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iShares MSCI USA Mid-Cap Equal Weight UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BD1F4K20Ticker: QDVC (Xetra) · IUSZ (London SE) · IUSZ (SIX)Issuer: iShares
Issuer-declared data
Declared index
MSCI USA Mid-Cap Equal weighted Index
TER
0.20%
Transaction costs
0.01% (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
259.7 mln EUR
NAV
13.68 USD (31 August 2026)
Domicile
Ireland
Inception date
13 October 2016
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 USA Mid-Cap Equal Weight UCITS ETF tracks the issuer-declared index: MSCI USA Mid-Cap Equal weighted Index. The declared annual cost (TER) is 0.20%, plus 0.01% 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 260 million euro, was launched on 13 October 2016 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, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI USA Mid-Cap Equal Weighted Index, the Fund’s benchmark index (“Benchmark Index”). The Share Class, via the Fund, is passively managed, and aims to invest in the equity securities (e.g. shares) that, so far as possible and practicable, make up the Benchmark Index. The Benchmark Index aims to reflect the performance characteristics of mid-capitalisation equity securities (e.g. shares) within the MSCI USA Index (“Parent Index”), with each security being equally weighted within the Benchmark Index. As at 1 June 2016, the Benchmark Index comprised 329 constituents. Market capitalisation is the share price of a company multiplied by the number of shares issued. The Benchmark Index includes the mid-capitalisation constituents of the Parent Index but, at each rebalance date, all index constituents are weighted equally, effectively removing the influence of each constituent’s market capitalisation. This means that, at each index rebalance, the Benchmark Index will have a larger weighting in the smaller mid-capitalisation equity securities compared to its Parent Index. The Parent Index measures the performance of large and mid-capitalisation companies in the USA. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors. As at 1 June 2016, the Parent Index comprised 624 constituents. The Fund uses optimising techniques to achieve a similar return to its Benchmark Index. These techniques may include the strategic selection of certain securities that make up the Benchmark 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 State Street Custodial Services (Ireland) Limited. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares IV 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 US Dollar, 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

  • Average tracking difference over the last 3 years: +0.10% p.a., against a declared TER of 0.20%.
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) · USD · from Oct 2016 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+171.5%
Annualised
+10.6%
Volatility (ann.)
19.6%
Max drawdown
-40.89%
-15%+37%+88%+140%+192%Oct 2016Mar 2019Sept 2021Mar 2024Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+172%Oct 2016Sept 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%-10%-20%-30%-40%-50%201620182020202220242026−40.89% · 23 Mar 2020
Max drawdown
-40.89%
peak → trough
Trough
23 Mar 2020
from the 20 Feb 2020 peak
Recovery time
227 days
recovery only: trough to break-even · ≈ 7 months
Underwater
259 days
decline + recovery: peak to break-even · ≈ 9 months · → recovered on 05 Nov 2020

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
20 Feb 202023 Mar 2020-40.89%05 Nov 2020259
16 Nov 202114 Oct 2022-26.62%28 Mar 2024863
21 Sept 201824 Dec 2018-22.11%24 Apr 2019215
25 Nov 202408 Apr 2025-20.71%22 Aug 2025270
26 Jan 201808 Feb 2018-9.42%19 Jul 2018174

