# State Street SPDR MSCI Europe Industrials UCITS ETF (NDUS)

**Source:** https://fundology.uk/fund/ndus · ISIN IE00BKWQ0J47 · Data: TradingView (LSE closes and returns, delayed), issuer documents and holdings (SPDR), ONS CPIH, FCA FIRDS

## 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 01/10/2026, NDUS (State Street SPDR MSCI Europe Industrials UCITS ETF, ISIN IE00BKWQ0J47) closed at €432.05 on the London Stock Exchange. Its ongoing charge is 0.18% a year (about £18 on £10,000). Over the five years to 01/10/2026 its total return was +79.3%, or +40.2% after UK CPIH inflation.

## Summary

State Street SPDR MSCI Europe Industrials UCITS ETF is an exchange-traded fund (ETF) from SPDR, launched in 2014. It tracks the MSCI Europe Industrials 35/20 Capped Index - EUR - Benchmark TR Net — 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 0.18% a year — about £18 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: **€432.05** (01/10/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | NDUS |
| ISIN | IE00BKWQ0J47 |
| Category | Single sectors |
| Type | ETF |
| Provider | SPDR |
| Tracks | MSCI Europe Industrials 35/20 Capped Index - EUR - Benchmark TR Net |
| Income | Accumulating |
| Ongoing charge | 0.18% a year (£18 per £10,000) |
| Fund size | £844m |
| Launched | 2014 |
| Domicile | Ireland |

## Past returns (periods to 01/10/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after ONS CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +9.94% | +6.49% | income reinvested |
| 3 years | +75.40% | +58.27% | income reinvested |
| 5 years | +79.35% | +40.20% | income reinvested |

Returns: TradingView (delayed data). Inflation: ONS CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of State Street SPDR MSCI Europe Industrials UCITS ETF in pounds (price, with income reinvested in the fund): 2022 −11.2%, 2023 +23.9%, 2024 +10.0%, 2025 +30.5%; 2026 to 01/10/2026 +5.6%. Returns of State Street SPDR MSCI Europe Industrials UCITS ETF in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +8.5%; to 30/09/2025: +26.0%; to 30/09/2024: +27.2%; to 30/09/2023: +25.0%; to 30/09/2022: −20.5%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -11.2% | -18.7% | Price |
| 2023 | +23.9% | +19.0% | Price |
| 2024 | +10.0% | +6.2% | Price |
| 2025 | +30.5% | +26.1% | Price |
| 2026 to 01/10/2026 | +5.6% | +2.7% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 19.77% | -14.22% |
| 3 years | 17.28% | -14.22% |
| 5 years | 18.20% | -24.00% |

## Largest fall

Volatility of State Street SPDR MSCI Europe Industrials UCITS ETF in pounds, annualised from weekly returns to 01/10/2026: 19.8% over 1 year, 17.3% over 3 years, 18.2% over 5 years. Largest fall in the price of State Street SPDR MSCI Europe Industrials UCITS ETF since October 2021, in pounds: −24.0% from 12/11/2021 to 23/09/2022. The lowest 12-month return of State Street SPDR MSCI Europe Industrials UCITS ETF in pounds (price, with income reinvested in the fund) since January 2021 was −21.6% (12 months to 23/09/2022); the highest was +37.4% (12 months to 17/04/2026). On 01/10/2026 the price of State Street SPDR MSCI Europe Industrials UCITS ETF was 7.3% below its highest weekly close since October 2021 (14/08/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of State Street SPDR MSCI Europe Industrials UCITS ETF 0.18% a year, as of 02/10/2026: 95 of the 141 other single-sector funds charge more, 15 the same and 31 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.18%** per year
- ISA eligible: yes
- SIPP eligible: yes

## What it holds

As of 30/09/2026, NDUS holds 86 positions, according to the holdings SPDR publishes. The largest is Siemens at 8.89% of the fund; the ten largest make up 50.9%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Siemens | [SIE](https://fundology.uk/stock/SIE) | 8.89% |
| 2 | Schneider Electric | [SU](https://fundology.uk/stock/SU) | 7.16% |
| 3 | Rolls-Royce | [RR.](https://fundology.uk/stock/RR.) | 6.36% |
| 4 | ABB | [ABJ](https://fundology.uk/stock/ABJ) | 5.79% |
| 5 | Safran | [SAF](https://fundology.uk/stock/SAF) | 5.15% |
| 6 | Airbus | [AIR](https://fundology.uk/stock/AIR) | 5.05% |
| 7 | Siemens Energy | [ENR](https://fundology.uk/stock/ENR) | 4.93% |
| 8 | BAE Systems | [BA.](https://fundology.uk/stock/BA.) | 2.99% |
| 9 | Dhl | [DHL](https://fundology.uk/stock/DHL) | 2.34% |
| 10 | RELX | [REL](https://fundology.uk/stock/REL) | 2.28% |

Source: SPDR, holdings as published, as of 30/09/2026.

## Where it invests

Shares of the whole fund. Bonds, cash and positions the source does not classify are shown as they come, not guessed.

### By country

Added up from the holdings SPDR publishes, as of 30/09/2026.

| Country | Weight |
|---|---|
| France | 25.9% |
| Germany | 21.7% |
| United Kingdom | 15.6% |
| Sweden | 13.2% |
| Switzerland | 9.8% |
| Denmark | 3.3% |
| Spain | 2.9% |
| Italy | 2.4% |
| Other countries | 5.1% |

All 86 holdings: https://fundology.uk/fund/ndus/holdings

## Questions people ask

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

The ongoing charge of NDUS is 0.18% a year — about £18 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 State Street SPDR MSCI Europe Industrials UCITS ETF 0.18% a year, as of 02/10/2026: 95 of the 141 other single-sector funds charge more, 15 the same and 31 less (share classes counted once).

**What does NDUS track?**

NDUS tracks the MSCI Europe Industrials 35/20 Capped Index - EUR - Benchmark TR Net — large and medium-sized European companies.

**Is NDUS accumulating or distributing?**

NDUS 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 NDUS?**

The ISIN of NDUS is IE00BKWQ0J47. An ISIN identifies one exact share class of a fund; NDUS is its ticker on the London Stock Exchange.

**What does NDUS hold?**

As of 30/09/2026, NDUS holds 86 positions, according to the holdings SPDR publishes. The largest is Siemens at 8.89% of the fund; the ten largest make up 50.9%. Its ten largest holdings are Siemens (8.89%), Schneider Electric (7.16%), Rolls-Royce (6.36%), ABB (5.79%), Safran (5.15%), Airbus (5.05%), Siemens Energy (4.93%), BAE Systems (2.99%), Dhl (2.34%) and RELX (2.28%).

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

Calendar-year returns of NDUS in pounds (price, with income reinvested in the fund): 2022 −11.2%, 2023 +23.9%, 2024 +10.0%, 2025 +30.5%; 2026 to 01/10/2026 +5.6%. Past performance is not a guide to future returns.

**How has NDUS done after inflation?**

Over the five years to 01/10/2026 NDUS’s total return was +79.3%, or +40.2% 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.