VALL vs VWCE: Is Vanguard's New All-Cap ETF Worth Switching To?
On 18 August 2026 Vanguard listed the FTSE Global All-Cap UCITS ETF (VALL on the LSE, Milan, Amsterdam and SIX; VGLA on Xetra) at a 0.07% TER — half the 0.14% VWCE now charges, and with small caps included. Both are Vanguard, Ireland-domiciled, accumulating, physically replicated global equity ETFs. The difference is the index: VALL tracks FTSE Global All Cap (~10,000 stocks, ~98% of global investable market cap), VWCE tracks FTSE All-World (~3,700 large and mid caps, ~90%). The gap between them is a small-cap sleeve worth roughly 5-7% of the portfolio.
Key Differences
- TER: VALL 0.07% vs VWCE 0.14% — a 7 bp saving, about €7 a year per €10,000 invested
- Coverage: VALL adds ~6,000 small-cap stocks VWCE excludes; they weigh ~5-7% of the fund, so the top 10 holdings are nearly identical
- Both are Vanguard, Ireland-domiciled, accumulating and physically (sampled) replicated — the structural setup is the same
- Size and liquidity: VWCE holds tens of billions and trades with tight spreads; VALL launched in August 2026 with a few hundred million, so bid-ask spreads and tracking are still unproven
- Switching an existing VWCE position means selling — in most jurisdictions that realises a capital gain, which usually costs far more than 7 bp a year
Live Comparison
Interactive comparison with real data. Toggle dividends and tax settings to see the full picture.
Bottom Line
For new money: VALL is the better buy on paper — same house, same structure, broader index, half the fee. Give it a few months of trading to confirm spreads and tracking difference before making it your only holding. For an existing VWCE position: usually not worth switching. 7 bp a year is real but small, and the tax bill on realising your gains almost always swamps it. The honest summary is that this is an incremental improvement, not a reason to redesign your portfolio.