Index
MSCI World (23 developed countries), FTSE All-World or MSCI ACWI (developed plus emerging), S&P 500 (US), MSCI Emerging Markets, MSCI Europe or a global bond index. It defines what you buy.
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This guide compares 11 index funds available from Spain, grouped by index (world, US, emerging markets, Europe and bonds), with their ISIN, annual cost (TER), replication method and domicile, plus each one’s ETF equivalent. No ranking by past performance: they are chosen by index and cost, which is what you can control.
ISIN and TER checked on September 25, 2026 · The funds carry no links; Freedom24 and Indexa do (affiliate and referral plan)
The three keys
Sources: KIDs and factsheets from Vanguard, Fidelity, Amundi and iShares (funds) and justETF (ETFs), checked on September 25, 2026. TERs change: check the KID before you buy.
What to look at in an index fund’s factsheet before deciding, from most to least important. With the first four you get it right almost every time.
MSCI World (23 developed countries), FTSE All-World or MSCI ACWI (developed plus emerging), S&P 500 (US), MSCI Emerging Markets, MSCI Europe or a global bond index. It defines what you buy.
What the fund deducts every year, already taken out of the net asset value. Among funds on the same index, the cheapest is usually the best over the long run.
Full physical: buys every share in the index. Sampling: buys a representative selection; normal for indices with thousands of holdings. Avoid synthetic (derivatives) if you do not understand it.
Reinvests dividends inside the fund instead of paying them out: no tax until you sell. Every class in this guide is accumulating (Acc).
The share class currency does not change the risk: a world fund holds dollars even if it is in euros. Hedging only makes sense in bonds, where currency moves more than the coupon.
Ireland and Luxembourg are the usual ones. Ireland withholds 15% of US dividends thanks to its treaty, versus 30% elsewhere: in US equity funds, that is a tenth of a point a year.
Retail classes (Investor, P, AE, D) can be bought from €1 or €10 on platforms with no custody fee; institutional ones require hundreds of thousands. Check which class your platform offers and what fees it adds.
Retail accumulating classes, transferable in Spain (no tax when switching funds). Within each index, sorted by TER. No links: you buy them by searching the ISIN on your platform.
Around 1,300 large and mid caps from 23 developed countries; the US weighs about two thirds. It is the single fund in most index portfolios.
| Fund | ISIN | TER | Replication | Domicile |
|---|---|---|---|---|
| Fidelity MSCI World Index Fund P-Acc-EURFidelity | IE00BYX5NX33 | 0.12 % | Full physical | Ireland |
| iShares Developed World Index Fund (IE) D Acc EURiShares (BlackRock) | IE00BD0NCM55 | 0.12 % | Full physical | Ireland |
| Vanguard Global Stock Index Fund EUR AccVanguard | IE00B03HD191 | 0.18 % | Full physical | Ireland |
| Amundi Index MSCI World AE-CAmundi | LU0996182563 | 0.30 % | Full physical | Luxembourg |
The 500 largest US companies. It is the cheapest index to track and the most concentrated: no Europe, Japan or emerging markets.
| Fund | ISIN | TER | Replication | Domicile |
|---|---|---|---|---|
| Fidelity S&P 500 Index Fund P-Acc-EURFidelity | IE00BYX5MX67 | 0.06 % | Full physical | Ireland |
| Vanguard U.S. 500 Stock Index Fund EUR AccVanguard | IE0032620787 | 0.10 % | Full physical | Ireland |
China, Taiwan, India, Korea, Brazil… It complements the MSCI World, which excludes them. More expensive to track and more volatile.
| Fund | ISIN | TER | Replication | Domicile |
|---|---|---|---|---|
| Fidelity MSCI Emerging Markets Index Fund P-Acc-EURFidelity | IE00BYX5M039 | 0.20 % | Sampling | Ireland |
| Vanguard Emerging Markets Stock Index Fund EUR AccVanguard | IE0031786142 | 0.23 % | Sampling | Ireland |
| Amundi Core MSCI Emerging Markets AE AccAmundi | LU0996177134 | 0.45 % | Sampling | Luxembourg |
Large and mid caps from 15 developed European countries. Useful to raise Europe’s weight above the 15% the MSCI World gives it.
| Fund | ISIN | TER | Replication | Domicile |
|---|---|---|---|---|
| Fidelity MSCI Europe Index Fund P-Acc-EURFidelity | IE00BYX5MD61 | 0.10 % | Full physical | Ireland |
Investment-grade government and corporate debt from around the world, with currency hedged to euro. It is the part that cushions the portfolio.
| Fund | ISIN | TER | Replication | Domicile |
|---|---|---|---|---|
| Vanguard Global Bond Index Fund EUR Hedged AccVanguard · hedged to euro | IE00B18GC888 | 0.15 % | Sampling | Ireland |
TER according to each manager’s current KID. Vanguard and Fidelity are only available on specific platforms (MyInvestor, Renta 4, Openbank and a few more); Amundi is on almost all. Amundi’s S&P 500 fund moved to a “Screened” index (with ESG exclusions), which is why it is not listed.
