# Invesco MSCI Europe ex-UK UCITS ETF (MXUK)

**Page:** https://fundology.uk/fund/mxuk · ISIN IE00BYX5K108

## 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, MXUK (Invesco MSCI Europe ex-UK UCITS ETF, ISIN IE00BYX5K108) closed at £40.78 on the London Stock Exchange. Its ongoing charge is 0.20% a year (about £20 on £10,000). Over the five years to 13/11/2026 its total return was +48.5%, or +15.9% after UK CPIH inflation.

## Summary

Invesco MSCI Europe ex-UK UCITS ETF is an exchange-traded fund (ETF) from Invesco, launched in 2017. It tracks the MSCI Europe ex UK — large and medium-sized European companies. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.2% a year — about £20 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.

Latest close: **£40.78** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | MXUK |
| ISIN | IE00BYX5K108 |
| Category | European shares |
| Type | ETF |
| Provider | Invesco |
| Tracks | MSCI Europe ex UK |
| Income | Accumulating |
| Ongoing charge | 0.20% a year (£20 per £10,000) |
| Fund size | £62.4m |
| Launched | 2017 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 08/06/2017 |

## 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 | +10.87% | +6.95% | income reinvested |
| 3 years | +51.67% | +37.03% | income reinvested |
| 5 years | +48.54% | +15.94% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of Invesco MSCI Europe ex-UK UCITS ETF in pounds (price, with income reinvested in the fund): 2022 −6.7%, 2023 +14.9%, 2024 +2.1%, 2025 +26.5%; 2026 to 13/11/2026 +8.3%. Returns of Invesco MSCI Europe ex-UK UCITS ETF in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +11.1%; to 30/09/2025: +15.3%; to 30/09/2024: +16.1%; to 30/09/2023: +19.0%; to 30/09/2022: −11.4%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -6.7% | -14.6% | Price |
| 2023 | +14.9% | +10.3% | Price |
| 2024 | +2.1% | -1.4% | Price |
| 2025 | +26.5% | +22.2% | Price |
| 2026 to 13/11/2026 | +8.3% | +4.9% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 14.85% | -11.03% |
| 3 years | 13.07% | -11.03% |
| 5 years | 14.66% | -18.37% |

## Largest fall

Volatility of Invesco MSCI Europe ex-UK UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 14.9% over 1 year, 13.1% over 3 years, 14.7% over 5 years. Largest fall in the price of Invesco MSCI Europe ex-UK UCITS ETF since November 2021, in pounds: −17.1% from 19/11/2021 to 04/03/2022. The lowest 12-month return of Invesco MSCI Europe ex-UK UCITS ETF in pounds (price, with income reinvested in the fund) since January 2021 was −13.4% (12 months to 14/10/2022); the highest was +27.4% (12 months to 10/04/2026). On 13/11/2026 the price of Invesco MSCI Europe ex-UK UCITS ETF was 1.7% below its highest weekly close since November 2021 (03/07/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of Invesco MSCI Europe ex-UK UCITS ETF 0.20% a year. Compared on 14/11/2026, 124 of the 242 other European share funds charge more, 24 the same and 94 less (share classes counted once).

## Funds tracking the same index

2 funds track MSCI Europe ex UK, this one included and share classes counted once; their ongoing charges range from 0.20% to 0.40% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Invesco MSCI Europe ex-UK UCITS ETF (this fund) | 0.20% | +10.9% | +51.7% | +48.5% |
| iShares MSCI Europe ex-UK UCITS ETF | 0.40% | +10.7% | +51.2% | +47.8% |

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

## Charges & eligibility

- Ongoing charges figure (OCF): **0.20%** 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 30/09/2026, MXUK holds 315 positions, according to its published holdings. The largest is ASML at 6.65% of the fund; the ten largest make up 25.1%.

### Top holdings

Largest positions (as of 30/09/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | ASML | [ASML](https://fundology.uk/stock/ASML) | 6.65% |
| 2 | Roche | [RO](https://fundology.uk/stock/RO) | 2.77% |
| 3 | Novartis | [NOVN](https://fundology.uk/stock/NOVN) | 2.48% |
| 4 | Nestle | [NESN](https://fundology.uk/stock/NESN) | 2.21% |
| 5 | Siemens | [SIE](https://fundology.uk/stock/SIE) | 2.14% |
| 6 | SAP | [SAP](https://fundology.uk/stock/SAP) | 2.02% |
| 7 | Banco Santander | [SAN](https://fundology.uk/stock/SAN) | 1.89% |
| 8 | Schneider Electric | [SU](https://fundology.uk/stock/SU) | 1.72% |
| 9 | Allianz | [ALV](https://fundology.uk/stock/ALV) | 1.70% |
| 10 | TotalEnergies | [TTE](https://fundology.uk/stock/TTE) | 1.57% |

## 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 24/09/2026.

| Sector | Weight |
|---|---|
| Financials | 25.1% |
| Industrials | 19.1% |
| Health Care | 12.8% |
| Information Technology | 11.3% |
| Consumer Staples | 6.9% |
| Consumer Discretionary | 6.7% |
| Utilities | 5.8% |
| Materials | 4.4% |
| Other sectors | 8.0% |

### By country

As published for the fund, as of 24/09/2026.

| Country | Weight |
|---|---|
| Germany | 17.4% |
| France | 15.9% |
| Switzerland | 12.0% |
| Netherlands | 11.3% |
| United States | 10.7% |
| Spain | 7.9% |
| Italy | 6.6% |
| Sweden | 6.1% |
| Other countries | 12.2% |

All 315 holdings: https://fundology.uk/fund/mxuk/holdings

## Questions people ask

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

The ongoing charge of MXUK is 0.20% a year — about £20 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 Invesco MSCI Europe ex-UK UCITS ETF 0.20% a year. Compared on 14/11/2026, 124 of the 242 other European share funds charge more, 24 the same and 94 less (share classes counted once).

**What does MXUK track?**

MXUK tracks the MSCI Europe ex UK — large and medium-sized European companies.

**Is MXUK accumulating or distributing?**

MXUK 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 MXUK?**

The ISIN of MXUK is IE00BYX5K108. An ISIN identifies one exact share class of a fund; MXUK is its ticker on the London Stock Exchange.

**What does MXUK hold?**

As of 30/09/2026, MXUK holds 315 positions, according to its published holdings. The largest is ASML at 6.65% of the fund; the ten largest make up 25.1%. Its ten largest holdings are ASML (6.65%), Roche (2.77%), Novartis (2.48%), Nestle (2.21%), Siemens (2.14%), SAP (2.02%), Banco Santander (1.89%), Schneider Electric (1.72%), Allianz (1.70%) and TotalEnergies (1.57%).

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

Calendar-year returns of MXUK in pounds (price, with income reinvested in the fund): 2022 −6.7%, 2023 +14.9%, 2024 +2.1%, 2025 +26.5%; 2026 to 13/11/2026 +8.3%. Past performance is not a guide to future returns.

**How has MXUK done after inflation?**

Over the five years to 13/11/2026 MXUK’s total return was +48.5%, or +15.9% after UK CPIH inflation. Past performance is not a guide to future returns.

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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.