iShares Core MSCI World EUNL with €121.8 Billion – Largest MSCI World ETF
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Key Takeaways
- The iShares Core MSCI World UCITS ETF USD (Acc) manages €121.8 billion and is the world's largest MSCI World ETF
- The ETF replicates 1,308 stocks from 23 developed countries, with the USA dominating at 72.45% of the portfolio
- With a TER of 0.20%, the fund is in the upper-middle range but has historically consistently outperformed the majority of its category competitors
- The long-term performance shows a 30-year return of 8.25% p.a. with a standard deviation of 14.50%
- The ETF uses a sampling method for index replication and automatically reinvests dividends
The iShares Core MSCI World UCITS ETF USD (Acc) with ticker EUNL manages assets of €121.8 billion and is the largest exchange-traded fund that tracks the MSCI World Index. The ETF, domiciled in Ireland, was launched on 25 September 2009 and replicates the performance of 1,308 stocks from 23 developed countries.
Performance outperforms competitors despite higher costs
Through 31 May 2026, the ETF achieved a return of 10.72% in euros. According to a Morningstar analysis dated 27 April 2026, the fund has historically outperformed the majority of its category competitors consistently, despite having a relatively high cost ratio. The Total Expense Ratio (TER) – i.e. annual management costs – is 0.20% per year. For comparison: The 31 available MSCI World ETFs charge between 0.05% and 0.50% annually (as of 29 June 2026).
The long-term track record shows a 30-year return of 8.25% p.a. with a standard deviation of 14.50%. Standard deviation measures the fluctuation range of returns and serves as a risk indicator.
USA dominates with 72.45% portfolio share
The replicated MSCI World Index comprises stocks from 23 developed countries according to data from 29 May 2026 and covers approximately 85% of the free-float adjusted market capitalization in each country. The geographical distribution shows clear dominance of the United States:
- USA: 72.45%
- Japan: 5.71%
- United Kingdom: 3.50%
The sectoral composition is led by technology companies. The Information Technology sector accounts for 30.66% of the index, followed by Financial Services with 15.33% and Industrials with 11.25% (as of 29 May 2026).
Sampling method and dividend reinvestment
The ETF uses a sampling technique for index replication – it purchases a selection of the most relevant index constituents rather than holding all 1,308 stocks physically. This method reduces transaction costs while maintaining precise index tracking. According to Morningstar, EUNL invests in more stocks than many competing products and thereby tracks the index more precisely.
Dividends are automatically reinvested in the fund, as indicated by the "Acc" (Accumulating) designation in the name. This distributing structure is particularly suitable for long-term investors who want to benefit from the compound interest effect without having to make manual reinvestments.
Regulation and trading volume
As a UCITS-regulated fund, EUNL is subject to European rules for investment funds, which protect investor capital through diversification requirements and transparency obligations, among other things. The ETF is domiciled in Ireland and is tradable on several European exchanges, including the Frankfurt Exchange XETRA, where the price recently quoted at €123.89.
The USD denomination of the fund means that the underlying assets are held in US dollars, while investors in the eurozone must account for currency fluctuations between euros and dollars when buying and selling.