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VEUPX Vanguard European Stock Index Fund Institutional Plus Shares

Management style

Index

Asset class

International/Global Stock

Category

Europe Stock

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

0.05%

as of 02/28/2025

Investment minimum

$100 M

as of 04/28/2025

NAV price

$173.63

as of 04/28/2025

Overview

Key facts

CUSIP

922042627

Management style

Index

Asset class

International/Global Stock

Category

Europe Stock

Inception date

12/05/2014

Fund Number

1863

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

$100,000,000

NAV Price

$173.63

as of 04/28/2025

NAV change

increased$1.33 (0.77%)

as of 04/28/2025

Expense Ratio

0.05%

as of 02/28/2025

Performance

YTD returns

15.03%

as of 04/28/2025

Product summary

This index fund provides investors low-cost exposure to the European stock markets. The fund holds more than 1,200 stocks across the European region, which makes up roughly half of the non-U.S. equity marketplace. In addition to stock market risk, the fund is also subject to currency risk and may have a higher degree of country risk than other international funds, since it invests solely in stocks of European countries. Long-term investors seeking exposure to European equities may wish to consider this fund as part of a diversified portfolio.

Fund management

Vanguard Equity Index Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 03/31/2025

Recent returns

Average annual

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

Since inception

12/05/2014

VEUPX

0.15%10.71%10.71%7.81%7.66%13.68%5.96%5.71%

Benchmark

-0.15%10.04%10.04%7.24%7.01%13.31%5.86%5.61%

as of 03/31/2025

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

202510.71%
20244.81%0.52%7.06%-9.52%2.06% 2.23%
202310.01%3.05%-5.59%12.14%20.03% 20.10%
2022-8.71%-13.69%-11.98%21.10%-16.02% -16.45%
20214.13%7.84%-1.70%5.41%16.36% 16.35%
2020-25.67%17.50%4.73%16.41%6.47% 6.54%
201910.69%4.34%-1.92%9.72%24.29% 24.58%
2018-1.26%-1.49%0.63%-12.92%-14.76% -15.14%
20177.96%8.33%6.47%2.10%27.14% 26.83%
2016-2.35%-2.21%5.23%-1.08%-0.60% -0.48%
20153.91%1.05%-8.54%2.20%-1.85% -2.00%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

2024-1.42% 3.48%2.06%2.23%
202316.14% 3.88%20.03%20.10%
2022-18.80% 2.78%-16.02%-16.45%
202112.75% 3.61%16.36%16.35%
20203.81% 2.66%6.47%6.54%
201919.98% 4.31%24.29%24.58%
2018-17.69% 2.93%-14.76%-15.14%
201723.50% 3.65%27.14%26.83%
2016-4.08% 3.49%-0.60%-0.48%
2015-4.78% 2.93%-1.85%-2.00%
2014-4.93% 0.54%-4.39%

as of 03/31/2025

1-yr3-yr5-yr10-yr

Since inception

12/05/2014

VEUPX7.81% 24.77%89.85% 78.48% 77.30%

Benchmark

7.24%22.55%86.76%76.74%

Expense ratio

VEUPX

0.05%

Average expense ratio of similar funds2

0.93%

Historical volatility measures
as of 03/31/2025
BenchmarkR-Squared3Beta3
Spliced European Stock Index10.981.04
FTSE Global All Cap ex US Index0.901.14
Fund-specific fees

Purchase fee

None

Fund family redemption fee

None

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.

Performance data do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.

Price

Closing price

Closing price as of 04/28/2025

NAV

$173.63

NAV change

increased$1.33 (0.77%)

52-week High

$175.13

as of 03/18/2025

52-week Low

$150.07

as of 04/08/2025

52-week Difference

$25.06 (16.70%)

Historical prices
Chart/Table Toggle
NameDateNAV
VEUPX 04/28/2025
$173.63

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 03/31/2025

FundamentalVEUPX
Benchmark
Number of stocks 1247 1216
Median market cap $58.9 B $57.7 B
Earnings growth rate 13.5% 13.5%
Short-term reserves
P/E ratio 16.3x 16.3x
P/B ratio 2.0x 2.0x
Turnover rate (Fiscal Year-end 10/31/2024) 3.4%
Return on equity 13.0% 13.0%
Foreign holdings 99.2%
Fund total net assets as of 03/31/2025 $28.0 B
Share class total net assets $86.3 M
Weighted exposures

as of 03/31/2025

100.00%Europe
RegionsVEUPXEurope 100.00%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 03/31/2025

