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UBS Core MSCI USA hCHF UCITS ETF CHF accIndex, costs, backtest, listings and taxation

ISIN: IE00BD4TYL27Issuer: UBSCurrency hedging: CHF-hedged share class
Issuer-declared data
Declared index
MSCI USA 100% hedged to CHF Total Return Net
TER
0.06%
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
53.2 CHF
Domicile
Ireland
Inception date
30 September 2013
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 historyNot yet available: no data archived for this share class.Open the history →
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Description

UBS Core MSCI USA hCHF UCITS ETF CHF acc tracks the issuer-declared index: MSCI USA 100% hedged to CHF Total Return Net. 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 30 September 2013 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 The MSCI USA 100% hedged to CHF Index (Net Return) (l'«Indice»).

Keep reading the KID section ▾

L'Indice è concepito per misurare la performance delle società a media e alta capitalizzazione quotate sui mercati degli Stati Uniti. L'impatto delle oscillazioni dei cambi tra la valuta dell'Indice e qualsiasi valuta estera è ridotto tramite la vendita di contratti a termine su cambi al tasso forward a un mese.

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. I proventi del Fondo non vengono versati, bensì reinvestiti. 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: +0.18% 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) · CHF · from Sept 2013 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+269.7%
Annualised
+10.6%
Volatility (ann.)
17.1%
Max drawdown
-34.77%
-4%+69%+142%+215%+288%Sept 2013Jan 2017Apr 2020Jun 2023Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+270%Sept 2013Sept 2026
Note — currency risk: the fund is denominated (or hedged) in CHF and the chart is in CHF. For a euro investor, returns also depend on the EUR/CHF 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.
0%-10%-20%-30%-40%-50%2013201520172019202120232025−34.77% · 23 Mar 2020
Max drawdown
-34.77%
peak → trough
Trough
23 Mar 2020
from the 19 Feb 2020 peak
Recovery time
147 days
recovery only: trough to break-even · ≈ 5 months
Underwater
180 days
decline + recovery: peak to break-even · ≈ 6 months · → recovered on 17 Aug 2020

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
19 Feb 202023 Mar 2020-34.77%17 Aug 2020180
29 Dec 202114 Oct 2022-27.42%12 Mar 2024804
20 Sept 201824 Dec 2018-20.51%03 Jul 2019286
19 Feb 202508 Apr 2025-19.26%02 Jul 2025133
21 May 201511 Feb 2016-14.95%12 Jul 2016418

Calendar-year returns

2016
8.5%
2017
18.4%
2018
-8.6%
2019
26.9%
2020
18.0%
2021
24.9%
2022
-22.4%
2023
20.4%
2024
19.6%
2025
12.5%
2026
9.1%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.9-1.2-5.59.84.9-1.2-0.42.4-0.29.1
20252.7-1.9-6.1-0.96.04.61.91.53.32.0-0.3-0.412.5
20241.25.12.9-4.64.33.20.81.81.8-1.16.0-3.019.6
20236.2-2.73.10.90.36.13.0-2.1-5.2-2.68.74.220.4
2022-5.9-3.03.3-9.8-0.3-8.59.1-4.2-9.77.74.9-6.3-22.4
2021-1.12.53.85.10.42.72.22.9-4.96.8-1.13.724.9
2020-0.1-8.4-12.912.95.02.15.57.3-3.9-2.711.33.918.0
20198.03.01.53.8-6.66.51.2-2.11.51.83.62.526.9
20185.2-4.0-2.80.12.10.43.32.90.2-7.51.6-9.3-8.6
20171.73.8-0.10.91.10.31.80.11.82.12.70.718.4
2016-5.7-0.46.40.31.70.03.5-0.0-0.1-2.13.51.68.5
2015-2.65.7-1.70.71.2-2.01.9-6.2-2.88.20.2-2.0-0.3
2014-3.54.50.60.52.32.0-1.53.9-1.72.32.6-0.412.1
20134.42.82.610.0
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: 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 9 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.18% /anno
Declared TER
0.06%
YearFundIndexDifference
2025+12.48%+12.32%+0.16%
2024+19.57%+19.42%+0.15%
2023+20.36%+20.12%+0.24%
2022-22.44%-22.49%+0.05%
2021+24.89%+24.85%+0.04%
2020+17.97%+17.94%+0.04%
2019+26.86%+26.73%+0.13%
2018-8.59%-8.58%-0.02%
2017+18.41%+18.33%+0.08%
2016+8.49%+8.45%+0.04%
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.)13.54%15.40%17.65%18.26%18.00%
Max drawdown-9.98%-19.76%-24.32%-34.58%-34.58%
Sharpe0.770.850.520.690.72
Sortino1.101.270.750.971.05
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.

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 →

Frequently asked questions

Which index does UBS Core MSCI USA hCHF UCITS ETF CHF acc track?
The issuer UBS declares the benchmark: MSCI USA 100% hedged to CHF Total Return Net.
How much does UBS Core MSCI USA hCHF UCITS ETF CHF acc cost?
The issuer-declared TER is 0.06% per year; the transaction costs estimated in the KID are 0.00%.
How is UBS Core MSCI USA hCHF UCITS ETF CHF acc 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 hCHF UCITS ETF CHF acc launched?
The fund was launched on 30 September 2013: it has 12 years of history.
How does UBS Core MSCI USA hCHF UCITS ETF CHF acc 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 hCHF UCITS ETF CHF acc pay dividends?
Issuer-declared income policy: “No”.
What was UBS Core MSCI USA hCHF UCITS ETF CHF acc's worst fall?
Over the available history (since 2013), the maximum drawdown was -34.77%, reached in March 2020. Past performance is not indicative of future results.
What is UBS Core MSCI USA hCHF UCITS ETF CHF acc's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.18% 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.