# iShares MSCI EMU USD Hedged UCITS ETF (Acc) (EMUU)

**Page:** https://fundology.uk/fund/emuu · ISIN IE00BWZN1T31

## 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, EMUU (iShares MSCI EMU USD Hedged UCITS ETF (Acc), ISIN IE00BWZN1T31) closed at $15.15 on the London Stock Exchange. Its ongoing charge is 0.38% a year (about £38 on £10,000). Over the five years to 13/11/2026 its total return was +81.0%, or +41.3% after UK CPIH inflation.

## Summary

iShares MSCI EMU USD Hedged UCITS ETF (Acc) is an exchange-traded fund (ETF) from iShares, launched in 2015. It tracks the MSCI EMU 100% Hedged to USD Net Variant. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.38% a year — about £38 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 US dollars, not to the pound: it aims to remove most of the effect of exchange-rate moves against US dollars, so a holder who counts in pounds still has currency risk.

Latest close: **$15.15** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | EMUU |
| ISIN | IE00BWZN1T31 |
| Also listed as | CEBP (Xetra, euros) |
| Category | European shares |
| Type | ETF |
| Provider | iShares |
| Tracks | MSCI EMU 100% Hedged to USD Net Variant |
| Income | Accumulating |
| Ongoing charge | 0.38% a year (£38 per £10,000) |
| Fund size | £238m |
| Launched | 2015 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 29/06/2015 |

## 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 | +17.37% | +13.21% | income reinvested |
| 3 years | +62.20% | +46.55% | income reinvested |
| 5 years | +81.05% | +41.32% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of iShares MSCI EMU USD Hedged UCITS ETF (Acc) in pounds (price, with income reinvested in the fund): 2022 +1.9%, 2023 +15.2%, 2024 +13.8%, 2025 +17.8%; 2026 to 13/11/2026 +16.2%. Returns of iShares MSCI EMU USD Hedged UCITS ETF (Acc) in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +18.2%; to 30/09/2025: +18.2%; to 30/09/2024: +13.7%; to 30/09/2023: +15.5%; to 30/09/2022: +3.7%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +1.9% | -6.7% | Price |
| 2023 | +15.2% | +10.6% | Price |
| 2024 | +13.8% | +10.0% | Price |
| 2025 | +17.8% | +13.8% | Price |
| 2026 to 13/11/2026 | +16.2% | +12.5% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 14.25% | -8.67% |
| 3 years | 13.50% | -14.51% |
| 5 years | 14.58% | -16.70% |

## Largest fall

Volatility of iShares MSCI EMU USD Hedged UCITS ETF (Acc) in pounds, annualised from weekly returns to 13/11/2026: 14.3% over 1 year, 13.5% over 3 years, 14.6% over 5 years. Largest fall in the price of iShares MSCI EMU USD Hedged UCITS ETF (Acc) since November 2021, in pounds: −16.3% from 19/11/2021 to 04/03/2022. The lowest 12-month return of iShares MSCI EMU USD Hedged UCITS ETF (Acc) in pounds (price, with income reinvested in the fund) since January 2021 was −2.9% (12 months to 11/04/2025); the highest was +35.8% (12 months to 03/03/2023). On 13/11/2026 the price of iShares MSCI EMU USD Hedged UCITS ETF (Acc) was at its highest weekly close since November 2021, in pounds.

## Charges compared with similar funds

Ongoing charge of iShares MSCI EMU USD Hedged UCITS ETF (Acc) 0.38% a year. Compared on 14/11/2026, 38 of the 242 other European share funds charge more, 1 the same and 203 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.38%** 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, EMUU holds 214 positions, according to its published holdings. The largest is ASML at 7.55% of the fund; the ten largest make up 28.7%.

### 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) | 7.55% |
| 2 | SAP | [SAP](https://fundology.uk/stock/SAP) | 3.24% |
| 3 | Siemens | [SIE](https://fundology.uk/stock/SIE) | 2.89% |
| 4 | Allianz | [ALV](https://fundology.uk/stock/ALV) | 2.60% |
| 5 | TotalEnergies | [TTE](https://fundology.uk/stock/TTE) | 2.34% |
| 6 | Banco Santander | [SAN](https://fundology.uk/stock/SAN) | 2.31% |
| 7 | Iberdrola | [IBE](https://fundology.uk/stock/IBE) | 2.13% |
| 8 | Banco Bilbao Vizcaya Argentaria | [BBVA](https://fundology.uk/stock/BBVA) | 1.92% |
| 9 | Schneider Electric | [SU](https://fundology.uk/stock/SU) | 1.91% |
| 10 | Airbus Group | — | 1.77% |

## 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 | 26.1% |
| Industrials | 18.5% |
| Information Technology | 14.3% |
| Consumer Discretionary | 7.9% |
| Utilities | 7.1% |
| Health Care | 6.6% |
| Consumer Staples | 6.0% |
| Materials | 4.3% |
| Other sectors | 9.2% |

### By country

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

| Country | Weight |
|---|---|
| France | 27.6% |
| Germany | 25.5% |
| Netherlands | 15.3% |
| Spain | 11.4% |
| Italy | 9.1% |
| Belgium | 3.5% |
| Finland | 3.2% |
| Cash and derivatives | 1.5% |
| Other countries | 2.9% |

### By type of asset

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

| Type of asset | Weight |
|---|---|
| Equity | 98.5% |
| Cash and money market | 1.3% |

All 217 holdings: https://fundology.uk/fund/emuu/holdings

## Questions people ask

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

The ongoing charge of EMUU is 0.38% a year — about £38 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 MSCI EMU USD Hedged UCITS ETF (Acc) 0.38% a year. Compared on 14/11/2026, 38 of the 242 other European share funds charge more, 1 the same and 203 less (share classes counted once).

**What does EMUU track?**

EMUU tracks the MSCI EMU 100% Hedged to USD Net Variant.

**Is EMUU accumulating or distributing?**

EMUU 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 EMUU?**

The ISIN of EMUU is IE00BWZN1T31. An ISIN identifies one exact share class of a fund; EMUU is its ticker on the London Stock Exchange. The same share class is also listed as CEBP (Xetra, euros).

**What does EMUU hold?**

As of 06/11/2026, EMUU holds 214 positions, according to its published holdings. The largest is ASML at 7.55% of the fund; the ten largest make up 28.7%. Its ten largest holdings are ASML (7.55%), SAP (3.24%), Siemens (2.89%), Allianz (2.60%), TotalEnergies (2.34%), Banco Santander (2.31%), Iberdrola (2.13%), Banco Bilbao Vizcaya Argentaria (1.92%), Schneider Electric (1.91%) and Airbus Group (1.77%).

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

Calendar-year returns of EMUU in pounds (price, with income reinvested in the fund): 2022 +1.9%, 2023 +15.2%, 2024 +13.8%, 2025 +17.8%; 2026 to 13/11/2026 +16.2%. Past performance is not a guide to future returns.

**How has EMUU done after inflation?**

Over the five years to 13/11/2026 EMUU’s total return was +81.0%, or +41.3% 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/275765/ishares-msci-emu-usd-hedged-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-msci-emu-usd-hedged-ucits-etf-acc-gb-ie00bwzn1t31-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/emuu-ishares-msci-emu-usd-hedged-ucits-etf-acc-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.