Most "all-world" ETFs aren't actually all-world. They skip emerging markets, leave out small companies, or both. IMIE doesn't skip anything. It tracks the MSCI ACWI IMI, which includes developed markets, emerging markets, and small caps. That's about 99% of the global stock market in one ETF.
The trade-off is that it's slightly more expensive than some alternatives, and not every broker makes it easy to buy. But if you want genuine global diversification without juggling multiple ETFs, IMIE delivers.
Here's what you need to know before you buy it.
Verdict: is IMIE good for Belgian investors?
Yes.
Diversification is IMIE’s superpower: it tracks the MSCI All-Country World Investable Market index (shortened to MSCI ACWI IMI), which covers developed and emerging markets and includes large, mid and small companies.
The ETF is Belgian-friendly as it’s accumulating, regulated by the UCITS framework, and domiciled in Ireland. The latter is important to pay fewer taxes.
IMIE is suited for you if:
- You want the closest thing to a total world stock market ETF.
- You prefer one ETF over managing a combo like IWDA + EMIM (+ small caps).
- You’re investing for the long run and want a clean, boring default.
Let's take a closer look at what IMIE is.
What is IMIE?
IMIE is a ticker for the SPDR MSCI All Country World Investable Market UCITS ETF (Acc). It’s a global ETF managed by State Street Global Advisors (under the SPDR brand) that tracks the MSCI ACWI IMI index. This index includes stocks from 23 developed countries and 24 emerging markets. It covers large, mid, and small-cap companies around the globe.
IMIE lets you access almost the whole global stock market. This includes big firms in the US and Europe, as well as smaller companies in Asia and emerging markets. The fund is well-diversified across sectors and regions. This gives you access to markets like the US, Japan, Germany, China, India, Brazil, and more. A standard developed markets ETF (like IWDA) would miss these opportunities.
SPDR (State Street), one of the largest asset managers in the world, manages IMIE. The company launched the ETF in 2011, and it has its domicile in Ireland. It has grown to about €3.91 billion in assets under management and charges a total expense ratio (TER) of 0.17% per year. IMIE is an accumulating fund. This means it reinvests all dividends from its stocks.
The long-term returns of the global stock market that IMIE tracks have been strong. IMIE includes emerging markets and small-caps along with developed markets. This strategy aims to capture the full growth of the global economy.
Since 1994, the index has delivered an average return of 7.8%! If you had invested €10,000 in 1994, you would have over €100,00 today.
What does MSCI ACWI IMI actually mean?
The name of this index sounds intimidating at first, but it’s really just a few simple ideas combined.
“ACWI” stands for All Country World Index. That means it includes both developed markets and emerging markets. You’re not limited to the US and Europe, you also own companies in places like China, India, and Brazil.
“IMI” stands for Investable Market Index. This part means the index doesn’t just include the biggest companies. It also includes mid-sized and small companies.
Put together, MSCI ACWI IMI covers almost the entire global stock market. MSCI itself describes it as covering roughly 99% of the global equity market across developed and emerging countries.
That’s what makes it different from an index like MSCI World. MSCI World only includes developed markets. ACWI IMI goes further and is closer to owning the full world stock market in one go. That broader coverage can matter. Emerging markets play a real role in the global economy, and ignoring them means missing a big part of future growth. Small caps also add thousands of companies that many “all-world” ETFs simply leave out.
So while the name looks complex, the idea behind it is very straightforward: own almost everything, not just the biggest and richest parts of the world.
Benefits of IMIE
IMIE has two main benefits: diversification and price.
Diversification is IMIE’s main strength
If you want a single ETF that genuinely feels complete, IMIE is one of the strongest options available to Belgian investors. It gives you broad geographic diversification because it includes both developed markets and emerging markets. You’re not betting on just the US or Europe, but spreading your investment across the global economy.
It also gives you size diversification. Alongside the large and mid-sized companies everyone knows, IMIE includes small caps as well. That means you own many more companies than with most “all-world” ETFs.
At times, IMIE will still look very US-heavy, which can feel uncomfortable. But this isn’t a flaw. The US simply makes up a large share of the global stock market. Owning the market means accepting that reality, even when it looks unbalanced on paper.
It's cheap
IMIE has a yearly cost of 0.17%. This percentage is known as the TER, or Total Expense Ratio. For a long-term index investor, that’s a reasonable price. At that level, the TER is unlikely to have a meaningful impact on your final result.
Drawback: IMIE is not sustainable
IMIE owns the global stock market without applying ESG or sustainability screens. This means it does not exclude sectors or companies based on ethical considerations. If that's important to you, a sustainable ETF may be a better fit.
How to buy IMIE in Belgium
If you want to buy IMIE as a Belgian investor, the process is simple. You only need to choose the exchange where you buy it. The ETF always has the same ISIN code, IE00B3YLTY66, but the ticker changes depending on the exchange. That can be confusing the first time you see it, but it’s normal. You are still buying the same ETF.
Here are the tickers you will find across exchanges:
Broker fees matter
Your broker will charge different fees depending on the exchange. So even if you buy the same ETF, the total cost can vary. For example, some brokers are cheaper on Euronext Paris than on XETRA.
Watch the bid ask spread
Every ETF has a small gap between the price you can buy at and the price you can sell at. This is called the bid ask spread. A tighter spread means you lose less when you enter. A wider spread means you pay a bit more. Some exchanges consistently show tighter spreads than others.
What about the currency?
The ETF’s base currency is USD because IMIE tracks global stocks. But the currency you trade in depends on the exchange. IMIE is available in euro on multiple exchanges, which is usually easier as a Belgian investor. Buying in EUR avoids FX fees and keeps your costs down. Your underlying exposure is still global either way.
