Vanguard FTSE Global All-Cap ETF: the good and the bad
Vanguard listed a new global ETF on 20 August 2026. It tracks the FTSE Global All Cap index and charges 0.07% a year.
What it holds
About 10,000 companies. Large, mid and small caps, in developed and emerging markets, weighted by market value.
Country split at 31 July 2026:
| Country | Weight |
|---|---|
| United States | 58.4% |
| Japan | 5.7% |
| United Kingdom | 3.3% |
| Taiwan | 3.0% |
| Everything else | 29.6% |
The ten biggest holdings are 21.2% of the fund. Nvidia is 4%, Apple 3.8%, Microsoft 3%. Technology is 33% of the fund and finance 19%.
The US weight is 58% because that is what US shares are worth. A market-cap index just follows prices, so these weights drift as markets move.
Note that Vanguard's product page says "over 7,000 companies" while the index has about 10,000. The fund buys a sample, not the full index.
The fee
| Fund | Coverage | Fee |
|---|---|---|
| FTSE Global All-Cap (new) | large, mid, small | 0.07% |
| FTSE All-World (VWCE) | large, mid | 0.14% |
| SPDR MSCI ACWI IMI | all-cap | 0.17% |
| FTSE Global All Cap Index Fund (UK) | all-cap | 0.23% |
| ESG Global All Cap (V3AM) | all-cap, screened | 0.24% |
VWCE was 0.22% until October 2025, then 0.19%, then 0.14% in July 2026. The new ETF is half that price and holds more of the market. Fees change, so treat these as the August 2026 figures.
The good
It covers the whole market in one fund. If you held a global fund plus a small-cap fund, you can now hold one thing instead of two.
It buys the index as published. No ESG screens.
Both share classes launched on the same day. IE000VAHT5T0 reinvests dividends. IE000CVUM3N6 pays them every quarter.
It has UK reporting status, confirmed on the factsheet.
The bad
Check the spread before you buy. A new ETF trades with a wide gap between the buy and sell price until market makers compete for it. In launch week, justETF showed 1.15% on the gettex listing, far more than a year of fees. It should narrow as the fund grows, so look it up on your own broker on the day rather than trusting any published figure, including this one.
The 0.07% started as an estimate. At launch the KIID said the share class was too new to calculate a real figure. It also leaves out portfolio transaction costs, which the same document says will affect performance. Once the fund has a full year behind it the KIID shows a measured number, so check that instead.
It only buys a sample. The KIID warns the selected shares "may not, in the aggregate, approximate the full index". Small caps make this harder. There was no tracking data at launch, so once a year of history exists, compare the fund's return against the index.
It lends out its shares. The fund lends stock to earn extra income, with Brown Brothers Harriman as counterparty. This offsets costs but adds counterparty risk.
It launched small. EUR 42m after its first full week. Small funds sometimes get merged or closed, so check the current size before buying.
No hedged share class. The base currency is USD. The prospectus allows a hedged class at 0.10%, but Vanguard has not listed it.
Two smaller points. The risk rating is 6 out of 7 and Vanguard says hold for at least five years. And because the fund is Irish, Vanguard's small print says the Financial Ombudsman Service probably cannot handle complaints and the FSCS probably will not cover losses linked to the operator or depositary. That is true of most UCITS ETFs.
Is it worth switching?
For new money, yes. It is the cheapest broad option. At launch its only real drawback was having no track record, and that fixes itself with time.
For money already in VWCE, check the maths first. You save 0.07% a year, which is £35 on £50,000. In a taxable account, selling means a capital gains bill that can wipe out several years of that saving. In an ISA or SIPP there is no tax, so you only pay the spread and dealing fee once.
Details
| Accumulating | Distributing | |
|---|---|---|
| ISIN | IE000VAHT5T0 | IE000CVUM3N6 |
| Xetra | VGLA | VGLD |
| London (GBP) | VALL | |
| London (USD) | VALU | VACD |
| Euronext Amsterdam | VALL | VALLD |
| SIX Swiss | VALL | VALLD |
| Borsa Italiana | VALL | not listed |
Domiciled in Ireland, managed by Vanguard Group (Ireland) Limited, USD base currency, physical replication.
Vanguard listed two other funds the same day: a Global Small-Cap ETF at 0.22% and an All-World ex-U.S. ETF at 0.12%.
Information, not advice. Investments can fall as well as rise and you may get back less than you put in.
