Vanguard ETFs Australia 2026: The Complete Guide

Vanguard manages more Australian ETF money than any other provider. As of March 2026, that figure sits at $90.6 billion, which is 27.5% of the entire Australian ETF market. If you invest in ETFs in Australia, there is a strong chance you already own at least one Vanguard fund, or you are thinking about it.

This guide covers every Vanguard ETF available on the ASX in 2026. For each fund you will find the management fee, fund size, what it actually holds, and who it suits. There is no ranking, no best pick, and no financial advice here. This is a reference guide to help you understand what each fund does before you do your own research.

Why Vanguard dominates the Australian ETF market

Vanguard's position in Australia comes down to a few things that compound over time.

First, fees. Vanguard was built on the premise that low costs beat high costs over the long run, and their Australian range reflects that. VAS charges 0.07% per year. VGS charges 0.18%. These are among the cheapest funds in their categories globally, not just in Australia.

Second, scale. Vanguard's Australian ETF range sits inside a much larger global fund structure. When you buy VGS, the ETF size is $14.2 billion, but the total fund size including all share classes is $51.3 billion. That scale means tighter spreads, lower transaction costs, and a more stable fund.

Third, structure. Vanguard is owned by its US fund investors, not by shareholders. That structure removes the profit motive that drives fees up at most fund managers. It does not guarantee future fees will stay low, but it creates different incentives than a listed company trying to grow earnings.

Australian shares ETFs

VAS, Vanguard Australian Shares Index ETF

VAS is the largest ETF in Australia and the one most Australian investors encounter first.

VAS tracks the S&P/ASX 300 Index, which covers the 300 largest companies listed on the ASX plus A-REITs. The top holdings as of March 2026 are Commonwealth Bank (around 10%), BHP Group, Westpac, NAB, ANZ, Wesfarmers, Macquarie, CSL, Woodside, and Rio Tinto. The top 10 holdings represent about 47% of the total fund.

That concentration is worth understanding. The ASX 300 is heavily weighted toward financials and resources, which means VAS is too. If those sectors underperform global equities, VAS will underperform too. That is not a flaw in VAS, it is just what the Australian sharemarket looks like.

VAS pays quarterly distributions and includes franking credits, which is one of its most practical advantages for Australian tax residents.

Who typically uses VAS: Long-term investors who want broad exposure to Australian shares at a very low cost. It is commonly paired with VGS to create a simple two-ETF portfolio.

Closest alternatives on the ASX: A200 (0.04% MER, tracks ASX 200), IOZ (0.09% MER, also ASX 200).

VHY, Vanguard Australian Shares High Yield ETF

VHY targets ASX-listed companies with higher forecast dividend yields than the broader market. It excludes A-REITs and caps any single industry at 40% of the fund and any single company at 10%. With only 79 holdings compared to VAS's 311, VHY is a more concentrated bet on income-producing sectors.

Who typically uses VHY: Investors in or approaching retirement who prioritise income over total return, or those who specifically want to maximise franking credits from dividend-heavy Australian companies.

VETH, Vanguard Ethically Conscious Australian Shares ETF

VETH is essentially VAS with a filter applied. It tracks the FTSE Australia 300 Choice Index, which excludes companies involved in fossil fuel extraction, gambling, weapons, tobacco, alcohol, and certain other activities as determined by FTSE Russell's screening methodology. The result is 230 holdings instead of VAS's 311, at a fee of 0.16% versus VAS's 0.07%.

Who typically uses VETH: Investors who want broad Australian equity exposure but want to avoid the sectors covered by the ethical screen.

VLC, Vanguard MSCI Australian Large Companies Index ETF

VLC holds only the 15 largest companies on the ASX. Commonwealth Bank alone is 18.4% of the fund. VLC is a niche product and the $308.5 million fund size reflects that.

VSO, Vanguard MSCI Australian Small Companies Index ETF

VSO gives exposure to smaller ASX-listed companies not included in large-cap indexes like the S&P/ASX 100. Small-cap Australian stocks tend to be more volatile than large caps, which is why VSO charges 0.30%.

Who typically uses VSO: Investors who want a deliberate small-cap tilt in their Australian equity allocation, usually as a complement to VAS rather than a replacement.

VAP, Vanguard Australian Property Securities Index ETF

VAP gives exposure to Australian Real Estate Investment Trusts (A-REITs) listed on the ASX. The largest holding is Goodman Group at 35%, followed by Scentre Group, Stockland, Charter Hall, and GPT Group. With 30 holdings and one stock at 35%, VAP is highly concentrated. Goodman is an industrial logistics REIT, so VAP's sector exposure is different from what many people expect when they think of Australian property.

International shares ETFs

VGS, Vanguard MSCI Index International Shares ETF

VGS is the international counterpart to VAS and the second-largest ETF on the ASX.

