European Stock Index Fund Admiral Shares (VEUSX)


Options Expense ratio Minimum
Admiral 0.10% N/A
Investor 0.26% N/A
Inst 0.08% $5.0 Million
Inst Plus 0.07% $100.0 Million
ETF 0.10%

Vanguard ETF Shares can be bought and sold only through a broker (who may charge a commission) and cannot be redeemed with the issuing fund. The market price of Vanguard ETF Shares may be more or less than net asset value.

About our options  



A fee charged by some mutual funds when an investor buys shares. This fee is not a sales charge or load because it is paid directly to the fund to offset the costs of trading certain securities.


A fee charged by some mutual funds when an investor sells shares. A redemption fee differs from a back-end load because the money is paid back into the fund. Many funds charge redemption fees only when shares are bought and then sold within a specific period of time, generally in an effort to discourage market-timing and short-term trading. Some brokers also charge their clients redemption fees for the sale of securities.



Product type: International Europe Stock
 inception on 08/13/2001
Earliest share class inception on 06/18/1990
$18.0 billion

This represents the total net assets for all share classes of Vanguard's U.S. funds, as well as any collective trust that shares the same investment strategy, management and holdings.

 as of 12/31/2018
$3.9 billion net assets for
 as of 12/31/2018
1,353 holdings as of 12/31/2018
Indexed to the FTSE Developed Europe All Cap Index (ACDER)
Turnover rate (Fiscal year-end  10/31/2018) 5.70%
CUSIP: 922042809



Index portfolio of European equities diversified across investment styles.

Central tendency
Expected range

How to read our stylebox  

Investment approach

  • Seeks to track the performance of the FTSE Developed Europe All Cap Index.
  • Targets European common stocks.
  • Diversified across developed markets.
  • Passively managed, full-replication strategy.
  • Fund remains fully invested.
  • Low expenses minimize net tracking error.

Total returns

as of 12/31/2018

View as:

as of 12/31/2018

  1 year 3 year 5 year 10 year


– 14.79% 2.47% – 0.27% 6.23% 4.80%

Spliced European Stock Index

– 15.14% 2.31% – 0.26% 6.37%

In order to determine the performance of the fund prior to adjustments for fair value pricing, simply subtract the Fair value impact figure from the NAV performance figure. For example, by subtracting -0.09% from 18.23%, we arrive at a performance figure of 18.32% [18.23% - (-0.09%) = 18.32%].

0.45% 0.19% 0.03% – 0.25%

Note: Fee adjusted for mutual funds where applicable.

* 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.

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 12/31/2018

  Region  VEUSX

FTSE Developed Europe All Cap Index

+/- Weight
Europe 99.3% 99.3% 0.0%
Emerging Markets 0.7% 0.7% 0.0%
Total 100.0% 100.0%  

Top 10 markets as of 12/31/2018

Market Region VEUSX

FTSE Developed Europe All Cap Index

+/- Weight
United Kingdom Europe 28.1% 28.1% 0.0%
France Europe 15.6% 15.7% – 0.1%
Germany Europe 13.8% 13.7% 0.1%
Switzerland Europe 13.2% 13.2% 0.0%
Netherlands Europe 5.4% 5.4% 0.0%
Spain Europe 4.9% 4.9% 0.0%
Sweden Europe 4.7% 4.7% 0.0%
Italy Europe 4.1% 4.1% 0.0%
Denmark Europe 2.8% 2.8% 0.0%
Finland Europe 2.2% 2.2% 0.0%
Top 10 equals 94.8% of stock

Market allocation details  

Sector weightings as of 12/31/2018

  Sector  VEUSX

FTSE Developed Europe All Cap Index

+/- Weight
Financials 21.7% 21.7% 0.0%
Consumer Goods 17.6% 17.5% 0.1%
Industrials 14.4% 14.5% – 0.1%
Health Care 13.0% 13.0% 0.0%
Oil & Gas 7.9% 7.9% 0.0%
Consumer Services 6.8% 6.8% 0.0%
Basic Materials 6.3% 6.3% 0.0%
Technology 4.9% 4.9% 0.0%
Utilities 4.0% 4.0% 0.0%
Telecommunications 3.4% 3.4% 0.0%
Other 0.0% 0.0% 0.0%
Total 100.0% 100.0%

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

Top 10 Equity Holdings as of 12/31/2018

Rank Holding
1 Royal Dutch Shell plc
2 Nestle SA
3 Novartis AG
4 Roche Holding AG
5 HSBC Holdings plc
6 Unilever
8 BP plc
10 AstraZeneca plc
Top 10 equals 18.2% of net assets

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



as of 12/31/2018

FTSE Developed Europe All Cap Index

Number of stock 1,353 1,330
Avg market cap $61.5 billion $61.7 billion
Median market cap $32.9 billion $33.1 billion
P/E ratio 12.7x 12.7x
P/B ratio 1.6x 1.6x
Turnover rate 5.7% Fiscal year end 10/2018 N/A
% Emerging 0.70% 0.70%
% Developed 99.30% 99.30%

Risk and volatility as of 12/31/2018


Spliced European Stock Index

R-squared N/A 0.99
Beta N/A 0.98
Alpha 0.00 N/A
Standard deviation 12.28% 12.49%
Sharpe ratio 0.11 0.11

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. 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.