Vanguard All-World ex US Shares Index ETF (VEU) Review & Analysis

MER · Top 10%AUM · Top 10%1Y Return · Top 25%3Y Return · Top 50%5Y Return · Top 50%
What's new this monthData to 30 September 2026
  • +0.9% in September (total return), ahead of the median international shares ETF at +0.0%.
  • Investors added a net $133m (2.1% of the fund). That ranked #18 of 508 ETFs for new money.
  • The unit price closed the month at $120.47, at or near its 12-month high (range $103.34 to $122.15).

About VEU

VEU is Vanguard's All-World ex-US Shares ETF. It tracks the FTSE All-World ex US Index, covering thousands of companies in both developed and emerging markets, everywhere except the United States. It is passive and unhedged, and is domiciled in the US, so a W-8BEN form is needed.

Because the US is left out, no single country dominates. Japan, the UK, Europe, Canada and the large emerging markets such as Taiwan, China and India all feature, and Australia is included too. The top holdings are names like TSMC, Samsung and ASML rather than the US tech giants, and financials and industrials carry more weight than in a typical global fund. Income is moderate and unfranked. Returns are affected by many currencies moving against the Australian dollar, and emerging markets add extra risk.

VEU is often paired with a US fund such as VTS or IVV to build a global portfolio, or used to reduce reliance on the US. Alternatives include VGS and IWLD. See VTS vs VEU, VGS vs VEU and VEU vs IWLD.

VEU distributions and dividend dates

VEU pays distributions quarterly, usually going ex-distribution in March, June, September and December, with payment about 30 days after the ex-date.

The latest distribution was $0.2371 per unit (0% franked), ex-distribution on 18 September 2026 and paid on 16 October 2026. To receive it you need to own VEU before the ex-date.

Its distribution yield over the past 12 months is about 2.0%. Distributions vary and past payments are not a guide to future ones.

From ASX announcements, updated nightly. See every ETF in the dividend calendar.

Compare VEUCheck overlapVanguard website ↗

Compare VEU with

VEUvsVGS
Vanguard MSCI Index International Shares ETF
Fee0.07%0.18%
1 year+14.0%+10.1%
5 yrs p.a.+9.2%+11.8%
Size$6.5bn$18.7bn
Same holdingsNo holdings data
Full comparison →
VEUvsVTS
Vanguard US Total Market Shares Index ETF
Fee0.07%0.03%
1 year+14.0%+9.8%
5 yrs p.a.+9.2%+12.4%
Size$6.5bn$7.3bn
Same holdingsNo holdings data
Full comparison →
VEUvsIWLD
iShares Core MSCI World All Cap ETF
Fee0.07%0.09%
1 year+14.0%+10.4%
5 yrs p.a.+9.2%+12.3%
Size$6.5bn$2.0bn
Same holdingsNo holdings data
Full comparison →
VEUvsIHWL
iShares Core MSCI World ex Australia ESG Leaders ETF
Fee0.07%0.13%
1 year+14.0%+17.1%
5 yrs p.a.+9.2%+11.0%
Size$6.5bn$1.1bn
Same holdingsNo holdings data
Full comparison →

VEU price by TradingView

Stock CodeVEU
Fund ManagerVanguard
Asset ClassInternational shares
AUM$6.5bn
MER (%)0.07%
Net flows (Sep)+$133m
Last Price$120.47
52-Week Range$103.34 – $122.15
Bid/Ask Spread0.03%
Listing Date08/05/2009
ExchangeASX
Index trackedFTSE All-World ex US Index
Issuer websiteVanguard ↗

Performance (% return)

0%19%39%58%1M0.9%1Y14.0%3Y58.1%5Y55.0%
1 month+0.9%
1 year+14.0%
3 years p.a.+16.5%
5 years p.a.+9.2%

$10,000 invested…

1 year ago$11,3983 years ago$15,8065 years ago$15,503

Value at 30 September 2026 with distributions reinvested, before tax and brokerage.

