{"id":18036,"date":"2026-08-31T12:26:36","date_gmt":"2026-08-31T10:26:36","guid":{"rendered":"https:\/\/schweizerfinanzblog.ch\/vanguard-valley-world-etf\/"},"modified":"2026-09-01T16:21:18","modified_gmt":"2026-09-01T14:21:18","slug":"vanguard-vall-all-cap-etf","status":"publish","type":"post","link":"https:\/\/schweizerfinanzblog.ch\/en\/vanguard-vall-all-cap-etf\/","title":{"rendered":"New: Vanguard VALL\u2014the broadest global ETF for 0.07%"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>A single ETF, approximately 10,000 stocks, 0.07% annual fees. What would have been considered a misprint ten years ago has been tradable on SIX under the ticker symbol VALL since August 20, 2026. With the FTSE Global All-Cap UCITS ETF, Vanguard has launched the broadest global ETF to date for investors in Switzerland\u2014and, at the same time, the lowest-cost in its category\u2014along with two other products on the same day. In this article, you\u2019ll learn what\u2019s behind this move, why it\u2019s coming now of all times, and who these new offerings are best suited for.<\/strong><\/p>\n\n<link rel=\"stylesheet\" href=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/themes\/schweizerfinanzblog\/components\/post-info-component\/post-info-component.css\">\n<div class=\"post-info-component\">\n\t\t<div class=\"von-and-comments\">\n\t\t\t\t\t<a target=\"_blank\" href=\"https:\/\/schweizerfinanzblog.ch\/en\/about-us\/\">Stefan &#038; Toni<\/a>\n\t\t\t\t <span>| <a href=\"#comments\">5 Comments<\/a><\/span> \t\t\n\t<\/div>\n\t\t<div class=\"post-dates\">\n\t\tUpdated at\t\t<time class=\"entry-date updated\" datetime=\"2026-09-01T16:21:18+02:00\">\n\t\t\t1.9.2026\t\t<\/time>\n\t<\/div>\n\t<\/div>\n<link rel=\"stylesheet\" href=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/themes\/schweizerfinanzblog\/components\/kurz-bundig-component\/kurz-bundig-component.css?v=2\">\n\n<div  id=\"GZbYlpN\" class=\"kurz-bunding mb-3\" style='background-color:#f9f9fa'>\n\t<div class=\"d-flex kurz-bunding-title\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"kurz-bunding-icon\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2023\/01\/lifghtbulb2.png\">\n\t\t<\/div>\n\t\t<p class=''>\n\t\t\tShort &#038; sweet\t\t<\/p>\n\t<\/div>\n\n\t<div class=\"kurz-bunding-content\">\n\t\t<ul>\n<li>On August 20, 2026, Vanguard listed three new global equity ETFs on SIX and four other exchanges.<\/li>\n<li>The flagship of the new launches is the Vanguard FTSE Global All-Cap UCITS ETF (ticker VALL) with a TER of 0.07%\u2014the lowest-cost global ETF that also includes small-cap stocks.<\/li>\n<li>The underlying index comprises approximately 10,000 securities and thus covers about 99% of the world\u2019s investable market capitalization.<\/li>\n<li>Three weeks earlier, Vanguard had already lowered the fees for its two flagship All-World ETFs, VWRA and VWRL, from 0.19% to 0.14%.<\/li>\n<li>We assume these aren&#8217;t bait offers\u2014on the contrary, the trend continues to point downward.<\/li>\n<li>Those who have already invested have no reason to rush: The ETF isn\u2019t yet available for trading everywhere, and redirecting your savings is more cost-effective than rebalancing your portfolio.<\/li>\n<\/ul>\n\t<\/div>\n\t\t\t\n\t<\/div>\n\n<style>\n\t#GZbYlpN .kurz-bunding-content li::marker{\n\t\tcolor: #37c392;\n\t}\n\t#GZbYlpN .kurz-bunding-call-to-action a{\n\t\tbackground-color: #1bab78;\n\t\tcolor: #FFFFFF;\n\t}\n\n<\/style>\n<div id=\"toc_container\" class=\"no_bullets\"><p class=\"toc_title\">Contents<\/p><ul class=\"toc_list\"><li><a href=\"#From_Bogle_to_the_Cooperative_A_Brief_History_of_Vanguard\">From Bogle to the Cooperative: A Brief History of Vanguard<\/a><\/li><li><a href=\"#What_Vanguard_Has_Launched\">What Vanguard Has Launched<\/a><ul><li><a href=\"#VALL_Vanguard_FTSE_Global_All-Cap_UCITS_ETF\">VALL: Vanguard FTSE Global All-Cap UCITS ETF<\/a><ul><li><a href=\"#The_logical_complement_to_its_ESG_counterpart_the_V3AA\">The logical complement to its ESG counterpart, the V3AA<\/a><\/li><\/ul><\/li><li><a href=\"#VXUS_Vanguard_FTSE_All-World_ex-US_UCITS_ETF\">VXUS: Vanguard FTSE All-World ex-US UCITS ETF<\/a><\/li><li><a href=\"#VSML_Vanguard_FTSE_Global_Small-Cap_UCITS_ETF\">VSML: Vanguard FTSE Global Small-Cap UCITS ETF<\/a><\/li><li><a href=\"#Trading_Currency_and_Taxes\">Trading Currency and Taxes<\/a><\/li><\/ul><\/li><li><a href=\"#Why_Now_Vanguard_Sets_Its_Sights_on_the_Market_Leader\">Why Now? Vanguard Sets Its Sights on the Market Leader<\/a><ul><li><a href=\"#Market_Leader_Challenger_and_Classic_Compared\">Market Leader, Challenger, and Classic Compared<\/a><\/li><\/ul><\/li><li><a href=\"#And_what_about_Vanguard8217s_flagship_funds_VWRA_and_VWRL\">And what about Vanguard&#8217;s flagship funds, VWRA and VWRL?