Fund Explainer: IUSQ – iShares MSCI ACWI

Quick Facts

What IUSQ Invests In

IUSQ tracks the MSCI All Country World Index, covering large- and mid-cap stocks from 23 developed and 24 emerging markets. The index has roughly 2,800 constituents; the fund holds approximately 1,800 through optimised sampling, capturing around 85% of the global investable equity market.

The ‘All Country’ part is what separates IUSQ from developed-world-only funds like EUNL. Alongside the US, Japan, UK, and Europe, you get meaningful allocations to China, India, Taiwan, South Korea, and Brazil. Emerging markets sit at roughly 10-12% of the fund’s total weight.

In practice, the US still dominates at around 63-65% of the portfolio. The top holdings are the familiar mega-caps: Nvidia, Apple, Microsoft, Amazon, and Alphabet. Sector allocation is led by technology (~28%), financials (~17%), consumer discretionary (~10%), and industrials (~10%). Small-cap stocks aren’t included; for those, you’d need the MSCI ACWI IMI variant, which isn’t available as a standalone European ETF.

IUSQ is accumulating, so dividends from underlying holdings are automatically reinvested rather than paid out. That simplifies ongoing management but has specific tax implications in Denmark, covered below.

Who Runs It

IUSQ is an iShares ETF managed by BlackRock, the world’s largest asset manager. It’s domiciled in Ireland under BlackRock Asset Management Ireland Limited, supervised by the Central Bank of Ireland. The Irish domicile provides the standard US dividend withholding benefit (15% under the US-Ireland tax treaty, versus the 30% default for non-treaty jurisdictions).

Launched in October 2011, IUSQ has over 14 years of live track record and roughly EUR 22 billion in assets. It’s the largest ETF tracking the MSCI ACWI in Europe. That size means strong liquidity and tight bid-ask spreads on Xetra, though it’s notably smaller than its developed-world sibling EUNL (EUR 110 billion).

The 0.20% TER matches EUNL’s cost but is nearly three times the price of WEBN (0.07%), which tracks a comparable all-country index from Solactive. Cost difference matters over time; more on that in the comparison section.

How IUSQ Is Taxed in Denmark

IUSQ (IE00B6R52259) is on SKAT’s Positivliste for 2026, classifying it as an aktiebaseret investeringsselskab. That listing does two things: it makes IUSQ eligible for the aktiesparekonto, and it ensures gains in a frie midler depot are taxed as aktieindkomst rather than the less favourable kapitalindkomst.

Lagerbeskatning applies in every account type. SKAT calculates the difference between IUSQ’s value on 1 January and 31 December each year. You pay tax on the gain or deduct the loss, regardless of whether you sold anything. Because IUSQ is accumulating, there are no separate dividend events to report; everything is captured in the annual price change.

One practical point: in a down year, lagerbeskatning produces a deductible loss. That loss can offset other aktieindkomst in the same year or be carried forward. It’s not a free lunch, but it’s not as punishing as it sounds on paper.

Where IUSQ Fits

IUSQ occupies a specific niche: the established, MSCI-branded all-country ETF from the world’s largest ETF provider. For investors who specifically want the MSCI ACWI index, whether because their employer pension uses it as a benchmark or because they value a 14-year live track record, IUSQ is the standard choice.

It’s frequently used on the aldersopsparing (retirement savings account), where the Positivliste restriction doesn’t apply and any UCITS ETF can be held. The 15.30% PAL tax rate combined with broad global coverage makes it a clean pension holding. It’s equally suitable for the aktiesparekonto, where the Positivliste status confirms eligibility.

The main cost consideration: WEBN offers very similar all-country exposure for 0.07%, saving 0.13 percentage points per year. On a DKK 500,000 portfolio growing at 7% annually over 20 years, that cost difference compounds to roughly DKK 30,000-40,000 in additional fees. (Editorial estimate; your outcome will vary with actual returns.) Whether the MSCI brand, larger fund size, and longer track record justify that premium is a judgment call. Both funds are on the Positivliste and taxed identically.

Who Should Consider IUSQ

IUSQ suits investors who want developed and emerging market exposure through a single, well-established ETF from the world’s largest provider, tracking the most widely recognised all-country index. It works cleanly on an aktiesparekonto, in a pension depot, or as a core holding in a frie midler depot.

If your priority is the lowest possible cost for similar coverage, WEBN is the cheaper alternative. If you want developed markets only and can skip the emerging markets allocation, EUNL tracks the MSCI World at the same 0.20% TER.

The Positivliste status should be verified against SKAT’s published list each year, though removal of a fund this large and established would be highly unusual. The ISIN to check: IE00B6R52259.