Total returns including distributions, to 30 September 2026. 1M, 1Y, 3Y and 5Y bars are cumulative.

VEU at a glance: strengths and things to watch

👍 Strengths

  • Low cost. At 0.07% a year it is cheaper than 99% of international shares ETFs.
  • Large and established. $6.5bn under management, number 13 of 508 ETFs in Australia by size.
  • Cheap to trade. A bid/ask spread of 0.03%, so buying and selling costs little extra.
  • Long track record. Listed since 2009, through several market cycles.

⚠️ Things to watch

  • Nothing stands out against its category.

Worked out from VEU's fees, size, flows, returns and trend against the 257 international shares ETFs in Australia, to 30 September 2026. General information, not a recommendation.

Joshua StegaetfadviserTrend check
Base since 14 Oct 2026

VEU is in a base. Here's why that matters.

VEU's moving averages are tangled and the price is moving sideways. The trend hasn't picked a direction yet. Its price is 4.7% below its 12-month high.

Why it matters: Bases are where the next big move starts. A breakout can begin a new uptrend, while a breakdown can start a long fall. Buying a satellite before the breakout often means waiting months for nothing to happen.

At ETF Adviser the core of a portfolio stays invested through every stage, and satellite ETFs are only bought in an uptrend. Members get a weekly update on which ETFs are breaking out of a base and which trends have broken.

Get the weekly trend updates: try it free for 30 daysHow base and trend works →See every ETF's stage →Visit etfadviser.com.au →
Oct 25Jan 26Apr 26Jul 26Oct 26
UptrendBaseDowntrend

VEU weekly price, past 12 months, shaded by trend stage. Stage as at 7 November 2026, updated weekly. A technical label, not a recommendation.

VEU vs its benchmark

How VEU has done against the FTSE All-World ex-US Index, after fees. For an index fund, a small shortfall roughly the size of the fee is normal.

VEUBenchmarkDifference
1 year+13.47%+13.98%-0.51%
3 years p.a.+17.45%+17.47%-0.02%
5 years p.a.+10.48%+10.50%-0.02%

Issuer figures to 30 September 2026, fund returns after fees. Source: Vanguard. Compare more ETFs vs their benchmark →

Investment Focus

Exposure Regions

Global

Portfolio Breakdown

Top 10 holdings (12.5% of the fund)

SymbolCompany% assets
23303.38%
0059301.90%
0006601.54%
ASML1.50%
ROP0.79%
SHEL0.73%
HSBA0.68%
NOVN0.68%
RY0.67%
AZN0.63%

Sector breakdown

  • Financials27.9%
  • Information Technology24.5%
  • Industrials11.3%
  • Health Care7.5%
  • Consumer Discretionary7.0%
  • Energy5.7%
  • Materials5.6%
  • Consumer Staples4.2%
  • Other6.4%

Country breakdown

  • Japan17.6%
  • Canada10.0%
  • United Kingdom10.0%
  • Taiwan8.4%
  • South Korea6.7%
  • Switzerland6.6%
  • Germany5.8%
  • France5.6%
  • Other29.4%

Holdings from the issuer's published portfolio. Breakdowns are based on the largest 400 positions, covering 66% of the fund. Shown via developed (ex-US) and emerging market indexes as a stand-in. Compare VEU's holdings with other ETFs →

Best-endeavours estimate. Built from each issuer's published holdings, which may be weeks or months old, may cover only part of a fund (some publish only their top 10) and are matched by company name. Figures may be incomplete or inaccurate. Check the issuer's website and PDS before relying on them. General information only.

