iShares Growth Portfolio UCITS ETF USD HedgedIndex, costs, backtest, listings and taxation

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The Fund is actively managed without reference to a benchmark meaning the investment manager (IM) has absolute discretion to select the Fund’s investments and is not constrained by any target, comparator or performance benchmark. The Fund aims to achieve a return on your investment through a combination of capital growth and income on the Fund's investments whilst maintaining a growth risk profile (i.e. an evaluation of the risks associated with the portfolio) of 10-15% in a manner consistent with the Fund’s environmental, social and governance criteria (ESG Criteria). The risk profile of the Fund, for this purpose, is measured as the volatility (i.e. the degree of fluctuation) of the Fund’s returns converted into an annual rate, over a fiveyear period. The Fund will predominantly invest in other funds and investment products including UCITS mutual funds, UCITS exchange traded funds (UCITS ETFs). and UCITS eligible exchange traded commodities. The Fund will obtain indirect exposure to a variety of asset classes globally, including fixed income securities (e.g. bonds), equity securities (e.g. shares), precious metals, and may hold permitted money market instruments (e.g. debt instruments with short-term maturities), permitted deposits and cash. At least 80% of the Fund’s assets will, at the time of purchase, be invested in funds tracking indices that meet the following ESG Criteria: exclude certain investments based on ESG-related characteristics; or, are comprised of government bond issuers with an ESG sovereign rating of BB or higher (as defined by MSCI or other third party data vendor).The Fund will use quantitative (i.e. mathematical or statistical) models in order to inform its approach to stock selection. The composition of the Fund’s investments is determined based on consistency between the risk profile of the Fund’s portfolio and the investment objective; ESG Criteria; the IM’s investment models; and the IM’s discretionary insights. The Fund will seek to stay within the stated risk profile by varying its asset allocations in different market conditions. Under normal market conditions, the Fund will seek a higher exposure to equity securities (which are generally considered to be more risky compared to fixed income securities), compared to a fund with a lower risk profile which would seek to have a higher exposure to fixed income securities. The IM may use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. 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 Recommendation: This Fund may not be appropriate for short-term investment.

Keep reading the KID section ▾

Your shares will be accumulating shares (i.e. income will be included in their value). The Fund’s base currency is Euro. Shares for this Share Class are denominated in US Dollar. The performance of your shares may be affected by this currency difference. Your shares will be hedged with the aim of reducing the effect of exchange rate fluctuations between the denominated currency of the shares and the Fund’s underlying portfolio currencies or the Fund’s base currency. FDIs, including FX forward contracts, will be used for currency hedging purposes. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares. Please see the prospectus for further details. The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded. Indicative net asset value is published on relevant stock exchanges websites.

MAGU is hedged to USD; the index the issuer places next to it in its documents is the unhedged, foreign-currency version. Subtracting one from the other does not measure replication quality: it measures the exchange rate. In a year when the currency moves 5%, “the TD” would come out near 5 points — a plausible-looking number, with decimals, and wrong.

Other sites publish that number. We would rather show one figure less than one figure wrong: the TD will return here the day we have the USD-hedged index series, which the issuer does not publish today.

What tracking difference is and how we compute it →

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