When it comes to investing internationally, it is easy to spend most of your time looking at the United States.
After all, America is home to some of the world's most successful businesses, and its share market has delivered impressive returns over the years.
But I think investors could be missing some excellent opportunities by concentrating too heavily on one country.
That's why I've been taking a closer look at an exchange-traded fund (ETF) that deliberately leaves the US out.
So, would I buy this popular fund?
Image source: Getty Images
What does the VEU ETF offer?
The Vanguard All-World ex-US Shares Index ETF (ASX: VEU) invests in companies across developed and emerging markets around the world, excluding the United States.
It tracks the FTSE All-World ex US Index and provides exposure to approximately 3,800 companies.
And the geographical spread is impressive. Japan, Taiwan, the United Kingdom, Canada, China, and South Korea are among its largest country exposures.
There's also exposure to Australia, India, and numerous European economies.
What I like about this is how many different types of businesses are represented. Japan is home to major industrial and manufacturing companies, Europe has established healthcare and consumer businesses, while Taiwan and South Korea are central to the global semiconductor industry.
I think there's considerable potential for successful companies across these markets to grow their earnings over the coming decades. And the VEU ETF allows investors to participate in that growth through a single investment.
Why I'd consider buying it
One reason I'd be interested in the VEU ETF is the opportunity to look beyond the companies that dominate global investment discussions.
US technology giants have attracted enormous amounts of investor attention, especially because of artificial intelligence (AI). And while I remain optimistic about their long-term prospects, I don't expect America to produce every great investment success story.
Other countries have world-leading businesses, innovative technologies, and industries that could benefit from changing global demand.
I also like that the VEU ETF includes emerging markets. Countries such as India have opportunities to benefit from rising incomes and growing consumer spending, while others are becoming increasingly important in global manufacturing and technology.
Another positive is the cost. Vanguard charges an annual management fee of just 0.04%, making this an inexpensive way to access thousands of international companies.
Foolish takeaway
I think the VEU ETF would be a smart investment for someone wanting greater exposure to businesses outside the United States.
I'd be happy buying it as a long-term investment, especially alongside an ETF like the iShares S&P 500 ETF (ASX: IVV) that already provides US exposure.
There are some outstanding businesses operating across Asia, Europe, and other international markets. And I think giving myself the chance to benefit from their future success could be a rewarding decision over the next decade and beyond.
