Version 1.1 — every TOB rate below was re-derived on 18 July 2026 against the official FSMA registers (state 17 July 2026); TERs re-checked against issuer pages the same day. Legend: ✓ = verified against the FSMA register or issuer documentation · * = legally unsettled, broker-dependent. Your broker’s order ticket is always the final word — see the verification note at the bottom.
What this table shows
For the 68 ETFs Belgian retail investors most commonly buy: the stock-exchange tax (TOB) per transaction, whether the Reynders tax applies at sale, the fund’s TER, and where it is cheapest to buy. Dividend withholding and the 2026 capital-gains tax are summarised in the methodology below.
| ETF | ISIN | Dom. | Acc/Dist | TER | TOB | Reynders | Cheapest broker |
|---|---|---|---|---|---|---|---|
| IWDA iShares Core MSCI World UCITS ETF USD (Acc) |
IE00B4L5Y983 |
IE | Acc | 0.20% | 0.12% ✓ | No | DEGIRO kernselectie (EUR 1 handling); Bolero ETF playlist reduced tariff — verify current lists. |
| VWCE Vanguard FTSE All-World UCITS ETF USD Acc |
IE00BK5BQT80 |
IE | Acc | 0.19% | 1.32% ✓ | No | DEGIRO kernselectie — but the 1.32% TOB dwarfs any broker fee difference vs 0.12% alternatives. |
| SWRD SPDR MSCI World UCITS ETF |
IE00BFY0GT14 |
IE | Acc | 0.12% | 0.12% ✓ | No | Saxo BE (EUR 0 custody, auto TOB) or IBKR (cheapest commission, manual TOB filing). |
| CSPX (Xetra: SXR8) iShares Core S&P 500 UCITS ETF USD (Acc) |
IE00B5BMR087 |
IE | Acc | 0.07% | 0.12% ✓ | No | DEGIRO kernselectie; SXR8 line on Xetra via IBKR/Saxo. The fund’s Dist class IS FSMA-registered; market practice charges the Acc 0.12%, but a fund-level reading (1.32%) exists — check your ticket. |
| EMIM (Xetra: IS3N) iShares Core MSCI EM IMI UCITS ETF (Acc) |
IE00BKM4GZ66 |
IE | Acc | 0.18% | 0.12% ✓ | No | DEGIRO kernselectie; classic 88/12 pairing with IWDA at 0.12% TOB. |
| VWRL Vanguard FTSE All-World UCITS ETF USD Dist |
IE00B3RBWM25 |
IE | Dist | 0.19% | 0.12% ✓ | No | DEGIRO kernselectie; dividend WHT handling automatic at Bolero/Keytrade/Saxo BE. |
| SPYL SPDR S&P 500 UCITS ETF (Acc) |
IE000XZSV718 |
IE | Acc | 0.03% | 0.12% ✓ | No | Cheapest S&P 500 TER (0.03%); Xetra line via Saxo BE/IBKR. |
| VUSA Vanguard S&P 500 UCITS ETF USD Dist |
IE00B3XXRP09 |
IE | Dist | 0.07% | 0.12% ✓ | No | DEGIRO kernselectie; very liquid on Euronext Amsterdam. |
| VUAA Vanguard S&P 500 UCITS ETF USD Acc |
IE00BFMXXD54 |
IE | Acc | 0.07% | 1.32% ✓ | No | Prefer CSPX/SPYL at 0.12% TOB for the same exposure; VUAA's 1.32% TOB is the deciding cost. |
| WEBN Amundi Prime All Country World UCITS ETF Acc |
IE0003XJA0J9 |
IE | Acc | 0.07% | 0.12% ✓ | No | Cheapest all-world TER (0.07%); Xetra via Saxo BE/IBKR/DEGIRO. |
| FWRA Invesco FTSE All-World UCITS ETF Acc |
IE000716YHJ7 |
IE | Acc | 0.15% | 0.12% ✓ | No | VWCE exposure without the 1.32% TOB — popular r/BEFire switch; Xetra/LSE via IBKR or Saxo BE. |
| SSAC / IUSQ iShares MSCI ACWI UCITS ETF USD (Acc) |
IE00B6R52259 |
IE | Acc | 0.20% | 1.32% ✓ | No | IUSQ line on Xetra via Saxo BE/IBKR/DEGIRO. On the FSMA compartment list (verifiably since 2021) → 1.32% for this Acc class, despite older guides implying 0.12%. SPYI/IMIE covers ACWI IMI at 0.12%. |
| SPYI / IMIE SPDR MSCI ACWI IMI UCITS ETF |
IE00B3YLTY66 |
IE | Acc | 0.17% | 0.12% ✓ | No | One-fund total-market option at 0.12% TOB; Xetra via Saxo BE/IBKR. |