Similar ETFs

CodeNameSame holdingsMERAUM1Y3Y p.a.5Y p.a.
IWLDiShares Core MSCI World All Cap ETF–0.09%$2.0bn+10.4%+18.3%+12.3%
IHWLiShares Core MSCI World ex Australia ESG Leaders ETF–0.13%$1.1bn+17.1%+20.3%+11.0%
WXOZState Street SPDR S&P World ex Australia Carbon Aware ETF–0.07%$858m+7.6%+16.9%+9.3%
WXHGState Street SPDR S&P World ex Australia Carbon Aware (Hedged) ETF Currency hedged–0.10%$410m+14.7%+18.6%+7.3%
EXUSBetashares Global Shares Ex Us ETF–0.14%$158m–––
GARPGlobal X S&P World ex Australia GARP ETF–0.30%$132m+5.6%––

Same holdings is the share of VEU's money in companies the other ETF also holds, weighted by size. No other ETF shares much with VEU, so these are ETFs in the same category. See every ETF like VEU →

VEU vs its closest alternatives

What actually differs between VEU and the ETFs most like it. Data to 30 Sep 2026.

IWLD iShares Core MSCI World All Cap ETF

  • VEU is cheaper (0.07% vs 0.09%), worth about $1,426 on $100,000 over 20 years.
  • Over 3 years, a year: VEU +16.5%, IWLD +18.3% (IWLD ahead by 1.8 percentage points).
  • VEU is about 3 times larger ($6.5bn vs $2.0bn), which usually means tighter trading spreads.

Full VEU vs IWLD comparison →

IHWL iShares Core MSCI World ex Australia ESG Leaders ETF

  • VEU is cheaper (0.07% vs 0.13%), worth about $4,263 on $100,000 over 20 years.
  • Over 3 years, a year: VEU +16.5%, IHWL +20.3% (IHWL ahead by 3.8 percentage points).
  • VEU is about 6 times larger ($6.5bn vs $1.1bn), which usually means tighter trading spreads.

Full VEU vs IHWL comparison →

WXOZ State Street SPDR S&P World ex Australia Carbon Aware ETF

  • Both charge the same fee (0.07%).
  • Over 3 years, a year: VEU +16.5%, WXOZ +16.9% (almost identical).
  • VEU is about 8 times larger ($6.5bn vs $858m), which usually means tighter trading spreads.

Full VEU vs WXOZ comparison →

General information only. Past performance is not a reliable indicator of future performance.

Popular comparisons

VGS vs VEUVTS vs VEUVEU vs IWLDVEU vs IHWLVEU vs WXOZVEU vs NNUKVEU vs VAEVEU vs VDALVEU vs GHHF

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VEU FAQs

What is the fee for VEU?

VEU charges a management fee (MER) of 0.07% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is VEU?

VEU had $6.5bn in funds under management as at 30 September 2026.

How has VEU performed?

VEU returned +14.0% over the year to 30 September 2026 (total return, including distributions). Over three years it returned +16.5% a year. Past performance is not a reliable indicator of future performance.

Who manages VEU?

VEU is managed by Vanguard and has been listed since May 2009.

Does VEU pay monthly?

VEU pays distributions four times a year, usually going ex-distribution in March, June, September and December. It does not pay monthly. If you want monthly income, see the ETF dividend calendar on ReviewETF for funds that pay every month.

When is the next VEU distribution?

Based on its usual schedule, VEU's next distribution should go ex around the start of December (around day 20), with payment about 30 days later. Dates can move, so check Vanguard's announcements to confirm.

What is VEU's dividend yield?

VEU's distribution yield over the past 12 months was about 2.4%. Yields change with the unit price and each payment, and are not a forecast.

What does VEU hold?

VEU's largest holdings are Taiwan Semiconductor Manufacturing Co Ltd (3.4%), Samsung Electronics Co Ltd (1.9%), SK hynix Inc (1.5%), ASML Holding NV (1.5%), Roche Holding AG (0.8%). The biggest sector is financials at 18%.

Is VEU currency hedged?

No, VEU is unhedged. Its returns move with the Australian dollar: a falling dollar adds to returns and a rising dollar reduces them.

Disclaimer

This review is general information only and does not take into account your objectives, financial situation or needs. Consider the Vanguard product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.