FLEE vs VEA: Grades, Fees and Holdings Compared

Franklin FTSE Europe ETF

FLEEBNYSE Arca

Vanguard FTSE Developed Markets ETF

VEAANYSE Arca

Overlap

40.8%by weight

Expense ratio

VEA −0.06pt a year

FLEE0.09%VEA0.03%

Avg volume · 30D

VEA 1042.6×the volume

FLEE9.82KVEA10.2M

5Y return · a year

VEA +0.2pt

FLEE+8.9%VEA+9.1%

FLEE vs VEA Performance

Nov 9, 2021 – Nov 9, 2026

+53.5%FLEE+54.3%VEA

Expense ratio: FLEE 0.09%; VEA 0.03%, better
Fund size: FLEE $100M; VEA $232B
1Y total return: FLEE +15.7%; VEA +18.4%, better
Yield (12M): FLEE 3.12%, better; VEA 2.44%
Holdings: FLEE 495; VEA 3947
Avg volume (30D): FLEE 9.82K sh; VEA 10.2M sh, better
NAV per share: FLEE $38.28; VEA $67.77
52W range

ETF.net Grade

Pillar letters and Scores for FLEE, VEA, with each pillar’s weight
Pillar	FLEE	VEA
Cost30% weight	C53	A90Higher
Mission25% weight	A99	A100Higher
Risk15% weight	D39	C48Higher
Tradability15% weight	D37	B60Higher
Holdings10% weight	C41	A78Higher
Durability5% weight	D29	A87Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. FLEE and VEA are both graded against the same 20 Developed International Core funds, so their Grades compare head to head.

Developed International Core⁠

Category · 20 funds

See all 20 ›

VEA ranks 3rd and FLEE 13th of 20 funds in the Developed International Core Category.

Rank 1AIDEViShares Core MSCI International Developed Markets ETFScore 82
Rank 2ASPDWState Street SPDR Portfolio Developed World ex-US ETFScore 81
Rank 3AVEAVanguard FTSE Developed Markets ETFScore 80
Rank 4ASCHFSchwab International Equity ETFScore 79
Rank 11BURTHiShares MSCI World ETFScore 58
Rank 13BFLEEFranklin FTSE Europe ETFScore 57
Rank 13BFNDFSchwab Fundamental International Large Company Index ETFScore 57

Our read on each fund

ETF.net Research

FLEEBFranklin FTSE Europe ETF

VEAAVanguard FTSE Developed Markets ETF

In short

FLEE Franklin's Europe-only index sleeve at 0.09% a year, half the typical fee on the developed-international shelf. It tracks a capped FTSE Europe benchmark of roughly 600 stocks, and it does that job quietly: small fund, thin volume.

VEA Everything developed outside the US in one line item: roughly 3,900 stocks across Canada, Europe and the Pacific, small caps included. Vanguard has run it since 2007 at three basis points.

Stated mandate

FLEE The Fund seeks to closely track, before fees and expenses, the performance of the FTSE Developed Europe Capped Index through a passive indexing approach, using replication or representative sampling.

VEA Seeks to track the FTSE Developed All Cap ex US Index through an indexing strategy investing substantially all assets in the index’s large-, mid-, and small-cap stocks across Canada, Europe, and the Pacific region.

Why people hold it

FLEE Costs 0.09% a year, against a 0.18% median for its developed-international cohort. Cheap beta on Europe.
Pure passive: it has tracked the FTSE Developed Europe Capped Index about as closely as anything in its peer group since launching in 2017.
The index is RIC-capped, meaning FTSE's rules trim outsized weights so the fund stays inside the IRS diversification limits for US-registered funds.lseg.com
Roughly 600 developed-Europe names and nothing else: no Japan, no Canada. A regional building block, not a one-ticket international core.

VEA Charges 0.03% a year against a 0.18% median for its peer group. Low cost is the whole point of index exposure, and this sits at the cheap end of it.
The index reaches down to small caps and keeps Canada in, so you own about 3,900 companies across Canada, Europe and the Pacific, not just the mega-cap layer.vanguard.com
Tracks its FTSE benchmark closely and trades in heavy volume, which keeps the spread to get in or out slim, whether the order is small or institutional.
Live since 2007 and one of the largest international stock funds on the market. Distributions come quarterly.

