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Amundi MSCI USA ESG Selection UCITS ETF Acc EUR HedgedIndex, costs, backtest, listings and taxation

ISIN: IE000IP0UC52Ticker: SADH (Xetra) · USAL (Euronext Paris)Issuer: AmundiClass: UCITS ETF Acc EUR Hedged Currency hedging: EUR-hedged share class
Issuer-declared data
Declared index
MSCI USA ESG Selection P-Series 5% Issuer Capped
TER
0.17%
Transaction costs
0.01% (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?
Fund assets
233.1 mln EUR
NAV
100.31 EUR (1 September 2026)
Domicile
Ireland
Inception date
14 September 2023
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 USA ESG Selection UCITS ETF Acc EUR Hedged tracks the issuer-declared index: MSCI USA ESG Selection P-Series 5% Issuer Capped. Mind the share class: this is the version hedged to EUR — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.17%, plus 0.01% 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 233 million euro, was launched on 14 September 2023 and is domiciled in Ireland. In our registry 2 other ETFs declare the same index.

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

This Sub-Fund is passively managed. The objective of this Sub-Fund is to track the performance of MSCI USA ESG Selection P-Series 5% Issuer Capped Index (the "Index"), and to minimize the tracking error between the net asset value of the Sub-Fund and the performance of the Index. The anticipated level of tracking error, under normal market conditions, is indicated in the prospectus of the Sub-Fund. The Index is a Net Total Return Index: dividends net of tax paid by the index constituents are included in the Index return. MSCI USA ESG Selection P-Series 5% Issuer Capped Index is an equity index based on the MSCI USA Index ("Parent Index"), representative of the large and mid-cap securities of the US market and issued by companies that have the highest Environmental, Social and Governance (ESG) rating in each sector of the Parent Index. The securities are selected by applying a combination of values based exclusions and a best-in-class selection process to companies in the Parent Index. The Index applies exclusions to companies involved in activities considered non-aligned with the Paris Climate Agreement (coal extraction, oil, etc.). For further information on the exclusions applied by the Index pursuant to the EU Paris-aligned Benchmarks (PAB), please refer to the "Guidelines on funds’ names using ESG or sustainability-related terms" section of the Prospectus. More information about the composition of the index and its operating rules are available in the prospectus and at: msci.com The Index value is available via Bloomberg (MXUSESL5). The exposure to the Index will be achieved through a direct replication, mainly by making direct investments in transferable securities and/or other eligible assets representing the Index constituents in a proportion extremely close to their proportion in the index. The Investment Manager will be able to use derivatives in order to deal with inflows and outflows and also if it allows a better exposition to an Index constituent. In order to generate additional income to offset its costs, the Sub-Fund may also enter into securities lending operations. In order to hedge the currency of the share against the currency of the index, the Fund uses a hedging strategy which reduces the impact of changes between the currency of the Index and the currency of the share class.

Keep reading the KID section ▾

Intended Retail Investor:This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds seeking to increase the value of their investment over the recommended holding period with the ability to bear losses up to the amount invested.

Redemption and Dealing:The Sub-Fund's shares are listed and traded on one or more stock exchanges. In normal circumstances, you may deal in shares during the trading hours of the stock exchanges. Only authorised participants (e.g., selected financial institutions) may deal in shares directly with the SubFund on the primary market. Further details are provided in the AMUNDI ETF ICAV prospectus.

Distribution policy:As this is a non-distributing share class, investment income is reinvested. the accumulation share automatically retains, and re-invests, all attributable income within the Sub-Fund; thereby accumulating value in the price of the accumulation shares.

More Information:You may get further information about the Sub-Fund, including the prospectus, and financial reports which are available at and free of charge on request from: Amundi Ireland Limited at AMUNDI IRELAND LIMITED, One George's Quay Plaza, George's Quay, Dublin 2, Ireland.

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 0.17%: below the median of equity ETFs we track (0.22%).
  • Average tracking difference over the last 3 years: +0.02% p.a., against a declared TER of 0.17%.
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 Oct 2020 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+101.7%
Annualised
+12.7%
Volatility (ann.)
16.8%
Max drawdown
-29.00%
-8%+22%+52%+82%+112%Oct 2020Apr 2022Sept 2023Mar 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%)+102%Oct 2020Sept 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%-25%-30%202120222023202420252026−29.00% · 14 Oct 2022
Max drawdown
-29.00%
peak → trough
Trough
14 Oct 2022
from the 29 Dec 2021 peak
Recovery time
489 days
recovery only: trough to break-even · ≈ 1 year and 4 months
Underwater
778 days
decline + recovery: peak to break-even · ≈ 2 years and 2 months · → recovered on 15 Feb 2024

