PANW
Amundi PEA MSCI World UCITS ETF - EUR Acc
Published by Radif Partners · Updated
Overview
Amundi PEA MSCI World UCITS ETF - EUR Acc (PANW) tracks the MSCI World index synthetically, through a swap agreement rather than by holding the constituents, and is managed by Amundi. Dividends are reinvested inside the fund rather than paid out, so PANW suits investors building a position over time. The fund is domiciled in FR, which determines the withholding tax treatment applied to its dividends. Annual charges come to 0.38% of assets, and the fund holds 2.5B 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 2014-06-18, the fund is denominated in EUR and has 12 years of track record. It is a UCITS fund, so it follows the European framework on diversification, liquidity and asset segregation. Because PANW accumulates, nothing is taxed while the shares are held: the charge falls on disposal, against your capital gains allowance in a general account, and not at all 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.
At 0.38%, this fund costs more than twice the median of its category (0.19%) and over 19.0 times the cheapest (0.02%). On £10,000 the gap to the median is worth about 190 over ten years, and that difference is certain in a way no performance gap is. A premium can be justified, by an index no competitor tracks, by a useful trading currency, or by size that guarantees liquidity; it is not justified by the brand. The question is therefore plain: what does this fund offer that the cheapest on the list does not?
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 accumulated: dividends from the holdings are reinvested inside the fund rather than paid out. In a taxable account that defers taxation to the moment of sale instead of triggering it annually, leaving the whole return at work, and that is the main advantage of this share class. Two qualifications go with it. A holder who needs income has to sell units to obtain it, which is one more decision to take and sometimes at a bad moment. And the deferral is not universal: some countries tax a notional annual return whatever the distribution policy, in which case the accumulating class changes nothing.
With 2.5 billion in assets and 12 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 0.38% ongoing charge, 2.5 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.
0.38%
2.5B
2,500M EURMedium
1,444
Synthetic
Accumulating
EUR
FR
MSCI World
Amundi
2014-06-18 (12 years)
Contextual Analysis
Fund Size
With 2.5B in assets, this is a large fund, good liquidity and tight spreads.
Fee Positioning
A TER of 0.38% is in line with the market average (~0.35%).
Track Record
Launched in 2014-06-18, this fund has 12 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 (12y) | – | – |
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 PEA MSCI World UCITS ETF - EUR Acc tracks the MSCI World index. It is managed by Amundi using synthetic replication and follows a accumulating distribution policy. The fund is denominated in EUR and domiciled in FR. It has a total expense ratio (TER) of 0.38%.
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Frequently asked questions
What do PANW's 0.38% charges actually cost?
They are taken from the fund's value continuously and never billed separately: on £1,000 invested that is about £3.80 a year and roughly £38 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 PANW 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 PANW, and on which venue?
Through any broker that lists ISIN FR0011869353. 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 PANW 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 PANW 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.