| IUSN / WSML iShares MSCI World Small Cap UCITS ETF |
IE00BF4RFH31 |
IE | Acc | 0.35% | 0.12% ✓ | No | Xetra (WSML) via Saxo BE/IBKR/DEGIRO. |
| AGGH iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc) |
IE00BDBRDM35 |
IE | Acc | 0.10% | 0.12% ✓ | Yes | Saxo BE auto-calculates Reynders at sale; at IBKR you self-declare. |
| VAGF Vanguard Global Aggregate Bond UCITS ETF EUR Hedged Acc |
IE00BG47KH54 |
IE | Acc | 0.08% | 1.32% ✓ | Yes | AGGH gives same exposure at 0.12% TOB — VAGF’s 1.32% is confirmed on the FSMA list. |
| XEON Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C |
LU0290358497 |
LU | Acc | 0.10% | broker-dependent* | Yes | Popular cash-parking fund; Xetra via DEGIRO/IBKR/Saxo BE. The textbook disputed case: umbrella Xtrackers II is FSMA-registered but the EUR Overnight compartment is not (17-07-2026 list) — 0.12% on a compartment reading, 1.32% on an umbrella reading. Brokers genuinely differ. |
| VFEM Vanguard FTSE Emerging Markets UCITS ETF Dist |
IE00B3VVMM84 |
IE | Dist | 0.17% | 0.12% ✓ | No | DEGIRO kernselectie (verify current list). |
| TDIV VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF |
NL0011683594 |
NL | Dist | 0.38% | 0.12% ✓ | No | Euronext Amsterdam; popular BE/NL dividend pick; Bolero/Saxo BE handle WHT automatically. |
| IB1T iShares Bitcoin ETP |
XS2940466316 |
Debt security (XS / issued for EEA distribution) | Acc | 0.15%* | 0.35%* | No | *TER 0.15% is a waiver until 31 Dec 2026; headline 0.25% applies from 2027. Xetra/Euronext via Saxo BE or IBKR; BE bank brokers (Bolero/Keytrade) often do not offer crypto ETPs. |
| VHVE Vanguard FTSE Developed World UCITS ETF Acc |
IE00BK5BQV03 |
IE | Acc | 0.12% | 1.32% ✓ | No | IWDA/SWRD give near-identical exposure at 0.12% TOB. |
| V3AA Vanguard ESG Global All Cap UCITS ETF Acc |
IE00BNG8L278 |
IE | Acc | 0.24% | 1.32% ✓ | No | DEGIRO/Saxo BE; TOB cost makes SUSW-type 0.12% alternatives worth checking (the iShares SRI range is confirmed registered too — see SUSW/IESE). |
| XDWD Xtrackers MSCI World UCITS ETF 1C |
IE00BJ0KDQ92 |
IE | Acc | 0.12% | 1.32% ✓ | No | Xetra via Saxo BE/IBKR/DEGIRO. On the FSMA list (since 2021) → 1.32%; DWS’s own country list omits Belgium and brokers have split on this fund (Saxo 1.32% vs DEGIRO 0.12% historically) — check your ticket. IWDA/SWRD track MSCI World at 0.12% TOB. |
| HMWO HSBC MSCI World UCITS ETF USD (Dist) |
IE00B4X9L533 |
IE | Dist | 0.15% | 0.12% ✓ | No | Euronext Paris/LSE via IBKR or Saxo BE. |
| SPXS / P500 Invesco S&P 500 UCITS ETF Acc |
IE00B3YCGJ38 |
IE | Acc | 0.05% | 0.12% ✓ | No | Swap-based = structural gross-dividend edge on US exposure; via IBKR/Saxo BE. |
| CNDX iShares Nasdaq 100 UCITS ETF (Acc) |
IE00B53SZB19 |
IE | Acc | 0.30% | 0.12% ✓ | No | Xetra (SXRV) via Saxo BE/IBKR/DEGIRO. |
| EQQQ Invesco EQQQ Nasdaq-100 UCITS ETF (Dist) |
IE0032077012 |
IE | Dist | 0.30% | 0.12% ✓ | No | Euronext Paris/Xetra via most BE brokers. |
| SMEA / IMAE iShares Core MSCI Europe UCITS ETF EUR (Acc) |
IE00B4K48X80 |
IE | Acc | 0.12% | 1.32% ✓ | No | Euronext Amsterdam via DEGIRO/Saxo BE. On the FSMA compartment list (verifiably since 2021) → 1.32% for this Acc class, despite older guides implying 0.12%. EXSA (Dist) covers broad Europe at 0.12%. |
| VEUR Vanguard FTSE Developed Europe UCITS ETF Dist |
IE00B945VV12 |
IE | Dist | 0.10% | 0.12% ✓ | No | Euronext Amsterdam; DEGIRO kernselectie (verify). |
