Vanguard FTSE Global All-Cap UCITS ETF At 0.07% Grows To $1 Billion In Just A Couple of Weeks
September 4, 2026
Vanguard FTSE Global All-Cap UCITS ETF At 0.07% Grows To $1 Billion In Just A Couple of Weeks
europe finally gets THE GLOBAL market in one cheap etf
Vanguard has launched the FTSE Global All-Cap UCITS ETF (VGLA / VALL) on multiple European Exchanges. It’s the cheapest single-ticket exposure to the entire global equity market, with large, mid and small caps across developed and emerging markets, at a total expense ratio of just 0.07%.
The ETF began trading on 20th of August on Deutsche Börse’s Xetra and LSE, with parallel listings on Borsa Italiana, Euronext Amsterdam and the SIX Swiss Exchange.
It is the ETF equivalent of US-listed VT – Vanguard Total World Stock Index Fund (0.06% TER) and the Vanguard FTSE Global All Cap Index Fund long popular with UK investors, but still with 0.23% fee.
It’s the first time Vanguard has offered whole-market coverage, small caps included, in a European ETF without an ESG screen. For the first time, the fee is very close to US-listed ETFs, as well.
KEY TAKEAWAYS
- Vanguard’s new FTSE Global All-Cap UCITS ETF started trading on Xetra, Borsa Italiana, the London Stock Exchange, Euronext Amsterdam and SIX.
- At a 0.07% TER it is the cheapest broad global equity ETF in Europe – half the price of Vanguard’s own FTSE All-World (VWCE, 0.14%) and less than a third of its ESG Global All Cap (V3AM, 0.24%). It matches the 0.07% of the cheapest large/mid-cap all-country ETF (Amundi Prime All Country World, WEBN) while adding small caps, and undercuts the next all-cap fund (SPDR MSCI ACWI IMI, 0.17%) by ten basis points.
- It tracks the FTSE Global All Cap Index: roughly 10,000 large-, mid- and small-cap stocks across developed and emerging markets – around 98–99% of the world’s investable market capitalisation.
- Both share classes went live together on 20 August: Accumulating (IE000VAHT5T0) and Distributing (IE000CVUM3N6, quarterly payouts). A currency-hedged class at 0.10% is provided for in the prospectus but has not been listed.
Update as of 4th September 2026: The ETF proves extremely popular. VALL/VGLA ETF Assets under management jump to $1 billion since launch.
VGLA starts trading on five exchanges
replicating an index with roughly 10,000 stocks
VGLA physically replicates the FTSE Global All Cap Index, a market-cap-weighted benchmark of roughly 10,000 stocks across developed and emerging markets and capturing approximately 98–99% of the world’s investable market capitalisation. The addition of small caps is what separates it from the FTSE All-World range, which stops at large and mid caps and covers around 90% of the investable universe.
Key Information
| Field | Detail |
|---|---|
| Fund name | Vanguard FTSE Global All-Cap UCITS ETF (USD) |
| ISIN | IE000VAHT5T0 (Accumulating) and IE000CVUM3N6 (Distributing) |
| TER | 0.07% |
| Index | FTSE Global All Cap Index (net total return, USD) |
| Index coverage | ~10,000 large-, mid- and small-cap stocks, developed + emerging markets (~98–99% of investable market cap) |
| Replication | Physical (optimised sampling) |
| Use of income | Accumulating and Distributing Share Classes |
| Domicile | Ireland (UCITS) |
| Base currency | USD |
| Share class inception | 18 August 2026 |
| First trading day | 20 August 2026 |
Where it trades
The ETF listed simultaneously on five venues.
The accumulating share class (IE000VAHT5T0)
Note the ticker differs on Xetra (VGLA) versus everywhere else (VALL, plus a USD line VALU in London).
| Exchange | Ticker | Trading currency | SEDOL |
|---|---|---|---|
| Xetra (Deutsche Börse) | VGLA | EUR | BW9L7S4 |
| Borsa Italiana (Milan) | VALL | EUR | BW9L7W8 |
| London Stock Exchange | VALL | GBP | BW9N973 |
| London Stock Exchange | VALU (VALL on IBKR) | USD | BW9N906 |
| Euronext Amsterdam | VALL | EUR | BW9L7Y0 |
| SIX Swiss Exchange | VALL | USD | BW9MHM1 |
The distributing share class (IE000CVUM3N6, quarterly distributions)
The distributing share class is not listed in Milan yet.
| Exchange | Ticker | Trading currency | SEDOL |
|---|---|---|---|
| Xetra (Deutsche Börse) | VGLD | EUR | BW9MJ25 |
| London Stock Exchange | VACD | USD | BW9N928 |
| Euronext Amsterdam | VALLD | EUR | BW9MJ70 |
| SIX Swiss Exchange | VALLD | USD | BW9MJ81 |
21st August 2026 Update: IBKR has the accumulating class under VALL for both the USD and GBP Share Classes.
