SPDR's MSCI World UCITS ETF (SWRD) charges a total expense ratio (TER) of 0.12% a year, while the iShares Core MSCI World UCITS ETF (IWDA) charges 0.20%. Both track the same index, both are Irish and both reinvest dividends. The iShares fund is far bigger, though, with net assets of US$151.0 billion at 23 October 2026 against US$22.3 billion for the SPDR fund.
The MSCI World Index covers large and mid-cap stocks across 23 developed markets, capturing about 85% of each country's free float-adjusted market value. It had 1,249 constituents at 30 September 2026, and the United States made up 72.94% of the index. It leaves out emerging markets such as China, India and Taiwan.
Singapore investors usually buy both funds on the London Stock Exchange in US dollars, through a broker or platform with London access. Because the funds hold the same index, the decision comes down to cost, trading, tracking and one bigger question: whether you want emerging markets as well.
The realistic choices are IWDA on its own, SWRD on its own, either one paired with a separate emerging-markets ETF, or an all-world fund that already includes emerging markets.
This guide explains what IWDA and SWRD hold, how much the fee gap is worth in Singapore dollars, how fund size, tracking and securities lending affect the comparison, how to add emerging markets, and how the pair stacks up against an all-world fund.
IWDA vs SWRD at a glance
The two funds share an index, a domicile and an income policy. They differ on issuer, fee and size.
| Feature | IWDA | SWRD |
|---|---|---|
| Full name | iShares Core MSCI World UCITS ETF USD (Acc) | State Street SPDR MSCI World UCITS ETF (Acc) |
| ISIN | IE00B4L5Y983 | IE00BFY0GT14 |
| Index | MSCI World Index (Net) | MSCI World Index |
| TER | 0.20% | 0.12% |
| Domicile | Ireland | Ireland |
| Income | Accumulating | Accumulating |
| Replication | Physical, optimised | Optimised |
| Holdings at 22 October 2026 | 1,250 | 1,237 |
| Fund assets at 23 October 2026 | US$151.0 billion | US$22.3 billion |
| Launched | 25 September 2009 | 28 February 2019 |
| London tickers | IWDA (USD), SWDA (GBP) | SWRD (USD), SWLD (GBP) |
| Securities lending | Yes | Yes |
Source: iShares IWDA product page, iShares Core MSCI World fund lending data, State Street SWRD product page (as of 25 October 2026)
What IWDA and SWRD own
Both funds hold a sample of the MSCI World Index, weighted by market value. Each holds a large subset of the 1,249 index stocks, chosen to match the index's country, sector and company weights.
Country and sector mix
The US dominates. Japan, the UK, Canada and France come next, each with a small single-digit share.
| MSCI World country | Weight | MSCI World sector | Weight |
|---|---|---|---|
| United States | 72.94% | Information Technology | 31.78% |
| Japan | 5.91% | Financials | 15.74% |
| United Kingdom | 3.41% | Industrials | 10.80% |
| Canada | 3.29% | Health Care | 9.20% |
| France | 2.24% | Consumer Discretionary | 8.36% |
| Other developed markets | 12.21% | Communication Services | 8.31% |
Source: MSCI World Index factsheet, data at 30 September 2026 (as of 25 October 2026)
The ten largest index constituents made up 27.85% of MSCI World at the same date: NVIDIA, Apple, Microsoft, Amazon.com, Alphabet's two share lines, Meta Platforms, Broadcom, Micron Technology and Tesla. All ten are US companies, so a fall in large US technology shares moves both funds almost one for one.
What MSCI World leaves out
MSCI World has no emerging markets. The separate MSCI Emerging Markets Index covers 24 emerging countries with 1,165 constituents, led at 30 September 2026 by Taiwan at 28.94%, South Korea at 21.40%, China at 19.80% and India at 10.65%. MSCI classes Taiwan and South Korea as emerging, so companies such as Taiwan Semiconductor Manufacturing and Samsung Electronics are outside both IWDA and SWRD. Small caps are also excluded, since the index stops at mid-size companies.
IWDA vs SWRD fees in 2026
The TER is taken inside the fund each year, so it comes out of the fund's return and never arrives as a separate bill.
0.20% vs 0.12%: what the gap costs
The 0.08 percentage point gap equals S$80 a year on every S$100,000, holding the portfolio value constant.
Yearly fund cost of IWDA at 0.20% and SWRD at 0.12% for portfolios from S$10,000 to S$500,000
| Amount invested | IWDA at 0.20% | SWRD at 0.12% | Yearly difference |
|---|---|---|---|
| S$10,000 | S$20 | S$12 | S$8 |
| S$50,000 | S$100 | S$60 | S$40 |
| S$100,000 | S$200 | S$120 | S$80 |
| S$250,000 | S$500 | S$300 | S$200 |
| S$500,000 | S$1,000 | S$600 | S$400 |
Example only, based on the iShares IWDA TER and State Street SWRD TER (as of 25 October 2026). Assumes a constant portfolio value and no other costs.
