# iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR (EMUD)

**Page:** https://fundology.uk/fund/emud · ISIN IE00BHZPHZ28

## 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, EMUD (iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR, ISIN IE00BHZPHZ28) closed at £7.61 on the London Stock Exchange. Its ongoing charge is 0.12% a year (about £12 on £10,000). Over the five years to 13/11/2026 its total return was +52.0%, or +18.7% after UK CPIH inflation.

## Summary

iShares IV PLC - iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR is an exchange-traded fund (ETF) from iShares, launched in 2019. It tracks the MSCI EMU ESG Enhanced Focus Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.12% a year — about £12 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is paid out to holders as cash, usually a few times a year.

Latest close: **£7.61** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | EMUD |
| ISIN | IE00BHZPHZ28 |
| Also listed as | EMNE (Xetra, euros) |
| Category | European shares |
| Type | ETF |
| Provider | iShares |
| Tracks | MSCI EMU ESG Enhanced Focus Index |
| Income | Distributing |
| Ongoing charge | 0.12% a year (£12 per £10,000) |
| Fund size | £344m |
| Launched | 2019 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 12/03/2019 |

## 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 | +8.70% | +4.85% | income reinvested |
| 3 years | +56.07% | +41.01% | income reinvested |
| 5 years | +52.04% | +18.68% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of iShares IV PLC - iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR in pounds (price only, income paid out not included): 2022 −10.1%, 2023 +12.6%, 2024 +1.7%, 2025 +25.7%; 2026 to 13/11/2026 +5.4%. Returns of iShares IV PLC - iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: +9.0%; to 30/09/2025: +16.0%; to 30/09/2024: +15.2%; to 30/09/2023: +19.0%; to 30/09/2022: −17.9%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -10.1% | -17.7% | Price |
| 2023 | +12.6% | +8.1% | Price |
| 2024 | +1.7% | -1.8% | Price |
| 2025 | +25.7% | +21.4% | Price |
| 2026 to 13/11/2026 | +5.4% | +2.0% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 15.15% | -11.34% |
| 3 years | 14.17% | -11.34% |
| 5 years | 16.29% | -23.59% |

## Largest fall

Volatility of iShares IV PLC - iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR in pounds, annualised from weekly returns to 13/11/2026: 15.1% over 1 year, 14.2% over 3 years, 16.3% over 5 years. Largest fall in the price of iShares IV PLC - iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR since November 2021, in pounds: −22.2% from 19/11/2021 to 30/09/2022. The lowest 12-month return of iShares IV PLC - iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR in pounds (price only, income paid out not included) since January 2021 was −19.4% (12 months to 14/10/2022); the highest was +25.7% (12 months to 02/01/2026). On 13/11/2026 the price of iShares IV PLC - iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR was 4.1% below its highest weekly close since November 2021 (14/08/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares IV PLC - iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR 0.12% a year. Compared on 14/11/2026, 187 of the 242 other European share funds charge more, 17 the same and 38 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.12%** 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.

## What it holds

As of 06/11/2026, EMUD holds 207 positions, according to its published holdings. The largest is ASML at 7.86% of the fund; the ten largest make up 32.0%.

### Top holdings

Largest positions (as of 06/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | ASML | [ASML](https://fundology.uk/stock/ASML) | 7.86% |
| 2 | SAP | [SAP](https://fundology.uk/stock/SAP) | 3.36% |
| 3 | Allianz | [ALV](https://fundology.uk/stock/ALV) | 3.21% |
| 4 | Siemens | [SIE](https://fundology.uk/stock/SIE) | 3.01% |
| 5 | Schneider Electric | [SU](https://fundology.uk/stock/SU) | 2.92% |
| 6 | Iberdrola | [IBE](https://fundology.uk/stock/IBE) | 2.71% |
| 7 | Banco Santander | [SAN](https://fundology.uk/stock/SAN) | 2.62% |
| 8 | Sanofi | [SAN](https://fundology.uk/stock/EURONEXT:SAN) | 2.30% |
| 9 | Banco Bilbao Vizcaya Argentaria | [BBVA](https://fundology.uk/stock/BBVA) | 2.02% |
| 10 | AerCap | [AER](https://fundology.uk/stock/AER) | 1.95% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By sector

As published for the fund, as of 06/11/2026.

| Sector | Weight |
|---|---|
| Financials | 27.4% |
| Industrials | 19.7% |
| Information Technology | 14.6% |
| Consumer Discretionary | 7.3% |
| Utilities | 7.2% |
| Health Care | 6.9% |
| Consumer Staples | 5.3% |
| Materials | 3.6% |
| Other sectors | 8.0% |

### By country

As published for the fund, as of 06/11/2026.

| Country | Weight |
|---|---|
| France | 26.9% |
| Germany | 24.3% |
| Netherlands | 16.2% |
| Spain | 11.6% |
| Italy | 10.0% |
| Belgium | 3.7% |
| Finland | 3.5% |
| Austria | 1.2% |
| Other countries | 2.6% |

### By type of asset

Added up from the fund’s published holdings, as of 06/11/2026.

| Type of asset | Weight |
|---|---|
| Equity | 99.2% |
| Cash and money market | 0.8% |

All 211 holdings: https://fundology.uk/fund/emud/holdings

## Questions people ask

**What is the ongoing charge of EMUD?**

The ongoing charge of EMUD is 0.12% a year — about £12 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 iShares IV PLC - iShares MSCI EMU CTB Enhanced ESG UCITS ETF Unhedged EUR 0.12% a year. Compared on 14/11/2026, 187 of the 242 other European share funds charge more, 17 the same and 38 less (share classes counted once).

**What does EMUD track?**

EMUD tracks the MSCI EMU ESG Enhanced Focus Index.

**Is EMUD accumulating or distributing?**

EMUD is distributing: income is paid out to holders as cash, usually a few times a year. It pays out semi-annual.

**What is the ISIN of EMUD?**

The ISIN of EMUD is IE00BHZPHZ28. An ISIN identifies one exact share class of a fund; EMUD is its ticker on the London Stock Exchange. The same share class is also listed as EMNE (Xetra, euros).

**What does EMUD hold?**

As of 06/11/2026, EMUD holds 207 positions, according to its published holdings. The largest is ASML at 7.86% of the fund; the ten largest make up 32.0%. Its ten largest holdings are ASML (7.86%), SAP (3.36%), Allianz (3.21%), Siemens (3.01%), Schneider Electric (2.92%), Iberdrola (2.71%), Banco Santander (2.62%), Sanofi (2.30%), Banco Bilbao Vizcaya Argentaria (2.02%) and AerCap (1.95%).

**What were EMUD’s returns in each of the last five years?**

Calendar-year returns of EMUD in pounds (price only, income paid out not included): 2022 −10.1%, 2023 +12.6%, 2024 +1.7%, 2025 +25.7%; 2026 to 13/11/2026 +5.4%. Past performance is not a guide to future returns.

**How has EMUD done after inflation?**

Over the five years to 13/11/2026 EMUD’s total return was +52.0%, or +18.7% after UK CPIH inflation. Past performance is not a guide to future returns.

## Fund documents

- [Fund page at iShares](https://www.ishares.com/uk/individual/en/products/307585/ishares-msci-emu-ctb-enhanced-esg-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-msci-emu-ctb-enhanced-esg-ucits-etf-eur-dist-gb-ie00bhzphz28-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/emud-ishares-msci-emu-ctb-enhanced-esg-ucits-etf-fund-fact-sheet-en-gb.pdf)
- Links checked 12/10/2026.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.