Last Updated
Affiliate links
Some links in this article are partner links (reklamelinks). If you click through and sign up or make a purchase, ExpatFinance.dk earns a commission at no extra cost to you. This helps cover the cost of running the site and keeping the content free. It doesn’t affect which products we cover or what we say about them.
Quick Summary
SPIUSGKL is a Danish distributing equity fund tracking the MSCI USA Growth index, which holds roughly 180 to 220 US large- and mid-cap growth stocks. It’s dominated by US tech: over half the portfolio sits in information technology.
Relevant to Danish residents who want concentrated US growth exposure in a frie midler depot, or as a building block in a broader portfolio. The fund’s realisationsbeskatning treatment is its main tax advantage.In frie midler, gains are taxed as aktieindkomst at 27% (up to DKK 79,400) and 42% above that, on realisation only. The annual dividend is taxed when paid.
Quick Facts
| Detail | |
| Full name | Sparindex INDEX USA Growth KL |
| Ticker | SPIUSGKL (Copenhagen Stock Exchange) |
| ISIN | DK0010298272 |
| Index tracked | MSCI USA Growth |
| Holdings | ~180 to 220 US large- and mid-cap growth stocks |
| ÅOP | ~0.50% per year |
| Replication | Physical (full replication) |
| Distribution | Distributing — annual dividend, typically paid in February |
| Fund domicile | Denmark |
| Currency | DKK |
| Danish tax type | Danish investeringsforening (IMB — udbyttebetalende) |
| SFDR classification | Article 6 (no specific ESG promotion) |
| Positivliste | Not applicable — Danish investeringsforeninger are not on the Positivliste |
What SPIUSGKL Invests In
SPIUSGKL tracks the MSCI USA Growth index, which selects approximately half of the US large- and mid-cap market based on growth characteristics. MSCI screens companies across 5 metrics: long-term and short-term forward EPS growth, current internal growth rate, long-term historical EPS growth, and long-term historical sales-per-share growth.
The portfolio holds roughly 180 to 220 stocks, all US-domiciled, all classified as growth. Sector allocation is heavily tilted toward information technology, which makes up over 50% of the fund. Consumer discretionary runs at roughly 15%, communication services around 10%, and financials about 7%. The remaining sectors are small single-digit allocations.
The top holdings are dominated by the largest US tech companies. As of recent reporting in 2026, the biggest positions include Nvidia (~14%), Microsoft (~12%), Apple (~12%), Amazon (~7%), Alphabet (~7% across both share classes), Broadcom (~4%), and Tesla (~3%). The so-called Magnificent 7 mega-cap tech stocks collectively represent well over half the entire fund.
That concentration is the defining feature of SPIUSGKL. When these companies perform well, the fund delivers exceptional returns. When they fall, the losses are steep.
There’s no currency hedging. The underlying holdings are priced in USD, but the fund is denominated in DKK. Returns are affected by movements in the USD/DKK exchange rate.
Tip
SPIUSGKL tracks US growth stocks, not the full US market. Information technology alone accounts for over half the portfolio, with the seven largest tech companies representing the majority of fund assets.
Who Runs It
SPIUSGKL is managed by Sparinvest, part of the Sparinvest-koncernen, a Danish asset manager founded in 1968. Sparinvest is majority-owned by Nykredit. The portfolio manager is Lars Toft Jensen at Nykredit Bank A/S.
The fund is part of the Sparindex range, which was one of the first in Denmark to specialise in passive index investing when it launched in 2001.
It trades on the Copenhagen Stock Exchange in DKK and is available on both Nordnet and Saxo Bank, including on Nordnet’s månedsopsparing.
How SPIUSGKL Is Taxed in Denmark
SPIUSGKL is a Danish udbyttebetalende (distributing) investeringsforening. It pays an annual dividend, with — per unit expected in 2026. That classification gives it specific tax treatment that differs from ETFs.
| Account type | Tax rate | Timing / notes |
| Aktiesparekonto (ASK) | 17% flat | Lagerbeskatning. Same as all ASK holdings. Contribution limit is DKK 174,200. |
| Frie midler | 27% / 42% | Realisationsbeskatning. Aktieindkomst. Tax on dividends when received; capital gains only on sale. |
| Pension depot | 15.30% PAL-skat | Lagerbeskatning. Standard pension tax rate. |
Realisationsbeskatning in frie midler is the key tax feature. Capital gains aren’t taxed until you sell your units. You pay aktieindkomst tax at 27% on gains up to DKK 79,400, and 42% above that, but only when you realise the gain. Unrealised gains compound tax-deferred.