<\/a><\/li><li><a href=\"#The_Price_War_TER_vs_Zero\">The Price War: TER vs. Zero<\/a><ul><li><a href=\"#What_the_TER_Actually_Costs_You\">What the TER Actually Costs You<\/a><\/li><\/ul><\/li><li><a href=\"#Will_the_007_remain\">Will the 0.07% remain?<\/a><\/li><li><a href=\"#Why_VALL_isn8217t_included_in_our_ETF_comparison_yet\">Why VALL isn&#8217;t included in our ETF comparison yet<\/a><\/li><li><a href=\"#Should_I_sell_my_existing_ETFs_now\">Should I sell my existing ETFs now?<\/a><\/li><li><a href=\"#Conclusion\">Conclusion<\/a><\/li><li><a href=\"#This_might_also_interest_you\">This might also interest you<\/a><\/li><li><a href=\"#Updates\">Updates<\/a><\/li><li><a href=\"#Disclaimer\">Disclaimer<\/a><\/li><\/ul><\/div>\n<h2 class=\"wp-block-heading\"><span id=\"From_Bogle_to_the_Cooperative_A_Brief_History_of_Vanguard\">From Bogle to the Cooperative: A Brief History of Vanguard<\/span><\/h2>\n\n<p dir=\"ltr\">To understand why this launch is more than just a product announcement, it\u2019s worth taking a look back. In 1975, John C. Bogle launched the first index fund for individual investors. Industry experts reacted with derision\u2014a fund that didn\u2019t even attempt to beat the market was seen as a capitulation to mediocrity. Today, passive investing is the standard, and Vanguard is the world\u2019s second-largest asset manager after BlackRock\u2014with an ownership structure that treats falling costs not as a marketing tool, but as the norm. We\u2019ll explain why that is below.<\/p>\n<p dir=\"ltr\">For a long time, this was hardly noticeable in Europe\u2014Vanguard charged significantly higher prices here than in its home market. This can be illustrated using Vanguard\u2019s own product lineup: The Vanguard Total World Stock ETF (VT) tracks the same index in the U.S. as the new VALL\u2014namely, large-, mid-, and small-cap stocks worldwide\u2014and charges a fee of 0.06% there. There was simply no European equivalent, and where alternatives existed, investors paid many times that amount. The recent launch closes this gap: the difference is now just a single basis point\u20140.06% versus 0.07%.<\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"What_Vanguard_Has_Launched\">What Vanguard Has Launched<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">Launched on August 18, 2026, and listed on August 20 on the London Stock Exchange, Deutsche B\u00f6rse, Euronext Amsterdam, Borsa Italiana, and SIX Swiss Exchange\u2014three new ETFs, each with a reinvesting and a distributing share class:<\/p>\n&#91;table \u201c114\u201d not found \/&#93;<br \/>\n\n<h3 class=\"wp-block-heading\"><span id=\"VALL_Vanguard_FTSE_Global_All-Cap_UCITS_ETF\">VALL: Vanguard FTSE Global All-Cap UCITS ETF<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">The three new funds primarily cover large-, mid-, and small-cap stocks from developed and emerging markets and, with approximately 10,000 securities, include more than twice as many as the well-known FTSE All-World Index. The difference lies in the small companies: The All-World index stops at mid-cap companies and covers about 90% of investable market capitalization, while the Global All Cap covers about 99%.<\/p>\n\n<p class=\"wp-block-paragraph\">Small-cap stocks thus account for only about 9% of the portfolio. In terms of the number of stocks, they dominate the index; in terms of weighting, they remain a minor component\u2014so in practice, the difference in returns compared to the All-World index is correspondingly small.<\/p>\n\n<p class=\"wp-block-paragraph\">As is typical for broadly diversified global ETFs, Vanguard also uses a sampling approach: The ETF does not hold all index constituents, but rather a representative selection of over 7,000 individual stocks. This is not a disadvantage, because the smallest index components are weighted so lightly that omitting them has virtually no impact on the index\u2019s performance, while saving on costs.<\/p>\n\n<p class=\"wp-block-paragraph\">This makes the ETF particularly well-suited for three situations: for a portfolio that aims to cover its entire equity allocation with a single product; for cost-conscious investors; and, last but not least, for anyone who wants to avoid the hassle of annual rebalancing. You can find all key data, including the ISINs for both share classes, on <a href=\"https:\/\/www.ch.vanguard\/en\/private-investor\/product\/fund\/equity\/E161\/ftse-global-all-cap-ucits-etf-usd-acc\" target=\"_blank\" rel=\"noopener\">Vanguard\u2019s product page<\/a>.