Worth knowing

FLEE A small fund with thin daily volume. Spreads and order type matter more here than with the mega-ETFs on the same shelf.
VGK undercuts it at 0.06%, so the fee edge is over the broad cohort, not over the cheapest Europe wrapper on the shelf.
One region, one currency bloc: returns move with European markets and with the euro and pound against the dollar, with no US or Asian offset.

VEA Developed markets only, and no US stocks. Emerging markets and the home market sit outside the mandate entirely.vanguard.com
The 0.03% fee is matched, not owned: SPDW and SCHF price the same and IDEV is a hair above. The separator here is index construction, not cost.
Plain index exposure, no buffer or downside protection. Foreign markets and the small-cap sleeve can swing hard, and the fund holds the full ride.

Full FLEE profile⁠

Full VEA profile⁠

FLEE vs VEA Holdings

How FLEE and VEA differ

Overlap by weight

40.8%

Shared holdings make up 95.3% of FLEE and 40.8% of VEA.

Level by level

Holdings459 in both40.8%
Countryby domicile48.6%
Sector11 Sectors87.5%
Asset classStocks100%

Sector

Sector weights in FLEE and VEA, widest gap first
Sector	Gap	FLEE	VEA
Technology	VEA +7.5 points	9.2%	16.7%
Health Care	FLEE +5.7 points	13.5%	7.8%
Consumer Staples	FLEE +3.4 points	8.6%	5.2%
Utilities	FLEE +1.9 points	4.9%	3.0%
Materials	VEA +1.7 points	5.6%	7.3%
Real Estate	VEA +1.4 points	0.9%	2.3%
Energy	FLEE +0.9 points	6.0%	5.1%
Communication	VEA +0.9 points	2.6%	3.5%
Consumer Discretionary	VEA +0.9 points	6.1%	7.0%
Industrials	FLEE +0.6 points	18.3%	17.7%
Financials	FLEE +0.1 points	24.4%	24.3%

Country, concentration and asset class

Country by domicile

Country weights in FLEE and VEA, widest gap first
Country	Gap	FLEE	VEA
Japan	VEA +21.9 points	0.0%	21.9%
Canada	VEA +10.8 points	0.0%	10.8%
United Kingdom	FLEE +10.6 points	21.7%	11.1%
Switzerland	FLEE +9.3 points	15.9%	6.6%
South Korea	VEA +9.2 points	0.0%	9.2%
Germany	FLEE +7.3 points	13.5%	6.2%
France	FLEE +6.5 points	13.1%	6.6%
Australia	VEA +5.6 points	0.0%	5.6%
Other countries (20)	FLEE +13.7 points	35.7%	22.0%

Outside the US: FLEE 99% developed, 1% emerging. VEA 89% developed, 11% emerging.

Concentration

Weight in the 10 largest Holdings

FLEE20.7%
VEA13.5%

Securities held

FLEE494
VEA3,921

Asset class

FLEE: Stocks
VEA: Stocks

Holdings

Only in FLEE35
In both459
Only in VEA3,462

Only in FLEE

35 securities, 4.7% of FLEE by weight

Net Current Assets0.50%
Glencore PLC0.47%
Nordea Bank Abp0.41%
Basf SE0.38%
Ferrari NV0.34%
Reckitt Benckiser Group0.33%
Adidas AG0.22%
Ferrovial NV0.20%
Stmicroelectronics NV0.19%
Aib Group PLC0.18%
Arcelormittal0.18%
Fresenius SE0.17%
Kerry Group Plc-A0.12%
Edp SA0.12%
Bt Group PLC0.11%
Henkel AG & Co Kgaa Vor-P0.10%
Vonovia SE0.10%
Intl Consolidated Airline0.09%
Coca-Cola Hbc Ag-Di0.08%
Banco Comercial Portugues0.07%
Stellantis NV0.06%
Galp Energia Sgps SA0.06%
Icg PLC0.05%
Barratt Redrow PLC0.04%
Ccp Initial Margin Jpmeur0.04%
Edp Renewables SA0.03%
Davide Campari-Milano NV0.03%
Vend Marketplaces Asa Class0.03%
Grifols SA - B0.02%
Rtl Group<0.01%
Ccp Initial Margin Jpmgbp<0.01%
H Lundbeck A/S-A Shs<0.01%
Skandinaviska Enskilda Ba<0.01%
Wisa Group Oyj<0.01%
Kesko Oyj Rts<0.01%

