Largest International Ex-U.S. ETFs

By Personal Finance DeskUpdated Nov 10, 2026

Key takeaways

VXUS, IXUS, VEU and ACWX each hold developed and emerging non-U.S. stocks in a single fund.
VXUS held about 8,700 stocks in mid-2026, while VEU held roughly 3,850 by mostly skipping small caps.
EAFE funds such as IEFA and EFA exclude Canada, while developed ex-U.S. funds such as VEA and SCHF include it.
FTSE counts South Korea as developed and MSCI counts it as emerging, so mixed pairings can double or drop it.

#	Fund	Assets	Price
1	Vanguard FTSE Developed Markets Index Fund ETF SharesVEA	$229.2B	$69.44
2	iShares Core MSCI EAFE ETFIEFA	$191.6B	$96.89
3	Vanguard Total International Stock Index Fund ETF SharesVXUS	$161.5B	$82.64
4	iShares Core MSCI Emerging Markets ETFIEMG	$145.8B	$74.15
5	Vanguard Emerging Markets Stock Index FundVWO	$119.4B	$56.38
6	iShares MSCI EAFE ETFEFA	$77.3B	$104.17
7	Schwab International Equity ETFSCHF	$67.8B	$26.95
8	Vanguard FTSE All-World ex-US Index Fund ETF SharesVEU	$66.6B	$80.91
9	iShares Core MSCI Total International Stock ETFIXUS	$57.7B	$92.57
10	SPDR Portfolio Developed World ex-US ETFSPDW	$41.7B	$49.37
11	iShares Core MSCI International Developed Markets ETFIDEV	$34.1B	$89.68
12	iShares MSCI EAFE Value ETFEFV	$31.0B	$40.37
13	iShares MSCI Emerging Markets ETFEEM	$28.2B	$60.92
14	Vanguard International High Dividend Yield Index Fund ETF SharesVYMI	$22.0B	$102.39
15	Avantis International Equity ETFAVDE	$19.8B	$89.50
16	Dimensional International Core Equity Market ETFDFAI	$18.3B	$41.64
17	iShares MSCI ACWI ex U.S. ETFACWX	$18.0B	$73.66
18	iShares MSCI EAFE Growth ETFEFG	$15.1B	$39.36
19	iShares MSCI EAFE Small-Cap ETFSCZ	$12.9B	$82.89
20	Schwab Emerging Markets Equity ETFSCHE	$12.3B	$34.65
21	Vanguard FTSE All-World ex-US Small-Cap Index Fund ETF SharesVSS	$11.0B	$148.07
22	Vanguard International Dividend Appreciation Index Fund ETF SharesVIGI	$9.3B	$99.60

companiesmarketcap.com · Nov 14, 2026 · Ranked by fund assets.

VXUS (Vanguard Total International Stock ETF) is the largest ETF that holds the entire non-U.S. stock market, developed and emerging countries together. It is not the largest international ETF overall, though. In the ranking above, it sits behind two funds that hold only developed markets: Vanguard’s VEA and iShares’ IEFA. Several entries are close substitutes for VXUS, and several others cover only part of what it covers. That difference matters more than the order.

How the ranking is ordered

Funds are ranked by assets, based on companiesmarketcap.com data dated Nov 9, 2026. A large asset base usually comes with deep trading volume and narrow bid-ask spreads, and it makes closure unlikely. It does not tell you which fund is cheaper or broader, or which one fits your portfolio. A fund can rank high mainly because it has existed longer or because a large share of advisor and target-date money uses it.

Some Vanguard entries are labeled “ETF Shares”: the ETF is one share class of a larger index fund that also has mutual fund shares. Their asset figures may cover only the ETF class or the whole fund, so small gaps between Vanguard and other funds are not a reliable signal.

The 22 entries fall into four groups. Mixing them up is the most common way to end up with unintended overlap or gaps.

Total international (developed plus emerging): VXUS, VEU, IXUS, ACWX
Developed markets only: VEA, IEFA, EFA, SCHF, SPDW, IDEV
Emerging markets only: IEMG, VWO, EEM, SCHE
Tilted or segmented: value (EFV), growth (EFG), small cap (SCZ, VSS), dividends (VYMI, VIGI), and rules-based active strategies (DFAI, AVDE)

A total international fund replaces a developed fund plus an emerging fund. If you hold one of the first group, adding one of the second or third group raises your weight in that region rather than adding new countries.

VXUS and similar ETFs: the total international funds

Four funds aim to hold all non-U.S. stocks in a single ticker. They differ in index provider and in how far down the size spectrum they reach.

VXUS tracks the FTSE Global All Cap ex US Index. “All cap” means it includes small companies along with large and mid caps. That is why it holds far more stocks than its peers: about 8,700 in mid-2026. It is passively managed and replicates its index.

VEU tracks the FTSE All-World ex US Index, which covers large and mid caps but leaves out most small caps. It held roughly 3,850 stocks in mid-2026 and uses sampling rather than full replication. Its regional mix then was close to VXUS’s: about 37% Europe, 28% Pacific, 26% emerging markets, 8% North America (Canada) and under 1% Middle East. Small caps are a small slice of a cap-weighted index, so skipping thousands of them barely changes country weights.

IXUS is the iShares counterpart to VXUS. It tracks the MSCI ACWI ex USA IMI Index, where “IMI” (investable market index) signals that small caps are included.

ACWX tracks the standard MSCI ACWI ex USA Index, which covers large and mid caps, making it the MSCI parallel to VEU. That index is often used as the benchmark for non-U.S. stocks.

