VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares

Also available as an ETF (starting at the price of $1).

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

0.11%

as of 02/27/2024

Investment minimum

$3,000

as of 01/17/2025

NAV price

$36.05

as of 01/17/2025

Overview

Key facts

CUSIP

921937736

Management style

Index

Asset class

International/Global Stock

Category

Foreign Large Blend

Inception date

09/27/2011

Fund Number

0570

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

$3,000

NAV Price

$36.05

as of 01/17/2025

NAV change

increased$0.17 (0.47%)

as of 01/17/2025

Expense Ratio

0.11%

as of 02/27/2024

Performance

YTD returns

1.07%

as of 01/17/2025

Product summary

This index fund provides investors with low-cost exposure to stock markets located outside the United States. The fund seeks to track an index that consists of companies located in developed markets, including Europe, the Pacific, and Canada, and in emerging markets. In addition to stock market risk, the fund is also subject to currency risk and country risk. Because of its exposure to emerging markets, the fund can be more volatile than other international funds. Long-term investors seeking exposure to non-U.S. markets 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 12/31/2024

Recent returns

Average annual

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

Since inception

09/27/2011

VFWAX

-2.55%-7.50%5.44%5.44%0.98%4.39%5.12%6.05%

Benchmark

-1.90%-7.50%5.80%5.80%1.17%4.53%5.18%6.14%

as of 12/31/2024

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

20244.70%0.77%8.03%-7.50%5.44% 5.80%
20236.73%2.70%-4.09%9.94%15.57% 15.82%
2022-6.03%-12.50%-10.54%14.87%-15.50% -15.49%
20213.85%5.33%-3.21%2.13%8.12% 8.36%
2020-23.69%17.46%6.32%16.85%11.35% 11.22%
201910.22%2.85%-1.52%8.87%21.55% 21.81%
2018-0.47%-3.26%0.90%-11.42%-13.95% -14.13%
20178.40%5.79%5.94%4.71%27.22% 27.11%
2016-0.29%0.28%6.62%-1.73%4.77% 4.80%
20154.12%1.05%-11.71%2.65%-4.65% -4.72%
20140.39%5.15%-5.25%-4.07%-4.05% -3.31%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

20242.18% 3.26%5.44%5.80%
202311.75% 3.82%15.57%15.82%
2022-18.07% 2.57%-15.50%-15.49%
20214.90% 3.22%8.12%8.36%
20208.86% 2.49%11.35%11.22%
201917.69% 3.86%21.55%21.81%
2018-16.46% 2.52%-13.95%-14.13%
201723.67% 3.55%27.22%27.11%
20161.67% 3.10%4.77%4.80%
2015-7.25% 2.59%-4.65%-4.72%
2014-7.17% 3.12%-4.05%-3.31%
201311.20% 3.28%14.49%15.31%
201215.00% 3.52%18.52%17.48%
2011-1.88% 3.51%1.63%

as of 12/31/2024

1-yr3-yr5-yr10-yr

Since inception

09/27/2011

VFWAX5.44% 2.97%23.96% 64.78% 118.03%

Benchmark

5.80%3.56%24.82%65.72%

Expense ratio

VFWAX

0.11%

Average expense ratio of similar funds2

0.87%

Historical volatility measures
as of 12/31/2024
BenchmarkR-Squared3Beta3
FTSE All-World ex US Index10.981.04
FTSE Global All Cap ex US Index0.971.03
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 01/17/2025

NAV

$36.05

NAV change

increased$0.17 (0.47%)

52-week High

$39.53

as of 09/26/2024

52-week Low

$33.85

as of 01/18/2024

52-week Difference

$5.68 (16.78%)

