VEU(VEU)
AI Look-Through Summary
AI GeneratedThe VEU ETF, managing approximately $86 billion in assets, presents a distinctively international equity profile characterized by heavy concentration within specific non-U.S. markets and sectors. The top holdings list reveals significant exposure to entities with tickers such as 2330 and 005930 alongside major names like ASML and HSBA, indicating a portfolio heavily weighted toward Asian and European equities rather than North American large caps. While the provided sector weights show Technology at 3.2% and Financial Services at 3.0%, these figures appear disproportionately low relative to the prominence of technology giants in the top holdings list, suggesting that the reported percentages may represent only a subset of the index or require normalization against the total fund composition to accurately reflect true industry allocation. The inclusion of diverse sectors such as Energy (1.8%) and Industrials (1.4%) further underscores a broad global mandate, yet the sheer magnitude of certain top positions implies that sector classifications in the summary data might not fully capture the actual risk profile driven by individual stock concentrations.
Geographically, the presence of tickers like 005930 and 2330 points to substantial exposure to the technology hubs of East Asia, while HSBA signals a notable stake in British financial services. This geographic tilt creates a portfolio that is inherently sensitive to regional economic cycles and currency fluctuations specific to Europe and Asia rather than domestic U.S. trends. The quantitative metrics indicate a massive scale operation with $86 billion under management, which typically results in high liquidity but also means the fund's performance will be heavily influenced by the movements of its largest constituents. With top holdings accounting for significant portions of the portfolio before even reaching the secondary tier, the ETF exhibits moderate concentration risk where outperformance or underperformance is likely to correlate strongly with the fortunes of a few key international leaders rather than being broadly diversified across hundreds of small players. Investors analyzing this vehicle should weigh whether such concentrated global exposure aligns with their desired geographic and sectoral diversification strategy.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-22 14:43:18.39983+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ETF name is a broad exposure to developed international markets, and the actual holdings align closely with this mandate. The top positions include major global entities such as HSBC, Royal Bank of Canada, and ASML, which serve as representative pillars for European and Asian economies rather than deviating into unrelated sectors like emerging market debt or specific niche commodities. While several top holdings lack explicit sector labels in the provided data, their inclusion alongside recognized technology and financial leaders suggests a diversified basket designed to capture general international equity performance without forcing thematic constraints that would distort the fund's purpose. The presence of mega-cap stocks acts as an anchor for stability rather than indicating a failure to maintain focus, as these large entities are intrinsic components of any developed market index strategy.
Sector coherence remains strong relative to the stated objective of capturing global developed market trends, with weightings distributed across technology, financial services, and industrials in proportions that mirror typical international portfolios. The fund demonstrates clear differentiation from a domestic broad-market index through its heavy reliance on non-US constituents like ASML and HSBC, ensuring geographic diversification is maintained rather than mimicking the US-centric composition of other major benchmarks. With a top-10 concentration of 13.2%, the portfolio avoids excessive risk associated with over-weighting individual names while still providing sufficient exposure to leading sector drivers within each region. The consistent representation across multiple sectors, including energy and healthcare alongside financials, supports the narrative of a balanced international allocation rather than a concentrated thematic bet on any single industry vertical.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 21:29:13.168998+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of VEU presents a distinct departure from traditional broad-based international exposure, revealing an investment thesis heavily skewed toward specific regional concentrations rather than global diversification. Despite the fund's name implying a worldwide mandate, the provided data indicates that nearly all reported sectors represent negligible weightings, with Technology and Financial Services comprising only 3.2% and 3.0% respectively. This structural anomaly suggests that the fund's performance is not driven by broad sector rotation but is instead almost entirely dependent on its top holdings, which are listed without specific country identifiers yet dominate the portfolio to a degree that renders standard sector analysis misleading. The extremely low Top-10 concentration of 13.2% appears contradictory given the dominance of these unnamed leaders, implying that while headline sectors show minimal exposure, the actual economic drivers reside in highly concentrated individual positions outside conventional categorization.
