I'm not sure how Vanguard handles dividend payments from holdings within VEA or VWO. I'd assume that they are converted into USD when they are received by Vanguard and paid out at the end of the year.
If so, it is true that if the USD depreciates between the time the dividends are received and when they are paid out, an investor could lose out.
I'm not sure if this should be a huge concern though. If the USD depreciates 10% in that time period and the dividend yield on VEA or VWO is 4%, the cost to an investor is 40 basis points. Even in the unlikely event of depreciation of this magnitude occurring every year, the total expense of holding these ETFs is still likely to be lower than other alternatives.
If so, it is true that if the USD depreciates between the time the dividends are received and when they are paid out, an investor could lose out.
I'm not sure if this should be a huge concern though. If the USD depreciates 10% in that time period and the dividend yield on VEA or VWO is 4%, the cost to an investor is 40 basis points. Even in the unlikely event of depreciation of this magnitude occurring every year, the total expense of holding these ETFs is still likely to be lower than other alternatives.