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
29 Dec 202114 Oct 2022-29.00%15 Feb 2024778
04 Dec 202408 Apr 2025-19.40%23 Jul 2025231
28 Jan 202630 Mar 2026-12.18%24 Apr 202686
16 Jul 202407 Aug 2024-8.15%16 Sept 202462
28 Mar 202419 Apr 2024-6.61%17 Jun 202481

Calendar-year returns

2020
8.9%
2021
29.1%
2022
-22.8%
2023
23.7%
2024
18.0%
2025
12.7%
2026
13.1%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20261.5-2.0-6.412.16.32.1-2.93.7-0.813.1
20253.1-2.6-5.5-0.65.83.20.72.03.13.2-1.01.212.7
20241.45.33.2-4.93.42.51.72.22.0-2.06.6-4.218.0
20236.5-2.73.00.1-0.06.83.8-0.6-5.2-3.49.74.723.7
2022-6.7-3.43.3-9.0-0.8-8.28.4-4.9-9.37.16.4-6.1-22.8
2021-0.93.04.45.00.62.22.72.9-4.98.7-1.44.329.1
202011.13.58.9
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 2 of the last 5 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.02% /anno
Declared TER
0.17%
YearFundIndexDifference
2025+12.71%+12.66%+0.05%
2024+18.02%+17.87%+0.14%
2023+23.68%+23.80%-0.12%
2022-22.85%-22.60%-0.25%
2021+29.05%+29.34%-0.29%
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.)14.77%15.23%17.24%16.72%
Max drawdown-12.18%-19.40%-29.00%-29.00%
Sharpe1.160.870.430.66
Sortino1.711.270.610.95
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: 2.21%), 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
250
Top-10 weight
35.0%

Top 10 holdings

NVIDIA CORP · NVDA UW
7.49%
MICROSOFT CORP · MSFT UW
5.30%
ADVANCED MICRO DEVICES · AMD UW
4.54%
TESLA INC · TSLA UW
3.04%
ALPHABET INC CL A · GOOGL UW
2.94%
ELI LILLY & CO · LLY UN
2.78%
ALPHABET INC CL C · GOOG UW
2.32%
VERIZON COMMUNICATIONS INC · VZ UN
2.28%
LAM RESEARCH CORP · LRCX UW
2.20%
APPLIED MATERIALS INC · AMAT UW
2.13%

Sectors

Information Technology
37.8%
Communication Services
13.0%
Financials
12.0%
Health Care
9.7%
Consumer Discretionary
8.6%
Industrials
8.4%
Consumer Staples
5.6%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 100%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States100%
Download the full portfolio — Excel, 251 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 →

ETFs declaring the same index

FundTERIncomeFund size
ESGUSA · Amundi
0.15%Acc.458 mln EUR
CU2 · Amundi · 2 classes
0.35%Acc.564 mln EUR
3 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

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:

IE000IP0UC52SADH
  • Finecozero on buys (single orders and savings plan) — promo list renewed monthly: check it is still listed
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
Börse DüsseldorfSADH15 Sept 2023
Börse FrankfurtSADH15 Sept 2023
Börse HamburgSADH26 Mar 2024
Börse HannoverSADH9 Dec 2024
Börse München / gettexSADH15 Sept 2023
Börse StuttgartSADH18 Sept 2023
Euronext ParisUSAL11 Apr 2025
Tradegate ExchangeSADH15 Sept 2023
Xetra (Deutsche Börse)SADH15 Sept 2023
+ 15 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 USA ESG Selection UCITS ETF Acc EUR Hedged track?
The issuer Amundi declares the benchmark: MSCI USA ESG Selection P-Series 5% Issuer Capped.
How much does SADH cost?
The issuer-declared TER is 0.17% per year; the transaction costs estimated in the KID are 0.01%.
How is SADH 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 SADH?
The fund size declared by Amundi is about 233 million euro.
When was SADH launched?
The fund was launched on 14 September 2023: it has 2 years of history.
How does SADH replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Direct(Physical)”).
Does SADH pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Capitalisation”).
Where does SADH trade?
Per the official ESMA register it trades on 9 main exchanges, including Börse Düsseldorf (SADH), Börse Frankfurt (SADH), Börse Hamburg (SADH), Börse Hannover (SADH), Börse München / gettex (SADH), Börse Stuttgart (SADH).
What was SADH's worst fall?
Over the available history (since 2020), the maximum drawdown was -29.00%, reached in October 2022. Past performance is not indicative of future results.
What is SADH's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.02% per year versus its index (from issuer-declared series).
How many securities does SADH hold?
The declared portfolio holds 250 securities; the top 10 positions weigh 35%.
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.