<\/p>\n\n<h4 class=\"wp-block-heading\"><span id=\"The_logical_complement_to_its_ESG_counterpart_the_V3AA\">The logical complement to its ESG counterpart, the V3AA<\/span><\/h4>\n\n<p class=\"wp-block-paragraph\">One point that gets lost amid all the excitement: Vanguard has long offered all-cap coverage\u2014but only in the sustainable version. The Vanguard ESG Global All Cap UCITS ETF (V3AA) has been in operation since March 2021, but charges a fee of 0.24% and excludes companies based on sustainability criteria.<\/p>\n\n<p class=\"wp-block-paragraph\">Geographically and in terms of company size, the two ETFs are identical. So anyone who previously wanted the broadest possible market coverage had no choice but to accept the ESG exclusions as well. This linkage has now been removed: The V3AA remains the choice for those who deliberately select investments based on sustainability criteria, while the VALL tracks the entire market\u2014at one-third of the price.<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"VXUS_Vanguard_FTSE_All-World_ex-US_UCITS_ETF\">VXUS: Vanguard FTSE All-World ex-US UCITS ETF<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">The ex-US ETF addresses a concern on many investors\u2019 minds right now: the concentration risk in the U.S. In a traditional global ETF, U.S. securities account for a good 60% of the portfolio\u2019s weighting. Investors who want to consciously manage this allocation themselves\u2014for example, by combining it with a separate U.S. component\u2014gain greater flexibility here.<\/p>\n\n<p class=\"wp-block-paragraph\">The ETF is also an interesting alternative to a regional portfolio. Investors who previously covered the developed world using three components\u2014one each for North America, Europe, and Asia-Pacific\u2014and needed a fourth for emerging markets can now get by with just two: a U.S. ETF and the ex-U.S. ETF, which already includes emerging markets. This significantly reduces the effort involved in rebalancing without sacrificing the ability to determine the U.S. allocation yourself. You can find all key data, including the ISINs for both share classes, on <a href=\"https:\/\/www.ch.vanguard\/de\/private-anleger\/anlageprodukte\/etf\/aktien\/E165\/ftse-all-world-ex-us-ucits-etf-usd-acc\" target=\"_blank\" rel=\"noreferrer noopener\">Vanguard\u2019s product page<\/a>.<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"VSML_Vanguard_FTSE_Global_Small-Cap_UCITS_ETF\">VSML: Vanguard FTSE Global Small-Cap UCITS ETF<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">This small-cap ETF is designed for anyone who wants to give small companies a larger weighting in their portfolio.<\/p>\n\n<p class=\"wp-block-paragraph\">The background: Over long periods, smaller companies have, on average, generated slightly higher returns than large ones\u2014though their prices have fluctuated more. In technical terms, this relationship is known as the size factor. We examined whether such a factor-based approach is worthwhile at all in a separate article: <a href=\"https:\/\/schweizerfinanzblog.ch\/en\/worthwhile-factor-investing\/\" target=\"_blank\" rel=\"noopener\">Is Factor Investing Worth It?<\/a><\/p>\n\n<p class=\"wp-block-paragraph\">Whether you\u2019re already benefiting from this depends on your existing ETF. Small-cap stocks simply aren\u2019t included in the three best-known global indices\u2014the MSCI World, MSCI ACWI, and FTSE All-World. These indices stop at mid-cap companies. The MSCI ACWI IMI and the FTSE Global All Cap, on the other hand, do include small companies, but they weight them according to their market capitalization. This results in a share of about 9%\u2014exactly the same proportion they actually account for in the global market.<\/p>\n\n<p class=\"wp-block-paragraph\">Anyone who wants to add small-cap stocks to their portfolio or increase their weighting beyond what this market share would suggest therefore needs a dedicated ETF. You can find all key details, including the ISIN codes for both share classes, on <a href=\"https:\/\/www.ch.vanguard\/de\/professionell\/anlageprodukte\/etf\/aktien\/E163\/ftse-global-small-cap-ucits-etf-usd-acc\" target=\"_blank\" rel=\"noreferrer noopener\">Vanguard\u2019s product page<\/a>.