The dividend creates a partial tax event each year. Unlike an accumulating ETF where all returns stay inside the fund, SPIUSGKL pays out cash annually. That dividend is taxed as aktieindkomst in the year you receive it. If you reinvest, you’ll pay brokerage commission on the new purchase unless you’re using the månedsopsparing.
The Positivliste doesn’t apply here. Danish distributing investeringsforeninger that are primarily equity-based are automatically taxed as aktieindkomst. The Positivliste governs the classification of investeringsselskaber (ETFs and accumulating foreign funds). SPIUSGKL’s aktieindkomst status is built into its structure.
Tip
In frie midler, you pay tax on the annual dividend when it arrives but pay nothing on capital gains until you sell. That’s the realisationsbeskatning advantage.
Tax treatment across an ASK, frie midler, and pension depot involves trade-offs that depend on your total portfolio size, tax bracket, and whether you hold other equity income. If you’re unsure which account type works best for SPIUSGKL in your situation, that’s a conversation worth having with a Danish tax adviser before you invest.
Concentration and Risk
SPIUSGKL is one of the most concentrated funds in the Sparindex range. With over half the portfolio in information technology and the largest 7 holdings representing the majority of total assets, it behaves less like a diversified equity fund and more like a focused bet on US tech growth. Sparindex assigns it a risk rating of 5 out of 7 and recommends a minimum investment horizon of 5 years.
Historical returns show the volatility clearly. The fund returned 41.4% in 2023, one of the strongest performances of any Danish-listed fund that year, and followed it with another strong year in 2024. In 2022, it fell approximately 28% as rising interest rates hit growth stocks hard. An investor who sold at the bottom locked in a significant loss. One who held through recovered fully.
The growth/value distinction matters for portfolio construction. MSCI USA Growth captures roughly half the US market. The other half sits in MSCI USA Value, which holds more traditional sectors: financials, energy, healthcare, industrials. Some Danish investors combine SPIUSGKL with Sparindex INDEX USA Value KL in equal weights to approximate the full US market. Others use SPIUSGKL as a deliberate overweight on growth, accepting the higher volatility.
Who This Fund Is For
SPIUSGKL is for investors who specifically want concentrated US growth exposure, either in a frie midler depot to benefit from realisationsbeskatning, or as a building block in a broader portfolio.
It works well on Nordnet’s (partnerlinnk/reklamelink) månedsopsparing for regular, commission-free investing. On the ASK or a pension depot, cheaper US-focused ETFs will typically produce better net-of-cost returns, since those accounts use lagerbeskatning anyway and the realisationsbeskatning advantage of SPIUSGKL disappears.
Investors looking for broad diversification should consider all-country or all-world funds instead. SPIUSGKL is a deliberate overweight, not a one-stop portfolio.
Bottom Line
For frie midler investors who want US tech growth exposure with the realisationsbeskatning advantage, SPIUSGKL does that job well and cheaply. For ASK or pension accounts, the account’s lagerbeskatning makes the distributing structure less compelling, and a lower-cost ETF likely wins on net returns. Know which account you’re filling before you decide.
Risk disclosure/Risikooplysning
The mention of specific securities and investments does not constitute a recommendation, and is not an offer or solicitation to buy or sell. Past performance is not a guarantee of future returns. Financial instruments can rise as well as fall in value. There is a risk that you may not get back the amount you invested. Before investing in a fund, you should read the prospectus, available from the fund company, and the key investor information document (KID), which you can find in the order window and on the fund’s product page at nordnet.dk.
Omtalen af de konkrete værdipapirer og investeringer er ikke en anbefaling vedrørende disse, og er ikke et tilbud eller opfordring til tilbud om køb eller salg. Historisk afkast er ingen garanti for fremtidigt afkast. Finansielle instrumenter kan både stige og falde i værdi. Der er en risiko for, at du ikke får de investerede penge tilbage. Inden du investerer i en fond, bør du læse prospektet, som er tilgængeligt hos fondsselskabet og central investorinformation, som du finder i ordreafgivelsesvinduet samt på fondens produktside på nordnet.dk.
Disclaimer
This article is for informational purposes only and does not constitute financial, tax, or investment advice. Figures reflect publicly available data at time of writing. Always consult a qualified professional regarding your specific situation. See our full disclaimer.
