Best ETFs for beginners in Belgium 2025

Why ETFs are great for beginners

ETFs are often suggested for first-time investors. They blend the advantages of stocks and funds into one product. Here’s why ETFs are a great choice for beginners in Belgium:

• Diversification: Each ETF holds hundreds or even thousands of stocks or bonds. With just one purchase, you spread your money across many companies and countries. This reduces your risk compared to picking individual stocks. For instance, a single world ETF lets you invest in global markets instead of just one or two companies.
• Set and forget: ETFs are passive investments that follow market indexes. As a beginner, you don’t need to study individual stocks or time the market. When you buy an ETF, you buy “the market.” This allows you to hold it long-term without needing constant management.
• Cheap: ETFs usually have low annual fees, known as the Total Expense Ratio (TER). Many broad market ETFs charge less than 0.2% each year. This is much cheaper than traditional funds from banks, which often charge 1% to 2%. Lower fees mean more of your money stays invested and grows for you. That's because index funds are cheap to run. They simply track an index and don't need expensive analysts or specialists.
• Strong historical returns: Past performance does not guarantee future results. However, global stock markets have shown solid growth over time. For example, the iShares MSCI World (IWDA) ETF has returned about 10% annually since 1980. Over decades, this compounding can turn even small monthly investments into a large sum for your retirement.

What type of ETF to choose?

With thousands of ETFs out there, it's important to find ones that fit a beginner investor. Here are some key points to consider:

Diversification

The best ETFs give you access to a variety of stocks from many countries and sectors. A global stock ETF can hold companies from North America, Europe, Asia, and emerging markets all in one fund. This diversification reduces risk and helps you capture growth globally. A fund that follows a broad index, like MSCI World or FTSE All-World, is often better than one that tracks a narrow index, like the Belgian BEL 20 or a specific sector. Avoid putting all your eggs in one basket as a global approach spreads risk.

Low cost funds

Keep an eye on the total expense ratio (TER), which is the annual fee charged by the fund. A low TER (around 0.1% to 0.3% for ETFs) means more of your investment stays intact. If all else is equal, choose the ETF with the lower cost, as some fees can reduce your returns over time.

Accumulating or distributing ETF?

One key decision for Belgian ETF investors is whether to choose accumulating or distributing funds. The difference is in how they handle dividends:

• Distributing ETFs pay out dividends to you on a quarterly or annual basis. As a Belgian resident, these payouts incur a 30% dividend withholding tax. This means that the tax authorities allocate almost one-third of your dividend income to taxes.
• Accumulating ETFs reinvest dividends into the fund automatically. They don't pay them out. In Belgium, accumulating funds aren't subject to the 30% dividend tax since you never directly receive a dividend. This helps your investment grow faster, as all earnings remain invested and benefit from compounding.

Domicile

Make sure the ETF is based in a European country like Ireland or Luxembourg.

Size

For beginners, it's best to go with large, established ETFs from reputable providers like iShares, Vanguard, or SPDR. These funds typically have high liquidity. In non-finance terms, it means it's easy to buy and sell.

Replication

When investing for the long term, we prefer physical replication over synthetic replication to reduce third-party risk.

Best ETFs to invest in as a beginner

Now that we understand why ETFs are beneficial and what to look for, let's look at some of the ETFs below which include a mix of globally diversified funds. All are accumulating, tax-efficient, and fit a simple long-term strategy.

The six ETFs we've curated for you cover the global stock market as well as specific regions, so you can choose one or two that fit your preferred strategy. You do not need to buy all of them. In fact, one broad global ETF could be enough for a beginner. But we include multiple options to help you understand the landscape and pick what suits you.

1. iShares MSCI World (IE00B4L5Y983)

IWDA is a popular choice for investing in developed markets. It tracks 1,500+ companies across 23 countries, including the U.S., Western Europe and Japan which is essentially the world’s major economies. With a TER of 0.20% and an Ireland-based accumulating structure, it only incurs the 0.12% Belgian transaction tax, making it a tax-efficient holding.

Historically, developed markets (as tracked by the MSCI World index) have delivered about 10% average annual returns since 1979:

IWDA gives you broad exposure to global giants, but note: it excludes emerging markets like China, India, or Brazil. Still, developed markets make up around 85–90% of global market cap, so many investors are comfortable holding IWDA on its own.

For full global coverage, you can combine IWDA with an emerging markets ETF in a 90/10 split which offers similar exposure to a total world ETF, but with more flexibility and often lower transaction taxes than something like VWCE (featured below).

In short: IWDA is simple, diversified, and reliable which is ideal as a long-term foundation for Belgian investors.

2. SPDR MSCI ACWI IMI (IE00B3YLTY66)

Launched in 2011, this SPDR ETF tracks the MSCI ACWI IMI index, covering over 3,000 companies across 47 developed and emerging markets. It's one of the most diversified global ETFs available and a strong option for broad market exposure. However, it doesn’t screen for sustainability factors.

