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UBS Core MSCI USA UCITS ETF USD UkdisIndex, costs, backtest, listings and taxation

ISIN: IE00BD08DL65Issuer: UBS
Issuer-declared data
Declared index
MSCI USA Total Return Net
TER
0.03%
Transaction costs
0.00% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
NAV
40.42 USD
Domicile
Ireland
Inception date
16 September 2016
Data as declared by UBS in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
Fund historyThe fund-assets (AUM) chart year by year, from declared data.Open the history →
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Description

UBS Core MSCI USA UCITS ETF USD Ukdis tracks the issuer-declared index: MSCI USA Total Return Net. The declared annual cost (TER) is 0.03%, plus 0.00% in transaction costs estimated by the issuer in the KID. The fund was launched on 16 September 2016 and is domiciled in Ireland. In our registry 2 other ETFs declare the same index.

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

The Fund is passively managed and seeks to track performance of the MSCI USA Index (Net Return) (the 'Index'). The Index is designed to measure the performance of mid and large capitalisation companies which are listed on markets in the USA. The Fund will seek to hold all of the shares of the Index, in the same proportions as the Index, so that essentially the portfolio of the Fund will be a near mirror image of the Index. In seeking to implement its investment objective of tracking the performance of the Index, the Fund may also in exceptional circumstances hold securities which are not comprised in its Index, including, for example, securities in respect of which there has been an announcement or it is expected that they will shortly be included in the Index. The Fund may, for the purpose of reducing risk, reducing costs or generating additional capital or income, use derivative instruments. The use of derivative instruments may multiply the gains or losses made by the Fund on given investment or on its investments generally. Currency hedged share classes may also be available in the Fund. The Fund may enter into securities lending transactions. Sustainability risks are not systematically integrated as they are not considered as part of the Index selection process. The return of the fund depends mainly on the performance of the tracked index. This class distributes its net income in order to maintain the maximum tracking accuracy of the MSCI USA Index (Net Return).

Keep reading the KID section ▾

Intended retail investorThis fund applies to retail investors with a basic financial understanding, who can accept a possible loss on the investment amount. The fund is aimed at growing the investment value, while granting daily access to the capital under normal market conditions. With their investment in this fund, investors can satisfy medium term investment needs. The fund is suited to be acquired by the target client segments without any restriction of the distribution channel or platform. Depositary State Street Custodial Services (Ireland) Limited Further Information Information about UBS Core MSCI USA UCITS ETF and the available share classes, the full prospectus, and the latest annual and semi-annual reports, as well as additional information can be obtained free of charge from the fund management company, the central administrator, the custodian bank, the fund distributors or online at www.ubs.com/etf. Latest price can be found at www.ubs.com/etf

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 0.03%: below the median of equity ETFs we track (0.22%).
  • Average tracking difference over the last 3 years: +0.17% p.a., against a declared TER of 0.03%.
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 version
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) · USD · from Nov 2021 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+69.7%
Annualised
+11.7%
Volatility (ann.)
17.4%
Max drawdown
-25.58%
-27%-1%+25%+51%+78%Nov 2021Feb 2023Apr 2024Jul 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%)+70%Nov 2021Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD 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%-5%-10%-15%-20%-25%-30%20222023202420252026−25.58% · 12 Oct 2022
Max drawdown
-25.58%
peak → trough
Trough
12 Oct 2022
from the 29 Dec 2021 peak
Recovery time
428 days
recovery only: trough to break-even · ≈ 1 year and 2 months
Underwater
715 days
decline + recovery: peak to break-even · ≈ 1 year and 11 months · → recovered on 14 Dec 2023

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
29 Dec 202112 Oct 2022-25.58%14 Dec 2023715
19 Feb 202508 Apr 2025-19.15%26 Jun 2025127
27 Jan 202630 Mar 2026-9.08%15 Apr 202678
16 Jul 202405 Aug 2024-8.56%19 Sept 202465
28 Mar 202419 Apr 2024-5.52%15 May 202448

