# Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Accum-EUR (PAES)

**Page:** https://fundology.uk/fund/paes · ISIN IE000TI21P14

## 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, PAES (Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Accum-EUR, ISIN IE000TI21P14) closed at £5.59 on the London Stock Exchange. Its ongoing charge is 0.16% a year (about £16 on £10,000). Over the three years to 13/11/2026 its total return was +43.8%, or +29.9% after UK CPIH inflation.

## Summary

Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Accum-EUR is an exchange-traded fund (ETF) from Invesco, launched in 2021. It tracks the MSCI Europe ESG Climate Paris Aligned Benchmark Select 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 0.16% a year — about £16 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: **£5.59** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | PAES |
| ISIN | IE000TI21P14 |
| Also listed as | PAUE (Xetra, euros) |
| Category | Sustainable & clean energy |
| Type | ETF |
| Provider | Invesco |
| Tracks | MSCI Europe ESG Climate Paris Aligned Benchmark Select Index - EUR - Benchmark TR Net |
| Income | Accumulating |
| Ongoing charge | 0.16% a year (£16 per £10,000) |
| Fund size | £19.0m |
| Launched | 2021 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 06/12/2021 |

## 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 | +9.56% | +5.68% | income reinvested |
| 3 years | +43.81% | +29.93% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Accum-EUR in pounds (price, with income reinvested in the fund): 2022 −12.2%, 2023 +14.4%, 2024 +1.5%, 2025 +18.9%; 2026 to 13/11/2026 +10.3%. Returns of Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Accum-EUR in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +9.6%; to 30/09/2025: +9.7%; to 30/09/2024: +17.8%; to 30/09/2023: +14.4%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -12.2% | -19.6% | Price |
| 2023 | +14.4% | +9.8% | Price |
| 2024 | +1.5% | -2.0% | Price |
| 2025 | +18.9% | +14.8% | Price |
| 2026 to 13/11/2026 | +10.3% | +6.8% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 14.47% | -11.29% |
| 3 years | 12.34% | -11.29% |

## Largest fall

Volatility of Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Accum-EUR in pounds, annualised from weekly returns to 13/11/2026: 14.5% over 1 year, 12.3% over 3 years. Largest fall in the price of Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Accum-EUR since December 2021, in pounds: −22.4% from 31/12/2021 to 14/10/2022. The lowest 12-month return of Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Accum-EUR in pounds (price, with income reinvested in the fund) since December 2021 was −12.5% (12 months to 23/12/2022); the highest was +23.3% (12 months to 17/04/2026). On 13/11/2026 the price of Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Accum-EUR was 0.2% below its highest weekly close since December 2021 (26/08/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Accum-EUR 0.16% a year. Compared on 14/11/2026, 158 of the 177 other sustainable and clean-energy funds charge more, 3 the same and 16 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.16%** 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 12/11/2026, PAES holds 214 positions, according to its published holdings. The largest is ASML at 4.79% of the fund; the ten largest make up 21.4%.

### Top holdings

Largest positions (as of 12/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | ASML | [ASML](https://fundology.uk/stock/ASML) | 4.79% |
| 2 | Novartis | [NOVN](https://fundology.uk/stock/NOVN) | 3.09% |
| 3 | AstraZeneca | [AZN](https://fundology.uk/stock/AZN) | 2.65% |
| 4 | HSBC | [HSBA](https://fundology.uk/stock/HSBA) | 2.02% |
| 5 | Allianz | [ALV](https://fundology.uk/stock/ALV) | 1.92% |
| 6 | SAP | [SAP](https://fundology.uk/stock/SAP) | 1.84% |
| 7 | Siemens | [SIE](https://fundology.uk/stock/SIE) | 1.50% |
| 8 | UniCredit | [UCG](https://fundology.uk/stock/UCG) | 1.28% |
| 9 | Banco Santander | [SAN](https://fundology.uk/stock/SAN) | 1.17% |
| 10 | Terna | [TRN](https://fundology.uk/stock/TRN) | 1.11% |

## 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 05/11/2026.

| Sector | Weight |
|---|---|
| Financials | 26.0% |
| Industrials | 18.0% |
| Health Care | 16.4% |
| Information Technology | 11.8% |
| Consumer Staples | 5.9% |
| Utilities | 5.5% |
| Real Estate | 5.0% |
| Materials | 4.6% |
| Other sectors | 6.8% |

### By country

As published for the fund, as of 05/11/2026.

| Country | Weight |
|---|---|
| United Kingdom | 16.2% |
| Switzerland | 12.6% |
| Germany | 12.0% |
| France | 9.2% |
| Netherlands | 8.4% |
| Italy | 7.2% |
| United States | 7.2% |
| Sweden | 6.9% |
| Other countries | 20.5% |

All 214 holdings: https://fundology.uk/fund/paes/holdings

## Questions people ask

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

The ongoing charge of PAES is 0.16% a year — about £16 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 ESG Climate Paris Aligned UCITS ETF Accum-EUR 0.16% a year. Compared on 14/11/2026, 158 of the 177 other sustainable and clean-energy funds charge more, 3 the same and 16 less (share classes counted once).

**What does PAES track?**

PAES tracks the MSCI Europe ESG Climate Paris Aligned Benchmark Select Index - EUR - Benchmark TR Net — large and medium-sized European companies.

**Is PAES accumulating or distributing?**

PAES 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 PAES?**

The ISIN of PAES is IE000TI21P14. An ISIN identifies one exact share class of a fund; PAES is its ticker on the London Stock Exchange. The same share class is also listed as PAUE (Xetra, euros).

**What does PAES hold?**

As of 12/11/2026, PAES holds 214 positions, according to its published holdings. The largest is ASML at 4.79% of the fund; the ten largest make up 21.4%. Its ten largest holdings are ASML (4.79%), Novartis (3.09%), AstraZeneca (2.65%), HSBC (2.02%), Allianz (1.92%), SAP (1.84%), Siemens (1.50%), UniCredit (1.28%), Banco Santander (1.17%) and Terna (1.11%).

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

Calendar-year returns of PAES in pounds (price, with income reinvested in the fund): 2022 −12.2%, 2023 +14.4%, 2024 +1.5%, 2025 +18.9%; 2026 to 13/11/2026 +10.3%. Past performance is not a guide to future returns.

**How has PAES done after inflation?**

Over the three years to 13/11/2026 PAES’s total return was +43.8%, or +29.9% 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.