I am looking to begin passive investing in ETFs. In my own research so far I come across the advice that it can be a good passive strategy to invest in some index fund like a Vanguards S&P500, however a lot of financial advice on the internet is very US centric. As a European investor I'd like to reap the benefits that investing in the US market currently offers while still diversifying my portfolio and safeguarding against the possibility that in 30-50 years the composition of the global market looks very different.
To this end I have identified a few different ETFs from Vanguard in euro. The first is the Vanguard S&P 500 UCITS ETF (VUSA) with an OCF of 0.07%. The second Vanguard Vanguard FTSE All-World UCITS ETF (VTRW) at 0.22%. The third is FTSE All-World ex-US ETF (VEU) at 0.08%.
My question is what are the advantages or disadvantages of investing purely in a single global index versus having some split between one S&P500 fund and one global fund which excludes the US portion of the market. Would the differences lie purely in cost and convenience?