So where should you buy IMIE?
If you want to keep things simple and avoid FX costs, you will likely prefer Euronext Paris or Borsa Italiana, both of which offer IMIE in euro. But the “best” exchange depends on the broker you use. Some brokers are very cheap on one exchange and expensive on another. It’s worth checking your broker's fee tables before you place an order.
Taxes for IMIE
Taxes are often where things get messy. The good news is that IMIE is fairly straightforward from a Belgian tax point of view. Let’s go through the three taxes that matter.
TOB (tax on stock exchange transactions)
The TOB is a Belgian tax you pay every time you buy or sell an ETF. The TOB rate for ETFs is 0.12% or 1.32%. It depends on where the fund is registered, and whether it distributes dividends or reinvests them. To make things more confusing, the same ETF can sometimes be taxed differently depending on your broker.
For IMIE, the correct TOB rate is 0.12%.
Still, always double-check what your broker applies:
- Belgian brokers like Bolero clearly show the TOB before you place an order.
- With foreign brokers like Trade Republic, you often have to calculate, declare, and pay the TOB yourself. That’s extra admin and extra risk if you make a mistake.
Dividend tax
In Belgium, dividends are taxed at a 30% withholding tax. That’s why many Belgian investors prefer accumulating ETFs. Instead of paying dividends into your account, the ETF reinvests them internally. No cash dividend means no Belgian dividend tax to pay.
IMIE is an accumulating ETF, so you don’t need to worry about dividend tax.
Two important nuances:
- Accumulating does not mean there are no dividends. It means the ETF reinvests them for you.
- The ETF can still suffer withholding taxes at source inside the fund (for example on US dividends). That impact is already reflected in the ETF’s performance. You don’t declare this separately in Belgium.
Capital gains tax
IMIE is also liable for the 10% capital gains tax. Fortunately, there's an annual €10,000 exemption.
IMIE vs other ETFs
You're probably choosing between ETFs that are almost identical. They all give you global exposure, are low-cost and suitable for long-term investing.
The real difference usually down what the index includes, such as the number of companies and which parts of the world are excluded (or not). Let's take a look at some of them.
If you’re looking at IMIE, you’re probably also looking at a few other ETFs that seem almost identical. They all give you global exposure, are low-cost, and are meant for long-term investing
The real difference is usually what’s inside the index: how many companies are included, which parts of the world are covered, and whether small companies are included or not.
Let’s compare the most common options.
IMIE vs VWCE
IMIE and VWCE often play the same role in a portfolio. VWCE is managed by Vanguard and tracks the FTSE All-World index. Many people buy it, hold it for decades, and use it as their entire equity portfolio.
On the surface, IMIE and VWCE feel the same. Their long-term performance is also very close:
The key difference is what’s inside the index. VWCE invests in developed markets and emerging markets. IMIE does the same, but also includes small-cap companies. These are the smaller firms that sit next to the global giants. They are a small part of the market, but they are part of the real global economy. A simple way to think about it is that VWCE owns almost the whole world, but IMIE owns a little bit more of it.
IMIE vs IWDA
Many Belgian investors buy a single MSCI World ETF like IWDA and stop there.
That’s not a mistake. It just means no emerging markets and no small caps. For many people, this trade-off is perfectly fine. Simple, boring, and easy to stick with. Compared to IMIE, your portfolio is slightly less representative of the global market. In exchange, it stays extremely simple.
Historically, IWDA has even performed slightly better at times. That’s normal. Different parts of the market take turns outperforming.
IMIE vs IWDA + EMIM
This comparison is really about simplicity versus control.
With IMIE, you buy one ETF and you’re done:
- developed markets, emerging markets, and small caps
- no rebalancing
- no adjustments
With IWDA + EMIM, you split things up:
- IWDA covers developed markets
- EMIM covers emerging markets
Some brokers make IWDA especially cheap and easy to buy, which can make this combination attractive. You also get more flexibility if you ever want to change part of your setup.
In terms of performance, the two options are very close:
The trade-off is complexity:
- two ETFs instead of one
- two orders instead of one
- rebalancing if you care about keeping the right weights
- still no small caps unless you add a third ETF
For most people who invest monthly and want things to stay boring, one ETF is hard to beat. If your broker strongly favours IWDA and you’re comfortable managing two ETFs, IWDA plus EMIM can also work very well.
Curvo: a simpler alternative
When we started investing ourselves, we ran into the same frictions every new ETF investor faces.
- Which ETFs should you choose?
- Which exchange is best?
- Which fees matter?
- Which taxes apply?
With Curvo, you don’t have to deal with any of that.
You invest automatically in a long-term, globally diversified portfolio that fits you and your goals. The ETFs, rebalancing, and tax optimisation happen quietly in the background. Learn more on how Curvo works.
Conclusion: should you invest in IMIE?
IMIE is one of the most complete single-ETF options available to you. It gives you exposure to developed and emerging markets, plus thousands of small-cap companies that other global ETFs don't include. If you want to own as much of the world stock market as possible in one fund, this is it. From a tax perspective, IMIE makes sense too. It's accumulating, so no dividend tax. The 0.12% TOB rate is standard for accumulating funds, and the 0.17% yearly cost is fair.
The real question is whether you want to manage this yourself or not. Buying IMIE through a broker means picking an exchange, placing orders, and keeping track of everything for tax purposes. It's doable, but it's still work. If you'd rather skip that part and just focus on building wealth over time, there are simpler ways to get started, like Curvo. Either way, the important thing is that you actually start investing, not that you pick the perfect ETF on day one.