VGS tracks the MSCI World ex-Australia Index, covering 1,282 large and mid-cap companies across 23 developed markets. The fund explicitly excludes Australia, so it complements VAS rather than overlapping with it.

The top holdings as of December 2025 are Nvidia (5.5%), Apple (4.9%), Microsoft (4.1%), Alphabet (4.1%), Amazon (2.7%), Broadcom (1.9%), Meta (1.7%), Tesla (1.5%), JPMorgan Chase (1.1%), and Eli Lilly (1.0%). The fund has heavy US exposure because the US represents roughly 70% of developed market capitalisation.

VGS is unhedged, meaning your returns will be affected by changes in the AUD/USD exchange rate. When the Australian dollar falls, VGS returns look better in AUD terms.

Who typically uses VGS: Investors who want broad international developed market exposure paired with VAS to build a simple two-ETF core portfolio. It is one of the most widely held ETFs in Australia.

Closest alternatives: BGBL (0.08% MER, tracks FTSE Developed ex Australia Index), IVV (0.04% MER, US only).

VGAD, Vanguard MSCI Index International Shares (Hedged) ETF

VGAD holds exactly the same underlying stocks as VGS but with currency hedging applied. The hedging eliminates most of the exchange rate effect. Neither fund is inherently better, the choice between VGS and VGAD depends on your view of currency risk.

VESG, Vanguard Ethically Conscious International Shares Index ETF

VESG is to VGS what VETH is to VAS, international developed market exposure with an ethical screen applied. At 0.18% it is the same price as VGS, making it one of the cheapest ethical international ETFs in Australia.

VGE, Vanguard FTSE Emerging Markets Shares ETF

VGE gives exposure to emerging markets including China, India, Taiwan, South Korea, and Brazil. The top holdings include Taiwan Semiconductor (11.3%), Tencent (4.5%), and Alibaba (3.1%). Emerging markets carry higher political and currency risk than developed markets, reflected in the 0.48% fee.

VTS, Vanguard US Total Market Shares Index ETF

VTS is a US-domiciled fund listed on the ASX as a CHESS Depositary Interest (CDI), not an Australian-domiciled ETF. At 0.03% it has the lowest fee of any Vanguard ETF on the ASX, covering the entire US market including large, mid, small, and micro-cap stocks.

The tax considerations for VTS include potential US estate tax exposure for Australians with holdings above $60,000 USD and a W-8BEN form requirement. Speak to a tax professional about your specific situation. No DRP is available.

VEU, Vanguard All-World ex-US Shares Index ETF

VEU is also a US-domiciled CDI covering the rest of the world excluding the US. The same US tax considerations that apply to VTS apply to VEU. VTS and VEU are sometimes held together as an alternative to VGS, but the tax complexity means this approach is not for everyone.

VISM, Vanguard MSCI International Small Companies Index ETF

VISM gives exposure to smaller international companies across developed markets, complementing VGS in the same way VSO complements VAS.

VEQ, Vanguard FTSE Europe Shares ETF

VEQ invests in the Vanguard FTSE Europe ETF (NYSE: VGK) and provides targeted exposure to European developed markets. Top holdings include ASML, Roche, AstraZeneca, HSBC, Novartis, Nestle, SAP, Shell, Siemens, and LVMH. VEQ is a regional tilt, not a global diversifier.

VAE, Vanguard FTSE Asia ex Japan Shares Index ETF

VAE focuses on Asia Pacific markets excluding Japan, Australia, and New Zealand, primarily China, Taiwan, South Korea, India, and Hong Kong. The top holdings include Taiwan Semiconductor (12.2%), Tencent (4.8%), and Samsung Electronics (4.5%).

Fixed income ETFs

VAF, Vanguard Australian Fixed Interest Index ETF

VAF is the standard choice for Australian investors who want bond exposure. It holds Australian government and corporate bonds, with the Commonwealth of Australia as the largest issuer at 46.8%. Bond ETFs like VAF tend to move in the opposite direction to interest rates.

VGB, Vanguard Australian Government Bond Index ETF

VGB focuses specifically on Australian government bonds, excluding corporate bonds. It is more interest-rate sensitive than VAF because government bonds tend to have longer durations.

VACF, Vanguard Australian Corporate Fixed Interest Index ETF

VACF holds Australian corporate bonds. Corporate bonds offer higher yields than government bonds but come with more credit risk. The top issuers include CPPIB Capital, NAB, Westpac, and Commonwealth Bank.

VBND, Vanguard Global Aggregate Bond Index (Hedged) ETF

VBND holds 13,499 bonds from governments and corporations across global markets, hedged to Australian dollars. It is the global bond building block used inside VDHG and the other diversified Vanguard ETFs.

VIF, Vanguard International Fixed Interest Index (Hedged) ETF

VIF focuses on government bonds from developed markets, excluding corporate bonds. The US (39.4%), Japan (15.9%), the UK (6.3%), and France (6.3%) are the four largest country exposures.

