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In the fact sheet of Vanguard FTSE All-World UCITS ETF (accumulating), I see that the fund has a negative turnover rate:

VWRP ETF characteristics

The ETF has a turnover rate of -28%. How can the turnover rate be negative? What does a negative turnover rate indicate?

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This article might answer your question. It seems to be due to the formula used for UCITS funds:

Back in the day, when it was still requirement, UCITS III used the following formula:

Turnover = [(Purchases plus Sales) – (Cash in plus Cash out)]/Avg Net Assets

The main issue with this formula was that it produced a negative turnover ratio where the cashflows exceeded the total trades, and that clearly makes no sense. It would also inflate the ratio when the fund performed many ‘paired’ trades (ie, buying one instrument on the back of selling another).

The SEC uses a very simple formula:

Turnover = Min(Purchases;Sales)/Avg Assets included in numerator

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