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Developed + emerging markets

SimpleLong termTOB 0.12%

Combines developed (89%) and emerging (11%) markets for truly global exposure, including China, India, and Brazil. Slightly more volatile but more representative of the global economy.

Key facts

TOB0.12%on purchase and sale
Weighted average TER0.20%annual management fees
Securities (~)~3 600companies worldwide
Historical return~8.1% / yr2005–2025
Reynders taxNot applicable
DividendsAuto-reinvested

Slightly higher than IMIE thanks to the absence of small caps, which underperformed large/mid caps over the 2005-2025 period. The emerging component (11%) has little weight on the overall return.

Portfolio composition

IWDA89%Acc.

iShares Core MSCI World UCITS ETF (Acc)

ISIN: IE00B4L5Y983

TER 0.20%View on justETF↗
EMIM11%Acc.

iShares Core MSCI EM IMI UCITS ETF (Acc)

ISIN: IE00BKM4GZ66

TER 0.18%View on justETF↗

Average yearly return

Index · EUR · gross · past performance
1 yr
+7.4%
3 yrs
+14.9%
5 yrs
+12.0%
10 yrs
+11.5%

Source: MSCI World (89%) + MSCI EM IMI (11%) blend (EUR, net div). 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.

Why this strategy?

  • 10.12% TOB on both ETFs: IWDA (developed markets) and EMIM (emerging markets) are both subject to the reduced 0.12% TOB, unlike some all-in-one world ETFs.
  • 2Exposure to emerging markets: by adding EMIM (11%), you invest in high-growth economies — China, India, Brazil, Taiwan, Korea — underrepresented in a pure world ETF.
  • 3100% accumulating funds: no annual withholding tax on dividends (accumulating funds — dividends automatically reinvested in both funds).
  • 4Allocation control: you can adjust the emerging/developed weighting according to your convictions (e.g. 80/20 rather than 89/11) — impossible with an all-in-one ETF.

Alternatives & comparisons

IMIE

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

TER 0.17%TOB 0.12%Acc.
IE00B3YLTY66↗

Advantages

  • +Single ETF — zero rebalancing
  • +Also includes small caps (~9,000 titles)
  • +Competitive TER at 0.17%

Disadvantages

  • −No flexibility on emerging weighting
  • −Single issuer (issuer concentration)
Verdict : If you want the same exposure but in 1 single ETF, IMIE is simpler and not more expensive.
FWRA

Invesco FTSE All-World UCITS ETF Acc

TER 0.15%TOB 0.12%Acc.
IE000716YHJ7↗

Advantages

  • +0.15% TER — cheaper than IWDA + EMIM combined
  • +Single ETF
  • +Includes emerging markets
  • +0.12% TOB

Disadvantages

  • −Launched in 2023 — limited history
  • −Tracks the FTSE index (not MSCI) — slight composition differences
  • −No small caps
Verdict : Good alternative if you are looking for an all-in-one cheaper than IMIE without small caps.
VWCE

Vanguard FTSE All-World UCITS ETF Acc

TER 0.19%TOB 1.32%Acc.
IE00BK5BQT80↗

Advantages

  • +Very high liquidity
  • +Single ETF including developed + emerging

Disadvantages

  • −TOB potentially 1.32% depending on the broker — some apply 0.12%, others 1.32%. Check before investing
  • −Higher TER
  • −No small caps
Verdict : To be avoided for Belgian investors — the applicable TOB varies by broker — from 0.12% to 1.32%. In the worst case, you pay €132 in taxes on €10,000 compared to €12 with IMIE. Essential to check with your broker before any purchase.

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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