Anti-US

Reducing exposure to the United States

IntermediateLong termTOB 0.12%

For investors who want to significantly reduce their dependence on the United States (which represents ~65% of a World ETF). Diversifies towards Europe and China.

Key facts

TOB0.12%on purchase and sale

Weighted average TER0.20%annual management fees

Securities (~)~2 200companies worldwide

Historical return~6.8% / yr2005–2025

Reynders taxNot applicable

DividendsAuto-reinvested

China weighed on returns over this period (~4%/year). This strategy is forward-looking and not optimised for past performance

Portfolio composition

IWDA60%Acc.

iShares Core MSCI World UCITS ETF (Acc)

ISIN: IE00B4L5Y983

TER 0.20%View on justETF↗

IEUR20%Acc.

iShares Core MSCI Europe UCITS ETF (Acc)

ISIN: IE00B1YZSC51

TER 0.12%View on justETF↗

ICHN20%Acc.

iShares MSCI China UCITS ETF (Acc)

ISIN: IE00BQT38270

TER 0.28%View on justETF↗

Average yearly return

Index · EUR · gross · past performance

1 yr

+11.6%

3 yrs

+13.2%

5 yrs

+9.8%

10 yrs

+8.5%

Source: MSCI World (60%) + MSCI Europe (20%) + MSCI China (20%) blend (EUR). Annualized returns to end-2025, EUR, gross of Belgian taxes (TOB, précompte mobilier, CGT) and ETF fees (TER). Past performance does not guarantee future results.

* Return calculated from weighted underlying indices. May differ slightly from actual ETF performance.

Why this strategy?

1Drastic reduction of US exposure: in a classic world ETF, the United States represents ~70%. Here, via IWDA (60%) + overweighting Europe (20%) + China (20%), the effective US share drops to about 42%.
20.12% TOB on the three ETFs: IWDA, IEUR, and ICHN are all subject to the reduced 0.12% TOB in Belgium.
3Multi-regional diversification: this strategy bets on the convergence between developed economies (Europe, Japan via IWDA) and catch-up economies (China) to reduce dependence on a single market.
4100% accumulating funds: all dividends are automatically reinvested, without withholding tax.

Alternatives & comparisons

IWDA + EMIM

iShares MSCI World + iShares Core MSCI EM IMI

TER 0.20%TOB 0.12%Acc.

IE00B4L5Y983↗IE00BKM4GZ66↗

Advantages

+Broader emerging exposure (not just China)
+Only 2 ETFs to manage
+Better 20-year history

Disadvantages

−China less overweighted (~6% vs 20% here)
−Less precise geographical control

Verdict : If you want to reduce US exposure without specifically betting on China alone, IWDA + EMIM is simpler.

IMIE

State Street SPDR MSCI All Country World Investable Market UCITS ETF (Acc)

TER 0.17%TOB 0.12%Acc.

IE00B3YLTY66↗

Advantages

+All-in-one solution, zero management
+Includes small caps and emerging markets in natural proportions

Disadvantages

−US at ~65% — less reduction than this strategy
−No regional overweighting possible

Verdict : For those who simply want to avoid pure VWCE/IWDA without a pronounced active bias.

Tax disclaimer

0.12% TOB on purchase and sale. 10% capital gains tax on annual net gains exceeding the €10,000 exemption — only the excess above this threshold is taxed at 10%. The unused portion of the exemption can be carried forward (maximum €1,000 per year over 5 years), allowing to reach an exemption ceiling of €15,000 in a given year. Accumulating funds: no annual withholding tax on automatically reinvested dividends. Rates used are indicative — past performance does not guarantee future results.

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