Only in VEA

3,462 securities, 59.4% of VEA by weight

Samsung Electronics Co Ltd2.80%
SK hynix Inc2.28%
SLBBH11421.06%
Royal Bank of Canada0.85%
Mitsubishi UFJ Financial Group Inc0.78%
BHP Group Ltd0.66%
Toronto-Dominion Bank/The0.60%
Toyota Motor Corp0.59%
Shopify Inc0.56%
Commonwealth Bank of Australia0.54%
Tokyo Electron Ltd0.51%
Advantest Corp0.49%
Sumitomo Mitsui Financial Group Inc0.49%
Hitachi Ltd0.47%
SoftBank Group Corp0.47%
Recruit Holdings Co Ltd0.44%
Sony Group Corp0.43%
Kioxia Holdings Corp0.41%
Mizuho Financial Group Inc0.40%
DBS Group Holdings Ltd0.38%
Bank of Montreal0.36%
Samsung Electronics-Pref0.35%
Bank of Nova Scotia/The0.34%
Enbridge Inc0.32%
Canadian Imperial Bank of Commerce0.31%
AIA Group Ltd0.30%
Canadian Natural Resources Ltd0.30%
Mitsubishi Corp0.29%
Keyence Corp0.29%
Tokio Marine Holdings Inc0.29%
Agnico Eagle Mines Ltd0.29%
ITOCHU Corp0.27%
Murata Manufacturing Co Ltd0.27%
EURO STOXX 50 Dec260.26%
National Australia Bank Ltd0.26%
Westpac Banking Corp0.26%
Fast Retailing Co Ltd0.25%
Oversea-Chinese Banking Corp Ltd0.25%
Suncor Energy Inc0.25%
ANZ Group Holdings Ltd0.25%
Mitsubishi Heavy Industries Ltd0.25%
Eur/Usd Fwd 202612160.24%
Mitsui & Co Ltd0.24%
Brookfield Corp0.23%
Canadian Pacific Kansas City Ltd0.23%
Air Liquide SA0.23%
SK Square Co Ltd0.23%
Glencore PLC0.23%
TOPIX INDX FUTR Dec260.22%
Manulife Financial Corp0.22%

Weight gaps

The 100 widest of 459 Holdings in both funds.

