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Amundi MSCI Water UCITS ETF AccIndex, costs, backtest, listings and taxation

ISIN: FR0014002CH1Ticker: WATC (Borsa Italiana) · BUNB (Xetra) · WATC (London SE) · WATC (Euronext Paris) · WATC (SIX)Issuer: AmundiClass: Acc
Issuer-declared data
TER
0.60%
Transaction costs
0.03% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Theme
Water · Environment
Fund assets
65.8 mln EUR
NAV
6.84 EUR (1 September 2026)
Domicile
France
Inception date
23 April 2021
Data as declared by Amundi in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Amundi MSCI Water UCITS ETF Acc tracks the issuer-declared index: MSCI ACWI IMI Water Filtered. The declared annual cost (TER) is 0.60%, plus 0.03% in transaction costs estimated by the issuer in the KID. Replication is direct physical replication; income is accumulated and reinvested in the fund. The fund has assets of about 66 million euro, was launched on 23 April 2021 and is domiciled in France.

The fund’s objective — in the issuer’s words

The Fund is a passively managed index-based UCITS. The Fund's objective is to replicate, both upwards and downwards, the performance of the MSCI ACWI IMI Water Filtered index (the "Benchmark"), denominated in US dollars (USD), while minimising the tracking error between the Fund's performance and that of the Benchmark. The expected level of the Tracking Error under normal market conditions is indicated in the Fund prospectus.

Keep reading the KID section ▾

The benchmark aims to represent the performance of securities whose activities are related to the water sector such as water distribution, utilities and the provision of water-related equipment and water treatment and excludes companies that lag behind the theme universe in environmental, social and governance ("ESG") terms, based on an ESG rating. The benchmark is based on a "best-in-class" approach, in other words, companies in the lower quartile per adjusted ESG rating of the sector are excluded from the theme universe. The best-in-class approach aims to favour the best-performing companies within a universe, sector or class. With this best-in-class filter, the Sub-fund follows a significantly engaging non-financial approach that allows it to reduce the size of the Investment Universe by at least 20% (in terms of the number of issuers). The ESG rating methodology is based on key ESG issues including, but not limited to, water stress, carbon emissions, personnel management or business ethics.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.60%: above the median of equity ETFs we track (0.22%).
  • Average tracking difference over the last 3 years: -1.00% p.a., against a declared TER of 0.60%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · EUR · from Apr 2021 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+36.7%
Annualised
+6.0%
Volatility (ann.)
13.7%
Max drawdown
-24.44%
-13%+3%+19%+35%+51%Apr 2021Aug 2022Dec 2023Apr 2025Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+37%Apr 2021Sept 2026
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-5%-10%-15%-20%-25%-30%202120222023202420252026−24.44% · 20 Jun 2022
Max drawdown
-24.44%
peak → trough
Trough
20 Jun 2022
from the 19 Nov 2021 peak
Recovery time
597 days
recovery only: trough to break-even · ≈ 1 year and 8 months
Underwater
810 days
decline + recovery: peak to break-even · ≈ 2 years and 3 months · → recovered on 07 Feb 2024

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
19 Nov 202120 Jun 2022-24.44%07 Feb 2024810
03 Dec 202408 Apr 2025-15.30%15 Jan 2026408
02 Mar 202615 May 2026-10.46%ongoing184
02 Sept 202104 Oct 2021-7.67%04 Nov 202163
10 May 202405 Aug 2024-7.62%11 Oct 2024154

Calendar-year returns

2021
17.7%
2022
-17.0%
2023
19.1%
2024
12.5%
2025
0.4%
2026
4.0%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20264.66.1-7.72.3-4.26.9-1.2-0.6-1.44.0
20252.30.7-3.7-0.64.2-1.23.5-1.1-1.6-0.30.8-2.40.4
2024-0.56.64.0-2.01.0-1.75.2-1.11.0-1.37.0-5.712.5
20235.20.4-0.40.21.95.00.8-2.6-3.4-1.47.05.519.1
2022-9.3-2.62.9-3.2-4.5-5.113.1-4.9-7.07.93.3-6.6-17.0
20211.02.96.24.9-6.15.70.43.617.7
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: Amundi. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 1 of the last 4 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-1.00% /anno
Declared TER
0.60%
YearFundIndexDifference
2025+0.37%+0.99%-0.62%
2024+12.50%+14.20%-1.70%
2023+19.14%+19.81%-0.67%
2022-16.98%-17.10%+0.12%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)12.37%12.51%13.79%13.59%
Max drawdown-10.46%-15.30%-24.44%-24.44%
Sharpe-0.000.400.130.32
Sortino-0.000.570.180.45
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
44
Top-10 weight
42.4%