| CSX5 / SXRT iShares Core EURO STOXX 50 UCITS ETF EUR (Acc) |
IE00B53L3W79 |
IE | Acc | 0.10% | 0.12% ✓ | No | Very liquid; all BE brokers. |
| MEUD Amundi Core Stoxx Europe 600 UCITS ETF Acc |
LU0908500753 |
LU | Acc | 0.07% | 0.12% ✓ | No | NOT on the FSMA compartment list (17-07-2026) → 0.12%. Now the tax-cheapest broad-Europe Acc route — SMEA is 1.32%. |
| EXSA iShares STOXX Europe 600 UCITS ETF (DE) |
DE0002635307 |
DE | Dist | 0.20% | 0.12% ✓ | No | Xetra via DEGIRO/Saxo BE. |
| CEBL / SXR7 iShares Core MSCI EMU UCITS ETF EUR (Acc) |
IE00B53QG562 |
IE | Acc | 0.12% | 0.12% ✓ | No | Xetra/Amsterdam via Saxo BE/DEGIRO. |
| EXS1 iShares Core DAX UCITS ETF (DE) |
DE0005933931 |
DE | Acc | 0.16% | 0.12% ✓ | No | Xetra via DEGIRO/Saxo BE. |
| BEL Amundi BEL 20 UCITS ETF Dist (ex-Lyxor) |
FR0000021842 |
FR | Dist | 0.50% | 0.12% ✓ | No | Euronext Brussels via Bolero/Keytrade — the home-market tracker. |
| VFEA Vanguard FTSE Emerging Markets UCITS ETF Acc |
IE00BK5BR733 |
IE | Acc | 0.17% | 1.32% ✓ | No | EMIM covers the same need at 0.12% TOB. |
| XMME Xtrackers MSCI Emerging Markets UCITS ETF 1C |
IE00BTJRMP35 |
IE | Acc | 0.18% | 0.12% ✓ | No | Xetra via Saxo BE/IBKR. |
| SJPA / IJPA iShares Core MSCI Japan IMI UCITS ETF (Acc) |
IE00B4L5YX21 |
IE | Acc | 0.12% | 1.32% ✓ | No | Amsterdam/Xetra via Saxo BE/DEGIRO. On the FSMA list → 1.32% — DEGIRO even re-charged past IJPA trades retroactively at 1.32% in March 2025. |
| NDIA / QDV5 iShares MSCI India UCITS ETF (Acc) |
IE00BZCQB185 |
IE | Acc | 0.65% | 0.12% ✓ | No | Xetra via Saxo BE/IBKR. |
| EXUS iShares MSCI World ex-USA UCITS ETF (Acc) |
IE0006WW1TQ4 |
IE | Acc | 0.15% | 0.12% ✓ | No | Pairs with CSPX/SPYL for US/ex-US weighting control; Xetra via IBKR/Saxo BE. |
| XRS2 Xtrackers Russell 2000 UCITS ETF 1C |
IE00BJZ2DD79 |
IE | Acc | 0.30% | 0.12% ✓ | No | Xetra via Saxo BE/IBKR. |
| IWQU / IS3Q iShares Edge MSCI World Quality Factor UCITS ETF |
IE00BP3QZ601 |
IE | Acc | 0.30% | 0.12% ✓ | No | Xetra/Amsterdam via Saxo BE/IBKR. |
| IWMO / IS3R iShares Edge MSCI World Momentum Factor UCITS ETF |
IE00BP3QZ825 |
IE | Acc | 0.30% | 0.12% ✓ | No | Xetra/Amsterdam via Saxo BE/IBKR. |
| VHYL Vanguard FTSE All-World High Dividend Yield UCITS ETF Dist |
IE00B8GKDB10 |
IE | Dist | 0.29% | 0.12% ✓ | No | Euronext Amsterdam via DEGIRO/Bolero/Saxo BE. |
| ISPA / EXX5 iShares STOXX Global Select Dividend 100 UCITS ETF (DE) |
DE000A0F5UH1 |
DE | Dist | 0.46% | 0.12% ✓ | No | Xetra via DEGIRO/Saxo BE. |
| GLDV / ZPRG SPDR S&P Global Dividend Aristocrats UCITS ETF |
IE00B9CQXS71 |
IE | Dist | 0.45% | 0.12% ✓ | No | Xetra via DEGIRO/Saxo BE. |
| SPYW / EUDI SPDR S&P Euro Dividend Aristocrats UCITS ETF |
IE00B5M1WJ87 |
IE | Dist | 0.30% | 0.12% ✓ | No | Xetra via DEGIRO/Saxo BE. |
| GGRA / GGRW WisdomTree Global Quality Dividend Growth UCITS ETF USD Acc |
IE00BZ56RN96 |
IE | Acc | 0.38% | 0.12% ✓ | No | Acc structure sidesteps BE dividend WHT — tax-efficient 'dividend' play; Xetra via IBKR/Saxo BE. |
| SUSW / 2B7K iShares MSCI World SRI UCITS ETF EUR (Acc) |
IE00BYX2JD69 |
IE | Acc | 0.20% | 1.32% ✓ | No | 1.32% confirmed on the FSMA list; unregistered ESG alternatives at 0.12% beat it on TOB. |
| SUSM iShares MSCI EM SRI UCITS ETF (Acc) |
IE00BYVJRP78 |
IE | Acc | 0.25% | 1.32% ✓ | No | Xetra via Saxo BE/IBKR. |
| IESE iShares MSCI Europe SRI UCITS ETF EUR (Acc) |