Why choose ACWI IMI? For simplicity and its global reach. This all-in-one fund is a favourite among beginners. With around 7.7% average annual returns since 1994, it’s a strong long-term performer. Holding it means betting on the world’s long-term growth: U.S., emerging markets, and everything in between. A true “buy and hold” classic.

3. Vanguard FTSE All-World (IE00BK5BQT80)

VWCE is a go-to ETF for many beginners in Belgium. Launched in 2019, it tracks the FTSE All-World Index and holds around 3,700 companies, including global giants like Apple, Microsoft, and Amazon. With over €11 billion in assets, it offers broad diversification across global markets. It doesn’t apply sustainability filters which is worth noting if responsible investing is a priority for you.

The main drawback is a higher transaction tax (TOB) in Belgium. VWCE is registered locally, so you pay 1.32% every time you buy and sell this ETF in comparison to just 0.12% for other ETFs.

Why choose All-World? It’s an easy, one-and-done solution for a beginner. You get a balanced mix of all major markets. Vanguard’s brand is known for low-cost index investing, and this ETF embodies that philosophy.

4.SPDR S&P 500 (IE000XZSV718)

If you’re keen on the American market, there's nothing easier than buying the top 500 companies in the United States. This S&P 500 ETF stands out for one key reason: its ultra-low cost. With a total expense ratio of just 0.03%, it's the cheapest option on the market. It’s still smaller in size compared to some competitors (€4.8 billion in assets), but that may grow as more investors take notice.

The fund is accumulating, which means dividends are automatically reinvested. It’s also Ireland-domiciled, making it tax-efficient, and can be traded in euros on multiple European exchanges, often with lower broker fees thanks to listings on Euronext.

It physically replicates the S&P 500, holding the actual shares of all companies in the index. One drawback: it doesn’t exclude companies based on sustainability or ESG criteria. So if responsible investing is important to you, that’s something to keep in mind.

The S&P 500 ETF is excellent for U.S. exposure, but as a beginner in Belgium, consider pairing it with a Europe or global ETF for better diversification.

5. iShares MSCI Emerging Markets IMI (IE00BKM4GZ66)

EMIM gives you exposure to developing economies like China, India, Taiwan, Brazil, and South Africa. It tracks an index of large, mid, and small-cap companies across 24 emerging countries, offering broad diversification within the emerging world. Key sectors include tech and finance in Asia, and manufacturing in India.

The fund has a TER of 0.18%, is accumulating, and Ireland-based so Belgian investors benefit from no dividend tax and a low 0.12% transaction tax.

EMIM is often paired with a developed markets fund like IWDA. A 90/10 IWDA + EMIM split closely mirrors a global index, letting you tailor your exposure and rebalance over time. While emerging markets are more volatile, they offer growth potential that could boost long-term returns. For example, €10,000 invested in 1994 would’ve grown to over €40,000 by 2025 which is an average return of 4.7% per year:

For beginners, EMIM is optional. You can start with just IWDA or a global fund like VWCE. But if you're building your own mix, EMIM is a strong emerging markets option: diversified, tax-efficient, and low-cost.

6. iShares MSCI Europe (IE00B4K48X80)

iShares Core MSCI Europe offers broad exposure to Europe’s stock markets. It tracks around 425 large and mid-sized companies from 15 countries, including not just the Eurozone, but also the UK, Switzerland, and Sweden. That means names like LVMH, Shell, Siemens, and Unilever are all part of the mix which covers over 90% of Europe’s total market value.

The fund is low-cost with fees at 0.10% per year, accumulating, and domiciled in Ireland making it tax-friendly for Belgian investors. While Europe’s long-term returns have been solid (~9.6% per year since 1978), it has lagged behind the U.S. more recently.

Still, some investors like the stability and the ability to overweight their home region if they believe Europe is undervalued or due for a rebound.

For beginners, this ETF is optional. A global fund already includes Europe at market weight (about 15–20%), so you don’t need a separate Europe ETF. But if you want more exposure to familiar European companies, iShares MSCI Europe is a strong, low-cost option to consider. Just make sure the rest of your portfolio stays globally diversified.

What about bonds or other assets?

As a beginner with a long-term outlook, you might be focused on stocks for growth. If you desire more stability or are closer to a short/medium-term goal, you could consider adding a bond ETF (for example, a euro government bond fund). One example is the Xtrackers Eurozone Government Bond ETF, which invests in high-quality eurozone bonds. However, bond funds often distribute interest or face the 30% tax on sale if accumulating. Many young investors in Belgium opt to stick with just 100% stocks for long-term goals and add bonds later as they approach needing the money. The key is to choose an allocation that matches your risk tolerance.

