# iShares U.S. Equity High Income Active UCITS ETF USD (INCU)

**Page:** https://fundology.uk/fund/incu · ISIN IE000WHL2ZK1

## 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, INCU (iShares U.S. Equity High Income Active UCITS ETF USD, ISIN IE000WHL2ZK1) closed at £4.31 on the London Stock Exchange. Its ongoing charge is 0.35% a year (about £35 on £10,000). Over the year to 13/11/2026 its total return was +12.3%, or +8.3% after UK CPIH inflation.

## Summary

iShares U.S. Equity High Income Active UCITS ETF USD is an exchange-traded fund (ETF) from iShares, launched in 2024. It tracks the No Underlying Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.35% a year — about £35 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: **£4.31** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | INCU |
| ISIN | IE000WHL2ZK1 |
| Category | US shares |
| Type | ETF |
| Provider | iShares |
| Income | Distributing |
| Ongoing charge | 0.35% a year (£35 per £10,000) |
| Fund size | £46.0m |
| Launched | 2024 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 15/01/2024 |

## 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 | +12.30% | +8.32% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of iShares U.S. Equity High Income Active UCITS ETF USD in pounds (price only, income paid out not included): 2025 −6.0%; 2026 to 13/11/2026 +5.3%. Returns of iShares U.S. Equity High Income Active UCITS ETF USD in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: +7.6%; to 30/09/2025: +1.5%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2025 | -6.0% | -9.2% | Price |
| 2026 to 13/11/2026 | +5.3% | +1.9% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 10.08% | -6.72% |

## Largest fall

Volatility of iShares U.S. Equity High Income Active UCITS ETF USD in pounds, annualised from weekly returns to 13/11/2026: 10.1% over 1 year. Largest fall in the price of iShares U.S. Equity High Income Active UCITS ETF USD since March 2024, in pounds: −20.5% from 06/12/2024 to 18/04/2025. The lowest 12-month return of iShares U.S. Equity High Income Active UCITS ETF USD in pounds (price only, income paid out not included) since March 2024 was −10.0% (12 months to 18/04/2025); the highest was +17.1% (12 months to 22/05/2026). On 13/11/2026 the price of iShares U.S. Equity High Income Active UCITS ETF USD was 3.4% below its highest weekly close since March 2024 (09/10/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares U.S. Equity High Income Active UCITS ETF USD 0.35% a year. Compared on 14/11/2026, 38 of the 254 other US share funds charge more, 10 the same and 206 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.35%** per year (as of 13/11/2026)
- 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, INCU holds 324 positions, according to its published holdings. The largest is Blk Ics US Treas Agency Dis at 7.66% of the fund; the ten largest make up 39.6%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Blk Ics US Treas Agency Dis | — | 7.66% |
| 2 | Apple | [AAPL](https://fundology.uk/stock/AAPL) | 6.60% |
| 3 | NVIDIA | [NVDA](https://fundology.uk/stock/NVDA) | 6.41% |
| 4 | Microsoft | [MSFT](https://fundology.uk/stock/MSFT) | 5.57% |
| 5 | Amazon | [AMZN](https://fundology.uk/stock/AMZN) | 3.26% |
| 6 | Alphabet · Class A | [GOOGL](https://fundology.uk/stock/GOOGL) | 2.33% |
| 7 | Berkshire Hathaway · Class B | [BRK.B](https://fundology.uk/stock/BRK.B) | 2.06% |
| 8 | Alphabet · Class C | [GOOG](https://fundology.uk/stock/GOOG) | 2.05% |
| 9 | Broadcom | [AVGO](https://fundology.uk/stock/AVGO) | 1.84% |
| 10 | Meta Platforms · Class A | [META](https://fundology.uk/stock/META) | 1.79% |

## 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 |
|---|---|
| Information Technology | 33.2% |
| Financials | 12.1% |
| Health Care | 11.0% |
| Consumer Discretionary | 8.6% |
| Communication Services | 8.6% |
| Industrials | 6.9% |
| Consumer Staples | 6.6% |
| Energy | 4.1% |
| Other sectors | 8.9% |

### By type of asset

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

| Type of asset | Weight |
|---|---|
| Equity | 92.7% |
| Cash and money market | 7.3% |

The 258 holdings on record (of 324 reported): https://fundology.uk/fund/incu/holdings

## Questions people ask

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

The ongoing charge of INCU is 0.35% a year — about £35 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 U.S. Equity High Income Active UCITS ETF USD 0.35% a year. Compared on 14/11/2026, 38 of the 254 other US share funds charge more, 10 the same and 206 less (share classes counted once).

**Is INCU accumulating or distributing?**

INCU is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly.

**What is the ISIN of INCU?**

The ISIN of INCU is IE000WHL2ZK1. An ISIN identifies one exact share class of a fund; INCU is its ticker on the London Stock Exchange.

**What does INCU hold?**

As of 06/11/2026, INCU holds 324 positions, according to its published holdings. The largest is Blk Ics US Treas Agency Dis at 7.66% of the fund; the ten largest make up 39.6%. Its ten largest holdings are Blk Ics US Treas Agency Dis (7.66%), Apple (6.60%), NVIDIA (6.41%), Microsoft (5.57%), Amazon (3.26%), Alphabet · Class A (2.33%), Berkshire Hathaway · Class B (2.06%), Alphabet · Class C (2.05%), Broadcom (1.84%) and Meta Platforms · Class A (1.79%).

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

Calendar-year returns of INCU in pounds (price only, income paid out not included): 2025 −6.0%; 2026 to 13/11/2026 +5.3%. Past performance is not a guide to future returns.

**How has INCU done after inflation?**

Over the year to 13/11/2026 INCU’s total return was +12.3%, or +8.3% 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/335078/ishares-u-s-equity-high-income-active-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-us-equity-high-income-active-ucits-etf-usd-dist-gb-ie000whl2zk1-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/incu-ishares-u-s-equity-high-income-active-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.