If you have started shopping for a cheap all-world tracker and landed on Invesco’s FTSE All-World UCITS ETF, you have probably hit a small wall of confusion: the fund seems to show up under two tickers, FWRA and FWRG. They look almost identical on the screener, the fees look the same, and it is not obvious why there are two. I went through exactly this when I first added the Invesco fund to my own watchlist as a lower-cost rival to VWCE.
The honest answer up front: FWRA and FWRG are not two different funds. They are two share-class lines of the same Invesco FTSE All-World UCITS ETF, holding the same portfolio, tracking the same index, run by the same team. What differs is the trading currency and the exchange listing you buy them on. For almost every European investor the correct choice is simply the line quoted in your own account currency, so you avoid paying an unnecessary foreign-exchange spread every time you buy.
Below I will explain what the fund actually is, what separates the two lines in practice, and how to pick without overthinking it. As always, treat the specific figures here as 2026-vintage and approximate, and confirm the exact ISIN, currency and cost on Invesco’s official factsheet before you place an order.
What the Invesco FTSE All-World ETF actually holds
Both FWRA and FWRG track the FTSE All-World index. That is a broad global equity benchmark covering large- and mid-cap companies across roughly 50 developed and emerging markets, adding up to somewhere around 4,000 holdings. In plain terms, you are buying most of the investable world stock market in one line: the United States as the dominant weight, then Japan, the UK, the rest of Europe, and a slice of emerging markets like China, India and Taiwan.
Selection criteria: the ETF comparison methodology explains exactly how funds earn a place in this comparison.
This is the same index family that Vanguard’s FTSE All-World funds (VWCE, VWRA, VWRL) use, which is why the Invesco product gets compared to VWCE so often. The headline reason people look at it is cost. Invesco launched this fund into an ongoing price war on core trackers, and its ongoing charge sits at roughly 0.15% per year, a touch below the long-standing Vanguard equivalent. On a five-figure portfolio that difference is small in cash terms, but it is real and it compounds.
Both lines are accumulating. That means dividends paid by the underlying companies are reinvested inside the fund rather than paid out to you as cash. For a long-term investor in the building phase that is usually what you want, and in several countries it also simplifies the dividend-tax paperwork. If you want to see how the whole low-cost all-world field stacks up, our rundown of the cheapest developed-world and all-world trackers puts the numbers side by side, and you can run a direct fee-and-structure comparison in our UCITS ETF comparison tool.
So what is the difference between FWRA and FWRG?
The core difference is the currency and exchange the share class trades in. The fund’s base and reporting currency is US dollars, because global equities are priced in dollars under the bonnet. To make life easier for investors in different countries, Invesco lists the same fund in more than one trading currency. FWRA is the primary US-dollar-denominated line, widely available on European exchanges such as Xetra and Euronext. FWRG is the alternate line quoted in a different currency, aimed at investors who would rather trade in pounds or euros depending on the listing.
Here is the part that trips people up: the trading currency does not change what you own or your true currency risk. Whichever line you buy, the fund still holds dollar-priced US stocks, yen-priced Japanese stocks and so on. Buying the GBP or EUR line does not hedge anything. It only changes the currency the trade is settled in, which matters for one practical reason: if the line’s currency matches your account’s base currency, your broker does not have to convert your cash at purchase, so you skip an FX conversion fee.
Because share-class letters and listings do get reshuffled over time, do not take my labels as gospel for your specific broker. The reliable move is to check the ISIN and the stated trading currency on the individual line before you buy. Two lines of the same fund have different ISINs, and your broker’s order screen will show the currency next to the price.
Why the currency of the line matters for your costs
Say you hold euros at your broker and you buy a US-dollar line. Many brokers will auto-convert your euros to dollars to settle the trade, charging a conversion fee that can range from a token amount at the cheapest brokers to 0.5% or more at pricier ones. Do that on every monthly contribution for years and it quietly eats into the low headline TER you chose the fund for. Buying the line quoted in your own currency sidesteps this. It is the single most useful thing to get right here, and it matters far more than any imagined performance gap between the two lines.