Each index above has an accumulating UCITS ETF tracking it, almost always with a lower TER and far more assets. You buy it at a broker like a share; in exchange, it is taxed when you sell (no tax-free transfer).
| ETF | Index | ISIN | TER | Assets |
|---|---|---|---|---|
| iShares Core MSCI World UCITS ETF USD (Acc)iShares · EUNL · Sampling | MSCI World | IE00B4L5Y983 | 0.20 % | 130,399 M€ |
| Vanguard FTSE All-World UCITS ETF (USD) AccVanguard · VWCE · Sampling | FTSE All-World | IE00BK5BQT80 | 0.14 % | 52,812 M€ |
| iShares Core S&P 500 UCITS ETF USD (Acc)iShares · SXR8 · Full physical | S&P 500 | IE00B5BMR087 | 0.07 % | 136,088 M€ |
| Vanguard S&P 500 UCITS ETF (USD) AccVanguard · VUAA · Full physical | S&P 500 | IE00BFMXXD54 | 0.07 % | 31,935 M€ |
| Vanguard FTSE Emerging Markets UCITS ETF (USD) AccVanguard · VFEA · Full physical | MSCI Emerging Markets | IE00BK5BR733 | 0.17 % | 2,148 M€ |
| iShares Core MSCI EM IMI UCITS ETF (Acc)iShares · IS3N · Full physical | MSCI Emerging Markets | IE00BKM4GZ66 | 0.18 % | 40,284 M€ |
| iShares Core MSCI Europe UCITS ETF EUR (Acc)iShares · EUNK · Sampling | MSCI Europe | IE00B4K48X80 | 0.12 % | 15,848 M€ |
| Vanguard Global Aggregate Bond UCITS ETF EUR Hedged AccVanguard · VAGF · Sampling · hedged to euro | Global bonds (EUR hedged) | IE00BG47KH54 | 0.08 % | 2,295 M€ |
Data from justETF (which mirrors the issuer’s factsheet) as of the review date. All are UCITS, accumulating and trade in euros on Xetra or Euronext, among other exchanges.
Four routes. We link only to the two we have a relationship with: Freedom24 (affiliate) and Indexa (referral plan). The others are named without links.
A broker with access to European and US exchanges from Spain, where the ETFs in the table are bought by ISIN or ticker. Also bonds from €1,000 and a savings account for cash waiting to be invested. EU regulated (CySEC).
Open an account at Freedom24If you do not want to choose funds or rebalance, Indexa builds the portfolio with these same Vanguard, iShares and Amundi funds for 0.527% total a year, from €1,000. With our link, €15,000 free of management fee for a year.
Read the review and open an accountMyInvestor offers the Vanguard, Fidelity, Amundi and iShares classes with no custody fee and from €10; Renta 4 and Openbank also have them, on their own terms. It is the cheapest route if you do the rebalancing yourself.
No link: we have no commercial relationship with these platforms
Trading 212, Scalable Capital, XTB and Trade Republic run recurring ETF purchases with no trading fee, from €1 or €10. When they confirm their affiliate programme, we will link to them.
No link until there is a commercial relationship
Freedom24: affiliate link (a commission for us if you open an account, at no cost to you). Indexa: referral plan (a discount for you and for us). Each firm’s data are from its official website.
The same investment via four routes, all editable: an index fund on your own with no custody fee, an ETF at a fixed-fee broker (with a fee per purchase, connectivity and spread), an all-in robo-advisor and an actively managed bank fund. The gross return is an assumption, not a forecast.
With no fees at all you would have €252,548 after 25 years (contributing €100,000). Each row shows the effect of its cost.
Fees take €6,369 · Only the TER from the table (0.06–0.30%): no spread or fixed fees, as at MyInvestor. You do the rebalancing.
€3,015 less than the best route · By default, DEGIRO’s tariff (1 Oct 2025): €1 per purchase from the core selection, €2.50 a year connectivity, no custody fee; indicative 0.05% spread. With little capital, fixed fees weigh more than the TER: try €2,000.
€16,082 less than the best route · Management plus custody plus funds: Indexa publishes a 0.527% average. The gap with the routes above is the price of doing nothing.