Calendar-year returns

2021
1.0%
2022
-19.8%
2023
26.7%
2024
24.7%
2025
17.5%
2026
12.8%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20261.3-0.9-4.910.55.3-0.9-0.12.7-0.112.8
20253.0-1.6-5.9-0.56.45.12.31.93.72.40.0-0.017.5
20241.55.33.2-4.14.73.51.22.42.1-0.86.2-2.624.7
20236.5-2.43.51.20.66.63.4-1.7-4.7-2.39.44.726.7
2022-5.7-3.03.5-9.1-0.3-8.39.3-4.0-9.37.95.4-5.9-19.8
20213.91.0
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.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
Source: UBS. 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 3 of the last 3 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.17% /anno
Declared TER
0.03%
YearFundIndexDifference
2025+17.49%+17.31%+0.17%
2024+24.74%+24.58%+0.16%
2023+26.66%+26.49%+0.17%
Fund return with dividends reinvested by Rebalix on each ex-date (the issuer does not publish a total-return series); index from the issuer-declared series; complete calendar years covered by our dividend archive. 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 yearsFull history
Volatility (ann.)12.89%16.09%18.54%
Max drawdown-8.11%-23.14%-23.14%
Sharpe1.260.850.46
Sortino1.831.210.65
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: 2.21%), 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.

Dividends

Latest dividend
0.1907 USD
ex 13 Aug 2026 · paid 18 Aug 2026
Dividends, last 12 months
0.36 USD
Dividend yield
0.90%
12-month sum over the NAV as of 8 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.36 USD1.06 %
20250.30 USD0.98 %
20240.28 USD1.12 %
20230.26 USD1.30 %
20220.25 USD0.99 %

Dividend contribution to total return

-30%-20%-10%0%10%20%30%+18.89 %1 year+17.39 %2025+24.55 %2024+26.51 %2023−19.65 %2022
dividendsprice changeprice decline

Calendar per share (USD)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.170.19
20250.140.16
20240.140.15
20230.120.14
20220.120.13

Latest dividends

Per shareEx-dividend datePayment
0.1907 USD13 Aug 202618 Aug 2026
0.1741 USD9 Feb 202612 Feb 2026
0.1647 USD28 Jul 202531 Jul 2025
0.138 USD6 Feb 202512 Feb 2025
0.1469 USD7 Aug 202413 Aug 2024
0.1351 USD1 Feb 20247 Feb 2024
0.1387 USD8 Aug 202311 Aug 2023
0.1229 USD1 Feb 20236 Feb 2023
Per-share dividends as declared by the issuer, in USD, since the first payment (1 Feb 2022). Past dividends are not indicative of future ones.

ETFs declaring the same index

FundTERIncomeFund size
UBS
0.14%—471 mln EUR
UBSnot on Borsa Italiana
0.15%——
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:

IE00B77D4428(class: USD dis)
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00BD4TXS21(class: USD acc)
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00BYQ00Y50(class: hGBP acc)
  • 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.

Frequently asked questions

Which index does UBS Core MSCI USA UCITS ETF USD Ukdis track?
The issuer UBS declares the benchmark: MSCI USA Total Return Net.
How much does UBS Core MSCI USA UCITS ETF USD Ukdis cost?
The issuer-declared TER is 0.03% per year; the transaction costs estimated in the KID are 0.00%.
How is UBS Core MSCI USA UCITS ETF USD Ukdis 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.
When was UBS Core MSCI USA UCITS ETF USD Ukdis launched?
The fund was launched on 16 September 2016: it has 9 years of history.
How does UBS Core MSCI USA UCITS ETF USD Ukdis replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Physical (Full replicated)”).
Does UBS Core MSCI USA UCITS ETF USD Ukdis pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Yes”).
What was UBS Core MSCI USA UCITS ETF USD Ukdis's worst fall?
Over the available history (since 2021), the maximum drawdown was -26.40%, reached in October 2022. Past performance is not indicative of future results.
What is UBS Core MSCI USA UCITS ETF USD Ukdis's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.17% per year versus its index (from issuer-declared series).
Transparency note
The data in this sheet is declared by UBS 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.