<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"Trading_Currency_and_Taxes\">Trading Currency and Taxes<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">Two points apply to all three new issues. First, they are traded exclusively in U.S. dollars on the SIX, not in Swiss francs. So if you don\u2019t already have dollar balances, a currency conversion fee applies to every purchase\u2014often between 0.2% and 1.5% of the transaction volume, depending on the broker. Unlike the annual TER, this fee is charged per transaction and can erode the cost savings accumulated over several years. However, this has nothing to do with currency risk: That arises from the currencies of the underlying stocks and is the same whether you buy in dollars or Swiss francs.<\/p>\n\n<p class=\"wp-block-paragraph\">Second, all three ETFs are domiciled in Ireland\u2014which is generally the most favorable option for investors in Switzerland because the double taxation treaty reduces the withholding tax on U.S. dividends. Capital gains remain tax-free as part of your personal assets; dividends, whether reinvested or distributed, are taxable as income. We explain how to optimize your portfolio for tax purposes in the article <a href=\"https:\/\/schweizerfinanzblog.ch\/en\/etf-taxes-switzerland-with-5-tax-saving-tips\/\" target=\"_blank\" rel=\"noopener\">\u201cETF Taxes in Switzerland<\/a>.\u201d<\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"Why_Now_Vanguard_Sets_Its_Sights_on_the_Market_Leader\">Why Now? Vanguard Sets Its Sights on the Market Leader<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">Vanguard isn\u2019t launching into a vacuum. In the \u201cone ETF for the entire world, including small caps\u201d category, there was already an established market leader: the SPDR MSCI ACWI IMI UCITS ETF (IE00B3YLTY66) with a TER of 0.17%. It follows virtually the same investment strategy and has a decisive advantage over the newcomer: a track record spanning many years.<\/p>\n\n<p class=\"wp-block-paragraph\">That\u2019s exactly why Vanguard has to compete on price, despite its strong brand name. Ongoing costs are the only factor that matters from day one and can be compared in black and white. 0.07% versus 0.17%\u2014that\u2019s not a subtle difference; it\u2019s 59% less in fees.<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"Market_Leader_Challenger_and_Classic_Compared\">Market Leader, Challenger, and Classic Compared<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">How VALL stacks up against the established competitor and the company\u2019s own classic:<\/p>\n&#91;table \u201c117\u201d not found \/&#93;<br \/>\n\n<p dir=\"ltr\">With virtually identical market coverage, the newcomer undercuts the SPDR by 10 basis points. However, this also affects Vanguard itself: Investors holding the VWRA get less market coverage at twice the price. Although Vanguard is positioning the new VALL explicitly as a complement, this attack on the competition inevitably cannibalizes its own classic fund as well.<\/p>\n<p dir=\"ltr\">The SPDR, on the other hand, stands out for what VALL still needs to build: fifteen years of trading history, assets under management in the billions, and a verifiable tracking difference. These factors cannot be offset by a low price.<\/p>\n<p dir=\"ltr\">The fact that Vanguard can afford to do this is due to economies of scale. With the Vanguard FTSE All-World, the provider operates Europe\u2019s largest globally invested equity ETF. On this basis, it can offer aggressive products in a niche market without jeopardizing its overall business.<\/p>\n<h2 dir=\"ltr\"><span id=\"And_what_about_Vanguard8217s_flagship_funds_VWRA_and_VWRL\">And what about Vanguard&#8217;s flagship funds, VWRA and VWRL?<\/span><\/h2>\n<p dir=\"ltr\">Three weeks before the launch, Vanguard had already made adjustments to its existing lineup: As of July 28, 2026, the TER of the FTSE All-World UCITS ETF fell from 0.19% to 0.14%\u2014for both the accumulation version (VWRA, IE00BK5BQT80) and the distribution version (VWRL, IE00B3RBWM25).<\/p>\n<p dir=\"ltr\">The sequence is revealing. First, the portfolio was discounted, and only then did the new ETF make a big splash. Anyone holding VWRA or VWRL thus also benefits from an improvement\u2014without a single click\u2014and might think twice about switching.<\/p>\n<h2 dir=\"ltr\"><span id=\"The_Price_War_TER_vs_Zero\">The Price War: TER vs. Zero<\/span><\/h2>\n<p dir=\"ltr\">This move is not an isolated one. Xtrackers has also lowered the fee for its FTSE All-World ETF to 0.07%; for global ETFs focused on developed markets, UBS has even undercut that mark; and for the major U.S. indices, fees as low as 0.03% have been achieved. Anyone looking to track a standard index today pays only a fraction of what was typical ten years ago.