This allocation pattern highlights significant idiosyncratic risk rather than systematic sectoral risk, as traditional factor tilts toward growth or value cannot be discerned from near-zero sector weights. The presence of ASML within a technology slice that accounts for only 3.2% of the total assets further underscores how individual large-cap exposures can distort standard benchmark comparisons. Investors analyzing this vehicle must look beyond aggregate sector percentages, as they fail to capture the true nature of the portfolio's volatility drivers. Instead of evaluating exposure to cyclical swings in energy or defensive stability from consumer staples, the fund's behavior will likely mirror the specific fortunes of its few largest constituents. Consequently, the data suggests a strategy that prioritizes concentrated bets on select global giants over diversified sectoral participation, creating a risk profile that behaves more like an active large-cap manager than a passive international index tracker.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 01:30:49.488087+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VEU's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VEU's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VXUSVXUS | $624B | — | 484 | 68.4% |
| CWICWI | $2B | — | 405 | 55.4% |
| VEAVanguard FTSE Developed Markets Index Fund ETF Shares | $290B | — | 384 | 54.3% |
| VTVT | $80B | — | 215 | 52.6% |
| VSGXVSGX | $6B | — | 352 | 49.8% |
68% of VEU's portfolio by weight is also held by VXUS, which commands 7× more assets under management. When VXUS receives inflows, it mechanically buys these shared stocks — dragging VEU's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVEU's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 21% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 15% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VEU collectively pay out 58% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 10% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryVEU is up 33.7% over the last 12 months. The underlying weighted earnings growth of its constituents is +25.0%. The remaining +8.7% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 14% of fund weight with earnings data. Not investment advice.
Passive Crowding Score
SEVEREHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VEU has a Passive Crowding Score of 95/100. On average, 28.6% of the market capitalization of VEU's underlying holdings is structurally locked in passive ETF vehicles. In the event of a broad sell-off, VEU faces elevated "gap-down" risk — as passive redemptions force simultaneous selling of constituents where a large portion of the float is not actively trading.
Passive $ = Σ(ETF AUM × holding weight) across all 6 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | 2330 | Taiwan Semiconductor Manufacturing Co. Ltd. | 4.21% | — | — |
| 2 | 005930 | Samsung Electronics Co. Ltd. | 1.78% | — | — |
| 3 | ASML | ASML Holding NV Technology | 1.40% | 53.8x | 8/9 |
| 4 | 000660 | SK hynix Inc. | 1.21% | — | — |
| 5 | 700 | Tencent Holdings Ltd. | 0.94% | — | — |
| 6 | HSBA | HSBC Holdings plc | 0.79% | — | — |
| 7 | 9988 | Alibaba Group Holding Ltd. | 0.74% | — | — |
| 8 | ROP | Roche Holding AG Technology | 0.72% | 20.3x | 5/9 |
| 9 | NOVN | Novartis AG | 0.71% | — | — |
| 10 | AZN | AstraZeneca plc Healthcare | 0.71% | 27.9x | 7/9 |
| 11 | NESN | Nestle SA | 0.65% | — | — |
| 12 | SHEL | Shell plc Energy | 0.65% | 13.1x | 5/9 |
| 13 | RY | Royal Bank of Canada Financial Services | 0.63% | 17.1x | 3/9 |
| 14 | SIE | Siemens AG | 0.55% | — | — |
| 15 | CBA | Commonwealth Bank of Australia | 0.53% | — | — |
Historical Holdings Snapshots
Browse how VEU’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 16.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.21% | 56,043,873 | $3.9B |
| 2 | 005930 | 1.78% | 10,903,884 | $1.6B |
| 3 | ASML | 1.40% | 897,497 | $1.3B |
| 4 | 000660 | 1.21% | 1,251,652 | $1.1B |
| 5 | 700 | 0.94% | 14,320,804 | $869.7M |
| 6 | HSBA | 0.79% | 39,724,035 | $730.9M |
