VEU vs VGS vs EXUS: Global Shares ETFs Compared (2026)

Quick answer: VGS (0.18%) holds developed markets outside Australia, about three-quarters of it US. VEU (0.04%) and EXUS (0.14%) both leave the US out, but in different ways. VEU covers the whole world except the US, including emerging markets and Australia, but it's a US-domiciled fund, so it needs a W-8BEN form and counts towards US estate tax. EXUS covers developed markets excluding both the US and Australia, and is Australian-domiciled. Pairing IVV (US) with EXUS (the rest of the developed world) gets you close to VGS at a lower blended fee.

The three funds side by side

	VGS	VEU	EXUS
Issuer	Vanguard	Vanguard	BetaShares
Covers	Developed markets ex-Australia (US included)	All world ex-US: developed + emerging, including Australia	Developed markets ex-US and ex-Australia
Index	MSCI World ex-Australia	FTSE All-World ex-US	Solactive GBS Developed Markets ex Australia and United States Large & Mid Cap
Holdings	1,247	3,858	900+
Management fee	0.18%	0.04%	0.14%
Fund domicile	Australia	United States (ASX-quoted)	Australia
W-8BEN / US estate tax	No	Yes	No
Distribution reinvestment plan	Yes	No	—
Listed	Nov 2014	May 2009	Nov 2025

Sources: Vanguard ETFs at a glance, June quarter 2026; VEU prospectus; BetaShares EXUS page.

Annual management fee

VEU (Vanguard, US-domiciled)0.04% p.a.

EXUS (BetaShares)0.14% p.a.

VGS (Vanguard)0.18% p.a.

What each one is for

VGS: "everything developed, except Australia." The US is 74.07% of its MSCI index, and NVIDIA, Apple and Microsoft lead the holdings. Paired with an Australian fund like VAS, it's the classic two-ETF portfolio.

VEU: "everything except the US." Its top holdings are TSMC (4.7%), Samsung (2.8%), SK Hynix (2.4%), ASML (1.9%) and Tencent, according to Vanguard. That means a large emerging-markets share and some Australian companies too. People often pair it with VTS (US total market) to cover the world. Both are US-domiciled funds cross-listed on the ASX. That's why the fee is so low, and also why each needs a W-8BEN form and counts towards the US$60,000 US estate tax threshold. VEU also has no distribution reinvestment plan.

EXUS: "developed markets, minus the US and Australia." It launched in November 2025 for investors who already hold US shares (say, through IVV) and want the rest of the developed world without doubling up on Australia. Its largest holdings are ASML (2.8%), HSBC, Roche, Shell and Royal Bank of Canada, each around 1.2–1.4%, so it's far less top-heavy than VGS. It spans 22 developed markets across Europe, Asia-Pacific and Canada.

Building a global portfolio with them

Approach	Holdings	Approximate blended fee	Paperwork
VGS alone	Developed ex-Australia	0.18%	None
IVV + EXUS (about 74/26)	US + developed ex-US ex-Australia	~0.07%	None
VTS + VEU	US total market + world ex-US (incl. EM and Australia)	~0.03–0.04%	W-8BEN; US estate tax exposure

Blended fee for IVV (0.04%) and EXUS (0.14%) weighted 74/26 to mirror VGS's US share. VTS is 0.03%.

IVV + EXUS isn't identical to VGS: IVV holds only the 500 largest US companies, while VGS's index includes US mid-sized companies too, and you have to rebalance two funds. But it's a cheaper way to the same broad shape, without US paperwork. VTS + VEU is cheapest of all and covers emerging markets, but it's the only route here that brings W-8BEN forms and US estate tax into play. How to invest in international shares explains both.

A fourth option, iShares IOO (Global 100), holds just 100 of the world's largest companies at 0.40%. It's a concentrated mega-cap fund rather than a broad market one.

Returns

	1 year	3 years (p.a.)	5 years (p.a.)	10 years (p.a.)
VEU	15.77%	16.16%	9.90%	10.32%
VGS	10.04%	16.25%	11.76%	13.70%

To 31 August 2026, after fees (Vanguard performance summary). EXUS listed in November 2025, so it has no 1-year record yet; BetaShares reports its index returned 10.51% a year over 5 years to 30 September 2026.

Over 10 years, VGS's heavy US weighting paid off. Over the last year, non-US markets (helped by Korean and Taiwanese chipmakers in VEU) did better. That swing is the reason some investors want an explicit split between US and non-US rather than letting the index decide.

Frequently asked questions

What is the difference between VEU and VGS?

VGS (0.18% p.a.) holds developed markets outside Australia and is about 74% US. VEU (0.04% p.a.) holds the whole world except the US, including emerging markets and Australia. VEU is US-domiciled, so it needs a W-8BEN form and counts towards US estate tax; VGS is Australian-domiciled.

What is EXUS?

BetaShares' Global Shares Ex US ETF, listed in November 2025. It holds 900+ large and mid-sized companies in developed markets outside both the US and Australia, at 0.14% p.a. It's designed to sit alongside a US fund such as IVV.

Is IVV plus EXUS the same as VGS?

Close but not identical. Weighted about 74/26, the two cover a similar developed-market spread at a blended fee of about 0.07% p.a. versus 0.18% for VGS. IVV holds only the 500 largest US companies, while VGS also holds US mid-caps, and you need to rebalance two funds.

Does VEU include Australian shares?

Yes. VEU tracks the FTSE All-World ex-US Index, which excludes only the US, so it includes Australian companies as well as other developed and emerging markets. If you also hold VAS, you'll double up slightly on Australia.

Related calculators and guides

This article is for general information only and does not constitute financial, tax or legal advice. Individual circumstances vary. Consult a registered tax agent or licensed financial adviser before making decisions based on this information.