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Invesco MSCI USA UCITS ETF EUR Hdg AccIndex, costs, backtest, listings and taxation

ISIN: IE000CH3OQ51Ticker: MXUE (Borsa Italiana) · MXUE (Xetra)Issuer: InvescoClass: EUR Hdg Acc
Issuer-declared data
Declared index
MSCI USA Daily Hedged to EUR NET Index
TER
0.05%
Transaction costs
0.40% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
8.3 bn EUR
NAV
7.2 EUR (31 August 2026)
Domicile
Ireland
Inception date
21 March 2024
Data as declared by Invesco in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Invesco MSCI USA UCITS ETF EUR Hdg Acc tracks the issuer-declared index: MSCI USA Daily Hedged to EUR NET Index. The declared annual cost (TER) is 0.05%, plus 0.40% in transaction costs estimated by the issuer in the KID. Replication is synthetic replication (via a swap contract); income is accumulated and reinvested in the fund. The fund has assets of about 8.3 billion euro, was launched on 21 March 2024 and is domiciled in Ireland.

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

Investment objective: The investment objective of the Fund is to achieve the net total return performance of the MSCI USA Index (the "Index"), less fees, expenses and transaction costs.

Keep reading the KID section ▾

Redemption and Dealing of Shares:The Fund's shares are listed on one or more Stock Exchange(s). Investors can buy or sell shares daily through an intermediary directly or on Stock Exchange(s) on which the shares are traded. In exceptional circumstances investors will be permitted to redeem their shares directly from the Umbrella Fund in accordance with the redemption procedures set out in the prospectus, subject to any applicable laws and relevant charges. Investment approach: The Fund is a passively managed ETF. To achieve the objective the Fund will use unfunded swaps ("Swaps"). These Swaps are an agreement between the Fund and an approved counterparty to exchange one stream of cash flows against another stream but do not require the Fund to provide collateral, on the basis that the Fund has already invested in a basket of equities and equity related securities (namely shares). Please note that the Fund will purchase securities that are not contained in the Index. The performance of the Index is swapped from the counterparty to the Fund in exchange for the performance of equities and equity related securities held by the Fund. The Fund uses derivatives for investment purposes. The use of such instruments may impact the magnitude and frequency of the fluctuations in the value of the Fund. The Fund’s ability to track the Index performance is reliant on the counterparties to continuously deliver the performance of the Index in line with the swap agreements. The insolvency of any institutions acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. The Fund’s base currency is USD. The Share Class currency is EUR. To minimise exposure to fluctuations in the exchange rate between the Fund's base currency and the Share Class currency, the Share Class enters into foreign exchange transactions (typically FX forwards). Currency hedging between the base currency of the Fund and the currency of the share class may not completely eliminate the currency risk between those two currencies and may affect the performance of the share class.

Intended Retail InvestorThe Fund is intended for investors aiming for long term capital growth, who may not have specific financial expertise but are able to make an informed investment decision based on this document, the supplement, and the prospectus, have a risk appetite consistent with the risk indicator displayed below and understand that there is no capital guarantee or protection (100% of capital is at risk). Practical Information Fund Depositary: Northern Trust Fiduciary Services (Ireland) Limited, George’s Court, 54 – 62 Townsend Street, Dublin 2, Ireland Find out more: This document is specific to the Fund. Further information about the Fund can be obtained from the supplement, the prospectus, annual and interim reports. The prospectus, annual and interim reports are prepared for the Umbrella Fund, of which the Fund is a sub-fund. These documents are available free of charge in English. They can be obtained along with other information, such as share prices, at https://etf.invesco.com (select your country and navigate to the Documents section on the product page), or by calling +353 1 439 8000. The assets of the Fund are segregated as a matter of Irish law and as such, in Ireland, the assets of one sub-fund will not be available to satisfy the liabilities of another sub-fund. This position may be considered differently by the courts in jurisdictions outside of Ireland. Subject to satisfying certain criteria as set out in the prospectus, investors may be able to exchange their investment in the Fund for shares in another sub-fund of the Umbrella Fund which is being offered at that time. The Index: The Index provides a representation of the US market by targeting all companies with a market capitalisation within the top 84% of the US