FWRA vs FWRG at a glance
| Feature | FWRA | FWRG |
|---|---|---|
| Underlying fund | Invesco FTSE All-World UCITS ETF | Same fund, different line |
| Index tracked | FTSE All-World (dev + EM) | FTSE All-World (dev + EM) |
| Trading currency | Primary line (commonly USD) | Alternate line (e.g. GBP) |
| Distribution policy | Accumulating | Accumulating |
| Domicile | Ireland | Ireland |
| Ongoing charge (TER) | ~0.15% (verify) | ~0.15% (verify) |
| ISIN | Distinct per line — check factsheet | Distinct per line — check factsheet |
| Best for | Investors whose account/exchange matches this line | Investors trading in the alternate currency |
The row that does the work is currency. Everything else is effectively the same, which is the whole point.
How does it compare to VWCE?
Most people weighing FWRA are really asking whether to switch from, or start with, the Invesco fund instead of Vanguard’s VWCE. The two track the same FTSE All-World index and both accumulate, so the exposure is close to identical. The Invesco line is marginally cheaper on paper. Against that, VWCE has a much longer track record and a very large asset base, which some investors find reassuring for a fund they intend to hold for decades.
In practice the decision often comes down to tracking difference rather than the headline TER. Tracking difference measures how closely the fund’s real-world return follows the index after all frictions, and a slightly pricier fund can occasionally deliver a better net result. Because both funds are relatively easy to compare on this basis, I would not agonise: pick one, keep contributing, and avoid holding both, since that just doubles your admin for no diversification benefit. If you want the deeper head-to-head, our comparison of VWCE against its newer low-cost challengers and our all-world comparison hub cover the field, and our look at Amundi versus Vanguard as providers is useful if provider strength factors into your choice.
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What I’d do
If I were buying the Invesco FTSE All-World today, I would choose the line quoted in my own account currency and stop there. A euro investor buying through a euro account should favour the euro-tradeable line if one is available on their exchange; a UK investor holding sterling has a natural case for the GBP line. The goal is simply to avoid a needless FX conversion on every purchase. Beyond that, the two lines are interchangeable and the letter on the ticker should not keep you up at night.
For the fund-versus-fund question, either the Invesco all-world or VWCE is a perfectly sound single-fund core. I would let cost, the currency line available to me, and my broker’s savings-plan support break the tie, then commit and keep buying. Before you place the order, open the official factsheet and confirm the exact ISIN, currency and current ongoing charge for the specific line, and check our FWRA factsheet summary for the key data at a glance.
Frequently asked questions
Q: Are FWRA and FWRG the same fund?
A: Yes. They are two share-class lines of the same Invesco FTSE All-World UCITS ETF, holding the same portfolio and tracking the same index. The difference is the trading currency and exchange listing, not the underlying investment. They carry different ISINs, so always confirm which line you are actually buying.
Q: Does buying the GBP or EUR line hedge my currency risk?
A: No. Whichever line you choose, the fund still holds dollar-, yen- and euro-priced shares underneath, so your true currency exposure is identical. The trading currency only affects whether your broker has to convert your cash at purchase. To actually reduce currency swings you would need a separate currency-hedged share class, which is a different product.
Q: Which line should a euro investor buy?
A: Generally the line quoted in euros, if your exchange offers one, so you avoid a foreign-exchange conversion fee on every contribution. If only a US-dollar line is available on your broker, the fund is still fine to own; you just accept a small conversion cost or use a broker with cheap FX. Confirm the currency on the order screen before buying.
Q: Is the Invesco FTSE All-World cheaper than VWCE?
A: On the headline ongoing charge, the Invesco fund is marginally cheaper, at roughly 0.15% versus Vanguard’s slightly higher figure, though you should verify both on the official factsheets. The more meaningful measure over time is tracking difference, the real net return after costs, which can differ from the headline TER. Either fund is a legitimate low-cost core.
Q: Are FWRA and FWRG accumulating or distributing?
A: Both are accumulating, meaning dividends from the underlying companies are automatically reinvested inside the fund rather than paid to you as cash. This suits long-term investors in the building phase and can simplify dividend-tax handling in some countries. If you want regular income instead, you would look at a distributing all-world fund.
Q: How do I know which line my broker is selling me?
A: Check the ISIN and the trading currency shown next to the price on your broker’s order screen, and cross-reference it against the line you intended on Invesco’s official factsheet. The two lines have different ISINs, so this is the definitive way to confirm you are buying the currency line you want rather than assuming from the ticker alone.
For the definitive share-class details, always rely on Invesco’s official ETF site and factsheet rather than a third-party screener, since currency lines and ISINs are stated there directly.
European UCITS/ETF investor with 11+ years building a global dividend and index portfolio, and founder of Financial Expert Class. I write every guide here from first-hand experience investing across EU brokers and tax regimes — not theory. More about me →