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iShares MSCI UK Small Cap UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00B3VWLG82Ticker: SXRD (Xetra) · CUKS (London SE) · CSUKS (SIX)Issuer: iShares
Issuer-declared data
Declared index
MSCI United Kingdom Small Cap Net Index in GBP
TER
0.58%
Transaction costs
0.14% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
117.8 mln EUR
NAV
288.13 GBP (1 September 2026)
Domicile
Ireland
Inception date
1 July 2009
Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

iShares MSCI UK Small Cap UCITS ETF tracks the issuer-declared index: MSCI United Kingdom Small Cap Net Index in GBP. The declared annual cost (TER) is 0.58%, plus 0.14% in transaction costs estimated by the issuer in the KID. Replication is optimised physical replication (the KID declares optimisation techniques to achieve a return similar to the index); income is accumulated and reinvested in the fund. The fund has assets of about 118 million euro, was launched on 1 July 2009 and is domiciled in Ireland.

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

The Share Class is a share class of a Fund which aims to achieve a return on your investment which reflects the return of the MSCI UK Small Cap Index, the Fund’s benchmark index (Index). The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index. The Index offers exposure to equity securities issued by companies in the United Kingdom with small market capitalisation, according to the MSCI size, liquidity and free float criteria. The Index is a free float – adjusted market capitalisation weighted index. Free float – adjusted means that only shares available to international investors, rather than all of a company’s issued shares, are used in calculating the Index. Free float – adjusted market capitalisation is the share price of the company multiplied by the number of shares available to international investors. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions. The Index is a net total return index which means that the net dividends of the constituents of the Index are reinvested after the deduction of any taxes that may apply. The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund. The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment. The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).

Keep reading the KID section ▾

The depositary of the Fund is The Bank of New York Mellon SA/NV, Dublin Branch. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares VII plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +49 89427295800 or from your broker or financial adviser.

Your shares will be accumulating shares (i.e. income will be included in their value). Your shares will be denominated in Sterling, the Fund's base currency. The shares are listed and traded on various stock exchanges. In normal circumstances, only authorised participants may buy and sell shares directly with the Fund. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the shares on the secondary market (e.g. via a broker on a stock exchange) at the then prevailing market price. The value of the shares are related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the shares trade on the secondary market may deviate from the value of the Shares. Indicative net asset value is published on relevant stock exchanges websites.

Intended retail investor:The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).

Insurance benefits:The Fund does not offer any insurance benefits.

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 0.58%: above the median of equity ETFs we track (0.22%).
  • Average tracking difference over the last 3 years: -0.72% p.a., against a declared TER of 0.58%.
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) · GBP · from Jul 2009 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+376.0%
Annualised
+9.5%
Volatility (ann.)
16.8%
Max drawdown
-42.20%
-7%+96%+198%+301%+404%Jul 2009Oct 2013Jan 2018May 2022Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+376%Jul 2009Sept 2026
Note — currency risk: the fund is denominated (or hedged) in GBP and the chart is in GBP. For a euro investor, returns also depend on the EUR/GBP exchange rate, up or down.
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%-10%-20%-30%-40%-50%200920122015201820212024−42.20% · 19 Mar 2020
Max drawdown
-42.20%
peak → trough
Trough
19 Mar 2020
from the 02 Jan 2020 peak
Recovery time
362 days
recovery only: trough to break-even · ≈ 12 months
Underwater
439 days
decline + recovery: peak to break-even · ≈ 1 year and 2 months · → recovered on 16 Mar 2021

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
02 Jan 202019 Mar 2020-42.20%16 Mar 2021439
06 Sept 202112 Oct 2022-35.46%07 Jan 20261,584
07 Jul 201104 Oct 2011-23.24%06 Sept 2012427
14 Jun 201827 Dec 2018-22.44%13 Dec 2019547
04 Mar 201415 Oct 2014-16.73%23 Feb 2015356