From the KID’s “Objectives” section · 2 September 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.05%: below the median of equity ETFs we track (0.22%).
  • Assets larger than 95% of equity ETFs we track.
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 Mar 2024 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+43.1%
Annualised
+15.7%
Volatility (ann.)
15.6%
Max drawdown
-19.22%
-9%+6%+20%+34%+49%Mar 2024Oct 2024Jun 2025Jan 2026Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+43%Mar 2024Sept 2026
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.
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%202420252026−19.22% · 08 Apr 2025
Max drawdown
-19.22%
peak → trough
Trough
08 Apr 2025
from the 19 Feb 2025 peak
Recovery time
80 days
recovery only: trough to break-even · ≈ 3 months
Underwater
128 days
decline + recovery: peak to break-even · ≈ 4 months · → recovered on 27 Jun 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
19 Feb 202508 Apr 2025-19.22%27 Jun 2025128
12 Jan 202630 Mar 2026-9.61%16 Apr 202694
16 Jul 202405 Aug 2024-8.58%19 Sept 202465
28 Mar 202419 Apr 2024-5.64%15 May 202448
28 Oct 202520 Nov 2025-5.38%24 Dec 202557

Calendar-year returns

2024
11.6%
2025
14.6%
2026
11.9%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20261.1-1.1-5.110.25.1-1.1-0.22.60.811.9
20252.8-1.8-5.9-0.76.24.92.01.73.42.1-0.2-0.214.6
2024-4.34.53.41.02.32.0-0.96.1-2.811.6
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: Invesco. 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.
Declared TER
0.05%
YearFundIndexDifference
2025+14.56%+14.65%-0.09%
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 yearFull history
Volatility (ann.)13.00%15.75%
Max drawdown-9.61%-19.22%
Sharpe1.170.84
Sortino1.691.21
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. 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
78
Top-10 weight
41.5%

Top 10 holdings

MICRON TECHNOLOGY INC
6.15%
TESLA INC
5.77%
AMAZON.COM INC
5.09%
PEOPLE INC
4.67%
APPLE INC
3.90%
THERMO FISHER SCIENTIFIC INC
3.39%
ADOBE INC
3.20%
NVIDIA CORP
3.19%
MICROSOFT CORP
3.11%
MASTEC INC
2.99%
Download the full portfolio — Excel, 78 rows
Full portfolio declared by Invesco, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding. Synthetic replication: the list shows the substitute basket (securities held as swap collateral), which can differ substantially from the replicated index. The fund’s economic exposure is that of its declared index.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

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:

IE000CH3OQ51MXUE
  • 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)MXUE27 Mar 2024
Börse DüsseldorfMXUE27 Mar 2024
Börse FrankfurtMXUE27 Mar 2024
Börse HamburgMXUE2 Sept 2025
Börse HannoverMXUE9 Dec 2024
Börse München / gettexMXUE28 Mar 2024
Börse StuttgartMXUE12 Apr 2024
Tradegate ExchangeMXUE23 Aug 2024
Xetra (Deutsche Börse)MXUE27 Mar 2024
+ 8 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 Invesco MSCI USA UCITS ETF EUR Hdg Acc track?
The issuer Invesco declares the benchmark: MSCI USA Daily Hedged to EUR NET Index.
How much does MXUE cost?
The issuer-declared TER is 0.05% per year; the transaction costs estimated in the KID are 0.40%.
How is MXUE 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 MXUE?
The fund size declared by Invesco is about 8.3 billion euro.
When was MXUE launched?
The fund was launched on 21 March 2024: it has 2 years of history.
How does MXUE replicate its index?
It is a passively managed ETF: it follows the declared index. Synthetic (swap) (issuer wording: “Synthetic”).
Does MXUE pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does MXUE trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (MXUE), Börse Düsseldorf (MXUE), Börse Frankfurt (MXUE), Börse Hamburg (MXUE), Börse Hannover (MXUE), Börse München / gettex (MXUE).
What was MXUE's worst fall?
Over the available history (since 2024), the maximum drawdown was -19.22%, reached in April 2025. Past performance is not indicative of future results.
How many securities does MXUE hold?
The declared portfolio holds 78 securities; the top 10 positions weigh 41.5%.
Transparency note
The data in this sheet is declared by Invesco 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.