The FTSE Developed All Cap ex US Index is a free-float, [note 1] market-capitalization weighted index representing the performance of around 3734 large, mid, and small cap companies in 24 developed markets, excluding the USA.The index is derived from the FTSE Global Equity Index  and has a base date of December 31, 2012. 
The index is tracked by the Vanguard Developed Markets index fund investor shares (VDVIX) and admiral shares (VTMGX); and the Vanguard FTSE Developed Markets ETF (VEA). [note 2] [note 3]
FTSE index methodology is summarized in the table:
FTSE methodology summary 
|| Market-cap-weighted, adjusted for free float.
|| Periodic reviews. Annual country reviews on a region-by-region basis.
|Tier 1: Broad-market classification
|| Included: Shares listed on a stock exchange or recognized market that are in top 98% of each region by full market cap. Excluded: Convertible preferred shares or loan stocks.
|Tier 2: Economic classification (developed or emerging markets
- Wealth (GNI per capita)
- Total stock market capitalization
- Breadth and depth of market
- Any restrictions on foreign investment
- Reliable and transparent price discovery
- Efficient market infrastructure
- Oversight by independent regulator
|Tier 3: Geographical classification (region or country
- Permission for direct equity investment by non-nationals
- Availability of timely data
- Ability to retrieve dividends and capital gains in a timely manner
- Demonstration of international interest
- Existence of adequate liquidity
|Tier 4: Style classification (market-cap breakdown for large-, mid-, and small-cap)
- Large-cap: >72%
- Mid-cap: Between 72% and 92%
- Small-cap: (Applies buffers for each capitalization band)
The table lists the twenty three national stock markets included in the index. As of September 2015, six countries (Japan, United Kingdom, France, Germany, Switzerland, and Australia) comprise two thirds of the index market capitalization.[note 4]
FTSE Developed All Cap ex US Index constituent countries (October 8, 2015) [note 5]
|| New Zealand
|| Hong Kong
|| United Kingdom
Annual returns for the index for the period 2005 - 2014 are included in the table below. Benchmark returns are adjusted for withholding taxes.[note 6]
(View Google Spreadsheet in browser, then File --> Download as to download the file.)
- ↑ In March 2013, FTSE adopted a fundamental policy of using actual free float percentages (rounded up to the next 1%) in its indexes. The move was taken to reduce unnecessary turnover in the indexes. See Index Support Guides, Free Float Restrictions, for extended discussion.
- ↑ Prior to April, 2013, the fund, then known as the Vanguard Tax Managed International Admiral Fund (VDVIX) and the Vanguard FTSE Developed Markets ETF (VEA), tracked the MSCI EAFE index
- ↑ The Vanguard Developed Market Index Fund is also available as Institutional (VTMNX) and Institutional Plus (VDIPX) share classes. These share classes are commonly used in the corporate retirement plan market.
- ↑ In 2008 FTSE added Israel to the Developed ex North America Index, see FTSE Country Classification, FTSE Country Matrix; and also added South Korea to the index in 2009, see Classifying South Korea as a Developed Market, FTSE white paper. The Vanguard Developed Market Index fund tracked this index from 2013 - 2015.
- ↑ FTSE announced classification changes in the September 2015 annual review. The changes will be implemented in March 2016 and September 2016. At this point, Greece will be reclassified from Developed to Advanced Emerging; see , Country Classification Update - September 2015
- ↑ The spreadsheet also includes returns for the FTSE Developed ex North America index.