The gap over 10 to 30 years
Fees compound because every dollar paid away stops growing. On a S$100,000 lump sum, the gap widens each decade.
| Years held | Value with IWDA | Value with SWRD | Difference |
|---|---|---|---|
| 10 | S$159,813 | S$161,037 | S$1,224 |
| 20 | S$255,403 | S$259,330 | S$3,928 |
| 30 | S$408,168 | S$417,619 | S$9,452 |
Example only. Assumes S$100,000 invested once, a constant 5% a year return before fees, fees as the only difference and no trading costs.
Trading costs can outweigh the TER gap
On a S$1,000 monthly purchase, the TER gap is worth less than S$1 a year for that month's money. A commission, an FX spread on converting SGD to USD and the bid-ask spread on the trade all land on day one, and any of them can exceed several years of the TER difference on a small order. For regular investors, the platform's order fee and FX rate can matter as much as the choice between IWDA and SWRD.
Fund size and trading liquidity
IWDA is about seven times the size of SWRD. Size helps the issuer spread fixed costs and gives market makers more activity, but how cheaply you can trade depends more on the shares the fund holds.
Market makers create and redeem units against the underlying stocks, so a fund holding the largest companies in developed markets can trade in size even when its own daily volume on the exchange is modest. Both IWDA and SWRD hold the same kind of highly traded stocks.
What you will notice is the bid-ask spread on your order. Spreads tend to be wider just after the London open, while market makers are still pricing the underlying stocks. Check the live spread on your platform and use a limit order so a wide spread cannot fill your order at a poor price.
Tracking difference and securities lending
Tracking difference is the gap between a fund's return and its index's return over a period. The TER is the biggest predictable part of it, but three other factors move it in either direction.
Sampling. IWDA held 1,250 stocks and SWRD 1,237 at 22 October 2026, against 1,249 in the index at 30 September. Small differences in which stocks are held can add or subtract a little return each year.
Securities lending. Both funds lend shares to other market participants for a fee. At the iShares Core MSCI World fund, an average of 8.08% of assets was on loan in the year to 30 June 2026, earning a lending return of 0.02%, with the fund keeping 62.5% of lending income.
Dividend withholding. MSCI World (Net) assumes a standard withholding rate on dividends. A fund that recovers more tax than the index assumes can beat it.
To compare the two funds fairly, look at several calendar years of fund returns against the MSCI World (Net) return on each issuer's factsheet. Even with its lower TER, SWRD can trail IWDA in some years, since sampling and lending income vary between the funds.
Pairing IWDA or SWRD with emerging markets
A developed-markets fund needs a second fund to cover the whole investable market. MSCI ACWI combines both groups, covering 23 developed and 24 emerging countries with 2,414 constituents.
At 30 September 2026, MSCI World's total market value was AUD 129,961,720 million against AUD 147,615,653 million for MSCI ACWI, so developed markets made up about 88% of ACWI and emerging markets about 12%. An 88/12 split between an MSCI World fund and an emerging-markets fund approximates ACWI's market weights at that date.
MSCI World plus MSCI Emerging Markets makes up MSCI ACWI, with developed markets at about 88% and emerging markets at about 12%
One Irish option for the emerging-markets part is the iShares Core MSCI EM IMI UCITS ETF (EIMI), with a TER of 0.18%, 2,956 holdings and listings in London in USD and GBP. Its index also includes emerging-market small caps. US-listed alternatives such as the SPDR Portfolio Emerging Markets ETF (SPEM), with a 0.07% gross expense ratio, cost less but are US-domiciled, which brings the 30% dividend withholding and US estate tax exposure covered later.
| Portfolio | Emerging markets | Weighted cost |
|---|---|---|
| 88% IWDA + 12% EIMI | Yes, two funds | 0.1976% |
| 88% SWRD + 12% EIMI | Yes, two funds | 0.1272% |
| 100% VWRA | Yes, one fund | 0.14% |
| 100% IWDA | No | 0.20% |
| 100% SWRD | No | 0.12% |
Example only, based on the iShares IWDA TER, State Street SWRD TER, iShares EIMI TER and Vanguard VWRA OCF (as of 25 October 2026). Assumes the weights stay fixed.
SWRD plus EIMI comes out slightly cheaper than VWRA on fund costs, but it means two orders, two spreads and periodic rebalancing as the two markets move apart. Some investors deliberately hold less or more than 12% in emerging markets, which only the two-fund route allows.
IWDA and SWRD vs VWRA
VWRA, the Vanguard FTSE All-World UCITS ETF, is a one-fund alternative. It tracks a different index family, FTSE, and includes emerging markets in the same fund.
| Feature | IWDA | SWRD | VWRA |
|---|---|---|---|
| Index | MSCI World | MSCI World | FTSE All-World |
| Emerging markets | No | No | Yes |
| Annual cost | 0.20% TER | 0.12% TER | 0.14% OCF |
| Holdings | 1,250 | 1,237 | 3,821 |
| Income | Accumulating | Accumulating | Accumulating |
| Domicile | Ireland | Ireland | Ireland |
Source: iShares IWDA, State Street SWRD, Vanguard VWRA (as of 25 October 2026). IWDA and SWRD holdings at 22 October 2026; VWRA holdings at 30 September 2026.