Holding weights in FLEE and VEA, widest gap first
Holding	Gap	FLEE	VEA
Asml Holding NV	FLEE +1.73 points	3.86%	2.13%
Roche Holding AG	FLEE +1.44 points	2.34%	0.90%
Novartis Ag-Reg	FLEE +1.29 points	2.11%	0.82%
Astrazeneca PLCAZN.L	FLEE +1.20 points	1.95%	0.74%
Shell PLCSHEL.L	FLEE +1.18 points	2.03%	0.85%
Nestle Sa-Reg	FLEE +1.16 points	1.88%	0.72%
Hsbc Holdings PLCHSBA.L	FLEE +1.05 points	2.09%	1.04%
Sap SE	FLEE +0.97 points	1.60%	0.63%
Air Liquide SA	FLEE +0.81 points	0.93%	0.12%
Siemens Ag-Reg	FLEE +0.80 points	1.49%	0.69%
Allianz Se-Reg	FLEE +0.79 points	1.34%	0.55%
Totalenergies SE	FLEE +0.71 points	1.24%	0.53%
L'oreal	FLEE +0.70 points	0.80%	0.10%
Iberdrola SA	FLEE +0.69 points	1.17%	0.48%
Banco Santander SA	FLEE +0.58 points	1.20%	0.62%
Ubs Group Ag-Reg	FLEE +0.58 points	1.04%	0.46%
Unilever PLCULVR.L	FLEE +0.57 points	0.96%	0.39%
Novo Nordisk A/S-B	FLEE +0.52 points	0.89%	0.37%
British American TobaccoBATS.L	FLEE +0.52 points	0.86%	0.34%
Banco Bilbao Vizcaya Arge	FLEE +0.52 points	1.00%	0.48%
Airbus SE	FLEE +0.50 points	0.89%	0.39%
Rolls-Royce Holdings PLCRR.L	FLEE +0.49 points	0.99%	0.50%
Zurich Insurance Group AG	FLEE +0.48 points	0.79%	0.31%
Bp PLCBP.L	FLEE +0.47 points	0.82%	0.35%
Schneider Electric SE	FLEE +0.46 points	1.01%	0.55%
Lvmh Moet Hennessy Louis	FLEE +0.45 points	0.78%	0.33%
Unicredit Spa	FLEE +0.44 points	0.85%	0.41%
Abb Ltd-Reg	FLEE +0.43 points	0.88%	0.45%
Sanofi	FLEE +0.43 points	0.70%	0.27%
Cie Financiere Richemo-A	FLEE +0.42 points	0.77%	0.35%
Gsk PLCGSK.L	FLEE +0.40 points	0.70%	0.30%
Safran SA	FLEE +0.39 points	0.79%	0.40%
Intesa Sanpaolo	FLEE +0.38 points	0.73%	0.35%
Deutsche Telekom Ag-Reg	FLEE +0.38 points	0.69%	0.31%
Bnp Paribas	FLEE +0.38 points	0.70%	0.32%
National Grid PLCNG.L	FLEE +0.36 points	0.59%	0.23%
Anheuser-Busch Inbev Sa/N	FLEE +0.35 points	0.56%	0.21%
Enel Spa	FLEE +0.34 points	0.57%	0.23%
Muenchener Rueckver Ag-Re	FLEE +0.34 points	0.56%	0.22%
Axa SA	FLEE +0.33 points	0.57%	0.24%
Ing Groep NV	FLEE +0.33 points	0.64%	0.31%
Siemens Energy AG	FLEE +0.33 points	0.70%	0.37%
Relx PLCREL.L	FLEE +0.31 points	0.49%	0.18%
Rio Tinto PLCRIO.L	FLEE +0.31 points	0.61%	0.30%
Investor Ab-B Shs	FLEE +0.31 points	0.53%	0.22%
Industria De Diseno Texti	FLEE +0.30 points	0.51%	0.21%
Engie	FLEE +0.30 points	0.35%	0.05%
Essilorluxottica	FLEE +0.29 points	0.44%	0.15%
Barclays PLCBARC.L	FLEE +0.28 points	0.53%	0.25%
Bae Systems PLCBA.L	FLEE +0.28 points	0.51%	0.23%
Lloyds Banking Group PLCLLOY.L	FLEE +0.28 points	0.53%	0.25%
Deutsche Boerse AG	FLEE +0.27 points	0.45%	0.18%
Bayer Ag-Reg	FLEE +0.27 points	0.43%	0.16%
London Stock Exchange GroLSEG.L	FLEE +0.26 points	0.41%	0.15%
Diageo PLCDGE.L	FLEE +0.24 points	0.39%	0.15%
Lonza Group Ag-Reg	FLEE +0.24 points	0.39%	0.15%
Vinci SA	FLEE +0.24 points	0.42%	0.18%
Compass Group PLCCPG.L	FLEE +0.24 points	0.39%	0.15%
Dhl AG	FLEE +0.24 points	0.42%	0.18%
Deutsche Bank Ag-Register	FLEE +0.23 points	0.42%	0.19%
Swiss Re AG	FLEE +0.23 points	0.38%	0.15%
Skandinaviska Enskilda Ba	FLEE +0.22 points	0.22%	<0.01%
Natwest Group PLCNWG.L	FLEE +0.22 points	0.44%	0.22%
Argenx SE	FLEE +0.21 points	0.39%	0.18%
Eni Spa	FLEE +0.21 points	0.36%	0.15%
Anglo American PLCAAL.L	FLEE +0.20 points	0.38%	0.18%
Tesco PLCTSCO.L	FLEE +0.20 points	0.32%	0.12%
Hermes International	FLEE +0.20 points	0.36%	0.16%
Danone	FLEE +0.20 points	0.33%	0.13%
Prosus NV	FLEE +0.20 points	0.35%	0.15%
E.on SE	FLEE +0.20 points	0.33%	0.13%
Infineon Technologies AG	FLEE +0.19 points	0.46%	0.27%
Holcim Ltd	FLEE +0.20 points	0.32%	0.12%
Volvo Ab-B Shs	FLEE +0.19 points	0.35%	0.16%
Dsv A/S	FLEE +0.19 points	0.30%	0.11%
Galderma Group AG	FLEE +0.19 points	0.30%	0.11%
Sandoz Group AG	FLEE +0.18 points	0.29%	0.11%
Ucb SA	FLEE +0.18 points	0.27%	0.09%
Generali	FLEE +0.19 points	0.33%	0.14%
Standard Chartered PLCSTAN.L	FLEE +0.18 points	0.34%	0.16%
Caixabank SA	FLEE +0.18 points	0.34%	0.16%
Sse PLCSSE.L	FLEE +0.18 points	0.30%	0.12%
Rwe AG	FLEE +0.17 points	0.32%	0.15%
Societe Generale SA	FLEE +0.18 points	0.34%	0.16%
Atlas Copco Ab-A Shs	FLEE +0.17 points	0.33%	0.16%
Assa Abloy Ab-B	FLEE +0.16 points	0.27%	0.11%
Experian PLCEXPN.L	FLEE +0.17 points	0.26%	0.09%
Givaudan-Reg	FLEE +0.16 points	0.26%	0.10%
Haleon PLCHLN.L	FLEE +0.16 points	0.28%	0.12%
Alcon Inc	FLEE +0.16 points	0.26%	0.10%
Genmab A/S	FLEE +0.16 points	0.22%	0.06%
Compagnie De Saint Gobain	FLEE +0.15 points	0.26%	0.11%
Orange	FLEE +0.15 points	0.24%	0.10%
Sika Ag-Reg	FLEE +0.14 points	0.25%	0.11%
Swiss Life Holding Ag-Reg	FLEE +0.14 points	0.23%	0.09%
Sandvik Ab	FLEE +0.14 points	0.26%	0.12%
Repsol SA	FLEE +0.14 points	0.25%	0.11%
Mercedes-Benz Group AG	FLEE +0.13 points	0.24%	0.11%
Koninklijke Ahold Delhaiz	FLEE +0.14 points	0.24%	0.10%
Rheinmetall AG	FLEE +0.14 points	0.29%	0.15%