The main real difference between FTSE and MSCI funds is South Korea. FTSE classifies Korea as a developed market, and MSCI classifies it as emerging. Inside a total international fund, this changes only a label, since Korea is held either way. It matters once you split developed and emerging funds, which the sections below cover.

In 2026 the three largest total international funds had similar top ten countries: Japan, the U.K., Canada, Taiwan, China, South Korea, France, Switzerland, Germany, and India or Australia near the bottom of the ten.

Developed-only funds: EAFE vs. developed ex-U.S.

The two largest funds on the list cover developed markets only, and they are not identical.

EAFE funds (IEFA, EFA, plus EFV, EFG and SCZ) follow MSCI EAFE indexes. EAFE stands for Europe, Australasia and the Far East. These indexes exclude Canada as well as all emerging markets. IEFA tracks the IMI version, which includes small caps. EFA tracks the standard large and mid cap version. Both come from the same provider and cover the same region, so the practical choice between them is index breadth, plus cost and trading characteristics you can compare on each fund’s fact sheet.

Developed ex-U.S. funds (VEA, SPDW, IDEV, SCHF) define developed markets more broadly and include Canada. VEA follows a FTSE index, so it also holds South Korea. IDEV follows MSCI, so it does not.

For a U.S. investor who wants Canada, an EAFE fund leaves it out. For an investor building a developed-plus-emerging portfolio, the developed fund and the emerging fund should come from the same index family. Otherwise South Korea can be held twice (a FTSE developed fund plus an MSCI emerging fund) or missed entirely (an MSCI developed fund plus a FTSE emerging fund).

Emerging markets funds

IEMG, VWO, EEM and SCHE hold only emerging economies. IEMG tracks the MSCI Emerging Markets IMI Index, and EEM tracks the narrower standard MSCI Emerging Markets Index. That is the same broad-versus-standard split seen with IEFA and EFA. VWO follows a FTSE index and therefore excludes South Korea, while the MSCI-based funds hold it. The developed vs. developing countries list shows how providers classify countries.

An emerging fund on its own is a regional bet, not an ex-U.S. allocation. Emerging markets made up about a quarter of VXUS and VEU in 2026, so a total international fund already carries that weight.

Factor, dividend and small-cap funds

The smaller entries change how a portfolio is weighted rather than where it invests:

EFV and EFG split the EAFE universe into value and growth halves.
SCZ holds EAFE small caps. VSS holds small caps across both developed and emerging markets outside the U.S.
VYMI weights toward higher-yielding non-U.S. stocks. VIGI selects companies with a record of growing dividends. These two can hold very different sectors despite both being dividend funds.
DFAI and AVDE are actively managed but rules-based. Instead of tracking a published index, they hold a broad market and tilt toward characteristics such as smaller size, lower valuation or higher profitability.

How to choose between entries

Decide coverage first. If you want one fund for everything outside the U.S., the choice is among VXUS, IXUS, VEU and ACWX. If you want to control the developed and emerging split yourself, pick one fund from each group.
Match index families when combining funds. Pair FTSE with FTSE or MSCI with MSCI so South Korea is counted once.
Decide on small caps. VXUS and IXUS include them. VEU and ACWX mostly do not. Holdings counts differ by thousands, while country weights differ only modestly.
Compare expense ratios on the fund pages. Funds tracking similar indexes can differ in cost, and the fee comes out of returns every year.
Check overlap with what you own. A target-date fund or a global (not ex-U.S.) fund already holds international stocks. Adding a fund from this list increases that weight.
Consider account type. Foreign governments withhold tax on dividends paid by these funds’ holdings. In a taxable U.S. account, part of that tax may be claimable as a foreign tax credit. In an IRA it generally cannot be recovered.
Accept currency exposure. These equity funds are unhedged, so returns in dollars rise when foreign currencies strengthen against the dollar and fall when they weaken.

What “ex-U.S.” means and why it matters

Ex-U.S. funds exclude stocks of U.S. companies, unlike global or “world” funds, which hold the U.S. alongside everything else. U.S. stocks made up about 48% of roughly $150 trillion in global equity market value at the end of 2025. A global fund therefore puts close to half its money into the market that a U.S. investor’s core holdings, often through the S&P 500, already cover. An ex-U.S. fund avoids that duplication.

FAQs

Is VXUS a mutual fund or an ETF?

VXUS is an ETF. It trades on an exchange throughout the day like a stock. It is also the ETF share class of the Vanguard Total International Stock Index Fund, which offers mutual fund share classes holding the same portfolio.

Is there anything bigger than Vanguard in the international ETF market?

Not among these funds. Vanguard's VEA is the largest fund on the list, and VXUS is the largest total international fund. The seven Vanguard funds total about $621 billion and the ten iShares funds about $614 billion. iShares has more entries, and Vanguard has slightly more combined assets.

What is the largest ex-U.S. bond ETF?

As of mid-2026, that was the Vanguard Total International Bond ETF (BNDX). It holds non-U.S. investment-grade bonds and hedges currency exposure back to the dollar. That is a key difference from the unhedged stock funds ranked here.

Can investors in Europe buy these ETFs?

Usually not directly. EU retail investors generally cannot buy U.S.-domiciled ETFs because those funds do not publish the key information document that EU rules require. European investors typically use UCITS-domiciled funds tracking similar indexes, including "all-world ex-U.S." versions offered by major providers. Some of these come in accumulating share classes that reinvest dividends rather than paying them out.

The Bottom Line

U.S. investors adding foreign stocks should settle on coverage before looking at fund size or rank. One total international fund such as VXUS or IXUS covers developed and emerging markets together. Investors who split the two should pair funds from the same index family, then compare expense ratios, check overlap with target-date or global funds, and weigh how foreign dividend tax works in taxable accounts versus IRAs.