Global equity ETFs available to UK investors come in a few types: all-world funds covering developed and emerging markets, developed-world funds, single-country funds such as the S&P 500, and funds whose index leaves out some companies on ESG grounds. This page sets out what each type holds and what four examples charge; it does not rank them.
An all-world fund holds developed and emerging markets together; a developed-world fund leaves emerging markets out. Both are weighted by company size, so the United States is the largest part of each: about 62% of VWRP (Vanguard, 31 August 2026) and 73% of SWDA (iShares, 25 September 2026).
VWRP — all-world fund
Vanguard FTSE All-World UCITS ETF (USD) Accumulating: large and mid-sized companies in developed and emerging markets in one fund. Ongoing charge 0.14%; income reinvested.
Vanguard
One fund covers developed and emerging markets.
The emerging-markets weight is set by the index, not by the holder.
VWRL is the distributing share class of the same fund, with the same 0.14% charge.
Developed and emerging markets, large and mid-sized companies (FTSE All-World Index)
0.14%
About 62% in the United States at 31 August 2026.
SWDA
Developed markets only (MSCI World Index)
0.20%
No emerging markets.
CSPX or VUSA
Around 500 large US companies (S&P 500)
0.07% each
A single country. CSPX reinvests income; VUSA pays it out quarterly.
V3AB
Companies of all sizes in developed and emerging markets, after ESG exclusions (FTSE Global All Cap Choice Index)
0.24%
The index rules set out which companies are left out.
Charges are the ongoing charges shown on each provider’s product page when checked on 25 September 2026; the provider’s page is the current record.
Point to note: holding an S&P 500 fund alongside an all-world fund raises the US share further, because the all-world fund already has about 62% in the United States.
Reading a global ETF factsheet
Comparisons between global ETFs usually come down to a few items on the factsheet: the ongoing charge, how closely the fund has tracked its index, where it is domiciled, how it replicates the index, and whether it pays income out.
Five factsheet items
Ongoing charge (OCF or TER): taken from the fund every year, so it reduces returns for as long as the fund is held. Among the examples on this page it ranges from 0.07% (CSPX, VUSA) to 0.24% (V3AB). It is not the whole cost: see tracking difference.
Tracking difference: the gap between the fund’s return and its index’s return. It includes the charge, and also sampling, withholding tax and any securities-lending income, so a fund can occasionally return slightly more than its index. Provider factsheets show fund returns next to the index.
Domicile and withholding tax: all four examples here are domiciled in Ireland. Under the US–Ireland tax treaty an Irish fund can generally have US dividends taxed at 15% at source, rather than the 30% standard rate.
Replication method: a physical fund owns the shares; a synthetic fund holds a swap with a counterparty that pays the index return, which adds counterparty risk. All four examples here use physical replication.
Accumulating vs distributing (Acc vs Dist): inside an ISA or SIPP neither is taxed. In a general account, income reported by an accumulating fund is taxable as if it had been paid out, even though no cash arrives. See the wrapper-tax page for the mechanics.
UK-specific tax considerations
UK reporting fund status: gains on an offshore fund without reporting status are taxed as offshore income gains, at income tax rates, rather than as capital gains (HMRC helpsheet HS265). A fund’s status can be checked on HMRC’s list of reporting funds.
Dividend allowance: £500 in 2026/27, down from £1,000 in 2023/24, £2,000 from 2018/19 to 2022/23 and £5,000 before that. At a 2% yield, £25,000 held in a general account produces £500 of dividends a year; dividends above the allowance are taxed at 10.75%, 35.75% or 39.35% in 2026/27.
Points often overlooked
Past performance. An index’s past returns, such as the S&P 500’s returns relative to world indices in recent years, do not show what it will return in future.
Stacking funds. VWRP already had about 62% in the United States at 31 August 2026, so adding an S&P 500 fund raises the US share further rather than adding something new.
Small companies. VWRP and SWDA track large and mid-sized companies only; an all-cap index, such as the one V3AB tracks, also includes smaller companies.
Charges in pounds. The same percentage charge matters more in pounds as a portfolio grows: 0.10% is £5 a year on £5,000 and £100 a year on £100,000.
Worked example: what a charge difference does over 30 years
£10,000 invested for 30 years, assuming a 5% a year return before charges and income reinvested. The return is an assumption for illustration, not a forecast.
Charge of 0.07% a year: about £42,360.
Charge of 0.14% a year: about £41,520.
Charge of 0.24% a year: about £40,350.
The charges compared are those of the examples on this page, but the funds track different indices, so their actual returns differ for reasons other than cost. Charges are one input alongside what the fund holds.
Sources we verify against when reviewing this page
Reviewed against 2026/27 dividend allowance and rates, fund charges checked at the providers on 25 September 2026, and current UK reporting-fund rules. Changes are tracked in the changelog.
Pages are checked against the primary sources listed on each page and reviewed by the Editor; corrections are logged in the changelog. Pages are drafted with the help of AI tools (how AI is used). No affiliate revenue. No sponsored content. No paid placements.