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UBS Core S&P 500 UCITS ETF hGBP disIndex, costs, backtest, listings and taxation

ISIN: IE00BD34DL14Issuer: UBSCurrency hedging: GBP-hedged share class

Issuer-declared data

Declared index

S&P 500 Total Return Net (hedged to GBP)

TER

0.06%

Transaction costs

0.00% (issuer estimate, from the KID)

Management

Passive (index-tracking) (from the KID)

Replication

Physical

Income policy

Distributing

SFDR

Article 6 — does not promote specific ESG characteristics what does it mean?

NAV

37.88 GBP

Domicile

Ireland

Inception date

2 November 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 S&P 500 UCITS ETF hGBP dis tracks the issuer-declared index: S&P 500 Total Return Net (hedged to GBP). The declared annual cost (TER) is 0.06%, plus 0.00% in transaction costs estimated by the issuer in the KID. The fund was launched on 2 November 2016 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words(the issuer publishes the KID in Italian)

Il Fondo è a gestione passiva e mira a replicare la performance dell'indice S&P 500 hedged to GBP Index (Net Return) (l'«Indice»).
Keep reading the KID section ▾
L'Indice è concepito per misurare la performance delle 500 maggiori società quotate sui mercati degli Stati Uniti.
Il Fondo cercherà di detenere tutte le azioni dell'Indice nella medesima percentuale, in modo tale che il portafoglio del Fondo sarà sostanzialmente un'immagine quasi speculare dell'Indice. Nel cercare di realizzare il suo obiettivo d'investimento di replicare l'andamento dell'Indice, in circostanze eccezionali il Fondo può anche detenere titoli che non sono inclusi nell'Indice, tra cui, ad esempio, titoli per i quali è stato annunciato o è previsto che verranno presto inclusi nell'Indice. Per ridurre il rischio o i costi o per generare capitale o reddito aggiuntivo, il Fondo può utilizzare strumenti derivati. L'uso di strumenti derivati può moltiplicare i guadagni o le perdite del Fondo relativi a un determinato investimento o ai suoi investimenti in generale. Nel Fondo possono essere disponibili anche classi di quote con copertura valutaria. Il Fondo può effettuare operazioni di prestito titoli. I rischi di sostenibilità non sono sistematicamente integrati in quanto non sono considerati parte del processo di selezione dell'Indice. Il rendimento del fondo dipende principalmente dalla performance dell'indice replicato. Questa classe distribuisce i proventi netti al fine di replicare il parametro di riferimento S&P 500 hedged to GBP Index (Net Return) nel modo più preciso possibile. Il rischio di cambio della valuta della classe di azioni è in larga misura coperto dalla valuta del fondo.
Investitore al dettagliocui si intende commercializzare il prodotto Questo fondo è destinato a investitori retail con conoscenze di base in materia finanziaria, che sono in grado di sostenere una possibile perdita sull'importo investito. Il fondo mira a far crescere il valore dell'investimento, fornendo al contempo accesso giornaliero al capitale in condizioni di mercato normali. Mediante questo fondo, gli investitori possono soddisfare le loro necessità di investimento a medio termine. Questo fondo è indicato per essere acquistato dai segmenti di clientela target senza restrizioni a livello di canale o di piattaforma di distribuzione.

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 0.06%: below the median of equity ETFs we track (0.22%).
Average tracking difference over the last 3 years: +0.10% p.a., against a declared TER of 0.06%.

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 Italian, 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) · GBP · from Nov 2016 to Sept 2026

Dividends reinvestedAdjusted for inflationCompare with the index

Compare with another ETF

Only funds we hold a history for. Three at a time, at most.

Return

+263.4%

Annualised

+14.0%

Volatility (ann.)

18.3%

Max drawdown

-36.67%

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.

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.

Max drawdown

-36.67%

peak → trough

Trough

23 Mar 2020

from the 19 Feb 2020 peak

Recovery time

154 days

recovery only: trough to break-even · ≈ 5 months

Underwater

187 days

decline + recovery: peak to break-even · ≈ 6 months · → recovered on 24 Aug 2020

The five worst falls in the period

From the peak of	Trough	Depth	Back to break-even	Days underwater
19 Feb 2020	23 Mar 2020	-36.67%	24 Aug 2020	187
04 Jan 2022	12 Oct 2022	-26.02%	24 Jan 2024	750
20 Sept 2018	24 Dec 2018	-20.03%	01 Jul 2019	284
19 Feb 2025	08 Apr 2025	-18.76%	26 Jun 2025	127
26 Jan 2018	08 Feb 2018	-10.23%	24 Aug 2018	210

