSE Arca may be halted if NYSE Arca officials deem such action appropriate, if FTSE All-World ex-US ETF 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 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. In addition, the fund’s target index may, at times, become focused in stocks of a particular market sector, which would subject the fund to proportionately higher exposure to the risks of that sector.
  • 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 because, among other factors, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, and accounting systems; and greater political, social, and economic instability than developed 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.