# UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation (0HEQ) **Page:** https://fundology.uk/fund/0heq · ISIN LU1324516308 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. As of 13/11/2026, 0HEQ (UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation, ISIN LU1324516308) closed at €12.77 on the London Stock Exchange. Its ongoing charge is 0.28% a year (about £28 on £10,000). Over the five years to 13/11/2026 its total return was −3.2%, or −24.5% after UK CPIH inflation. ## Summary UBS (Lux) Fund Solutions SICAV - UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation is an exchange-traded fund (ETF) from UBS, launched in 2016. It tracks the Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped Index - EUR - Benchmark TR Gross Hedged. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.28% a year — about £28 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. It is currency-hedged to euros, not to the pound: it aims to remove most of the effect of exchange-rate moves against euros, so a holder who counts in pounds still has currency risk. Latest close: **€12.77** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | 0HEQ | | ISIN | LU1324516308 | | Also listed as | FRCK (Xetra, euros) | | Category | Government bonds | | Type | ETF | | Provider | UBS | | Tracks | Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped Index - EUR - Benchmark TR Gross Hedged | | Income | Accumulating | | Ongoing charge | 0.28% a year (£28 per £10,000) | | Fund size | £230m | | Launched | 2016 | | Domicile | Luxembourg | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 29/04/2016 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | -5.34% | -8.70% | income reinvested | | 3 years | +21.28% | +9.57% | income reinvested | | 5 years | -3.22% | -24.45% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of UBS (Lux) Fund Solutions SICAV - UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation in pounds (price, with income reinvested in the fund): 2022 −17.5%, 2023 +7.2%, 2024 +1.0%, 2025 +18.3%; 2026 to 13/11/2026 −5.6%. Returns of UBS (Lux) Fund Solutions SICAV - UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −1.8%; to 30/09/2025: +13.0%; to 30/09/2024: +12.9%; to 30/09/2023: +6.1%; to 30/09/2022: −26.6%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | -17.5% | -24.5% | Price | | 2023 | +7.2% | +2.9% | Price | | 2024 | +1.0% | -2.5% | Price | | 2025 | +18.3% | +14.3% | Price | | 2026 to 13/11/2026 | -5.6% | -8.6% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 6.95% | -7.57% | | 3 years | 7.62% | -7.57% | | 5 years | 10.69% | -28.72% | ## Largest fall Volatility of UBS (Lux) Fund Solutions SICAV - UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation in pounds, annualised from weekly returns to 13/11/2026: 7.0% over 1 year, 7.6% over 3 years, 10.7% over 5 years. Largest fall in the price of UBS (Lux) Fund Solutions SICAV - UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation since November 2021, in pounds: −28.0% from 10/12/2021 to 21/10/2022. The lowest 12-month return of UBS (Lux) Fund Solutions SICAV - UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation in pounds (price, with income reinvested in the fund) since January 2021 was −28.7% (12 months to 15/07/2022); the highest was +19.0% (12 months to 19/12/2025). On 13/11/2026 the price of UBS (Lux) Fund Solutions SICAV - UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation was 7.6% below its highest weekly close since November 2021 (27/02/2026), in pounds. ## Charges compared with similar funds Ongoing charge of UBS (Lux) Fund Solutions SICAV - UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation 0.28% a year. Compared on 14/11/2026, 28 of the 311 other government bond funds charge more, 1 the same and 282 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.28%** per year - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## Questions people ask **What is the ongoing charge of 0HEQ?** The ongoing charge of 0HEQ is 0.28% a year — about £28 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of UBS (Lux) Fund Solutions SICAV - UBS BBG USD EM Sovereign UCITS ETF -hEUR acc- Capitalisation 0.28% a year. Compared on 14/11/2026, 28 of the 311 other government bond funds charge more, 1 the same and 282 less (share classes counted once). **What does 0HEQ track?** 0HEQ tracks the Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped Index - EUR - Benchmark TR Gross Hedged. **Is 0HEQ accumulating or distributing?** 0HEQ is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of 0HEQ?** The ISIN of 0HEQ is LU1324516308. An ISIN identifies one exact share class of a fund; 0HEQ is its ticker on the London Stock Exchange. The same share class is also listed as FRCK (Xetra, euros). **What were 0HEQ’s returns in each of the last five years?** Calendar-year returns of 0HEQ in pounds (price, with income reinvested in the fund): 2022 −17.5%, 2023 +7.2%, 2024 +1.0%, 2025 +18.3%; 2026 to 13/11/2026 −5.6%. Past performance is not a guide to future returns. **How has 0HEQ done after inflation?** Over the five years to 13/11/2026 0HEQ’s total return was −3.2%, or −24.5% after UK CPIH inflation. Past performance is not a guide to future returns. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.