Fund Explainer: WEBN – Amundi Prime All Country World

WEBN: Amundi Prime All Country World ETF

One fund, the whole world, at 0.07% per year. That’s the pitch for WEBN, and it’s a good one.

The Amundi Prime All Country World UCITS ETF (ticker: WEBN, ISIN: IE0003XJA0J9) launched in June 2024 and has grown to around €1 billion in assets. It tracks approximately 2,800 stocks across both developed and emerging markets, replicates the index physically, and reinvests dividends automatically. For expats in Denmark, it also sits on SKAT’s Positivliste, which shapes how it’s taxed.

Here’s what you need to know.

What WEBN Invests In

WEBN tracks the Solactive GBS Global Markets Large & Mid Cap index, covering approximately the largest 85% of free-float market capitalisation across developed and emerging markets. That’s roughly 2,800 stocks from about 45 countries including the US, Japan, the UK, China, India, Germany, France, Canada, Australia, South Korea, and Taiwan.

If you’ve heard of VWCE (the Vanguard FTSE All-World ETF), WEBN is doing the same job. The difference is the index provider (Solactive rather than FTSE) and the price. At 0.07% per year, WEBN costs less than a third of VWCE’s 0.22%, making it the cheapest all-country world ETF available in Europe at time of writing.

The index weights by free-float market capitalisation. In practice, the US dominates at roughly 60-65% of the fund, followed by Japan (5-6%), the UK (3-4%), and a long tail from there. Top holdings are the predictable names: Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta. Sector allocation skews toward technology (~28%), financials (~17%), and consumer discretionary (~10%).

Because it includes emerging markets at roughly 10-12% of the portfolio, WEBN replaces the need to hold a separate emerging markets fund alongside a developed-world ETF. One fund, one trade.

WEBN is accumulating: dividends from the underlying stocks get reinvested into the fund rather than paid out to you. This affects how you’re taxed in Denmark, covered in the next section.

Who Runs It

WEBN is managed by Amundi, Europe’s largest asset manager with over €2.2 trillion in assets under management. Amundi is headquartered in Paris and majority-owned by Credit Agricole, one of the largest banking groups in the world. Following its acquisition of Lyxor in 2022, Amundi became one of the top three ETF providers in Europe alongside iShares and Xtrackers.

The fund is domiciled in Ireland, standard for European UCITS ETFs and beneficial for US dividend withholding tax (15% rather than 30% under the US-Ireland tax treaty). Amundi Ireland Limited is the legal entity, supervised by the Central Bank of Ireland.

WEBN uses a Solactive index rather than the better-known MSCI or FTSE families. This is a deliberate cost decision: Solactive charges lower licensing fees, which is part of why Amundi can offer the fund at 0.07%. The Solactive GBS methodology is very similar to MSCI ACWI in terms of coverage and construction, so the practical performance difference between them is minimal.

How WEBN Is Taxed in Denmark

WEBN’s tax treatment depends entirely on which account you hold it in. The starting point is SKAT’s Positivliste.

WEBN (IE0003XJA0J9) is on SKAT’s Positivliste for 2026. This means SKAT classifies it as an aktiebaseret investeringsselskab (a share-based investment company), which determines both the applicable tax rate and whether the fund is eligible for the aktiesparekonto (ASK).

For the free depot, the lower rate of 27% applies to aktieindkomst up to DKK 79,400; the upper rate of 42% applies above that.

Two things follow from the Positivliste classification. First, gains on WEBN in a free depot are taxed as aktieindkomst (the share-income rates above), not as kapitalindkomst. If WEBN were not on the list, the same fund would still be taxed annually under lagerbeskatning, but at the kapitalindkomst rates instead, which are typically higher for most taxpayers. Second, only funds on the Positivliste are eligible for the aktiesparekonto: if WEBN were removed from the list, you could no longer hold new contributions there.

Lagerbeskatning means tax is due every year whether you sell or not. SKAT calculates the difference between the fund’s value on 1 January and 31 December, and you pay tax on any gain (or offset a loss). Because WEBN is accumulating, there are no separate dividend payouts to account for: everything is captured in the annual price movement.

Where to Buy WEBN in Denmark

WEBN is listed on Xetra (the German electronic exchange), accessible through Saxo Bank and Nordnet, the two main platforms Danish retail investors use for ETFs. Both allow you to buy WEBN in a free depot, on an aktiesparekonto, or within a pension depot.

The primary listing is in EUR on Xetra (ticker: WEBN). Some platforms also show a USD-denominated listing on the London Stock Exchange (ticker: WEBG). The underlying holdings are identical regardless of which listing you buy: the listing currency affects only which currency you pay in, not your investment exposure.

If you hold a borneopsparing at a traditional bank with a self-directed depot, ask whether they allow ETF purchases on Xetra. It varies by bank.

Who This Fund Is For

WEBN suits anyone who wants broad, global equity exposure at the lowest possible cost. It’s a particularly strong fit for the aktiesparekonto, where a flat 17% tax rate combined with the 0.07% annual cost makes for a very efficient long-term setup. It’s also a solid choice inside a pension depot or a borneopsparing where minimising drag on compounding matters over decades.

The main trade-off is age. WEBN launched in June 2024 and, while it’s grown quickly to around €1 billion, it’s still a fraction of VWCE (~€16 billion) and iShares MSCI ACWI (~€14 billion). Smaller fund size doesn’t affect performance or safety (UCITS regulations provide the same investor protections regardless of size), but it can mean slightly wider bid-ask spreads on some exchanges and a shorter track record for those who care about that.

For most expats in Denmark building a simple, long-term portfolio, WEBN offers arguably the best combination of breadth, cost, and Danish tax compatibility available in a single fund right now.