Historical prices
Chart/Table Toggle
NameDateNAV
VFWAX 01/17/2025
$36.05

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 12/31/2024

FundamentalVFWAX
Benchmark
Number of stocks 3831 3702
Median market cap $43.9 B $43.9 B
Earnings growth rate 14.0% 14.0%
Short-term reserves
P/E ratio 15.5x 15.5x
P/B ratio 1.8x 1.8x
Turnover rate (Fiscal Year-end 10/31/2024) 4.8%
Return on equity 12.1% 12.1%
Foreign holdings 99.1%
Fund total net assets as of 12/31/2024 $55.8 B
Share class total net assets $8.3 B
Weighted exposures

as of 12/31/2024

27.60%Emerging Markets
RegionsVFWAXEmerging Markets 27.60%Europe 39.00%Pacific 26.10%Middle East 0.50%North America 6.80%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 12/31/2024

Ticker Holdings Shares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 48,428,873 $1,573,939,480
700 Tencent Holdings Ltd. 12,489,904 $666,621,417
ASML ASML Holding NV 793,585 $555,854,082
SAP SAP SE 2,212,451 $544,205,634
NOVO B Novo Nordisk A/S Class B 6,230,936 $537,616,557
7203 Toyota Motor Corp. 23,342,835 $455,774,322
NESN Nestle SA 5,188,982 $425,720,510
AZN AstraZeneca plc 3,021,798 $393,980,814
NOVN Novartis AG 4,032,578 $392,600,619
ROG Roche Holding AG 1,396,046 $390,343,690
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
N07059202
D66992104
K72807132
H57312649
H5820Q150
H69293217
Ticker Description Shares
2330
700
ASML
SAP
NOVO B
7203
NESN
AZN
NOVN
ROG
Ticker Holdings Shares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 48,428,873 $1,573,939,480
700 Tencent Holdings Ltd. 12,489,904 $666,621,417
ASML ASML Holding NV 793,585 $555,854,082
SAP SAP SE 2,212,451 $544,205,634
NOVO B Novo Nordisk A/S Class B 6,230,936 $537,616,557
7203 Toyota Motor Corp. 23,342,835 $455,774,322
NESN Nestle SA 5,188,982 $425,720,510
AZN AstraZeneca plc 3,021,798 $393,980,814
NOVN Novartis AG 4,032,578 $392,600,619
ROG Roche Holding AG 1,396,046 $390,343,690
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
N07059202
D66992104
K72807132
H57312649
H5820Q150
H69293217
Ticker Description Shares
2330
700
ASML
SAP
NOVO B
7203
NESN
AZN
NOVN
ROG
Ticker Holdings Shares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 48,428,873 $1,573,939,480
700 Tencent Holdings Ltd. 12,489,904 $666,621,417
ASML ASML Holding NV 793,585 $555,854,082
SAP SAP SE 2,212,451 $544,205,634
NOVO B Novo Nordisk A/S Class B 6,230,936 $537,616,557
7203 Toyota Motor Corp. 23,342,835 $455,774,322
NESN Nestle SA 5,188,982 $425,720,510
AZN AstraZeneca plc 3,021,798 $393,980,814
NOVN Novartis AG 4,032,578 $392,600,619
ROG Roche Holding AG 1,396,046 $390,343,690
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
N07059202
D66992104
K72807132
H57312649
H5820Q150
H69293217
Ticker Description Shares
2330
700
ASML
SAP
NOVO B
7203
NESN
AZN
NOVN
ROG

Distributions

Realized/Unrealized gains

as of 12/31/2024

Realized gain

-$3.25

% of NAV

decreased-9.10%

Unrealized gains of NAV

$7.82

% of NAV

increased21.92%

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$0.58080012/23/202412/19/202412/20/2024$35.58
Dividend$0.14980009/23/202409/19/202409/20/2024$38.14
Dividend$0.28140006/24/202406/20/202406/21/2024$36.31
Dividend$0.13040003/18/202403/14/202403/15/2024$36.00
Dividend$0.52090012/18/202312/14/202312/15/2023$34.01
Dividend$0.18310009/18/202309/14/202309/15/2023$33.36

Fund management

Vanguard FTSE All-World ex-US Index Fund 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. 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 Index Fund 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
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.
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. 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.