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Vanguard FTSE Developed Europe Small-Cap UCITS ETF EUR AccIndex, costs, backtest, listings and taxation

ISIN: IE00069H3LK0Ticker: VESCIssuer: Vanguard
Issuer-declared data
Declared index
FTSE Developed Europe Small Cap Net Tax Index
TER
0.19%
Transaction costs
0.06% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Physical (from the KID)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?
Fund assets
64.8 mln EUR
Domicile
Ireland
Inception date
19 May 2026
Data as declared by Vanguard in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Vanguard FTSE Developed Europe Small-Cap UCITS ETF EUR Acc tracks the issuer-declared index: FTSE Developed Europe Small Cap Net Tax Index. The declared annual cost (TER) is 0.19%, plus 0.06% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 65 million euro, was launched on 19 May 2026 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

In seeking to achieve its investment objective, the Fund aims to provide a return which, before the application of fees and expenses, is similar to the return of the Index. The Fund employs a passive management – or indexing – investment approach, through physical acquisition of securities, and seeks to track the performance of the FTSE Developed Europe Small Cap Index (the “Index”). The Fund will invest in a portfolio of equity securities of small-capitalisation companies located in European developed markets. The Index is derived from the broader FTSE Global Equity Index Series (GEIS), which covers around 98% of the world’s investable market capitalisation. The Fund attempts to: 1. Track the performance of the Index by fully replicating the Index, so that the Fund invests in all, or substantially all, of the constituents of the Index, making the weight of such investments approximate to those of the Index, to the extent practicable. 2. Remain fully invested except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy to avoid losses. The Fund may invest in securities which are denominated in currencies other than the base currency. Movements in currency exchange rates can affect the return of investments. The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. While the Fund is expected to track the Index as closely as possible, it typically will not match the performance of the targeted Index exactly, due to various factors such as expenses to be paid by the Fund and regulatory constraints. Details of these factors and the anticipated tracking error of the Fund are set out in the Prospectus. Information on the Fund's portfolio can be found at https://www.ie.vanguard/products. The Indicative Net Asset Value for the Fund is calculated throughout the trading day and is published on Bloomberg or Reuters. The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. ETF Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in the Prospectus). ETF Shares are listed on one or more stock exchange(s). Subject to certain exceptions set out in the Prospectus, investors who are not Authorised Participants may only buy or sell ETF Shares through a company that is a member of a relevant stock exchange at any time when that stock exchange is open for business. A list of the days on which shares in the Fund cannot be bought or sold is available on: https://fund-docs.vanguard.com/holiday-calendar-vanguard-funds-plcETFs.pdf Income from the ETF Shares will be reinvested and reflected in the price of shares in the ETF. VF is an umbrella Fund with segregated liability between sub-funds. This means that the holdings of the Fund are maintained separately under Irish law from holdings of other sub-funds of VF and your investment in the Fund will not be affected by any claims against any other sub-fund of VF.

Keep reading the KID section ▾

Intended retail investor:The Fund is available to a wide range of investors seeking access to a portfolio managed in accordance with a specific investment objective and policy. The VF depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited. You can obtain copies of the Prospectus and the latest annual and semiannual report and accounts for Vanguard Funds plc (“VF”) along with the latest published prices of shares and other practical information, from VF c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at https://global.vanguard.com. Information on the Fund's portfolio disclosure policy and publication of the iNAV can be obtained at https://global.vanguard.com/portal/site/portal/ucits-documentation. The documents are available in English and are free of charge.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.19%: below the median of equity ETFs we track (0.22%).
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · EUR · from May 2026 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+5.0%
Annualised
+18.1%
Volatility (ann.)
10.4%
Max drawdown
-3.78%
-4%0%+3%+6%+9%May 2026Jun 2026Jul 2026Aug 2026Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+5%May 2026Sept 2026
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-1%-2%-3%-4%2026−3.78% · 29 Jun 2026
Max drawdown
-3.78%
peak → trough
Trough
29 Jun 2026
from the 25 May 2026 peak
Recovery time
31 days
recovery only: trough to break-even
Underwater
66 days
decline + recovery: peak to break-even · ≈ 2 months · → recovered on 30 Jul 2026

