Single global equity fund offers straightforward diversified exposure with a noticeable tilt to large technology
Report created on May 6, 2026Risk profile
4/7
Diversification profile
3/5
Positions
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SP SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
SPYY - IE00B44Z5B48 100.00%
This portfolio is as simple as it gets: 100% invested in one global equity ETF that tracks a broad world index. That means all exposure comes from stocks, with no bonds, cash-like assets, or alternatives in the mix. Structurally, this creates an easy-to-manage setup, since there are no internal rebalancing decisions between funds or asset classes. Everything rises and falls with the behaviour of global equities. The trade-off is clear: maximum simplicity and full participation in stock market movements, but no built‑in cushion from less volatile asset types. For someone who wants to understand what drives portfolio results, this structure makes it very transparent.
Growth
Over the period from 2016 to early 2026, a €1,000 investment in this ETF grew to about €3,109. That corresponds to a compound annual growth rate (CAGR) of 12.02%, meaning the investment grew on average 12.02% per year as if at a steady speed. This slightly beat the global equity benchmark but lagged the US market, which has been particularly strong. The maximum drawdown was around -33.5% during early 2020, similar to global markets. This shows the portfolio fully participates in major equity sell‑offs but also in recoveries. As always, past performance only describes history and does not guarantee future returns.
Projection
The Monte Carlo projection uses historical return and volatility patterns to simulate many possible future paths for the ETF. Think of it as running 1,000 “what if” scenarios and seeing where a €1,000 investment might end up after 15 years. The median outcome is about €2,832, with a central band (25th–75th percentile) between roughly €1,877 and €4,288. A wider 5th–95th percentile range stretches from around €1,024 to €7,837. The average simulated annual return is 8.29%. These numbers highlight both the growth potential and the uncertainty of equities. Simulations are based on the past, so they illustrate possible ranges, not precise forecasts.
Asset classes
- Stocks 100%
All of the portfolio sits in one asset class: global equities. There is no allocation to bonds, cash, or other diversifiers, so risk and return are entirely driven by stock market movements. Compared with balanced multi‑asset benchmarks that mix equities and bonds, this is more growth‑oriented and naturally more volatile. The benefit is straightforward exposure to long‑term equity returns, while the drawback is the absence of built‑in stabilisers that often cushion portfolios during equity downturns. This “pure equity” profile explains why the portfolio’s drawdowns match stock market sell‑offs so closely and why long‑term outcomes in the projection show such a wide possible range.
Sectors
- Technology 29%
- Financials 16%
- Industrials 11%
- Consumer Discretionary 9%
- Telecommunications 9%
- Health Care 8%
- Consumer Staples 5%
- Energy 4%
- Basic Materials 4%
- Utilities 3%
- Real Estate 2%
Sector exposure is broad but notably tilted toward technology at 29%, followed by financials at 16% and industrials at 11%. The rest is spread across consumer-related areas, telecoms, healthcare, energy, materials, utilities, and real estate in smaller slices. This pattern is similar to many global market indices today, where tech and related industries dominate market value. A higher tech weight often increases sensitivity to interest rates, innovation cycles, and investor sentiment around growth companies. When tech is strong, this can boost returns; when it struggles, the portfolio may feel sharper swings. Overall, sector diversification is decent, with no extreme single‑sector dominance.
Regions
- North America 67%
- Europe Developed 14%
- Asia Developed 6%
- Japan 5%
- Asia Emerging 4%
- Australasia 1%
- Africa/Middle East 1%
- Latin America 1%
Geographically, about 67% of the portfolio is in North America, with Europe Developed at 14%, Japan and other developed Asia together around 11%, and smaller allocations to emerging regions. This is very much in line with global market‑cap indices, where US stocks dominate. The benefit of this alignment is that the portfolio closely reflects how global equity markets are actually weighted today, which is a common reference point in investing. The flip side is that results are heavily influenced by one region’s economy, currency, and policy environment. Strong performance from North America has helped in recent years, but regional leadership can shift over time.
Market capitalization
- Mega-cap 50%
- Large-cap 34%
- Mid-cap 15%
By market capitalization, the portfolio leans strongly toward the largest companies: roughly 50% mega‑cap, 34% large‑cap, and 15% mid‑cap. This is what you would expect from a market‑capitalization‑weighted global index, where the biggest companies naturally carry the most weight. Large and mega‑caps tend to be more established businesses, often with diversified operations and easier access to financing, which can dampen some company‑specific risk. However, this also means less exposure to smaller companies, which can behave differently across cycles. So the portfolio is well aligned with mainstream benchmarks but less tilted to the “small size” segment of the market.
True holdings
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NV NVIDIA Corporation 4.71%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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AA Apple Inc 4.15%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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MS Microsoft Corporation 2.89%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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AM Amazon.com Inc 2.21%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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GO Alphabet Inc Class A 1.84%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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GO Alphabet Inc Class C 1.58%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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AV Broadcom Inc 1.54%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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23 Taiwan Semiconductor Manufacturing Co. Ltd. 1.51%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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ME Meta Platforms Inc. 1.39%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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TS Tesla Inc 1.17%
Part of fund(s):- LS 1x Tesla Tracker ETP Securities GBP
- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
- Top 10 total 22.99%
Looking through the ETF’s top holdings, the largest underlying positions are familiar global giants like NVIDIA, Apple, Microsoft, Amazon, Alphabet, Broadcom, TSMC, Meta, and Tesla. Together, these top 10 names account for roughly 22–23% of the total portfolio. There is no additional overlap from other funds since everything is inside a single ETF, but concentration still appears through these big stocks. Many of them are in similar growth‑oriented industries, which can create performance clusters: when they move in the same direction, they drive a large share of the portfolio’s ups and downs. Remember that actual overlap may be higher because we only see ETF top‑10 data.
Risk contribution
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SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
Weight: 100.00% 100.0%
Risk contribution shows how much each holding drives total portfolio volatility, regardless of its weight. Here, one ETF accounts for 100% of both weight and risk. That makes the relationship very simple: anything that affects this ETF affects the entire portfolio. There is no offsetting behaviour from other funds or asset types. Under the surface, however, individual companies inside the ETF contribute unevenly to its risk; those big tech names, for example, punch above their weight. From the portfolio’s perspective, though, risk is concentrated in a single vehicle, which is operationally simple but leaves no diversification across different products or strategies.
Ongoing product costs
- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF 0.45%
- Weighted costs total (per year) 0.45%
The ETF’s ongoing cost, or Total Expense Ratio (TER), is 0.45% per year. This means €4.50 is charged annually for every €1,000 invested, taken inside the fund rather than as a separate bill. Over short periods that may feel modest, but costs compound over time, slightly reducing the growth rate of the investment. Compared with very low‑cost index funds, 0.45% sits in a mid‑range; it is not excessive, but not the cheapest available. The positive point is that there are no extra layers of fees from holding multiple funds – the cost structure is clear and easy to understand.
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