| 7 | 9988 | 0.74% | 41,376,340 | $681.9M |
| 8 | ROP | 0.72% | 1,626,554 | $662.8M |
| 9 | AZN | 0.71% | 3,467,633 | $657.9M |
| 10 | NOVN | 0.71% | 4,440,237 | $656.2M |
| 11 | SHEL | 0.65% | 13,164,986 | $598.6M |
| 12 | NESN | 0.65% | 5,952,479 | $602.6M |
| 13 | RY | 0.63% | 3,235,163 | $581.9M |
| 14 | SIE | 0.55% | 1,698,594 | $504.8M |
| 15 | CBA | 0.53% | 3,864,063 | $486.7M |
2026-05-23
15 holdings · 16.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.21% | 56,043,873 | $3.9B |
| 2 | 005930 | 1.78% | 10,903,884 | $1.6B |
| 3 | ASML | 1.40% | 897,497 | $1.3B |
| 4 | 000660 | 1.21% | 1,251,652 | $1.1B |
| 5 | 700 | 0.94% | 14,320,804 | $869.7M |
| 6 | HSBA | 0.79% | 39,724,035 | $730.9M |
| 7 | 9988 | 0.74% | 41,376,340 | $681.9M |
| 8 | ROP | 0.72% | 1,626,554 | $662.8M |
| 9 | NOVN | 0.71% | 4,440,237 | $656.2M |
| 10 | AZN | 0.71% | 3,467,633 | $657.9M |
| 11 | NESN | 0.65% | 5,952,479 | $602.6M |
| 12 | SHEL | 0.65% | 13,164,986 | $598.6M |
| 13 | RY | 0.63% | 3,235,163 | $581.9M |
| 14 | SIE | 0.55% | 1,698,594 | $504.8M |
| 15 | CBA | 0.53% | 3,864,063 | $486.7M |
2026-05-22
15 holdings · 16.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.21% | 56,043,873 | $3.9B |
| 2 | 005930 | 1.78% | 10,903,884 | $1.6B |
| 3 | ASML | 1.40% | 897,497 | $1.3B |
| 4 | 000660 | 1.21% | 1,251,652 | $1.1B |
| 5 | 700 | 0.94% | 14,320,804 | $869.7M |
| 6 | HSBA | 0.79% | 39,724,035 | $730.9M |
| 7 | 9988 | 0.74% | 41,376,340 | $681.9M |
| 8 | ROP | 0.72% | 1,626,554 | $662.8M |
| 9 | NOVN | 0.71% | 4,440,237 | $656.2M |
| 10 | AZN | 0.71% | 3,467,633 | $657.9M |
| 11 | SHEL | 0.65% | 13,164,986 | $598.6M |
| 12 | NESN | 0.65% | 5,952,479 | $602.6M |
| 13 | RY | 0.63% | 3,235,163 | $581.9M |
| 14 | SIE | 0.55% | 1,698,594 | $504.8M |
| 15 | CBA | 0.53% | 3,864,063 | $486.7M |
2026-05-21
15 holdings · 16.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.21% | 56,043,873 | $3.9B |
| 2 | 005930 | 1.78% | 10,903,884 | $1.6B |
| 3 | ASML | 1.40% | 897,497 | $1.3B |
| 4 | 000660 | 1.21% | 1,251,652 | $1.1B |
| 5 | 700 | 0.94% | 14,320,804 | $869.7M |
| 6 | HSBA | 0.79% | 39,724,035 | $730.9M |
| 7 | 9988 | 0.74% | 41,376,340 | $681.9M |
| 8 | ROP | 0.72% | 1,626,554 | $662.8M |
| 9 | NOVN | 0.71% | 4,440,237 | $656.2M |
| 10 | AZN | 0.71% | 3,467,633 | $657.9M |
| 11 | SHEL | 0.65% | 13,164,986 | $598.6M |
| 12 | NESN | 0.65% | 5,952,479 | $602.6M |
| 13 | RY | 0.63% | 3,235,163 | $581.9M |
| 14 | SIE | 0.55% | 1,698,594 | $504.8M |
| 15 | CBA | 0.53% | 3,864,063 | $486.7M |
2026-05-20
15 holdings · 16.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.21% | 56,043,873 | $3.9B |
| 2 | 005930 | 1.78% | 10,903,884 | $1.6B |
| 3 | ASML | 1.40% | 897,497 | $1.3B |
| 4 | 000660 | 1.21% | 1,251,652 | $1.1B |
| 5 | 700 | 0.94% | 14,320,804 | $869.7M |
| 6 | HSBA | 0.79% | 39,724,035 | $730.9M |
| 7 | 9988 | 0.74% | 41,376,340 | $681.9M |
| 8 | ROP | 0.72% | 1,626,554 | $662.8M |
| 9 | NOVN | 0.71% | 4,440,237 | $656.2M |
| 10 | AZN | 0.71% | 3,467,633 | $657.9M |
| 11 | NESN | 0.65% | 5,952,479 | $602.6M |
| 12 | SHEL | 0.65% | 13,164,986 | $598.6M |
| 13 | RY | 0.63% | 3,235,163 | $581.9M |
| 14 | SIE | 0.55% | 1,698,594 | $504.8M |
| 15 | CBA | 0.53% | 3,864,063 | $486.7M |
2026-05-19
15 holdings · 16.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.21% | 56,043,873 | $3.9B |
| 2 | 005930 | 1.78% | 10,903,884 | $1.6B |
| 3 | ASML | 1.40% | 897,497 | $1.3B |
| 4 | 000660 | 1.21% | 1,251,652 | $1.1B |
| 5 | 700 | 0.94% | 14,320,804 | $869.7M |
| 6 | HSBA | 0.79% | 39,724,035 | $730.9M |
| 7 | 9988 | 0.74% | 41,376,340 | $681.9M |
| 8 | ROP | 0.72% | 1,626,554 | $662.8M |
| 9 | AZN | 0.71% | 3,467,633 | $657.9M |
| 10 | NOVN | 0.71% | 4,440,237 | $656.2M |
| 11 | SHEL | 0.65% | 13,164,986 | $598.6M |
| 12 | NESN | 0.65% | 5,952,479 | $602.6M |
| 13 | RY | 0.63% | 3,235,163 | $581.9M |
| 14 | SIE | 0.55% | 1,698,594 | $504.8M |
| 15 | CBA | 0.53% | 3,864,063 | $486.7M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove VEU Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How VEU’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.