Detailed Comparison CW8 vs IWDA: Which MSCI World ETF to Choose in 2026?
Investing in an MSCI World ETF is a popular global diversification strategy among retail investors. In France, two ETFs dominate this segment: CW8 from Amundi and IWDA from iShares. Both provide exposure to large and mid-cap stocks in developed countries, but their characteristics differ on several key points — fees, taxation, replication method, domicile, etc. This article offers a comprehensive comparison in 2026 to help you choose the ETF best suited to your profile and account type (PEA or standard brokerage account).
Comparison Table: CW8 vs IWDA
Characteristic
CW8 (Amundi MSCI World)
IWDA (iShares Core MSCI World)
ISIN
FR0010756098
IE00B4L5Y983
TER (Total Expense Ratio)
0.38%
0.20%
Replication Type
Synthetic (swap)
Physical (direct replication)
PEA Eligibility
Yes (PEA France)
No (standard brokerage account only)
Assets Under Management (AUM)
~€7.5 billion (2026)
~€50 billion (2026)
Domicile
France
Ireland
Detailed Analysis of Key Features
1. Management Fees and Long-Term Impact
The TER of IWDA is significantly lower (0.20%) than that of CW8 (0.38%). This 0.18 percentage point difference may seem minor annually but accumulates over several years.
For example, investing €1,000 per month for 20 years with a hypothetical gross annual return of 6%, the estimated impact (before taxes) is as follows:
CW8 (TER 0.38%): accumulated capital net of fees ≈ €430,000
IWDA (TER 0.20%): accumulated capital net of fees ≈ €435,000
The fee difference thus results in approximately €5,000 over 20 years.
2. Tax Advantage of the PEA with CW8
The main advantage of CW8 is its eligibility for the Plan d’Épargne en Actions (PEA), which offers exemption from capital gains and dividend taxes after 5 years of holding (excluding social contributions). Conversely, IWDA is not PEA-eligible and must be held in a standard brokerage account (CTO) subject to regular taxation.
Taking this exemption into account, the tax savings over 20 years are substantial. Using the same investment scenario (€1,000/month, 6% gross return):
Without PEA (IWDA in CTO): social contributions + capital gains tax ≈ 30% (on average)
With PEA (CW8): capital gains tax exemption after 5 years + social contributions at 17.2% only
Over 20 years, this difference generates a net tax gain of about €30,000 in favor of CW8, six times greater than the savings from management fees.
