Performance data is updated to 31 May 2026.
Vanguard S&P 500 US Shares Index (Hedged) ETF (V5AH) — Review & Analysis
V5AH is the AUD-hedged twin of V500, with $17 million in assets as at May 2026. Vanguard launched V5AH on 4 March 2026 at just 0.09% MER — making it the cheapest AUD-hedged S&P 500 ETF on the ASX. This directly undercuts iShares' IHVV (0.10% MER, $4.0B AUM as at May 2026), which has been the dominant hedged S&P 500 option for over a decade. Vanguard's pricing makes V5AH a credible challenger for the institutional money that currently sits in IHVV.
To compare V5AH side-by-side with every other ETF on the ASX, see the full ETF directory.
V5AH's underlying equity portfolio is identical to V500 and IVV — Microsoft, Apple, Nvidia, Amazon, Meta, Alphabet (A and C), Berkshire Hathaway, Eli Lilly, Broadcom in the top 10 — together making up roughly 35% of the index. The difference is the AUD currency hedge overlaid on top: Vanguard sells USD forwards monthly to neutralise the currency exposure. In the 2 months since launch, V5AH outperformed unhedged V500 because the AUD strengthened against the USD — a typical pattern when AUD-hedged products win.
V5AH pays distributions quarterly (late March, June, September and December) at a similar yield to V500 (~1.2% gross as at May 2026), with no franking credits. The currency hedging creates additional return variation: when AUD interest rates exceed US rates (as at May 2026), the hedge generates a small positive carry; when US rates exceed AUD rates, the hedge cost reduces AUD return relative to unhedged V500.
V5AH is the right choice when you want US S&P 500 exposure without the currency variable. Retirees and near-retirees with defined withdrawal timelines often prefer hedged. For the hedging analysis, see Hedged vs unhedged ETFs — the best option in every category.
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Last updated: January 2026
