Xtrackers MSCI World ETF (XWR) Now on SGX: XWR vs VWRA vs VALL Compared

Singapore investors can now buy an Ireland-domiciled global equity ETF in Singapore dollars. But is the new XWR ETF worth buying over popular alternatives like VWRA and VALL?

On 13th October 2026, I was honoured to be part of the listing ceremony at Singapore Exchange (SGX) where four Xtrackers UCITS ETFs managed by DWS officially debuted in the Singapore market. This gives local investors more options to invest in overseas stock markets without having to trade on foreign exchanges.

Among these is the Xtrackers MSCI World UCITS ETF (SGX: XWR), which tracks the MSCI World Index and comes with an annual expense ratio of just 0.12%.

For Singapore investors who are already familiar with the popular Vanguard FTSE All-World UCITS ETF (VWRA), or the recently launched Vanguard FTSE Global All-Cap UCITS ETF (VALL), this raises an interesting question: is XWR a better option, especially now that we can invest in global equities directly in SGD?

What are UCITS and why bother?

One thing XWR, VWRA and VALL have in common is that they are all UCITS ETFs domiciled in Ireland.

For Singapore investors, this is one of the biggest attractions of these ETFs because the arrangement offers certain tax advantages over US-domiciled ETFs.

I’ve previously written a more detailed article explaining these tax advantages, including examples of how much investors could potentially save over time. In an earlier article, I also explained why I rely on global equities for my retirement.

XWR vs VWRA vs VALL

All three ETFs offer diversified exposure to global equities, are domiciled in Ireland, and automatically reinvest their dividends.

However, they track different indices, which means their underlying investments aren’t identical.

	XWR	VWRA	VALL / VALU
Fund manager	DWS / Xtrackers	Vanguard	Vanguard
Index	MSCI World	FTSE All-World	FTSE Global All Cap
Annual fund fee	0.12%	0.14%	0.07% ⭐️
Developed markets	Yes	Yes	Yes
Emerging markets	No	Yes	Yes
Small-cap stocks	No	No	Yes
Number of stocks held	~1,454	~3,784	~6,429
Fund domicile	Ireland	Ireland	Ireland
Dividend treatment	Accumulating	Accumulating	Accumulating
SGX listing	Yes	No	No
SGD trading	Yes ⭐️	No	No
SRS eligible	Yes ⭐️	No	No

There are a few important things to note if you are interested in investing in XWR.

1. XWR doesn’t actually invest in the entire world

Despite its name, the MSCI World Index only covers developed markets. It includes companies from countries such as the United States, Japan, the United Kingdom, Canada and Australia.

However, it excludes emerging markets such as China, India and Taiwan. South Korea is also excluded because MSCI continues to classify it as an emerging market.

In contrast, VWRA tracks the FTSE All-World Index, which includes both developed and emerging markets. VALL goes one step further by including small-cap companies in addition to large- and mid-cap stocks.

This makes VALL the broadest of the three ETFs in terms of the segments of the global equity market it covers. While owning more stocks doesn’t automatically make VALL better, the goal of investing globally is usually diversification, or to own to own as much of the investable global stock market as possible. In this regard, VALL provides the most comprehensive exposure among the three ETFs.

2. XWR is cheaper than VWRA, but VALL is cheaper still

One attraction of XWR is its relatively low annual expense ratio of 0.12%. This is cheaper than VWRA’s 0.14%, though still higher than VALL. VALL charges just 0.07%, making it substantially cheaper than both alternatives in percentage terms.

To put these fees into perspective:

Investment Amount	XWR (0.12%)	VWRA (0.14%)	VALL (0.07%)
S$10,000	S$12	S$14	S$7
S$100,000	S$120	S$140	S$70
S$500,000	S$600	S$700	S$350
S$1,000,000	S$1,200	S$1,400	S$700

3. XWR can be bought in SGD on SGX

This is arguably XWR’s biggest practical advantage for Singapore investors – instead of converting your SGD into USD to purchase VWRA or VALU on the London Stock Exchange, you can simply buy XWR directly in Singapore dollars.

For investors who already have a local brokerage account, this can make the investing process more straightforward. There is no need to navigate foreign exchanges or deal directly with foreign currency conversions.

However, there is one important misconception to address: buying an ETF in SGD doesn’t mean you’re protected from foreign exchange fluctuations.

XWR still owns overseas equities denominated in currencies such as USD, EUR and JPY. Its underlying share class currency is USD, and its SGX listing is merely a separate SGD trading line. If the US dollar weakens against the Singapore dollar, for example, the SGD value of its US investments will generally be affected, all else being equal.

The same economic currency exposure exists whether you buy the ETF in SGD or USD.

Furthermore, while SGD trading removes the need for investors to make an explicit FX conversion, foreign exchange pricing can still be reflected in the ETF’s market price and bid-ask spread. In other words, SGD trading is a convenience advantage, not necessarily a currency-risk or total-cost advantage.

XWR vs VWRA vs VALL: Pros and Cons

While XWR offers several advantages for Singapore investors, there are also some trade-offs compared with VWRA and VALL.

Priority	ETF	Reason
Buying global equities with SRS	XWR	SGX-listed and SRS eligible
Buying global equities directly in SGD	XWR	No separate USD conversion required
Established, simple all-world portfolio	VWRA	Developed and emerging markets in one ETF
Lowest annual fund fee	VALL / VALU	0.07% OCF
Broadest global stock-market coverage	VALL / VALU	Includes small-cap stocks
Already holding VWRA long-term	Keep VWRA	Switching may offer limited practical benefits

How to Buy

XWR	VWRA / VALL
moomoo Longbridge	IBKR

Since XWR is on SGX, you can use any brokerage or trading platform to do so. My own preferences are:

• moomoo because it now supports SRS, and it also offers a choice of either custodian or CDP
• Longbridge which is custodian only and does not support SRS, but has lifetime 0 commission for SGX trading

For VALL and VWRA, I use IBKR for its very excellent forex exchange fees and low commissions. I’ve written a guide on this:

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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.

He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.

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