Calendar-year returns

2016
5.4%
2017
18.1%
2018
-10.2%
2019
28.5%
2020
17.7%
2021
25.6%
2022
-18.2%
2023
15.9%
2024
13.2%
2025
7.8%
2026
10.3%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20261.52.4-6.47.43.41.6-0.11.8-1.110.3
20254.0-2.6-4.7-2.35.03.41.72.40.2-0.41.00.27.8
2024-2.05.04.7-5.82.4-1.05.22.12.3-1.18.1-6.413.2
20239.6-3.7-2.4-1.6-2.28.14.6-3.7-5.3-5.610.38.915.9
2022-6.6-0.61.8-7.60.1-9.99.5-3.1-10.28.16.3-5.1-18.2
2021-0.56.03.05.31.21.50.82.7-4.46.3-2.84.325.6
2020-1.0-9.3-20.414.87.31.95.63.8-2.10.914.95.417.7
201911.14.40.33.7-7.17.50.9-4.33.11.33.72.028.5
20184.2-4.20.2-0.22.11.12.52.4-0.6-8.72.1-10.5-10.2
20172.73.0-0.40.70.01.61.2-1.02.61.24.11.118.1
20165.60.25.4
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 7 of the last 9 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.10% /anno
Declared TER
0.20%
YearFundIndexDifference
2025+7.81%+7.69%+0.13%
2024+13.23%+13.14%+0.09%
2023+15.98%+15.91%+0.08%
2022-18.22%-18.30%+0.08%
2021+25.64%+25.65%-0.01%
2020+17.62%+17.57%+0.05%
2019+28.57%+28.59%-0.02%
2018-10.07%-10.21%+0.14%
2017+17.93%+17.82%+0.11%
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 years
Volatility (ann.)13.51%16.47%19.00%20.32%
Max drawdown-7.81%-24.00%-24.00%-40.85%
Sharpe0.740.510.270.51
Sortino1.070.720.390.71
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
290
296 total lines: 6 cash & derivatives
Top-10 weight
5.7%

Top 10 holdings

ATLASSIAN CORP CLASS A · TEAM
0.71%
OKTA CLASS A · OKTA
0.65%
VIVMARK RESIDENTIAL · VMRK
0.63%
SHARKNINJA · SN
0.61%
VEEVA SYSTEMS CLASS A · VEEV
0.56%
NATERA · NTRA
0.53%
HEWLETT PACKARD ENTERPRISE · HPE
0.52%
WORKDAY CLASS A · WDAY
0.49%
NETAPP INC · NTAP
0.49%
ILLUMINA INC · ILMN
0.49%

Sectors

Industrials
17.5%
Financials
16.0%
Information Technology
14.9%
Health Care
12.1%
Consumer Discretionary
9.4%
Consumer Staples
6.3%
Utilities
6.1%

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: 99.7%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States99.7%
United Kingdom0.3%
Download the full portfolio — Excel, 296 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 →

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:

IE00BD1F4K20QDVC(class: USD (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.

Stock exchange listings

ExchangeTickerTrading since
Börse DüsseldorfQDVC2 Jan 2017
Börse FrankfurtQDVC24 Oct 2016
Börse HamburgQDVC14 Dec 2017
Börse HannoverQDVC9 Dec 2024
Börse München / gettexQDVC24 Oct 2016
Börse StuttgartQDVC25 Jan 2017
Tradegate ExchangeQDVC7 Sept 2020
Xetra (Deutsche Börse)QDVC24 Oct 2016
+ 12 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 USA Mid-Cap Equal Weight UCITS ETF track?
The issuer iShares declares the benchmark: MSCI USA Mid-Cap Equal weighted Index.
How much does IUSZ cost?
The issuer-declared TER is 0.20% per year; the transaction costs estimated in the KID are 0.01%.
How is IUSZ 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 IUSZ?
The fund size declared by iShares is about 260 million euro.
When was IUSZ launched?
The fund was launched on 13 October 2016: it has 9 years of history.
How does IUSZ replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (issuer wording: “Fisica - ottimizzazione (dal KID)”).
Does IUSZ pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does IUSZ trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (QDVC), Börse Frankfurt (QDVC), Börse Hamburg (QDVC), Börse Hannover (QDVC), Börse München / gettex (QDVC), Börse Stuttgart (QDVC).
What was IUSZ's worst fall?
Over the available history (since 2016), the maximum drawdown was -40.89%, reached in March 2020. Past performance is not indicative of future results.
What is IUSZ's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.10% per year versus its index (from issuer-declared series).
How many securities does IUSZ hold?
The declared portfolio holds 290 securities (plus 6 cash & derivative lines); the top 10 positions weigh 5.7%.
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.