What is the point of having a significant ex-US companies?
* To have a company that is headquartered outside of the USA?
* To have a company which does business and gets revenue from non-US countries?

When I go to an Italian or Mexican restaurant, I don't care if the cooks were born in Italy or Mexico. I want the food to be typical of that country.

Google "XXX non-us business share",
with XXX the name of the top few holdings of the S&P 500.


"Apple's business is significantly international, with a majority of its revenue coming from outside the United States. "

"Microsoft's non-US business share is a significant portion of its revenue,"

"Nvidia's non-US business represents a significant portion of its overall revenue, with key markets in Asia and Europe. "

"In the first quarter of 2025, Amazon's non-US business, represented by the International segment, accounted for approximately 21.5% of the company's total net sales. "

"Meta's business is significantly international, with a substantial portion of its revenue and user base coming from outside the US and Canada.
...
Meta derives about 55% of its revenue from outside the U.S. and Canada. May 5, 2025"

With large companies, you are already getting a very large exposure of revenue that comes from non-US sources. You don't really need VEA or ACWX.

My reason for investing is to make the largest amount of money. The backtests I posted tell me that investments in a specific ex-US fund are contrary to that goal. They get you exposure that you already have and they reduce your returns.