Quick note: There is also FTSE Developed World, which has outperformed All-World over the last few years AND has a lower TER than most All-World indeces. You can always hold 10% Emerging Markets + Developed World.
Another issue in Europe is that the accumulating ETFs (more tax efficient in most countries) tracking the Developed index have low liquidity.
1. https://research.ftserussell.com/Analytics/Factsheets/Home/D...