Investment objective & strategy
As of Dec. 19, 2025 · prospectusObjective. Vanguard Emerging Markets ex-China ETF (the Fund) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries, excluding China.
Strategy. The Fund employs an indexing investment approach designed to track the performance of the FTSE Emerging ex-China Index (the Target Index), a market-capitalization weighted index that consists of common stocks of large- and mid-cap companies located in emerging markets around the world, excluding China. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index and in securities that the advisor determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Target Index. These key characteristics include the industry weightings and market capitalization, as well as certain financial measures, such as price/earnings … The Fund employs an indexing investment approach designed to track the performance of the FTSE Emerging ex-China Index (the Target Index), a market-capitalization weighted index that consists of common stocks of large- and mid-cap companies located in emerging markets around the world, excluding China. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index and in securities that the advisor determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Target Index. These key characteristics include the industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Target Index in terms of key risk factors and other characteristics. The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TSMC | — | $40.17M | 20.58% |
| HDFC BANK LTD | — | $2.98M | 1.53% |
| RELIANCE INDUSTR | — | $2.82M | 1.44% |
| HON HAI | — | $2.50M | 1.28% |
| MEDIATEK | — | $2.43M | 1.24% |
| DELTA ELEC | — | $2.34M | 1.20% |
| ICICI BANK LTD | — | $2.16M | 1.11% |
| ANGLOGOLD ASHANTI PLC | — | $1.73M | 0.89% |
| VALE SA | — | $1.67M | 0.85% |
| BHARTI AIRTEL LIMITED | — | $1.64M | 0.84% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| SPDR S&P Emerging Markets ex-China ETF · XCNY | 68% | 0.19% |
| Schwab Emerging Markets Equity ETF · SCHE | 60% | 0.07% |
| iShares MSCI Emerging Markets ex China ETF · EMXC | 60% | 0.25% |
Footnotes
- Expense ratio as of December 19, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
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