What about taxes for ETFs?

In terms of taxes, there are some points to consider when you're investing in ETFs:

• No capital gains tax on ETFs (yet): In Belgium, individual investors don't pay tax on capital gains from shares or equity ETFs. This means that when you sell your ETF at a profit, you won’t owe taxes on the gain, as long as the fund doesn’t hold too many bonds. However, the new government is introducing a capital gains tax of 10% sometime in 2026.
• Transaction tax (TOB): Belgium charges a small tax called TOB whenever you buy or sell an ETF. For most  ETFs, the rate is only 0.12% of the trade amount. However, accumulating ETFs registered in Belgium face a higher TOB of 1.32% on each buy and sell. For example, the popular Vanguard FTSE All-World ETF has a 1.32% TOB because it’s registered for sale in Belgium.
• Reynders tax: This is relevant if you invest in bond funds. If an accumulating fund holds more than 10% in interest-producing assets (like bonds), a 30% tax will apply on the gain when selling. The good news is that 100% stock ETFs are not subject to this tax.

How to buy ETFs in Belgium

Once you’ve decided which ETF(s) to invest in, the next step is buying them through a broker. In Belgium, you have a variety of options:

Belgian banks

Many traditional banks, like Belfius's Re=Bel or KBC's Bolero, offer brokerage services where you can buy ETFs. Belgian brokers will typically handle all tax reporting for you (automatically deducting the TOB and any dividend taxes). The downside is that fees at big banks are usually higher.

Online brokers (or neo-brokers)

Products like DEGIRO, Interactive Brokers or Trade Republic are popular for their low trading fees. They often offer access to the same ETFs at lower commissions than banks. However, if you use a foreign broker, you will need to take care of Belgian tax reporting yourself (e.g. declaring the TOB and any taxable dividends). It’s not too complicated, but it’s an extra step to be aware of.

How to choose a broker?

The “best” broker depends on your needs (costs, how easy it is to use, tax convenience, etc.). We suggest checking out our comprenhesive table on the best brokers for ETFs in Belgium to compare your options (fees, features, tax handling).

When you have a broker account, buying an ETF is straightforward: search for the ETF by its ticker or ISIN, place a buy order (market or limit), and execute the trade. Keep in mind the stock exchange transaction tax (TOB) will be applied automatically if you’re with a Belgian broker. If you’re with a foreign broker, you’ll need to self-declare it. The TOB varies between 0.12% and 1.32%.

Curvo: easiest way to invest in ETFs as a beginner

We created Curvo to address the challenges of investing in the stock market from Belgium. We started investing through a broker ourselves. Our founder Yoran spent hours researching and figuring out how to build an optimal portfolio to prepare for his financial future. He read books, scoured the web and got lost on Reddit. Finding the right resources was challenging and even wrote a book to help Belgians invest in ETFs.

From this experience, he realised why none of his friends were setting up their own investments through a broker: it's too complicated. At the same time, we've seen that ETFs are such a powerful tool to grow our wealth. So it made sense to build something to solve this problem. Enter Curvo.

Diversified portfolio built for you

We understand that it's hard to build the portfolio that's right for you, so creating an account  starts with answering a questionnaire on your investment goals and your appetite for risk. You’ll then be assigned the best portfolio of index funds that matches your goals and risk tolerance. Each portfolio is supervised by the Dutch regulator (AFM). They're globally diversified and invest in over 7,500 companies.

Sustainability at the core

Your investments focus on one guiding principle: don’t invest in companies that are considered destructive to the planet. This means that sectors like non-renewable energy, vice products, weapons and controversial companies are excluded.

Proven track-record

The portfolios are built to stand the test of time. Each portfolio invests only in assets that are widely understood and that, through decades of research and usage, are predicted to earn significant returns over the decades to come.

Also suited for monthly investing

Through the Curvo app, you can set up a monthly savings plan where your selected amount is automatically debited from your bank account and invested in your portfolio at the start of each month. This way, it's easy to adopt the best saving habits. Also, you are not charged any transaction fees. Lastly, your investments support fractional shares, meaning all your money is invested. So Curvo is ideal for monthly investing.

Conclusion

While ETFs offer many advantages for Belgian investors, it's normal to feel hesitant about getting started. Markets go up and down, and there's always uncertainty about the future. But history shows that despite short-term volatility, globally diversified stock investments have provided strong long-term returns for patient investors.

As a beginner, you don't need to get everything perfect. Start with a single, globally diversified ETF if that feels manageable. You can always refine your strategy as you learn more. The costliest mistake is often waiting too long to begin. Whether you choose to invest through a traditional broker or use a simplified approach like Curvo, the most important thing is to take that first step toward growing your wealth. Even small, regular investments can compound into significant sums over the decades ahead.