MSCI
Amundi MSCI World II UCITS ETF Dist
Published by Radif Partners · Updated
Overview
Amundi MSCI World II UCITS ETF Dist (MSCI) tracks the MSCI World index synthetically, through a swap agreement rather than by holding the constituents, and is managed by Amundi. Dividends are paid out to holders rather than reinvested, so MSCI suits investors seeking regular income. The fund is domiciled in FR, which determines the withholding tax treatment applied to its dividends. Annual charges come to 0.30% of assets, and the fund holds 5.8B under management. It is eligible for the French PEA, and can also be held in a securities account or a German Depot. Its risk level is rated medium. Launched on 2007-04-11, the fund is denominated in EUR and has 19 years of track record. It is a UCITS fund, so it follows the European framework on diversification, liquidity and asset segregation. Because MSCI distributes, every payment is taxable in the year it is received, against the dividend allowance in a general account, while it stays sheltered inside an ISA or a SIPP. Domicile in FR sets the withholding the fund itself suffers on the dividends it receives, a cost absent from the stated fee but present in the return.
Ongoing charges of 0.30% place this fund 157th of 225 comparable funds, whose median is 0.19%. On £10,000 that costs about 30 a year and 300 over ten years at a constant amount, deducted daily and never visible on a statement: it shows up in the gap between the fund's return and its index's. At this level, neither low enough to be an argument nor high enough to be an obstacle, the decision rests elsewhere: on the index tracked, on the distribution policy, and on what your broker charges to buy.
This fund tracks MSCI World through a swap: it does not hold the index constituents but a collateral basket, and exchanges that basket's return for the index's with a bank. Two consequences are real. It introduces counterparty risk, bounded by collateral revalued daily and by regulation, but not zero. And it makes possible what direct holding cannot: tracking an index closed to direct purchase, or avoiding withholding tax on dividends, which is why a synthetic fund sometimes beats its physical twin after tax. The swap's cost does not appear in the ongoing charge; it shows up in tracking difference measured over several years.
The fund is domiciled in FR, outside the two usual homes for European listed funds. Three checks come before buying: whether your broker lists it, since a fund outside the usual venues is not always dealable from a European account; what withholding the fund suffers on dividends it receives, which follows FR's treaties rather than your country's; and how your own tax authority treats it, an answer that can differ from the treatment of an Irish fund tracking the same index.
Income is distributed: the fund pays out the dividends it receives, usually one to four times a year. For a holder living off the portfolio that is what is wanted, since the income arrives without selling. For someone still accumulating it is a tax disadvantage in a taxable account: each payment is taxed in the year received, so the amount reinvested is reduced before it starts working again. Reinvesting by hand also costs a dealing commission each time and often leaves cash idle for want of the price of a whole unit. An accumulating class on the same index, where one exists, settles the question.
With 5.8 billion in assets and 19 years of history, this fund has the size and the record that make closure unlikely and the spread narrow. Three checks remain, once a year, none of which depends on the market. The ongoing charge, which an issuer revises without notice and whose gap to a competitor can invert. The tracking difference, the only figure that says whether replication stays faithful. And the methodology of MSCI World, which can change its selection or weighting rules without the fund's name moving, in which case what you hold has changed with nothing to announce it.
MSCI World is a broad index, and that is the building block most portfolios have reason to own before any other, for a simple reason: it requires no forecast. Two points deserve checking before calling it diversified. Cap weighting concentrates the portfolio on the largest companies, so the top ten holdings can make up a substantial share, and that concentration grows without any rule changing. And the geographic scope matters: a developed-world index leaves out emerging markets, while a broad US index is not global exposure despite the international revenue of the companies it holds.
The published returns for this fund are incomplete, and that is itself information: without a multi-year record, the only available check is the structure, the 0.30% ongoing charge, 5.8 billion in assets and the replication method. A recent or little-followed fund is not a bad fund for that reason, but it can only be judged on what is known in advance rather than on what it has done.
0.30%
5.8B
5,800M EURMedium
1,465
Synthetic
Distributing
EUR
FR
MSCI World
Amundi
2007-04-11 (19 years)
Contextual Analysis
Fund Size
With 5.8B in assets, this is a large fund, good liquidity and tight spreads.
Fee Positioning
A TER of 0.30% is in line with the market average (~0.35%).
Track Record
Launched in 2007-04-11, this fund has 19 years of history, long and reliable track record.
Risk Profile
Medium risk, good risk/return balance for a 5+ year horizon.
Performance
Returns Summary
| Period | Ann. Return | Cumulative |
|---|---|---|
| 1 Month (est.) | – | – |
| 3 Months (est.) | – | – |
| 6 Months (est.) | – | – |
| YTD (est.) | – | – |
| 1 Year | – | – |
| 3 Years | – | – |
| 5 Years | – | – |
| Since inception (19y) | – | – |
Key Facts
Fund Profile
Themes & Zones
Holdings
Risk
How to Buy This ETF
Select your country in the menu to see available brokers and wrappers.
About this ETF
The Amundi MSCI World II UCITS ETF Dist tracks the MSCI World index. It is managed by Amundi using synthetic replication and follows a distributing distribution policy. The fund is denominated in EUR and domiciled in FR. It has a total expense ratio (TER) of 0.30%.
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Frequently asked questions
What do MSCI's 0.30% charges actually cost?
They are taken from the fund's value continuously and never billed separately: on £1,000 invested that is about £3.00 a year and roughly £30 over ten years at a constant amount. That is the only cost of the fund itself. Your broker's commission and the spread between buying and selling price come on top, and they weigh most on small frequent purchases.
Can MSCI be held in a French PEA?
This fund is flagged as eligible, which matters: inside a PEA no tax is triggered before withdrawal, and after five years gains escape income tax with only social levies remaining due. Two caveats: your broker's own list prevails over ours, and eligibility can be lost if the fund changes its composition, in which case the plan has to be regularised.
How do you buy MSCI, and on which venue?
Through any broker that lists ISIN FR0010315770. The same strategy often exists in several share classes with different fees and distribution policies, and what counts is the class you buy rather than the one you read about: check the ISIN, not the name. A limit order avoids paying the spread of a thin order book, particularly outside the trading hours of the underlying markets.
Is MSCI genuinely diversified?
Less so than the number of holdings suggests. MSCI World weights its constituents by market capitalisation, so the largest companies make up a share of the fund far above their number, and that concentration deepens without any rule changing. The useful check is the weight of the top ten holdings, published monthly by Amundi: that figure says how many companies the outcome actually depends on.
What should you re-check on MSCI once a year?
Three things, none of which depends on the market. The ongoing charge, which an issuer revises without notice and whose gap to a competitor can invert. The tracking difference, the only figure that says whether replication stays faithful. And the methodology of MSCI World, which can change its selection or weighting rules without the fund's name moving: in that case what you hold has changed with nothing to announce it.
This ranking is for informational purposes only and does not constitute a recommendation to buy or sell any security. Displayed performance is simulated.