IE00BGDPWW94 |
IE | Acc | 0.20% | 1.32% ✓ | No | Widely sold via Belgian banks (hence the registration); 0.12% alternatives exist for DIY investors. |
| VAGP Vanguard Global Aggregate Bond UCITS ETF EUR Hedged Dist |
IE00BG47KB92 |
IE | Dist | 0.08% | 0.12% ✓ | Yes | Saxo BE automates both WHT and Reynders. |
| IEGA / SEGA iShares Core Euro Government Bond UCITS ETF (Dist) |
IE00B4WXJJ64 |
IE | Dist | 0.09% | 0.12% ✓ | Yes | Bolero/Keytrade/Saxo BE all automate Reynders on sale. |
| IEAC iShares Core Euro Corporate Bond UCITS ETF (Dist) |
IE00B3F81R35 |
IE | Dist | 0.20% | 0.12% ✓ | Yes | Amsterdam/Xetra via Saxo BE/DEGIRO. |
| V80A Vanguard LifeStrategy 80% Equity UCITS ETF Acc |
IE00BMVB5R75 |
IE | Acc | 0.25% | 1.32% ✓ | Yes | Tax-heavy in BE (1.32% TOB + Reynders); DIY two-fund split (IWDA+AGGH) is cheaper. |
| V60A Vanguard LifeStrategy 60% Equity UCITS ETF Acc |
IE00BMVB5P51 |
IE | Acc | 0.25% | 1.32% ✓ | Yes | DIY split (world ETF + AGGH) avoids 1.32% TOB. |
| SGLD / 8PSG Invesco Physical Gold ETC |
IE00B579F325 |
IE (ETC, debt security) | Acc | 0.12% | 0.35%* | No | Xetra via DEGIRO/Saxo BE/IBKR. |
| IGLN / PPFB / SGLN iShares Physical Gold ETC |
IE00B4ND3602 |
IE (ETC, debt security) | Acc | 0.12% | 0.35%* | No | Xetra/LSE via Saxo BE/IBKR. |
| 4GLD Xetra-Gold |
DE000A0S9GB0 |
DE (ETC, bearer note) | Acc | 0.00% | 0.35%* | No | Xetra via DEGIRO/IBKR; check broker custody fee for physical-delivery ETCs. |
| PHAU WisdomTree Physical Gold |
JE00B1VS3770 |
JE (Jersey ETC — non-EEA) | Acc | 0.39% | 0.35%* | No | IE-domiciled SGLD/IGLN are cheaper TER and cleaner domicile. |
| ICOM iShares Diversified Commodity Swap UCITS ETF |
IE00BDFL4P12 |
IE | Acc | 0.19% | 0.12% ✓ | No | Xetra via Saxo BE/IBKR. |
| BTCE BTCetc Bitcoin Exchange Traded Crypto |
DE000A27Z304 |
DE (ETN) | Acc | 2.00% | 0.35%* | No | Deprecated in owner's plan in favour of IB1T (0.15% vs 2.00% fee); Xetra via DEGIRO/IBKR. |
| VBTC VanEck Bitcoin ETN |
DE000A28M8D0 |
DE (ETN) | Acc | 1.00% | 0.35%* | No | Deprecated in owner's plan in favour of IB1T; Xetra via DEGIRO/IBKR. |
| INRG iShares Global Clean Energy UCITS ETF (Dist) |
IE00B1XNHC34 |
IE | Dist | 0.65% | 0.12% ✓ | No | Amsterdam/Xetra via most BE brokers. |
| RBOT / 2B76 iShares Automation & Robotics UCITS ETF (Acc) |
IE00BYZK4552 |
IE | Acc | 0.40% | 1.32% ✓ | No | Xetra/Amsterdam via Saxo BE/DEGIRO. On the FSMA compartment list (verifiably since 2021) → 1.32% for this Acc class, despite older guides implying 0.12%. |
| HEAL / 2B78 iShares Healthcare Innovation UCITS ETF (Acc) |
IE00BYZK4776 |
IE | Acc | 0.40% | 0.12% ✓ | No | Xetra/Amsterdam via Saxo BE/DEGIRO. |
| SMH / VVSM VanEck Semiconductor UCITS ETF |
IE00BMC38736 |
IE | Acc | 0.35% | 0.12% ✓ | No | Xetra via Saxo BE/IBKR/DEGIRO. |
| DFNS / DFEN VanEck Defense UCITS ETF |
IE000YYE6WK5 |
IE | Acc | 0.55% | 0.12% ✓ | No | Xetra via Saxo BE/IBKR; check availability at bank brokers. |
Methodology