FTSE and MSCI classify some countries differently. South Korea counts as emerging for MSCI but sits in VWRA's developed Pacific region, so an MSCI World plus MSCI Emerging Markets pair will not match VWRA exactly even at the same overall split.
Ireland domicile and tax treatment
For a Singapore-based investor, Irish domicile changes two US tax outcomes. US dividends paid to non-US holders face withholding of 30% unless a treaty lowers it, and Singapore has no income tax treaty with the US. Ireland's treaty with the US sets the rate on most dividends at 15% of the gross amount, and an Irish fund like IWDA or SWRD can collect US dividends at that rate. With about 73% of MSCI World in US companies, that is a large share of the funds' dividend income.
The second outcome is estate tax. A non-US person's estate must file a US return when US-situated assets exceed US$60,000 at death. US-domiciled ETFs count towards that figure; Irish funds like IWDA and SWRD are shares in non-US companies.
Singapore generally does not tax individuals on gains from selling investments, unless the activity amounts to trading as a business. For large holdings, a tax adviser can confirm how this applies to you.
How to buy IWDA or SWRD in Singapore
Both funds need a broker or investment platform with London Stock Exchange access, funded in SGD with a conversion to USD. The account-opening and order steps are the same as for any London-listed ETF.
The main risk is picking the wrong line. Search by ISIN: IE00B4L5Y983 for IWDA and IE00BFY0GT14 for SWRD. On the London Stock Exchange, IWDA and SWRD are the USD lines, while SWDA and SWLD are the GBP lines of the same funds; on Euronext Amsterdam, IWDA trades in euros. Choosing the London USD line avoids an extra conversion through sterling or euros.
Which MSCI World ETF suits your approach?
Both funds give you the same developed-market exposure, so the choice rests on what you value most.
| Preference | Better fit | Why |
|---|---|---|
| Lowest fund cost | SWRD | 0.12% TER against 0.20% |
| Largest fund and longest record | IWDA | US$151.0 billion and running since 2009 |
| Emerging markets in one holding | Neither; an all-world fund such as VWRA | MSCI World excludes emerging markets |
| Control over emerging-markets weight | SWRD or IWDA plus an EM fund | You set the split and rebalance |
| Already holding one of them | Keep it unless the switch costs little | Selling and rebuying costs spreads and FX |
Source: iShares IWDA, State Street SWRD (as of 25 October 2026)
If you already hold IWDA, a switch to SWRD saves S$80 a year per S$100,000. Weigh that against the round-trip commissions, spreads and FX costs, and against time out of the market between the sale and the purchase. For new money, SWRD's lower TER makes it the cheaper default, while IWDA suits investors who prefer the largest fund.
IWDA and SWRD side by side: same index and domicile, different fee, size and issuer
Build global equity exposure with StashAway
ETF Explorer lets you hold global equities in one fund through the iShares MSCI ACWI UCITS ETF (ISAC) on its Global Equities page. ISAC follows the same MSCI index family as IWDA and SWRD, neither of which ETF Explorer lists, and adds emerging markets. VWRA is on the Global Equities (FTSE) page if you prefer the FTSE version, and SPEM covers emerging markets on their own.
Each buy or sell order costs US$1 (excluding GST), with no management fee on top, and you can pay with cash or SRS.
Global share prices can fall sharply, so you could get back less than you invest.
Frequently asked questions
Quick answers to what Singapore investors ask most about IWDA and SWRD.
Is SWRD cheaper than IWDA?
On fund fees, yes: SWRD's TER is 0.12% and IWDA's is 0.20%, a gap of S$80 a year per S$100,000. Your total cost also depends on commissions, FX and spreads, which can outweigh the TER gap on small orders.
Does MSCI World include China?
No. China, India, Taiwan and South Korea are emerging markets under MSCI's classification, so none of them appears in IWDA or SWRD. To hold them, add an emerging-markets fund or use an all-world fund.
Should I choose IWDA or VWRA?
VWRA includes emerging markets at a 0.14% OCF in a single fund, while IWDA covers developed markets only at a 0.20% TER. Pick IWDA if you want to set the emerging-markets weight yourself with a second fund, and VWRA if you want one holding.
Which London ticker is IWDA?
IWDA is the USD line on the London Stock Exchange, ISIN IE00B4L5Y983. The same share class trades as SWDA in GBP in London and as IWDA in euros on Euronext Amsterdam, so check the exchange and currency before ordering.
Are IWDA and SWRD both accumulating?
Both reinvest dividends inside the fund and pay nothing out. Investors who want regular cash payments would need a distributing MSCI World share class, which has its own ISIN.
Can I hold both IWDA and SWRD?
You can, but they track the same index, so holding both adds no diversification. Most investors pick one and put new money into it, which keeps orders and record-keeping simple.