€49,542 less than the best route · Example: 1.5% to 2% management is typical at banks.
Monthly compounding; the percentage cost is deducted from the gross return, fixed fees are subtracted each month and the spread from each purchase. Taxes not included. Except for DEGIRO’s tariff, cited with its date, the costs are editable examples.
Three common combinations using the funds above, from the simplest to the most complete. They are educational examples with indicative weights, not a recommendation: the split between equities and bonds depends on your horizon and how much of a fall you can stomach.
100% world
A single fund on the MSCI World (or an All-World ETF if you want emerging markets included). Nothing to rebalance.
For beginners investing for more than 15 years who do not want to touch anything.
80% world · 20% bonds
Global equities plus global bonds hedged to euro. Bonds cushion the falls; rebalance once a year or with contributions.
For those who want to sleep better in downturns without giving up equities.
70% world · 10% emerging · 20% bonds
Adds emerging markets, which the MSCI World leaves out, at their weight in the world market. It is the structure of many robo-advisor portfolios.
For those who want to “buy the whole world” with transferable funds and control each piece’s weight.
The “100 minus your age” rule for equities is a classic reference, not a law. A robo-advisor does this split for you in exchange for its fee; on your own you do it with contributions.
Both are taxed the same when you sell; what changes is what happens while you do not.
Switching from one fund to another (or from one platform to another) is not taxed: the gain is carried until the final redemption. It is the Spanish advantage of funds, and the reason for this guide.
Selling an ETF to buy another is a sale: the gain is taxed that year. In exchange, the TER is usually lower and it can be bought at any broker.
Gains in the savings base of Spanish income tax: 19% up to €6,000, 21% up to €50,000, 23% up to €200,000, 27% up to €300,000 and 30% above that (AEAT 2025 tax return manual). Accumulating classes pay no dividends, so nothing is taxed until that day.
Index investing does not pick the moment: it buys every month whatever is due. Sentiment is here to remind you that the worst days to invest are the scariest ones, and vice versa.
Source: CNN Business Fear & Greed Index. Updated once a day at 22:30 CET, Monday to Friday, after the US market close — when the day’s reading is final.
See today’s marketRobo-advisor, broker with an automatic plan or on your own? Costs, minimums and taxes of the three routes.
How to invest in index fundsIf you prefer a ready-made portfolio: real fees, official returns and simulator in our Indexa review.
Indexa Capital reviewHow much does a monthly contribution grow at 6% over 25 years? Check it.
Compound interest calculatorWith one on the MSCI World you are already diversified across more than a thousand companies in 23 countries. With two (global equities and bonds) you control the risk; with three you add emerging markets. More than four or five adds work, not diversification.
On the same index, the difference is the TER and where you can buy it. Fidelity and iShares are currently the cheapest on the MSCI World (0.12%); Vanguard, the most widely available; Amundi, the one at most banks but at 0.30%. None is “better” by brand.
The MSCI World only has developed countries; the FTSE All-World and MSCI ACWI add about 10% emerging markets. In transferable funds, the World is the norm and emerging markets are added separately; in ETFs, the All-World solves it in one product.
In equities, no: hedging costs money and currency is a small part of the long-term risk. In bonds, yes: the dollar can move more than the coupon, and hedging turns the fund into what you want it to be, a cushion.
Accumulating, unless you need income: it reinvests dividends inside the fund without you being taxed every year. Distributing classes pay out and withhold 19%. Every class in this guide is accumulating.
The unique code of each fund or ETF share class (12 characters, starting with the country of domicile). It is the safe way to buy exactly the product you want on your platform, without mixing up classes or currencies.
Retail classes can be bought from €1 or €10 on platforms such as MyInvestor; brokers’ ETF plans from €1; a robo-advisor such as Indexa from €1,000. The minimum is almost never the problem: consistency is.
If it is a mutual fund, transferring to a cheaper one is not taxed: there is no reason to stay. If it is an ETF or shares, selling is taxed: compare the annual cost saving with the tax you would pay today before deciding.
The funds in this guide are the same ones robo-advisors use. You can buy them yourself, buy their ETF equivalent at a broker, or let someone else do it. What does not change is compound interest.
Disclosure: links to Freedom24 are affiliate links (a commission for us if you open an account, at no cost to you) and the Indexa link is its referral plan (a discount for both sides). The funds, managers and other platforms carry no links and do not pay us. ISIN and TER from the official KIDs and factsheets on the date stated.
Educational content. It is not financial advice or a personal recommendation. Past performance does not guarantee future returns.