Vanguard’s global range: before and after
until today, it was mainly vwce plus an esg etf
Until this morning, Vanguard’s global equity ETF shelf in Europe was essentially one product: the FTSE All-World UCITS ETF (VWCE) – the ‘VWCE & Chill’ cultural phenomenon we dissected in our deep dive into Vanguard’s European ETF business. Alongside it sat only the ESG Global All Cap UCITS ETF (V3AM), launched in March 2021 at 0.24%, which does include small caps but applies exclusionary ESG screens to the index.
VWCE was kept competitive through two fee cuts in quick succession: from 0.22% to 0.19% effective 7 October 2025 , then from 0.19% to 0.14% in July 2026.
Those cuts came against a backdrop of dependence: our analysis estimated that VWCE alone generated roughly 38% of Vanguard’s Irish UCITS ETF revenue, which long made deep cuts on the flagship economically unattractive – and helps explain why launching an entirely new, broader fund at 0.07% is a bigger statement than any fee cut on VWCE could have been.
VGLA changes the shape of the line-up: broader coverage than either existing fund, no screens, and a fee half of VWCE’s freshly-cut 0.14% and less than a third of V3AM’s 0.24%.
| Vanguard ETF | Launched | Index | Coverage | Small caps | TER |
|---|---|---|---|---|---|
| FTSE Global All-Cap (VGLA) | 20 Aug 2026 | FTSE Global All Cap | ~10,000 stocks, ~98–99% of investable market cap | Yes | 0.07% |
| FTSE All-World (VWCE) | 2019 (range since 2012) | FTSE All-World | ~3,600 stocks, ~90% of investable market cap (large + mid caps) | No | 0.14% (0.22% → 0.19% Oct 2025 → 0.14% Jul 2026) |
| ESG Global All Cap (V3AM) | Mar 2021 | FTSE Global All Cap Choice | All-cap, ESG screens exclude part of the parent index | Yes (ESG-screened) | 0.24% (unchanged since launch) |
VGLA did not arrive alone. Vanguard listed it the same day as two siblings: a FTSE Global Small-Cap UCITS ETF (0.22%, accumulating – IE0007TPRF31, distributing – IE000F8RXD33) and a FTSE All-World ex-US UCITS ETF (0.12%, accumulating – IE0009A5ADV9, distributing – IE000G1H7OC0) — a three-fund set that lets investors hold the whole market in one line, or build it in modules.
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What it means for investors
one ETf, unless you filter out small growth stocks
For anyone building a one-fund portfolio, VGLA is now the simplest answer: the entire investable world, small caps included, in a single ETF at 0.07%, without ESG screens (which we dislike, even though Vanguard is less problematic than competitors).
Unless explicitely investing in small cap value stocks and filtering out small growth equities, investors who have used a two-fund combination of a global equity ETF plus a blend small-cap satellite can collapse that into one holding – at a lower blended cost.
Both share classes were available from day one — the distributing line (IE000CVUM3N6) began trading on 20 August alongside the accumulating one. Vanguard’s prospectus documentation also provides for a currency-hedged variant at a 0.10% ongoing charge, according to reporting on the filing.
Should you switch? Existing VWCE holders shouldn’t rush to sell. Switching can trigger taxes and trading costs that dwarf a few basis points of fees, and the new fund still has to demonstrate tracking. But for new money, the default choice for global equity exposure just got cheaper and broader at the same time.
We will be releasing an updated Global Equity ETF ranking across all providers in the coming weeks, including how VGLA stacks up against the competition on cost, coverage and tracking, and including the recent fee drop on VWCE.
You can read our Q1 2026 Global Equity ETF Ranking here.
Good Luck and Keep’em* Rolling!
(* Wheels & Dividends)
