01What we measured
We took the full holdings published by the manager of two ETFs, line by line and dated 30 October 2026: the iShares Core MSCI World UCITS ETF (IE00B4L5Y983), with 1,250 positions, and the iShares Core S&P 500 UCITS ETF (IE00B5BMR087), with 504. We grouped them by country and sector and, for US companies, matched them with their latest annual report (10-K) to see where they sell.
- Country means each company's headquarters or listing, not where its customers are. That is what the last section is for.
- Weights are the fund's, not the index's: they can differ by a few hundredths because of the cash and derivatives the fund holds.
- Another ETF tracking the same index will hold a very similar portfolio, because it copies the same index. What changes is the manager, the cost and the replication method.
02Global, with three quarters in one country
By country of headquarters, the MSCI World splits like this: US 72.62%, Japan 5.79%, UK 3.49%, Canada 3.47%, Switzerland 2.34%, France 2.26% and Germany 2.13%. Spain is 0.91%.
It is not a fault of the fund. The index allocates money by each company's stock market value, and US companies are worth far more today than those of all the other countries in the index put together. The more they rise, the more they weigh.
03The top ten, the same as in the S&P 500
The ten largest positions in the MSCI World are Apple, NVIDIA, Microsoft, Amazon, Alphabet (both share classes), Broadcom, Meta, Tesla and Eli Lilly. They are exactly the ten largest in the S&P 500, almost in the same order. They weigh 26.5% of the MSCI World and 37.3% of the S&P 500.
Technology is 29.8% of the MSCI World and 37.4% of the S&P 500. That is why two funds with such different names move so alike: much of what they hold is the same.
- A portfolio split half and half between them has 86.3% in US companies.
- Apple alone is 6.7% of it: more than France and Germany together weigh in the MSCI World.
- The same ten companies add up to 31.9% of that portfolio.
04Headquarters do not tell you where a company sells
In the S&P 500, 100% of the companies are based in the US. But the country of headquarters is not the country of the customers. Using the 10-Ks of the companies that break down their sales by region, 76% of the fund, their revenue splits like this:
- US: 51.7%.
- Asia-Pacific: 15.9%.
- Europe, Middle East and Africa: 8.9%.
- Rest of the Americas: 1.4%.
- Outside the US, region not given: 17.7%. The rest cannot be allocated.
About 44 of every 100 dollars those companies bill is sold outside the US. One caveat: the companies that do not break it down tend to be the ones selling almost everything at home, so the true US figure is probably somewhat above 51.7%.
Full S&P 500 ETF holdings (in Spanish) →
05How to check it with your own funds
- Open the holdings of every fund you own: country, sector and largest positions, with the date of the portfolio.
- If you hold several equity funds, add them up by company and by country. Two funds with different names can carry the same ten companies at the top.
- Look at the weight of the largest company in your whole portfolio, counting what sits inside each fund. It is the figure that surprises people most.
Celsmar's holdings pages show the portfolio each manager publishes for 111 ETFs, updated monthly and free to read. In the Celsmar portfolio, on the Pro plan, that sum is done for you: how much you really hold in each company, sector and country.
Holdings of 111 ETFs (in Spanish) →
Frequently asked questions
Which companies does an MSCI World ETF hold?
The iShares Core MSCI World UCITS ETF had 1,250 positions on 30 October 2026. The largest were Apple (5.64%), NVIDIA (5.25%) and Microsoft (4.10%), and the top ten made up 26.5% of the fund. All ten are based in the US.
How much of the MSCI World is the US?
72.62% by each company's country of headquarters in the 30 October 2026 holdings. Japan (5.79%), the UK (3.49%) and Canada (3.47%) follow. Spain is 0.91%.
Is holding an MSCI World and an S&P 500 diversification?
Partly. The ten largest positions of both funds are the same companies, and a half-and-half portfolio has 86.3% in US companies. It adds weight to what you already had more than new companies. This is information, not a recommendation about any fund.
Does a company's country tell you where it makes its money?
No. S&P 500 companies are all based in the US, but those that break down their sales by region bill about 44 of every 100 dollars outside the US, according to their latest annual report.
Measured on 3 November 2026 with the holdings each fund's manager published on 30 October 2026 and the companies' annual reports (10-K). Weights change with prices and with every index review. This article is information: it does not recommend buying or selling any fund.
This is information and analysis, not financial advice, and it contains no recommendation to buy or sell. See the disclaimer.