The TOB rules (art. 120–121 WDRT), applied per transaction, buy and sell: 1.32% (cap €4,000) for accumulating share classes of funds registered with the Belgian FSMA; 0.12% (cap €1,300) for distributing share classes (regardless of registration) and for EEA funds not on the FSMA list; 0.35% (cap €1,600) for non-EEA instruments. Reynders tax: 30% on the accrued bond-component income at sale for funds holding >10% fixed income (art. 19bis WIB92) — flagged per row. Dividend withholding: 30% on all distributions (withheld automatically at Belgian brokers; self-declared at IBKR); accumulating classes avoid it, though funds themselves suffer treaty-dependent leakage on their holdings (Irish funds get the 15% US treaty rate). Capital gains: from 1 January 2026, 10% on realised net gains above the €10,000 annual exemption, with the 31-12-2025 market value as the default acquisition basis for pre-2026 holdings.
How each rate was determined. We downloaded the FSMA’s official lists of foreign public collective investment schemes (umbrella list + compartment list, state 17 July 2026) and checked every fund in this table against the compartment list directly. Distributing EEA rows are 0.12% under both branches of the law, so they are rate-deterministic. For accumulating rows, presence on the compartment list decides between 1.32% and 0.12%. We apply the register at compartment level, which matches observed market pricing: IWDA’s umbrella (iShares III plc) is registered without the IWDA compartment, and every broker prices IWDA at 0.12%. Where the register lists a specific share class (e.g. “iShares Core S&P 500 UCITS ETF USD (Dist)”), sister classes are treated per market practice with a warning. Gold and bitcoin ETC/ETNs are not UCITS funds and never appear on these lists; their treatment is legally unsettled, so we show the conservative 0.35% and flag it. TER, ISIN, domicile and share-class data were re-checked against justETF and issuer product pages on 18 July 2026.
How these rates were verified — and their limits
Every TOB rate in this table was re-derived on 18 July 2026 from the FSMA’s official registers (list state: 17 July 2026) rather than copied from secondary guides — which is why five rates here (SSAC, XDWD, SMEA, SJPA, RBOT) are higher than what older community guides imply: those five funds are verifiably on the FSMA compartment list (archived copies show them there since at least 2021), and broker practice has been catching up — DEGIRO, for example, retroactively re-charged IJPA trades at 1.32% in March 2025. Where the register and market practice genuinely diverge (XEON; sister classes of partially-registered funds like CSPX), the row says so instead of pretending certainty.
What this verification is not. These rates were confirmed against official public sources, not by placing orders at every broker. Brokers apply the TOB themselves and their interpretations differ in edge cases; a broker can also lag a registration change. Before any sizeable order, open the order ticket at your broker — the TOB percentage it shows is the rate you will actually pay. If your ticket disagrees with this table, trust the ticket, and we’d genuinely like to hear about it via the contact page.
Other limits: TERs change (IB1T’s 0.15% is a promotional waiver until 31 December 2026 — from 2027 the headline 0.25% applies); broker-availability hints are indicative and their promo lists change; the interaction between the Reynders tax and the 2026 capital-gains tax awaits final FOD Financiën guidance on some points. This dataset is versioned (v1.1, 18 July 2026) and re-verified against FSMA register changes periodically.
This is general information about Belgian tax rules, not personal tax or investment advice.
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