VWCE
AccVanguard FTSE All-World UCITS ETF (Accumulating)
0.22%
TER per year
Issuer
Vanguard
Index
FTSE All-World
AUM
~€25B
Domicile
Ireland
Currency
EUR
Replication
physical
ISIN
IE00BK5BQT80
Since
2019
Etfora Verdict
The clearest starting point for most European investors. Low cost, globally diversified, accumulating. If you're deciding between three ETFs and feel uncertain, VWCE is almost certainly the right answer.
What Is VWCE?
VWCE is the default recommendation for European investors who want one fund to do everything. It holds approximately 3,700 stocks across 49 countries — developed and emerging markets, large and mid-cap. Dividends are reinvested automatically within the fund. You buy one ETF, hold it for decades, and you're done.
The FTSE All-World Index
The FTSE All-World index covers approximately 98% of the world's investable market capitalisation. It includes large and mid-cap stocks from both developed markets (US, Europe, Japan, UK, etc.) and emerging markets (China, India, Brazil, Taiwan, etc.). US stocks make up approximately 60–65% of the index by weight.
US equivalent blocked in Europe
VTI + VXUS (combined)
VTI is US-only. VWCE gives you the entire world including VTI's underlying holdings plus international. For European investors who can't access VTI due to PRIIPs regulations, VWCE is the correct global replacement.
Why it works for European investors
- Ireland domicile means 15% US dividend withholding tax (vs 30% for non-treaty domiciles)
- Accumulating structure avoids annual dividend tax events in most European countries
- EUR-denominated — no FX conversion needed when buying via European brokers
- Available on virtually every European broker including DEGIRO core selection (free monthly trade)
- Vanguard's investor-owned structure keeps costs down over time
Things to know
- Heavy US weighting (~62%) means performance is highly correlated with US markets
- TER of 0.22% is slightly higher than iShares alternatives (IWDA at 0.20%) but includes emerging markets
- Belgian investors: TOB rate is 0.12% — same as other Irish UCITS ETFs
- German investors: qualifies for 30% Teilfreistellung (effective tax rate ~18.5% on gains)
- Dutch Box 3 investors: no tax advantage of accumulating over distributing — both taxed on assumed return
Tax Notes by Country
Under Box 3, no advantage to accumulating over distributing. VWCE is still preferred for simplicity.
Qualifies for 30% Teilfreistellung. Vorabpauschale applies annually but is typically small.
TOB rate 0.12% — the standard rate for Irish-domiciled ETFs.
Not PEA eligible. For non-PEA accounts, VWCE is ideal.
Not tax advice. Verify with a local tax adviser for your specific situation.
Available On
→ Find the best broker for your country and investment sizeAlternatives to Consider
Same index, lower cost. Smaller fund (€3B vs €25B) — less liquidity.
Distributing version of VWCE. Same holdings, same cost. Pays dividends quarterly.
Different index (MSCI ACWI vs FTSE All-World). Similar coverage, slightly different country weights.
Find the right broker for VWCE
Check which brokers offer VWCE in your country and at what cost.
Data based on publicly available information. TER and AUM figures are approximate. Verify current fund data at the issuer's website before investing.