# Multi Units LU - Amundi MSCI EMU (MFEX)

**Page:** https://fundology.uk/fund/mfex · ISIN LU1646360971

## 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, MFEX (Multi Units LU - Amundi MSCI EMU, ISIN LU1646360971) closed at £70.47 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 +57.7%, or +23.1% after UK CPIH inflation.

## Summary

Multi Units LU - Amundi MSCI EMU is an exchange-traded fund (ETF) from Amundi, launched in 2017. It tracks the MSCI EMU. 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: **£70.47** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | MFEX |
| ISIN | LU1646360971 |
| Also listed as | LMVF (Xetra, euros) |
| Category | European shares |
| Type | ETF |
| Provider | Amundi |
| Tracks | MSCI EMU |
| Income | Distributing |
| Ongoing charge | 0.12% a year (£12 per £10,000) |
| Fund size | £729m |
| Launched | 2017 |
| Domicile | Luxembourg |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 07/12/2017 |

## 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 | +8.50% | +4.66% | income reinvested |
| 3 years | +57.51% | +42.31% | income reinvested |
| 5 years | +57.69% | +23.09% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of Multi Units LU - Amundi MSCI EMU in pounds (price only, income paid out not included): 2022 −9.8%, 2023 +13.3%, 2024 +1.5%, 2025 +28.0%; 2026 to 13/11/2026 +7.9%. Returns of Multi Units LU - Amundi MSCI EMU in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: +8.9%; to 30/09/2025: +19.1%; to 30/09/2024: +14.5%; to 30/09/2023: +21.9%; to 30/09/2022: −17.4%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -9.8% | -17.4% | Price |
| 2023 | +13.3% | +8.8% | Price |
| 2024 | +1.5% | -2.0% | Price |
| 2025 | +28.0% | +23.6% | Price |
| 2026 to 13/11/2026 | +7.9% | +4.4% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 15.60% | -10.99% |
| 3 years | 14.07% | -10.99% |
| 5 years | 16.01% | -23.24% |

## Largest fall

Volatility of Multi Units LU - Amundi MSCI EMU in pounds, annualised from weekly returns to 13/11/2026: 15.6% over 1 year, 14.1% over 3 years, 16.0% over 5 years. Largest fall in the price of Multi Units LU - Amundi MSCI EMU since November 2021, in pounds: −21.9% from 19/11/2021 to 30/09/2022. The lowest 12-month return of Multi Units LU - Amundi MSCI EMU in pounds (price only, income paid out not included) since January 2021 was −18.5% (12 months to 14/10/2022); the highest was +28.0% (12 months to 02/01/2026). On 13/11/2026 the price of Multi Units LU - Amundi MSCI EMU was 4.1% below its highest weekly close since November 2021 (14/08/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of Multi Units LU - Amundi MSCI EMU 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).

## Funds tracking the same index

7 funds track MSCI EMU, this one included and share classes counted once; their ongoing charges range from 0.10% to 0.18% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| iShares Core MSCI EMU UCITS ETF | 0.12% | +9.9% | +60.1% | +58.4% |
| iShares Core MSCI EMU UCITS ETF Dist GBP | 0.12% | +17.9% | +75.2% | +74.1% |
| Multi Units LU - Amundi MSCI EMU (this fund) | 0.12% | +8.5% | +57.5% | +57.7% |
| UBS (Lux) Fund Solutions SICAV - MSCI EMU UCITS ETF | 0.10% | +8.7% | +57.5% | +58.1% |
| UBS Core MSCI EMU UCITS ETF-EUR dis- Distribution | 0.10% | +8.5% | +57.6% | +57.7% |
| Xtrackers MSCI EMU UCITS ETF Capitalisation 1CUSD hedged | 0.18% | +17.6% | +63.9% | +83.9% |
| Xtrackers MSCI EMU UCITS ETF Distribution 1D | 0.10% | +10.1% | +60.3% | +58.4% |

Returns are as reported, in pounds, income reinvested unless marked "(price)".

## 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 11/11/2026, MFEX holds 224 positions, according to its published holdings. The largest is ASML at 8.06% of the fund; the ten largest make up 29.4%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | ASML | [ASML](https://fundology.uk/stock/ASML) | 8.06% |
| 2 | SAP | [SAP](https://fundology.uk/stock/SAP) | 3.16% |
| 3 | Siemens | [SIE](https://fundology.uk/stock/SIE) | 2.96% |
| 4 | Allianz | [ALV](https://fundology.uk/stock/ALV) | 2.61% |
| 5 | Banco Santander | [SAN](https://fundology.uk/stock/SAN) | 2.38% |
| 6 | TotalEnergies | [TTE](https://fundology.uk/stock/TTE) | 2.28% |
| 7 | Iberdrola | [IBE](https://fundology.uk/stock/IBE) | 2.13% |
| 8 | Schneider Electric | [SU](https://fundology.uk/stock/SU) | 1.97% |
| 9 | Banco Bilbao Vizcaya Argentaria | [BBVA](https://fundology.uk/stock/BBVA) | 1.95% |
| 10 | Airbus | [AIR](https://fundology.uk/stock/AIR) | 1.85% |

## 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 11/11/2026.

| Sector | Weight |
|---|---|
| Financials | 26.6% |
| Industrials | 19.0% |
| Information Technology | 15.1% |
| Consumer Discretionary | 7.8% |
| Utilities | 7.0% |
| Health Care | 6.7% |
| Consumer Staples | 5.9% |
| Materials | 4.3% |
| Other sectors | 7.6% |

### By country

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

| Country | Weight |
|---|---|
| France | 27.7% |
| Germany | 25.8% |
| Netherlands | 16.0% |
| Spain | 11.5% |
| Italy | 9.3% |
| Belgium | 3.5% |
| Finland | 3.3% |
| Ireland | 1.3% |
| Other countries | 1.7% |

The 220 holdings on record (of 224 reported): https://fundology.uk/fund/mfex/holdings

## Questions people ask

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

The ongoing charge of MFEX 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 Multi Units LU - Amundi MSCI EMU 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 MFEX track?**

MFEX tracks the MSCI EMU.

**Is MFEX accumulating or distributing?**

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

**What is the ISIN of MFEX?**

The ISIN of MFEX is LU1646360971. An ISIN identifies one exact share class of a fund; MFEX is its ticker on the London Stock Exchange. The same share class is also listed as LMVF (Xetra, euros).

**What does MFEX hold?**

As of 11/11/2026, MFEX holds 224 positions, according to its published holdings. The largest is ASML at 8.06% of the fund; the ten largest make up 29.4%. Its ten largest holdings are ASML (8.06%), SAP (3.16%), Siemens (2.96%), Allianz (2.61%), Banco Santander (2.38%), TotalEnergies (2.28%), Iberdrola (2.13%), Schneider Electric (1.97%), Banco Bilbao Vizcaya Argentaria (1.95%) and Airbus (1.85%).

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

Calendar-year returns of MFEX in pounds (price only, income paid out not included): 2022 −9.8%, 2023 +13.3%, 2024 +1.5%, 2025 +28.0%; 2026 to 13/11/2026 +7.9%. Past performance is not a guide to future returns.

**How has MFEX done after inflation?**

Over the five years to 13/11/2026 MFEX’s total return was +57.7%, or +23.1% after UK CPIH inflation. Past performance is not a guide to future returns.

## Fund documents

- [Fund page at Amundi](https://www.amundietf.co.uk/en/professional/products/equity/amundi-core-msci-emu-ucits-etf-dist/lu1646360971)
- 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.