| |
Transaction
Fee on Purchases and Sales |
|
Transaction
Fee on Reinvested Dividends |
|
Transaction
Fee on Conversion to ETF Shares |
|
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Total Annual
Fund Operating Expenses |
|
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
|
|
|
- |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Global ex-U.S. Real Estate Index Fund
ETF
Shares |
|
|
|
Based
on NAV |
|
|
|
Return Before
Taxes |
|
|
|
Return After
Taxes on Distributions |
|
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
|
|
|
Based
on Market Price |
|
|
|
Return Before
Taxes |
|
|
|
S&P
Global ex-U.S. Property Index
(reflects no
deduction for fees, expenses, or taxes) |
|
|
|
MSCI
ACWI ex USA Index
(reflects no
deduction for fees or expenses) |
|
|
|
Plain
Talk About Fund Expenses |
All funds
have operating expenses. These expenses, which are deducted
from a
fund’s gross income, are expressed as a percentage of the net assets
of the
fund. Assuming that operating expenses remain as stated in the Fees
and
Expenses section, Vanguard Global ex-U.S. Real Estate Index Fund ETF
Shares’
expense ratio would be 0.12%, or $1.20 per $1,000 of average net
assets.
The average expense ratio for international real estate funds in 2020
was
1.21%, or $12.10 per $1,000 of average net assets (derived from data
provided
by Lipper, a Thomson Reuters Company, which reports on the
fund
industry). |
Plain
Talk About Costs of Investing |
Costs
are an important consideration in choosing an ETF. That is because
you,
as a shareholder, pay a proportionate share of the costs of operating a
fund
and any transaction costs incurred when the fund buys or sells
securities.
These costs can erode a substantial portion of the gross income
or
the capital appreciation a fund achieves. Even seemingly small differences
in
expenses can, over time, have a dramatic effect on a fund’s
performance. |
Plain
Talk About REITs and REMDs |
Rather
than directly owning properties—which can be costly and difficult to
convert
into cash when needed—some investors buy shares in a company
that
owns and manages real estate. Such a company is known as a real
estate
investment trust, or REIT. REITs offer investors greater liquidity and
diversification
than direct ownership of a handful of properties. REITs also
offer
the potential for higher income than an investment in common stocks
would
provide. As with any investment in real estate, however, a REIT’s
performance
depends on specific factors, such as the company’s ability to
find
tenants for its properties, to renew leases, and to finance property
purchases
and renovations. That said, returns from REITs may not
correspond
to returns from direct property ownership.
Real
estate management and development companies (REMDs) include
companies
engaged in real estate development, management, and rental
and/or
direct investment in physical
property. |
Plain
Talk About International Investing |
U.S.
investors who invest in foreign securities will encounter risks not
typically
associated with U.S. companies because foreign stock and bond
markets
operate differently from the U.S. markets. For instance, foreign
companies
and governments may not be subject to the same or similar
accounting,
auditing, legal, tax, and financial reporting standards and
practices
as U.S. companies and the U.S. government, and their stocks and
bonds
may not be as liquid as those of similar U.S. entities. In addition,
foreign
stock exchanges, brokers, companies, bond markets, and dealers
may
be subject to less government supervision and regulation than their
counterparts
in the United States. These factors, among others, could
negatively
affect the returns U.S. investors receive from foreign
investments. |
Plain
Talk About Derivatives |
Derivatives
can take many forms. Some forms of derivatives—such as
exchange-traded
futures and options on securities, commodities, or
indexes—have
been trading on regulated exchanges for decades. These
types
of derivatives are standardized contracts that can easily be bought and
sold
and whose market values are determined and published daily. On the
other
hand, non-exchange-traded derivatives—such as certain swap
agreements—tend
to be more specialized or complex and may be more
difficult
to accurately value.
|
Plain
Talk About Vanguard’s Unique Corporate Structure |
Vanguard is
owned jointly by the funds it oversees and thus indirectly by the
shareholders
in those funds. Most other mutual funds are operated by
management
companies that are owned by third parties—either public or
private
stockholders—and not by the funds they
serve. |
Plain
Talk About Distributions |
As
a shareholder, you are entitled to your portion of a fund’s income from
interest
and dividends as well as capital gains from the fund’s sale of
investments.
Income consists of both the dividends that the fund earns from
any
stock holdings and the interest it receives from any money market and
bond
investments. Capital gains are realized whenever the fund sells
securities
for higher prices than it paid for them. These capital gains are
either
short-term or long-term, depending on whether the fund held the
securities
for one year or less or for more than one
year. |
|
Inception
Date |
Vanguard
Fund
Number |
CUSIP
Number |
Global
ex-U.S. Real Estate Index Fund | |||
ETF
Shares |
11/1/2010 |
3358 |
922042676 |
|
Year Ended October
31, | ||||
For a Share
Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net
Asset Value, Beginning of Period |
$47.04 |
$60.79 |
$52.99 |
$59.49 |
$53.35 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1
|
2.145 |
1.761 |
2.033 |
2.672 |
1.900 |
Net
Realized and Unrealized Gain (Loss) on Investments |
9.312 |
(11.864) |
7.969 |
(6.240) |
6.325 |
Total from
Investment Operations |
11.457 |
(10.103) |
10.002 |
(3.568) |
8.225 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.107) |
(3.647) |
2.202 |
(2.932) |
(2.085) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(1.107) |
(3.647) |
2.202 |
(2.932) |
(2.085) |
Net
Asset Value, End of Period |
$57.39 |
$47.04 |
$60.79 |
$52.99 |
$59.49 |
Total
Return |
24.47% |
-17.71% |
19.47% |
-6.42% |
16.13% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net Assets,
End of Period (Millions) |
$5,071 |
$4,219 |
$5,945 |
$5,270 |
$5,122 |
Ratio of
Total Expenses to Average Net Assets |
0.12% |
0.12% |
0.12% |
0.12% |
0.14% |
Ratio of
Net Investment Income to Average Net Assets |
3.80% |
3.44% |
3.54% |
4.51% |
3.44% |
Portfolio
Turnover Rate2
|
7% |
11% |
7% |
7% |
6% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Excludes the
value of portfolio securities received or delivered as a result of in-kind
purchases or redemptions of
the fund’s
capital shares, including ETF Creation Units.
|