Which MSCI World index fund is cheapest?

Of the products listed here, the lowest-cost MSCI World tracker is Fidelity MSCI World Index Fund EUR P Acc, with a TER of 0.10%. The gap between the cheapest options is small: your broker's or bank's fees and whether you need to switch tax-free matter too.

Is an index mutual fund or an ETF better for an investor in Spain?

It depends on whether you will change product or rebalance. A mutual fund can be switched without tax, which defers the bill; an ETF is usually cheaper, but every sale is taxed. For a portfolio you will leave alone for decades, the tax difference is smaller.

What does UCITS mean?

UCITS is the EU framework for harmonised investment funds (Directive 2009/65/EC). It requires diversification, an independent depositary and a key information document, and lets a fund be sold across the EU.

Accumulating or distributing?

An accumulating share class reinvests dividends inside the fund; a distributing one pays them out, and in Spain they are taxed every year as savings income. For long-term compounding the accumulating class is usually more efficient.

Where can I buy these funds?

ETFs can be bought at any broker with access to European exchanges (Xetra, Euronext, London). Index mutual funds are sold through banks and fund platforms that distribute them in your country; always search for the exact share-class ISIN.

UCITS Index Funds and ETFs for European Investors (2026)

UCITS funds and ETFs are the ones a retail investor in Spain or anywhere in the EU can buy. These are the most widely used, ranked by cost within each type of index, with their ISIN so you can find them at your broker or bank.

Why are VOO and SPY missing? US-domiciled ETFs do not publish the key information document (KID) the EU's PRIIPs rules require, so European brokers do not sell them to retail clients. Their UCITS equivalents track the same indices.

Index mutual fund (switchable)

In Spain you can move from one fund to another with a "traspaso" and pay no tax until you finally sell (art. 94 of the income tax law).
Bought at the day's net asset value, with no bid-ask spread, and small regular contributions are fine.
Sometimes charges a little more than the equivalent ETF.

UCITS ETF

Usually the cheapest option, traded on an exchange in real time.
No tax-free switches: to change product you sell and pay tax on the gain.
Your broker may charge per trade and there is a small bid-ask spread.

How much tax would you pay when you sell? Try the Spanish savings tax calculator, which also compares a switchable fund with an ETF.

Global equities

The core of most index portfolios: thousands of companies from developed markets (MSCI World) or the whole world including emerging markets (FTSE All-World, MSCI ACWI).

Global equities
Product	Type	Index	TER	Dividends	ISIN
Fidelity MSCI World Index Fund EUR P Acc	Switchable fund	MSCI World	0.10%	Accumulating	IE00BYX5NX33
XDWDXtrackers MSCI World UCITS ETF 1C	ETF	MSCI World	0.12%	Accumulating	IE00BJ0KDQ92
iShares Developed World Index Fund (IE) D Acc EUR	Switchable fund	MSCI World	0.12%	Accumulating	IE00BD0NCM55
VWCEVanguard FTSE All-World UCITS ETF (USD) Accumulating	ETF	FTSE All-World	0.14%	Accumulating	IE00BK5BQT80
SPYISPDR MSCI All Country World Investable Market UCITS ETF (Acc)	ETF	MSCI ACWI IMI	0.17%	Accumulating	IE00B3YLTY66
Vanguard Global Stock Index Fund EUR Acc	Switchable fund	MSCI World	0.18%	Accumulating	IE00B03HD191
IWDAiShares Core MSCI World UCITS ETF USD (Acc)	ETF	MSCI World	0.20%	Accumulating	IE00B4L5Y983
IUSQiShares MSCI ACWI UCITS ETF USD (Acc)	ETF	MSCI ACWI	0.20%	Accumulating	IE00B6R52259
Amundi Index MSCI World AE-C	Switchable fund	MSCI World	0.30%	Accumulating	LU0996182563

US equities

The 500 largest US companies (S&P 500) or the 100 largest non-financial Nasdaq companies. More concentrated than a global fund.

US equities
Product	Type	Index	TER	Dividends	ISIN
CSPXiShares Core S&P 500 UCITS ETF USD (Acc)	ETF	S&P 500	0.07%	Accumulating	IE00B5BMR087
VUAAVanguard S&P 500 UCITS ETF (USD) Accumulating	ETF	S&P 500	0.07%	Accumulating	IE00BFMXXD54
Vanguard U.S. 500 Stock Index Fund EUR Acc	Switchable fund	S&P 500	0.10%	Accumulating	IE0032126645
EQQQInvesco EQQQ Nasdaq-100 UCITS ETF	ETF	Nasdaq-100	0.30%	Distributing	IE0032077012
Amundi S&P 500 Screened Index AE Acc	Switchable fund	S&P 500 Scored & Screened+	0.30%	Accumulating	LU0996179007

Emerging markets

Companies from emerging economies such as China, India, Taiwan and Brazil. Often added alongside an MSCI World fund, which leaves them out.

Emerging markets
Product	Type	Index	TER	Dividends	ISIN
EIMIiShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)	ETF	MSCI Emerging Markets IMI	0.18%	Accumulating	IE00BKM4GZ66
Vanguard Emerging Markets Stock Index Fund EUR Acc	Switchable fund	MSCI Emerging Markets	0.23%	Accumulating	IE0031786696

European equities

Large European companies: MSCI Europe includes the UK and Switzerland; EURO STOXX 50 holds just 50 eurozone companies.

European equities
Product	Type	Index	TER	Dividends	ISIN
SXRTiShares Core EURO STOXX 50 UCITS ETF EUR (Acc)	ETF	EURO STOXX 50	0.10%	Accumulating	IE00B53L3W79
IMAEiShares Core MSCI Europe UCITS ETF EUR (Acc)	ETF	MSCI Europe	0.12%	Accumulating	IE00B4K48X80

Global small caps

Smaller companies from developed markets, which an MSCI World fund barely covers. More volatile.

Global small caps
Product	Type	Index	TER	Dividends	ISIN
Vanguard Global Small-Cap Index Fund EUR Acc	Switchable fund	MSCI World Small Cap	0.30%	Accumulating	IE00B42W4L06
IUSNiShares MSCI World Small Cap UCITS ETF	ETF	MSCI World Small Cap	0.35%	Accumulating	IE00BF4RFH31

Global bonds

Government and corporate bonds from around the world with the currency hedged to euros, to calm a portfolio down.

Global bonds
Product	Type	Index	TER	Dividends	ISIN
VAGFVanguard Global Aggregate Bond UCITS ETF EUR Hedged Accumulating	ETF	Bloomberg Global Aggregate Float Adjusted and Scaled (EUR hedged)	0.08%	Accumulating	IE00BG47KH54
AGGHiShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc)	ETF	Bloomberg Global Aggregate Bond (EUR hedged)	0.10%	Accumulating	IE00BDBRDM35
Vanguard Global Bond Index Fund EUR Hedged Acc	Switchable fund	Bloomberg Global Aggregate Float Adjusted and Scaled (EUR hedged)	0.15%	Accumulating	IE00B18GC888

Most searched comparisons

See all comparisons →

Frequently Asked Questions

Figures checked on September 30, 2026 against justETF (ETFs) and Finect/Morningstar (mutual funds). TERs change: always read the key information document (KID) before investing.