In short: The FTSE Global All-Cap index is an exhaustive global equity benchmark that encompasses large, mid, and small-cap companies across both developed and emerging economies. It offers broader market coverage than standard large-cap indices. In Europe, Vanguard provides tracking through its FTSE Global All-Cap UCITS ETF (VALL, VALLD) at 0.07% annual costs.
In short
The FTSE Global All-Cap is an equity index that tracks large, mid-sized and small companies across both developed and emerging markets. An ETF from Vanguard tracks this index and is available in two share classes: VALL and VALLD. This page provides a factual outline of how the index and the funds are structured. It is not a recommendation or advice on whether this investment suits your personal situation.
How the index is built
The index is managed by FTSE Russell, part of the London Stock Exchange Group (LSEG). The index includes companies from developed countries and emerging markets. The difference with the FTSE All-World is that the Global All-Cap also includes small companies (small caps).
Companies are weighted by free-float market capitalisation: the larger the market value of a company’s tradable shares, the larger its position in the index. Like the other indexes in the FTSE Global Equity Index Series, the index is reviewed every quarter, in March, June, September and December.
What is in it and what is not
Because market value drives the weighting, the United States is again by far the most heavily weighted country. That follows from the weighting by market value and says nothing about good or bad. Small companies each carry little weight, but together they add a much larger number of stocks to the index.
The funds
The Vanguard FTSE Global All-Cap UCITS ETF is an Ireland-domiciled fund that tracks this index. The fund buys the shares itself (physical replication) and holds a sample of the index. On 31 August 2026 the fund held 6,429 stocks.
This fund offers two share classes, both launched on 18 August 2026. They each have their own name and ISIN, but they hold the same underlying portfolio:
- VALL: This is the accumulating share class. The dividend is automatically reinvested back into the fund.
- VALLD: This is the distributing share class. The dividend is paid out to investors four times a year.
| Class | Ticker (EUR) | ISIN | Ongoing costs | Dividend | Check date |
|---|---|---|---|---|---|
| accumulating | VALL | IE000VAHT5T0 | 0.07% | reinvested in the fund | Oct 2026 |
| distributing | VALLD | IE000CVUM3N6 | 0.07% | paid out, 4 times a year | Oct 2026 |
The tickers in the table are the Euronext Amsterdam lines in euros. On XETRA and gettex the same funds trade as VGLA and VGLD; on the London Stock Exchange VALL is the pound line. Which line you can buy depends on your broker.
The official documents are on the issuer’s site:
- VALL: KID, published on Vanguard’s website
- VALLD: KID, published on Vanguard’s website
The ongoing costs for both share classes are equal: 0.07% per year. The fund is less than a year old, so this figure in the KID is an estimate based on the expected costs. You can read about where to buy ETFs in our FAQ on funds and brokers. Dividend tax can play a part for distributing funds.
This is general information, not tax or investment advice. For your own situation, consult a qualified tax adviser, a financial adviser licensed by the AFM (the Dutch financial markets authority) or the Belastingdienst.
VALL’s KID in plain words
Every fund sold to private investors in the EU must publish a Key Information Document (KID): three pages with the costs, the risk and example scenarios, in a fixed format. Below are the figures from VALL’s KID, each with what it means. We read the document every month and note when something changes on our changes page.
| Figure | What the KID says | What it means |
|---|---|---|
| Ongoing costs | 0.07% a year | Management and running costs, taken from the fund’s value. This is the figure most sites call the TER. |
| Transaction costs | 0.02% a year | The fund’s own costs of buying and selling shares, on top of the 0.07%. Together 0.09% a year. |
| Risk class | 4 out of 7, “a medium risk class” | A scale from 1 to 7 based on past price swings. It describes the past; it is not a promise. |
| Recommended holding period | 5 years | The period the KID calculates its scenarios for. You can sell earlier, but the result can then differ more. |
| Warning | “not simple and may be difficult to understand” | The KID says this about the fund itself. It is a reason to read the figures slowly, not a sign that something is wrong. |
| Depositary | “no compensation or guarantee scheme” if the depositary fails | The depositary is the bank that keeps the fund’s assets. The protection of your broker account is a separate matter. |
How the “moderate scenario” moved
The scenarios in a KID are recalculated every month from the past ten years of the fund and its benchmark, so they move with the market even when the fund itself does not change. Between 31 July 2026 and 30 September 2026 the moderate one-year figure for VALL stayed at 14.60% a year; the scenario annex covers only these months so far.
| KID scenarios as at | Moderate, 1 year | Stress, 1 year |
|---|---|---|
| 31 July 2026 | 14.60% | −55.10% |
| 31 August 2026 | 14.60% | −55.10% |
| 30 September 2026 | 14.60% | −55.10% |
Read a scenario as “what the recent past would have given”, not as what you will get. The stress figure shows the other side: in the same document, a bad year could mean a large loss.
Things to know
As with any investment, the value of this fund can go down as well as up. Past performance is no guarantee of future results. The fund is new and has no long track record yet.
An important factor to consider is exchange rates. The ETF trades in euros on European exchanges, while the underlying shares are priced in many different local currencies. Because of this, fluctuating exchange rates and currency costs will affect the final value of your investment in euros.
Sources and check date
Data regarding costs and composition come straight from the issuer’s documents (Vanguard KID and product page, October 2026; number of stocks as of 31 August 2026). If you want to review these yourself, check our guide on how to read a factsheet. All other sources can be found on our main ETF overview page. Tickers in the table are the Euronext Amsterdam euro lines (VALL and VALLD); on XETRA and gettex the same funds trade as VGLA and VGLD.
Facts checked on 3 October 2026.
Source of the fund data: the issuers' factsheets and KIDs. Where the data comes from