Ticker Holdings Shares Market value
SAP SAP SE 2,407,308 $645,037,207
NESN Nestle SA 5,645,608 $570,525,930
ASML ASML Holding NV 850,629 $562,923,392
ROG Roche Holding AG 1,503,074 $494,703,140
AZN AstraZeneca plc 3,288,654 $482,921,243
NOVN Novartis AG 4,335,234 $481,513,568
NOVO B Novo Nordisk A/S Class B 7,022,854 $480,210,794
HSBA HSBC Holdings plc 39,193,202 $444,312,648
SHEL Shell plc 12,163,913 $442,769,928
SIE Siemens AG 1,630,209 $376,490,598
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
D66992104
H57312649
N07059202
H69293217
H5820Q150
Ticker Description Shares
SAP
NESN
ASML
ROG
AZN
NOVN
NOVO B
HSBA
SHEL
SIE
Ticker Holdings Shares Market value
SAP SAP SE 2,407,308 $645,037,207
NESN Nestle SA 5,645,608 $570,525,930
ASML ASML Holding NV 850,629 $562,923,392
ROG Roche Holding AG 1,503,074 $494,703,140
AZN AstraZeneca plc 3,288,654 $482,921,243
NOVN Novartis AG 4,335,234 $481,513,568
NOVO B Novo Nordisk A/S Class B 7,022,854 $480,210,794
HSBA HSBC Holdings plc 39,193,202 $444,312,648
SHEL Shell plc 12,163,913 $442,769,928
SIE Siemens AG 1,630,209 $376,490,598
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
D66992104
H57312649
N07059202
H69293217
H5820Q150
Ticker Description Shares
SAP
NESN
ASML
ROG
AZN
NOVN
NOVO B
HSBA
SHEL
SIE
Ticker Holdings Shares Market value
SAP SAP SE 2,407,308 $645,037,207
NESN Nestle SA 5,645,608 $570,525,930
ASML ASML Holding NV 850,629 $562,923,392
ROG Roche Holding AG 1,503,074 $494,703,140
AZN AstraZeneca plc 3,288,654 $482,921,243
NOVN Novartis AG 4,335,234 $481,513,568
NOVO B Novo Nordisk A/S Class B 7,022,854 $480,210,794
HSBA HSBC Holdings plc 39,193,202 $444,312,648
SHEL Shell plc 12,163,913 $442,769,928
SIE Siemens AG 1,630,209 $376,490,598
Name

of issuer

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

Distributions

Realized/Unrealized gains

as of 03/31/2025

Realized gain

-$20.20

% of NAV

decreased-12.09%

Unrealized gains of NAV

$4.28

% of NAV

increased2.56%

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 Reinvest date Reinvest price
Dividend$0.70240003/24/202503/20/202503/21/2025$170.97
Dividend$1.71790012/23/202412/19/202412/20/2024$150.78
Dividend$0.41070009/23/202409/19/202409/20/2024$166.69
Dividend$2.46330006/24/202406/20/202406/21/2024$159.73
Dividend$0.88650003/18/202403/14/202403/15/2024$158.80
Dividend$1.09310012/18/202312/14/202312/15/2023$150.23

Fund management

Vanguard European Stock Index Fund seeks to track the FTSE Developed Europe All Cap Index, an unmanaged benchmark representing stocks in developed European markets. Using full replication, the portfolio holds all stocks in the same capitalization weighting as 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 flows and maintain close correlation with index 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 European Stock Index Fund since 1990.
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.
Scott E. Geiger
CFA, Portfolio manager.
Advised the fund since 2022. Worked in investment management since 2008. B.S., Millersville University.
John Kraynak
CFA, Portfolio manager.
Advised the fund since 2025. Worked in investment management since 2016. B.S., Millersville University. M.B.A., Drexel University Lebow School of Business.

Performance & fees

1
MSCI Europe Index through March 26, 2013; FTSE Developed Europe Index through September 30, 2015; FTSE Developed Europe All Cap Index thereafter. Benchmark returns are adjusted for withholding taxes.
2

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.

3

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 average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

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.

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. 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. The index’s, and therefore the fund’s, heavy exposure to four countries (the United Kingdom, France, Germany, and Switzerland) subjects the fund to a higher degree of country risk than that of more geographically diversified international funds.
  • 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.
  • Index-related risks: The fund is subject to risks associated with index investing, which include passive management risk, tracking error risk, and index provider risk. Passive management risk is the chance that the fund's use of an indexing strategy will negatively impact the fund's performance. Because the fund seeks to track the performance of its target index regardless of how that index is performing, the fund's performance may be lower than it would be if the fund were actively managed. Tracking error risk is the chance that the fund's performance will deviate from the performance of its target index. Tracking error risk may be heightened during times of increased market volatility or under other unusual market conditions. Index provider risk is the chance that the fund will be negatively impacted by changes or errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the fund and, as a result, the fund's shareholders.
  • Index replicating risk: The chance that the fund may be prevented from holding one or more securities in the same proportion as in its target index.