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
25 May 202629 Jun 2026-3.78%30 Jul 202666
28 Aug 202602 Sept 2026-2.03%ongoing6
14 Aug 202620 Aug 2026-2.00%28 Aug 202614
07 Aug 202610 Aug 2026-0.35%12 Aug 20265
30 Jul 202631 Jul 2026-0.29%03 Aug 20264
Source: Vanguard. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Risk indicators· EUR

Full history
Volatility (ann.)10.27%
Max drawdown-3.78%
Sharpe1.38
Sortino2.05
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.33%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
732
Top-10 weight
18.3%

Top 10 holdings

FI137NHTB4DSGNST
5.69%
1T4F57TFU054P7SP
1.83%
E20B6QIR0IUOQQTR
1.75%
I7G77TU5660NVTP5
1.58%
6Q4LR9L8986O0A8D
1.55%
4VT4A8BUIK5FJ86A
1.34%
7EEVSNMTHAT27O9R
1.34%
B87L1PKC96UDHPNB
1.33%
JSPJOICH0TQNCJJV
1.18%
Storebrand ASA · STB
0.70%

Sectors

Industrials
25.4%
Financials
17.5%
Consumer Discretionary
13.6%
Real Estate
8.4%
Basic Materials
7.1%
Technology
6.8%
Health Care
6.2%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustria: 1.9%AzerbaijanBurundiBelgium: 3.4%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerland: 9.9%ChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 8.8%DjiboutiDenmark: 5.5%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 4.1%EstoniaEthiopiaFinland: 2.4%FijiFalkland IslandsFrance: 9%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 0.6%IranIraqIcelandIsraelItaly: 5.4%JamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 3.8%Norway: 6.4%NepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPoland: 4.1%Puerto RicoNorth KoreaPortugal: 0.6%ParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 10.6%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United Kingdom23.6%
Sweden10.6%
Switzerland9.9%
France9%
Germany8.8%
Norway6.4%
Denmark5.5%
Download the full portfolio — Excel, 732 rows
Full portfolio declared by Vanguard, as of 31 July 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
not applicable
Equity fund per the issuer-declared asset class: it cannot hold «white list» government bonds, so capital gains are taxed at the full 26% Italian rate. That is why the issuer publishes no semi-annual certificate.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)VESC21 May 2026
Börse DüsseldorfVEDA21 May 2026
Börse FrankfurtVEDA21 May 2026
Börse HamburgVEDA21 May 2026
Börse HannoverVEDA3 Jun 2026
Börse München / gettexVEDA21 May 2026
Börse StuttgartVEDA21 May 2026
Euronext AmsterdamVESC21 May 2026
Tradegate ExchangeVEDA29 May 2026
Xetra (Deutsche Börse)VEDA21 May 2026
+ 8 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does Vanguard FTSE Developed Europe Small-Cap UCITS ETF EUR Acc track?
The issuer Vanguard declares the benchmark: FTSE Developed Europe Small Cap Net Tax Index.
How much does VESC cost?
The issuer-declared TER is 0.19% per year; the transaction costs estimated in the KID are 0.06%.
What is the fund size of VESC?
The fund size declared by Vanguard is about 65 million euro.
When was VESC launched?
The fund was launched on 19 May 2026: it has been trading for 109 days: the page fills up as the issuer publishes data.
How does VESC replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (declared in the KID objectives).
Does VESC pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating Income”).
Where does VESC trade?
Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (VESC), Börse Düsseldorf (VEDA), Börse Frankfurt (VEDA), Börse Hamburg (VEDA), Börse Hannover (VEDA), Börse München / gettex (VEDA).
What was VESC's worst fall?
Over the available history (since 2026), the maximum drawdown was -3.78%, reached in June 2026. Past performance is not indicative of future results.
How many securities does VESC hold?
The declared portfolio holds 732 securities; the top 10 positions weigh 18.3%.
Transparency note
The data in this sheet is declared by Vanguard in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.