<\/p>\n<p dir=\"ltr\">Vanguard\u2019s flagship fund illustrates just how consistent this cost trend has been: The TER of the Vanguard FTSE All-World began at 0.25% when the first share class was launched in 2012, fell to 0.22% in October 2019, to 0.19% in October 2025, and has stood at 0.14% since the end of July 2026. There has not been a single increase\u2014and the intervals between reductions are getting shorter.<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/08\/sfb-ter-verlauf-einfarbig_EN.png\" alt=\"Vanguard FTSE All-World TER Comparison\" class=\"wp-image-18007\"\/><figcaption class=\"wp-element-caption\">TER of the Vanguard FTSE All-World UCITS ETF since its launch in 2012. (Source: Author&#8217;s own presentation)<\/figcaption><\/figure>\n\n<p dir=\"ltr\">For us retail investors, this is a welcome development\u2014with one caveat. The TER only tells you what the provider charges; it doesn\u2019t indicate how well the fund actually tracks the index. Only the tracking difference reveals that quality. An ETF with a low TER that tracks its index poorly can, on balance, cost you more in returns than a slightly more expensive one with accurate tracking. The tracking difference over several years is therefore often more meaningful than the TER alone.<\/p>\n<h3 dir=\"ltr\"><span id=\"What_the_TER_Actually_Costs_You\">What the TER Actually Costs You<\/span><\/h3>\n<p dir=\"ltr\">A difference of just a few basis points may not sound like much\u2014but the higher the investment amount, the more significant that difference becomes. A cost comparison of four ETFs:<\/p>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-right\" data-align=\"right\">Total Investment Amount<\/th><th class=\"has-text-align-right\" data-align=\"right\">VALL (0.07%)<\/th><th class=\"has-text-align-right\" data-align=\"right\">VWRA (0.14%)<\/th><th class=\"has-text-align-right\" data-align=\"right\">IMID (0.17%)<\/th><th class=\"has-text-align-right\" data-align=\"right\">V3AA (0.24%)<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-right\" data-align=\"right\">10,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">7<\/td><td class=\"has-text-align-right\" data-align=\"right\">14<\/td><td class=\"has-text-align-right\" data-align=\"right\">17<\/td><td class=\"has-text-align-right\" data-align=\"right\">24<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">50,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">35<\/td><td class=\"has-text-align-right\" data-align=\"right\">70<\/td><td class=\"has-text-align-right\" data-align=\"right\">85<\/td><td class=\"has-text-align-right\" data-align=\"right\">120<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">100,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">70<\/td><td class=\"has-text-align-right\" data-align=\"right\">140<\/td><td class=\"has-text-align-right\" data-align=\"right\">170<\/td><td class=\"has-text-align-right\" data-align=\"right\">240<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\">250,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">175<\/td><td class=\"has-text-align-right\" data-align=\"right\">350<\/td><td class=\"has-text-align-right\" data-align=\"right\">425<\/td><td class=\"has-text-align-right\" data-align=\"right\">600<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Annual product costs by investment amount; all amounts in CHF. VALL: Vanguard FTSE Global All-Cap UCITS ETF. VWRA: Vanguard FTSE All-World UCITS ETF. IMID: SPDR MSCI ACWI IMI UCITS ETF. V3AA: Vanguard ESG Global All Cap UCITS ETF. The same costs apply to the distribution-paying share classes (VALLD, VWRL). (Source: Author\u2019s own presentation)<\/figcaption><\/figure>\n\n<p dir=\"ltr\">For an investment of 100,000 CHF, the new Vanguard fund costs 70 CHF per year\u2014100 CHF less than the SPDR and 70 CHF less than its own flagship All-World fund. Over a long investment horizon, this adds up, because the savings remain in the portfolio and generate returns of their own.<\/p>\n<p dir=\"ltr\">However, you\u2019ll never see these amounts on your account statement. The TER is deducted directly from the fund\u2019s assets on an ongoing basis and isn\u2019t reported separately anywhere\u2014it\u2019s already factored into the ETF\u2019s price. This makes the costs invisible, but no less significant: they erode your returns day by day.<\/p>\n<h2 dir=\"ltr\"><span id=\"Will_the_007_remain\">Will the 0.07% remain?<\/span><\/h2>\n<p dir=\"ltr\">With prices this low, it\u2019s only natural to ask: How long will this last? We consider a temporary loss leader offer unlikely\u2014for three reasons.