Top 10 holdings

VERALTO CORP · VLTO UN
4.53%
AMERICAN WATER WORKS · AWK UN
4.46%
IDEX CORP · IEX UN
4.38%
UNITED UTILITIES GROUP PLC NEW · UU/ LN
4.30%
REPUBLIC SERVICES INC · RSG UN
4.19%
GEA GROUP AG EX MG TECHNOLOGIE · G1A GY
4.16%
GRACO INC · GGG UN
4.11%
SEVERN TRENT PLC · SVT LN
4.11%
ALFA LAVAL AB · ALFA SS
4.11%
XYLEM INC · XYL UN
4.05%

Sectors

Industrials
69.9%
Utilities
28.2%
Information Technology
2.0%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 2.3%AustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 3.5%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerland: 1.8%ChileChina: 0.3%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 4.2%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFrance: 3.8%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItaly: 0.4%JamaicaJordanJapan: 3.4%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 4.1%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 64.3%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States64.3%
United Kingdom11.8%
Germany4.2%
Sweden4.1%
France3.8%
Brazil3.5%
Japan3.4%
⬇ Download the full portfolio — Excel, 45 rows
Full portfolio declared by Amundi, as of 1 September 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Index tracked

MSCI ACWI IMI Water Filtered
This fund belongs to the World and global equity family: compare all census ETFs in this family →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

FR0014002CH1WATC
  • BG Saxozero within the savings plan (buys)
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 2,000 €, agreement until 31 December 2026
  • Finecozero on buys (single orders and savings plan) — promo list renewed monthly: check it is still listed
  • Moneyfarmzero within the savings plan (buys), agreement until 15 May 2027
  • Moneyfarmzero on single buys from 1,000 €, agreement until 15 May 2027
FR0010527275WAT
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 2,000 €, agreement until 31 December 2026
  • Finecozero on buys (single orders and savings plan) — promo list renewed monthly: check it is still listed
  • Moneyfarmzero within the savings plan (buys), agreement until 15 May 2027
  • Moneyfarmzero on single buys from 1,000 €, agreement until 15 May 2027
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)WATC27 May 2021
Börse DüsseldorfBUNB20 May 2025
Börse HamburgBUNB2 May 2022
Börse HannoverBUNB16 Jan 2026
Börse München / gettexBUNB27 Jul 2026
Börse StuttgartBUNB23 Feb 2026
Euronext ParisWATC6 Apr 2023
Tradegate ExchangeBUNB31 Jul 2024
+ 14 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does Amundi MSCI Water UCITS ETF Acc track?
The issuer Amundi declares the benchmark: MSCI ACWI IMI Water Filtered.
How much does WATC cost?
The issuer-declared TER is 0.60% per year; the transaction costs estimated in the KID are 0.03%.
How is WATC taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of WATC?
The fund size declared by Amundi is about 66 million euro.
When was WATC launched?
The fund was launched on 23 April 2021: it has 5 years of history.
How does WATC replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Direct(Physical)”).
Does WATC pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Capitalisation”).
Where does WATC trade?
Per the official ESMA register it trades on 8 main exchanges, including Borsa Italiana (ETFplus) (WATC), Börse Düsseldorf (BUNB), Börse Hamburg (BUNB), Börse Hannover (BUNB), Börse München / gettex (BUNB), Börse Stuttgart (BUNB).
What was WATC's worst fall?
Over the available history (since 2021), the maximum drawdown was -24.44%, reached in June 2022. Past performance is not indicative of future results.
What is WATC's tracking difference?
Over the last 3 complete calendar years the fund returned on average -1.00% per year versus its index (from issuer-declared series).
How many securities does WATC hold?
The declared portfolio holds 44 securities; the top 10 positions weigh 42.4%.
Transparency note
The data in this sheet is declared by Amundi in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.