All 575 FLEE holdings⁠All 3,903 VEA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FLEE vs VEA Cost

Overpaying FLEE vs VEA

$1,260

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FLEE 0.09%
$1,898
VEA 0.03%
$638

Amount$10,000

Years30 years

Cost over time

FLEE 0.09%
VEA 0.03%
Overpaying

Year by year

Year	FLEE	VEA	Overpaying
10	$165	$55	$110
20	$646	$216	$430
30	$1,898	$638	$1,260

Expense ratio

0.09%FLEE
0.03%VEA, cheaper

VEA0.03%FLEE0.09%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

VEA cheapest of 20 funds

FLEE 9th cheapest of 20 funds

FLEE vs VEA Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FLEE 3.12%, better; VEA 2.44%
Payout (12M): FLEE $1.22; VEA $1.70
Last payment: FLEE $0.87; VEA $0.18
Ex-dividend: FLEE Jun 26, 2026; VEA Sep 18, 2026
Paid on: FLEE Jul 6, 2026; VEA Sep 22, 2026
Frequency: FLEE Twice a year; VEA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FLEETwice a year · 19 paymentsAll FLEE payments⁠

VEAQuarterly · 39 paymentsAll VEA payments⁠

FLEE vs VEA Risk

Fall from peak · 5 years

FLEE
VEA

Risk facts

VolatilityStd dev, 3 years: FLEE 12.8%, betterVEA 12.9%
Return per unit of riskSharpe ratio, 3 years: FLEE 1.10VEA 1.25, better
Worst fallMax drawdown, 5 years: FLEE −31.6%VEA −29.2%, better
Market sensitivityBeta, 5 years: FLEE 0.94VEA 0.97; Market = 1

FLEE and VEA in the news

All news⁠

Head-to-Head
VEA over SCHF if this is your only developed-markets fund
Nov 4, 2026VEA
Best ETFs
Best international ETFs: one cheap fund, then the Korea choice
Updated Nov 2, 2026VEA
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026VEA
First-Year Review
Vanguard Emerging Markets ex-China returned 27.4%; iShares MSCI ex China returned 48.6%
Oct 1, 2026VEA
ETF Filings
Transamerica files TAVI, a Great Lakes EAFE ETF, as a $4.27 billion fund changes sub-adviser
Sep 22, 2026VEA
Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026VEA

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FLEE vs VEA

In short

Stated mandate

Why people hold it