All-in-one
The whole world in a single ETF
A unique ETF that covers developed and emerging markets in their natural proportions. Ideal for those who want absolute simplicity: a single purchase, zero rebalancing.
Key facts
Slightly lower than Complete World because IMIE includes small caps (global large, mid AND small cap), which marginally underperformed over the 2005-2025 period. In return, IMIE offers more complete diversification (~99% of global market cap).
Portfolio composition
State Street SPDR MSCI All Country World Investable Market UCITS ETF (Acc)
ISIN: IE00B3YLTY66
Average yearly return
Index · EUR · gross · past performanceSource: MSCI ACWI IMI Index (EUR, net dividends reinvested). 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: unlike VWCE which is registered in Belgium and subject to 1.32% TOB, IMIE is not registered in Belgium — you only pay 0.12% on purchase and sale.
- 2No annual withholding tax on dividends: IMIE is an accumulating fund — dividends are automatically reinvested, without triggering the 30% withholding tax.
- 3No Reynders tax (purely equity ETF, 0% bonds): this tax applies only to funds holding more than 10% bonds — IMIE is exempt.
- 4Maximum diversification: the MSCI ACWI IMI index covers ~9,000 companies according to the index (the ETF holds ~4,500 via representative sampling — the effective diversification is equivalent), covering developed, emerging, and small cap markets — about 99% of the investable global stock market.
Alternatives & comparisons
Amundi Prime All Country World UCITS ETF Acc
Advantages
- +Extremely low TER (0.07%) — the cheapest on the market
- +Full physical replication
- +0.12% TOB
Disadvantages
- −Launched in June 2024 — very short history
- −Tracks the Solactive index (lesser known than MSCI)
- −No small caps
- −Amundi has a history of mergers and index rule changes
- −Lower AUM (~€2.7bn vs ~€7.1bn for IMIE)
iShares MSCI World + iShares Core MSCI EM IMI
Advantages
- +IWDA is Europe's most liquid ETF
- +Flexibility to adjust emerging exposure
- +0.12% TOB on both
Disadvantages
- −Requires manual rebalancing (split ~89/11)
- −Two transactions = two sets of brokerage fees at each purchase
- −No small caps
Invesco FTSE All-World UCITS ETF Acc
Advantages
- +0.15% TER — cheaper than IMIE
- +Tracks the FTSE All-World index (recognised)
- +0.12% TOB
Disadvantages
- −Launched in 2023 — limited history
- −No small caps (large & mid cap only)
- −AUM still modest (~€3.9bn)
Vanguard FTSE All-World UCITS ETF Acc
Advantages
- +Very high liquidity (~€49bn AUM)
- +Reputable Vanguard brand
- +Long history
Disadvantages
- −TOB potentially 1.32% depending on the broker — some apply 0.12%, others 1.32%. Check before investing
- −No small caps
- −Higher TER of 0.19%