<\/p>\n<p dir=\"ltr\">First, the ownership structure: Vanguard is owned by its fund investors. There is no external investor who could later demand a margin increase. This is reflected in the company\u2019s track record: According to its own figures, Vanguard has lowered the fees for its European funds and ETFs more than eighty times over the past ten years.<\/p>\n<p dir=\"ltr\">Second, the compact product lineup: Vanguard offers a relatively small number of carefully positioned products in Europe. A company that launches a product as a strategic cornerstone doesn\u2019t withdraw it or raise its price after two years.<\/p>\n<p dir=\"ltr\">Third, market dynamics: The costs of standard global ETFs have been falling steadily for years, and the market has adjusted accordingly. A price increase would therefore be perceived as a break from this trend and would likely result in reputational damage that far exceeds the additional revenue.<\/p>\n<p dir=\"ltr\">This is our assessment, not a guarantee. Contractually, a TER can be adjusted at any time. But the incentives all point in the same direction.<\/p>\n<h2 dir=\"ltr\"><span id=\"Why_VALL_isn8217t_included_in_our_ETF_comparison_yet\">Why VALL isn&#8217;t included in our ETF comparison yet<\/span><\/h2>\n<p dir=\"ltr\">If you look at our article <a href=\"https:\/\/schweizerfinanzblog.ch\/en\/best-etfs-switzerland-and-global\/\" target=\"_blank\" rel=\"noopener\">\u201cBest ETFs in Switzerland and Globally\u201d<\/a> right now, you won\u2019t find the new All-Cap ETF listed there. This is intentional, not an oversight.<\/p>\n<p dir=\"ltr\">Our selection criteria require, among other things, at least five years of market experience and a fund volume of at least 500 million CHF. Naturally, a newly launched ETF cannot meet the five-year requirement. The situation is different when it comes to assets under management: About CHF 160 million in just under two weeks is a flying start\u2014VALL should easily reach the CHF 500 million threshold within a year.<\/p>\n<p dir=\"ltr\">That\u2019s not to say the ETF is bad\u2014we simply can\u2019t evaluate it yet. An ETF needs an economic cycle to demonstrate how accurately it tracks the index and how tight the spreads remain during turbulent periods. As soon as VALL and VALLD meet our criteria\u2014and we\u2019re convinced they will\u2014they\u2019ll appear in the comparison.<\/p>\n<h2 dir=\"ltr\"><span id=\"Should_I_sell_my_existing_ETFs_now\">Should I sell my existing ETFs now?<\/span><\/h2>\n<p dir=\"ltr\">Our answer: Patience and good judgment.<\/p>\n<p dir=\"ltr\">One very practical reason to be patient is that VALL and VALLD are not yet available everywhere. It will likely be several months before a new product is offered by all the brokers commonly used in this country and can be purchased through a savings plan.<\/p>\n<p dir=\"ltr\">The second question is more crucial: Does the ETF even fit your strategy? If you\u2019re deliberately avoiding small-cap stocks, you won\u2019t benefit from the broader coverage. If you\u2019re strategically weighting regions, investing in a single all-cap ETF means giving up exactly that control. And if you want to trade in Swiss francs, VALL doesn\u2019t offer that option. So the question isn\u2019t whether the ETF is affordable\u2014it\u2019s whether it fulfills the role your portfolio assigns to it.<\/p>\n<p dir=\"ltr\">On top of that, there are the costs associated with switching: trading fees on both sides, the spread, and, if applicable, a switching fee. Especially for smaller portfolios, these costs can erode the savings from the lower TER over the course of several years.<\/p>\n<p dir=\"ltr\">The more elegant approach involves adjusting your savings rate: Instead of liquidating your existing portfolio, you redirect future contributions to the new ETF and leave your current holdings as they are. This way, you benefit from the lower price with every new franc you invest, without paying a single cent in sales fees\u2014and the portfolio will rebalance itself over the years. You can always rebalance later, but by then you\u2019ll have better information to guide your decisions.<\/p>\n<p dir=\"ltr\">A new ETF is rarely a reason to rush: If you already have a diversified and cost-effective investment portfolio, you\u2019ll lose almost nothing by waiting\u2014but by acting hastily, you might lose more than you save. Before we wrap up, here\u2019s a quick note about our partner offers.