Calendar-year returns

2016

6.8%

2017

19.8%

2018

-6.7%

2019

27.7%

2020

14.9%

2021

27.6%

2022

-20.3%

2023

23.7%

2024

24.1%

2025

17.7%

2026

12.9%

Month-by-month returns

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Oct	Nov	Dec	Year
2026	1.4	-0.8	-5.1	10.1	5.3	-1.0	-0.1	2.7	0.4				12.9
2025	2.8	-1.3	-5.5	-0.7	6.2	5.0	2.3	2.0	3.6	2.4	0.2	0.0	17.7
2024	1.6	5.3	3.2	-4.2	4.9	3.6	1.2	2.3	2.0	-0.9	5.9	-2.4	24.1
2023	6.0	-2.6	3.5	1.4	0.3	6.3	3.1	-1.7	-5.0	-2.2	8.7	4.4	23.7
2022	-5.2	-3.0	3.7	-9.2	0.1	-8.7	9.1	-4.3	-9.7	7.8	5.3	-5.9	-20.3
2021	-1.1	2.7	4.4	5.3	0.7	2.4	2.3	3.0	-4.8	6.9	-0.8	4.3	27.6
2020	-0.2	-8.7	-12.9	12.5	4.8	1.9	5.1	7.0	-4.0	-2.7	10.6	3.7	14.9
2019	7.5	3.0	1.8	3.9	-6.8	6.8	1.3	-1.8	1.7	1.9	3.5	2.8	27.7
2018	5.3	-3.9	-2.7	0.3	2.3	0.4	3.6	3.1	0.4	-7.2	1.8	-9.3	-6.7
2017	1.7	3.9	0.0	0.9	1.3	0.5	1.9	0.2	1.8	2.2	2.9	1.0	19.8
2016												1.8	6.8

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 5 of the last 8 calendar years: a past observation, not an indication of future outperformance.

Average TD (last 3 years)

+0.10% /anno

Declared TER

0.06%

Year	Fund	Index	Difference
2025	+17.71%	+17.56%	+0.15%
2024	+24.15%	+24.04%	+0.11%
2023	+23.71%	+23.66%	+0.05%
2022	-20.35%	-20.34%	-0.01%
2021	+27.62%	+27.65%	-0.03%
2020	+14.87%	+14.87%	+0.00%
2019	+27.73%	+27.60%	+0.13%
2018	-6.68%	-6.84%	+0.16%

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 year	Last 3 years	Last 5 years	Full history
Volatility (ann.)	13.70%	15.66%	18.19%	19.92%
Max drawdown	-9.80%	-21.42%	-30.56%	-43.36%
Sharpe	1.19	1.00	0.50	0.67
Sortino	1.72	1.42	0.70	0.93

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 — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Dividends

Latest dividend

0.1712 GBP

ex 13 Aug 2026 · paid 18 Aug 2026

Dividends, last 12 months

0.35 GBP

Dividend yield

0.92%

12-month sum over the NAV as of 4 Sept 2026

Yield by year

Period	Dividends	Dividend yield
1 year	0.35 GBP	1.09 %
2025	0.31 GBP	1.07 %
2024	0.27 GBP	1.13 %
2023	0.25 GBP	1.26 %
2022	0.25 GBP	1.00 %
2021	0.21 GBP	1.09 %

Dividend contribution to total return

dividendsprice changeprice decline

Calendar per share (GBP)

Year	Jan	Feb	Jul	Aug
2026		0.18		0.17
2025		0.17	0.15
2024		0.13		0.14
2023		0.12		0.12
2022		0.12		0.13
2021		0.11		0.11
2020		0.12		0.12
2019	0.04		0.12
2018	0.12		0.18
2017	0.04		0.09

Latest dividends

Per share	Ex-dividend date	Payment
0.1712 GBP	13 Aug 2026	18 Aug 2026
0.1791 GBP	9 Feb 2026	12 Feb 2026
0.1464 GBP	28 Jul 2025	31 Jul 2025
0.1653 GBP	6 Feb 2025	12 Feb 2025
0.1411 GBP	7 Aug 2024	13 Aug 2024
0.1284 GBP	1 Feb 2024	7 Feb 2024
0.1233 GBP	8 Aug 2023	11 Aug 2023
0.1225 GBP	1 Feb 2023	6 Feb 2023

Per-share dividends as declared by the issuer, in GBP, since the first payment (31 Jan 2017). Past dividends are not indicative of future ones.

Index tracked

S&P 500 Total Return Net (hedged to GBP)

This fund belongs to the S&P 500 family: compare all census ETFs in this family →

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:

IE00BD34DL14(class: hGBP dis)

XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans

IE00B7K93397(class: USD dis)

XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans

IE00BD34DK07(class: hEUR 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

Exchange	Ticker	Trading since
Tradegate Exchange	BCF8	16 Sept 2025

+ 3 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 UBS Core S&P 500 UCITS ETF hGBP dis track?

The issuer UBS declares the benchmark: S&P 500 Total Return Net (hedged to GBP).

How much does UBS Core S&P 500 UCITS ETF hGBP dis cost?

The issuer-declared TER is 0.06% per year; the transaction costs estimated in the KID are 0.00%.

How is UBS Core S&P 500 UCITS ETF hGBP dis 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 S&P 500 UCITS ETF hGBP dis launched?

The fund was launched on 2 November 2016: it has 9 years of history.

How does UBS Core S&P 500 UCITS ETF hGBP dis replicate its index?

It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Physical (Full replicated)”).

Does UBS Core S&P 500 UCITS ETF hGBP dis pay dividends?

Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Yes”).

What was UBS Core S&P 500 UCITS ETF hGBP dis's worst fall?

Over the available history (since 2016), the maximum drawdown was -36.67%, reached in March 2020. Past performance is not indicative of future results.

What is UBS Core S&P 500 UCITS ETF hGBP dis'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).

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.