VCF, Vanguard International Credit Securities Index (Hedged) ETF

VCF is the smallest of the Vanguard fixed income ETFs. It focuses on international corporate and government-related bonds hedged to AUD.

Diversified ETFs

The diversified Vanguard ETFs are single-fund portfolios that hold a pre-set mix of growth and defensive assets. Each one invests in a range of underlying Vanguard index funds and automatically rebalances. All charge 0.27% per year except VDIF at 0.32%.

VDCO, Vanguard Diversified Conservative Index ETF

VDCO is the most conservative of the Vanguard diversified range. The largest allocations are global fixed interest (42.1%), Australian fixed interest (18%), Australian shares (12.1%), and cash (9.9%).

VDBA, Vanguard Diversified Balanced Index ETF

VDBA sits in the middle of the diversified range. The largest allocations are global fixed interest (35.2%), Australian shares (19.8%), international shares (14.3%), and Australian fixed interest (14.7%).

VDGR, Vanguard Diversified Growth Index ETF

VDGR tilts toward growth assets while keeping some defensive exposure. The largest allocations are Australian shares (27.5%), global fixed interest (21.1%), international shares (20.6%), and hedged international shares (12.6%).

VDHG, Vanguard Diversified High Growth Index ETF

VDHG is the most widely held of the diversified range and one of the most discussed ETFs on Australian investing forums. It holds around 90% in growth assets and approximately 10% in fixed income. That 10% bond allocation is frequently debated, some investors prefer the bonds-free DHHF, while others see the small defensive buffer as useful.

VDHG automatically rebalances because all underlying funds are held inside the one structure. One consideration: VDHG distributes the income from all its underlying funds, which can create a larger tax distribution than you might expect from a growth-oriented fund.

Closest alternatives: DHHF (Betashares Diversified All Growth ETF, 0.19% MER, no bonds), VDAL (Vanguard's own 100% growth option, 0.27% MER).

VDAL, Vanguard Diversified All Growth Index ETF

VDAL launched in March 2025 and holds 100% growth assets with no bond allocation: Australian shares (40.3%), international shares (29.7%), hedged international shares (17.6%), emerging markets (5.5%), and international small companies (6.9%). Given the March 2025 launch date, there is limited performance history available yet.

VDIF, Vanguard Diversified Income ETF

VDIF is Vanguard's newest diversified product and the only one focused on income rather than total return. It blends Australian high dividend shares, international high dividend shares, and fixed income. At $32.3 million it is very new and small, and should be assessed carefully given its limited track record.

Infrastructure and active ETFs

VBLD, Vanguard Global Infrastructure Index ETF

VBLD gives exposure to listed infrastructure companies globally, utilities, toll roads, airports, pipelines, and communications towers. Top holdings include NextEra Energy, Union Pacific, Enbridge, Southern Company, and Duke Energy. Infrastructure companies tend to generate stable cash flows and have some inflation linkage.

VMIN, Vanguard Global Minimum Volatility Active ETF

VMIN is an actively managed fund that uses a quantitative model to construct a portfolio targeting lower volatility than the broad global equity market. The benchmark (FTSE Global All Cap Index) is used for reference only, not tracking.

VVLU, Vanguard Global Value Equity Active ETF

VVLU uses a quantitative model to identify companies trading below what the model estimates as fair value based on their fundamentals. At $13.5 million in ETF size, VVLU is extremely small for a listed fund, investors should be aware of this when assessing long-term viability.

All Vanguard ETFs on the ASX, complete list

ETF size figures are sourced from Vanguard's official December 2025 "ETFs at a Glance" document and the March 2026 VAS fact sheet. Fund sizes change daily with market movements and investor flows.

Before you invest

Every Vanguard ETF listed in this guide has a Product Disclosure Statement (PDS) and Target Market Determination (TMD) available at vanguard.com.au. Reading the PDS before investing is not just a legal formality, it is the most direct way to understand what you are buying.

Past performance figures referenced in this article are from Vanguard's official December 2025 "ETFs at a Glance" document and the March 2026 VAS fact sheet. Past performance is not an indication of future performance. All investments carry risk including the possible loss of capital.

This article is general information only and does not constitute financial advice. Your investment decisions should reflect your personal circumstances, time horizon, and risk tolerance. If you are unsure, speak to a licensed financial adviser.

Check how your Vanguard ETFs fit together

If you hold more than one Vanguard ETF, or a mix of Vanguard and other providers, it is worth understanding how much overlap exists between your holdings. Use the ETFLens overlap checker to see exactly how your ETFs combine before making any changes to your portfolio.

General information only. Not financial advice. ETFLens does not hold an Australian Financial Services Licence. Before making any investment decisions, consider your personal circumstances and consult a licensed financial adviser.