&nbsp;<\/p>\n\n<p style=\"text-align: center;\"><span style=\"color: #37c392;\"><em>\u2013 Partner Offers \u2013<\/em><\/span><\/p>\n<p style=\"text-align: center;\"><em>Still looking for the right broker for your ETF purchases? Here are <a href=\"https:\/\/schweizerfinanzblog.ch\/en\/our-recommendations\/\" target=\"_blank\" rel=\"noopener\">our recommendations<\/a> \u2014with attractive sign-up bonuses.<\/em><\/p>\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/schweizerfinanzblog.ch\/en\/our-recommendations\/\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/02\/Our-Favourites_1-1.png\" alt=\"Recommendations DE\" class=\"wp-image-15756\"\/><\/a><\/figure>\n\n<p style=\"text-align: center;\"><span style=\"color: #37c392;\"><em>\u2013<\/em><\/span><span style=\"color: #37c392;\"><em>\u2013<\/em><\/span><span style=\"color: #37c392;\"><em>\u2013<\/em><\/span><span style=\"color: #37c392;\"><em>\u2013<\/em><\/span><span style=\"color: #37c392;\"><em>\u2013<\/em><\/span><\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"Conclusion\">Conclusion<\/span><\/h2>\n\n<p dir=\"ltr\">With the Vanguard FTSE Global All-Cap UCITS ETF, virtually the entire investable equity universe is now available in Switzerland at a price previously seen only in ETFs on the U.S. market. For investors seeking to invest globally\u2014including in small-cap stocks\u2014through a single product, there is currently no more comprehensive solution.<\/p>\n<p dir=\"ltr\">What\u2019s remarkable isn\u2019t just the price, but the mindset behind it: With VALL, Vanguard is undercutting its own flagship fund, which manages billions. A company that acts this way isn\u2019t counting on a short-term publicity boost, but rather on a market in which costs will continue to fall.<\/p>\n<p dir=\"ltr\">Still, a new ETF is merely a promise, not a track record. How accurately VALL tracks its index will only become clear over several years\u2014and it won\u2019t be truly put to the test until the next market downturn.<\/p>\n<p dir=\"ltr\"><strong>The real winners in this price war aren&#8217;t the providers, but us, the investors.<\/strong><\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"This_might_also_interest_you\">This might also interest you<\/span><\/h2>\n\n<link rel=\"stylesheet\" href=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/themes\/schweizerfinanzblog\/components\/post-list-component\/post-list-component.css\">\n\n<div class=\"post-list-componenet pt-2 pb-4\">\n\t<div class=\"row\">\n\t\t\t\t\t\t\n\t\t <div class=\"col-xl-6\">\n\t\t\t <a class=\"text-decoration-none\" href=\"https:\/\/schweizerfinanzblog.ch\/en\/in-etfs-investing\/\">\n\t\t\t\t<div class=\"d-flex post-list-card\">\n\t\t\t\t\t<div class=\"post-list-image \">\n\t\t\t\t\t\t<div class=\"image-wrapper\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/06\/Titelbild_ETF_Revolution_final_EN.png\" class=\"attachment-1920x1297 size-1920x1297 wp-post-image\" alt=\"Invest in ETFs\" srcset=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/06\/Titelbild_ETF_Revolution_final_EN.png 2400w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/06\/Titelbild_ETF_Revolution_final_EN-768x432.png 768w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/06\/Titelbild_ETF_Revolution_final_EN-1536x864.png 1536w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/06\/Titelbild_ETF_Revolution_final_EN-2048x1152.png 2048w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div class=\"post-list-title px-2 d-flex align-items-center\">\n\t\t\t\t\t\t<p class=\"\">Investing in ETFs: The revolution for your investment<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\n\t\t <div class=\"col-xl-6\">\n\t\t\t <a class=\"text-decoration-none\" href=\"https:\/\/schweizerfinanzblog.ch\/en\/etf-select\/\">\n\t\t\t\t<div class=\"d-flex post-list-card\">\n\t\t\t\t\t<div class=\"post-list-image \">\n\t\t\t\t\t\t<div class=\"image-wrapper\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/06\/Titelbild_ETF_Wahl_final_EN.png\" class=\"attachment-1920x1297 size-1920x1297 wp-post-image\" alt=\"Select ETF\" srcset=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/06\/Titelbild_ETF_Wahl_final_EN.png 2400w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/06\/Titelbild_ETF_Wahl_final_EN-768x432.png 768w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/06\/Titelbild_ETF_Wahl_final_EN-1536x864.png 1536w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/06\/Titelbild_ETF_Wahl_final_EN-2048x1152.png 2048w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div class=\"post-list-title px-2 d-flex align-items-center\">\n\t\t\t\t\t\t<p class=\"\">Choosing an ETF: What you should look out for<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\n\t\t <div class=\"col-xl-6\">\n\t\t\t <a class=\"text-decoration-none\" href=\"https:\/\/schweizerfinanzblog.ch\/en\/best-etfs-switzerland-and-global\/\">\n\t\t\t\t<div class=\"d-flex post-list-card\">\n\t\t\t\t\t<div class=\"post-list-image \">\n\t\t\t\t\t\t<div class=\"image-wrapper\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1920\" height=\"1280\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/01\/Titelbild_BesteETFs_2026_EN.png\" class=\"attachment-1920x1297 size-1920x1297 wp-post-image\" alt=\"Best ETFs Switzerland and global\" srcset=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/01\/Titelbild_BesteETFs_2026_EN.png 2048w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/01\/Titelbild_BesteETFs_2026_EN-768x512.png 768w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/01\/Titelbild_BesteETFs_2026_EN-1536x1024.png 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div class=\"post-list-title px-2 d-flex align-items-center\">\n\t\t\t\t\t\t<p class=\"\">Best ETFs Switzerland and global 2026: And the Winner is&#8230;<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\n\t\t <div class=\"col-xl-6\">\n\t\t\t <a class=\"text-decoration-none\" href=\"https:\/\/schweizerfinanzblog.ch\/en\/worthwhile-factor-investing\/\">\n\t\t\t\t<div class=\"d-flex post-list-card\">\n\t\t\t\t\t<div class=\"post-list-image \">\n\t\t\t\t\t\t<div class=\"image-wrapper\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1080\" height=\"620\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2020\/10\/Titelbild_Factor_Investing.png\" class=\"attachment-1920x1297 size-1920x1297 wp-post-image\" alt=\"Factor Investing\" srcset=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2020\/10\/Titelbild_Factor_Investing.png 1080w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2020\/10\/Titelbild_Factor_Investing-768x441.png 768w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div class=\"post-list-title px-2 d-flex align-items-center\">\n\t\t\t\t\t\t<p class=\"\">Is factor investing worthwhile? The 5 most important factor premiums in the yield check<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\"><span id=\"Updates\">Updates<\/span><\/h2>\n\n<p>August 31, 2026: First publication<\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"Disclaimer\">Disclaimer<\/span><\/h2>\n\n<p><strong>Disclaimer:&nbsp;<\/strong>Investing involves risks of loss. You have to decide for yourself whether you want to bear these risks or not.<\/p>\n<p><strong>Errors excepted:<\/strong> We have written this article to the best of our knowledge and belief. Our aim is to provide you as a private investor with the most objective and meaningful financial information possible. However, should we have made any errors, forgotten important aspects and\/or no longer have up-to-date information, we would be grateful if you could let us know.<\/p>\n<p><strong>Disclosure:<\/strong> As of the date of publication, the Schweizer Finanzblog team holds an investment in the following security mentioned in this article: Vanguard FTSE All-World UCITS ETF (VWRA). Apart from this investment, there are no business relationships (commissions, etc.) with any of the index or ETF providers mentioned in this report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A single ETF, approximately 10,000 stocks, 0.07% annual fees. What would have been considered a misprint ten years ago has been tradable on SIX under the ticker symbol VALL since August 20, 2026. With the FTSE Global All-Cap UCITS ETF, Vanguard has launched the broadest global ETF to date for investors in Switzerland\u2014and, at the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[177,176,1],"tags":[],"class_list":["post-18036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-etfs-en","category-passive-investing","category-unkategorisiert"],"acf":[],"_links":{"self":[{"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/posts\/18036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/comments?post=18036"}],"version-history":[{"count":5,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/posts\/18036\/revisions"}],"predecessor-version":[{"id":18054,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/posts\/18036\/revisions\/18054"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/media\/18035"}],"wp:attachment":[{"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/media?parent=18036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/categories?post=18036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/tags?post=18036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}