Calendar-year returns

2016
6.3%
2017
20.3%
2018
-15.5%
2019
29.2%
2020
-5.4%
2021
13.9%
2022
-22.8%
2023
9.1%
2024
6.1%
2025
15.3%
2026
8.3%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20264.22.5-11.36.13.5-1.24.04.1-2.68.3
20253.1-3.1-3.73.57.62.70.4-1.83.01.00.22.015.3
2024-2.0-1.25.4-0.65.6-3.17.0-1.0-0.2-3.51.9-1.66.1
20236.20.9-5.23.7-3.8-1.34.7-2.6-1.2-6.87.28.49.1
2022-7.6-3.9-0.9-2.0-1.5-9.18.2-6.1-10.74.37.5-1.7-22.8
2021-1.23.93.25.80.4-2.12.35.3-4.8-0.4-3.14.413.9
2020-3.4-8.5-23.410.44.3-0.1-1.75.5-2.1-1.413.37.0-5.4
20197.52.71.44.7-3.81.20.7-2.13.51.14.05.529.2
2018-1.5-3.0-0.85.53.1-0.10.3-0.6-2.5-7.5-3.8-5.2-15.5
20170.43.41.14.42.2-2.92.81.10.82.8-1.64.320.3
2016-6.20.73.7-0.63.5-6.66.43.11.6-1.7-0.23.36.3
20151.06.7-0.72.85.3-2.91.5-2.6-2.22.41.81.014.2
2014-1.47.5-3.2-3.60.8-2.2-1.62.7-3.60.62.12.0-0.4
20135.14.92.6-0.04.0-3.78.3-0.62.74.20.33.635.6
20128.37.80.20.0-7.52.71.83.73.62.10.43.028.2
2011-1.71.2-0.34.70.1-1.0-2.8-9.4-6.67.1-1.3-2.2-12.4
20100.10.69.33.1-7.2-2.37.0-1.08.22.6-1.810.030.9
200911.34.1-2.8-0.44.325.0
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: iShares. 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 0 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.72% /anno
Declared TER
0.58%
YearFundIndexDifference
2025+15.30%+16.09%-0.79%
2024+6.11%+6.85%-0.74%
2023+9.15%+9.76%-0.62%
2022-22.82%-22.40%-0.42%
2021+13.92%+14.54%-0.62%
2020-5.45%-4.86%-0.59%
2019+29.22%+30.02%-0.80%
2018-15.47%-15.03%-0.45%
2017+20.33%+20.98%-0.65%
2016+6.28%+6.81%-0.53%
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 yearsLast 10 yearsFull history
Volatility (ann.)14.32%15.60%17.32%18.55%18.84%
Max drawdown-11.71%-19.10%-36.66%-47.83%-47.83%
Sharpe0.920.630.040.260.52
Sortino1.380.890.050.370.72
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 — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
196
202 total lines: 6 cash & derivatives
Top-10 weight
16.8%

Top 10 holdings

IMI PLC · IMI
2.07%
WEIR PLC · WEIR
2.06%
BEAZLEY PLC · BEZ
2.01%
ST JAMESS PLACE PLC · STJ
1.71%
GAMES WORKSHOP GROUP PLC · GAW
1.70%
HISCOX LTD · HSX
1.65%
DCC ENERGY PLC · DCC
1.48%
ICG PLC · ICG
1.46%
LION FINANCE GROUP PLC · BGEO
1.33%
ABERDEEN GROUP PLC · ABDN
1.29%

Sectors

Industrials
21.8%
Financials
21.4%
Consumer Discretionary
16.6%
Real Estate
9.8%
Communication
7.2%
Materials
7.0%
Consumer Staples
3.4%

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 GuineaGreece: 1.2%GreenlandGuatemalaFrench 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: 0.1%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United Kingdom98.8%
Greece1.2%
United States0.1%
Download the full portfolio — Excel, 202 rows
Full portfolio declared by iShares, as of 31 August 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 →

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 →

Stock exchange listings

ExchangeTickerTrading since
Börse DüsseldorfSXRD17 Feb 2012
Börse FrankfurtSXRD23 May 2011
Börse HamburgSXRD1 Aug 2016
Börse HannoverSXRD9 Dec 2024
Börse München / gettexSXRD22 Dec 2010
Börse StuttgartSXRD1 Nov 2010
Tradegate ExchangeSXRD1 Apr 2011
Xetra (Deutsche Börse)SXRD25 Nov 2009
+ 5 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 iShares MSCI UK Small Cap UCITS ETF track?
The issuer iShares declares the benchmark: MSCI United Kingdom Small Cap Net Index in GBP.
How much does CUKS cost?
The issuer-declared TER is 0.58% per year; the transaction costs estimated in the KID are 0.14%.
How is CUKS 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 CUKS?
The fund size declared by iShares is about 118 million euro.
When was CUKS launched?
The fund was launched on 1 July 2009: it has 17 years of history.
How does CUKS replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (issuer wording: “Fisica - ottimizzazione (dal KID)”).
Does CUKS pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does CUKS trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (SXRD), Börse Frankfurt (SXRD), Börse Hamburg (SXRD), Börse Hannover (SXRD), Börse München / gettex (SXRD), Börse Stuttgart (SXRD).
What was CUKS's worst fall?
Over the available history (since 2009), the maximum drawdown was -42.20%, reached in March 2020. Past performance is not indicative of future results.
What is CUKS's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.72% per year versus its index (from issuer-declared series).
How many securities does CUKS hold?
The declared portfolio holds 196 securities (plus 6 cash & derivative lines); the top 10 positions weigh 16.8%.
Transparency note
The data in this sheet is declared by iShares 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.