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Franklin S&P 500 Paris Aligned Climate UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BMDPBZ72Ticker: USPAIssuer: Franklin TempletonClass: SINGLCLASS
Issuer-declared data
Declared index
S&P 500 PAB ESG Index-NR
TER
0.07%
Transaction costs
0.14% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
301.2 mln EUR
NAV
63.47 USD (1 September 2026)
Domicile
Ireland
Inception date
29 July 2020
Data as declared by Franklin Templeton in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Franklin S&P 500 Paris Aligned Climate UCITS ETF tracks the issuer-declared index: S&P 500 PAB ESG Index-NR. The declared annual cost (TER) is 0.07%, plus 0.14% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 301 million euro, was launched on 29 July 2020 and is domiciled in Ireland.

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

Investment Objective To provide exposure to large capitalisation US stocks which are aligned to the transition to a low carbon economy.

Keep reading the KID section ▾

Investment PolicyThe Fund invests in equities of US companies of large market capitalisation that transition to a lower carbon economy or are less exposed to climate transition risks. These investments are included in the benchmark. The benchmark is based on the S&P 500 Index, its parent index, and provides exposure to US large capitalisation securities which are better aligned with the move towards a low-carbon economy and is constructed to follow the EU Paris-aligned Benchmark (EU PAB) Regulations (Regulation (EU) 2019/2089) (the “PAB Regulations”) The benchmark overweights companies which are committed to reducing greenhouse gas emissions and will have a 50% decarbonization. In addition, the Green House Gas Intensity of the Index must reduce by 7% annually. Derivatives and techniques The Fund may use derivatives for hedging and efficient portfolio management. Strategy The investment manager seeks to minimise the difference between the Fund’s performance and that of the benchmark (tracking error), regardless of whether the benchmark level rises or falls. SFDR category Article 8 (promotes environmental and/or social characteristics under EU regulations). The Index follows the PAB Regulations which are designed to help investors shift towards a low-carbon economy and align investments to the Paris Climate Agreement. The Index tracks the performance of eligible equity securities, selected and weighted to be collectively compatible with a 1.5ºC global warming climate scenario and to meet several other climate-themed objectives. The Index also applies exclusions based on companies’ involvement in specific business activities.

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 0.07%: below the median of equity ETFs we track (0.22%).
  • Average tracking difference over the last 3 years: +0.13% p.a., against a declared TER of 0.07%.
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 Jul 2020 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+152.5%
Annualised
+16.4%
Volatility (ann.)
17.1%
Max drawdown
-28.05%
-3%+38%+80%+122%+163%Jul 2020Feb 2022Aug 2023Feb 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%)+153%Jul 2020Sept 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%2020202120222023202420252026−28.05% · 12 Oct 2022
Max drawdown
-28.05%
peak → trough
Trough
12 Oct 2022
from the 29 Dec 2021 peak
Recovery time
432 days
recovery only: trough to break-even · ≈ 1 year and 2 months
Underwater
719 days
decline + recovery: peak to break-even · ≈ 1 year and 12 months · → recovered on 18 Dec 2023

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
29 Dec 202112 Oct 2022-28.05%18 Dec 2023719
19 Feb 202508 Apr 2025-18.83%27 Jun 2025128
09 Jan 202630 Mar 2026-11.17%30 Apr 2026111
02 Sept 202023 Sept 2020-10.06%11 Nov 202070
16 Jul 202405 Aug 2024-7.99%16 Sept 202462

Calendar-year returns

2020
16.4%
2021
31.2%
2022
-21.8%
2023
29.8%
2024
26.2%
2025
15.8%
2026
11.6%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.1-2.0-5.610.16.7-0.6-0.64.8-0.911.6
20252.8-1.1-5.7-0.86.14.41.32.43.62.4-0.20.215.8
20242.45.63.1-4.34.64.41.42.22.4-1.15.7-2.226.2
20237.5-2.64.01.31.56.33.4-1.5-5.2-2.09.94.829.8
2022-6.2-4.13.0-9.5-0.5-7.99.7-4.7-9.57.96.2-6.1-21.8
2021-1.32.84.46.10.43.33.33.8-5.37.1-0.64.231.2
20207.9-4.4-2.410.93.616.4
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: Franklin Templeton. 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 5 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.13% /anno
Declared TER
0.07%
YearFundIndexDifference
2025+15.80%+15.66%+0.13%
2024+26.21%+26.09%+0.12%
2023+29.75%+29.62%+0.13%
2022-21.81%-21.95%+0.14%
2021+31.16%+31.11%+0.05%
Monthly index series (issuer-declared): the yearly TD compounds the 12 months. 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 yearsFull history
Volatility (ann.)12.79%15.76%18.23%17.74%
Max drawdown-10.02%-22.65%-22.65%-22.65%
Sharpe1.180.870.560.81
Sortino1.721.250.811.17
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
223
Top-10 weight
38.8%

Top 10 holdings

NVIDIA CORP USD 0.001 · NVDA
8.41%
MICROSOFT USD 0.00000625 · MSFT
5.81%
APPLE INC USD 0.00001 · AAPL
4.95%
ALPHABET INC-CL USD 0.001 · GOOGL
3.25%
VISA INC-CLASS USD 0.0001 · V
3.17%
MASTERCARD INC USD 0.0001 · MA
3.01%
ABBVIE INC USD 0.01 · ABBV
2.81%
ALPHABET INC-CL USD 0.001 · GOOG
2.59%
CISCO SYSTEMS I USD 0.001 · CSCO
2.41%
TESLA INC USD 0.001 · TSLA
2.40%

Sectors

Tecnologia Informatica
42.1%
Finanziari
13.4%
Assistenza Sanitaria
10.9%
Servizi di comunicazione
9.8%
Beni di consumo discrezionali
8.1%
Industriali
7.5%
Beni di consumo
4.2%

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 GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 0.3%IranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 0.1%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 99.5%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States99.5%
Ireland0.3%
Netherlands0.1%
⬇ Download the full portfolio — Excel, 223 rows
Full portfolio declared by Franklin Templeton, as of 26 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:

IE00BMDPBZ72
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 1,000 €, agreement until 30 June 2027
  • 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
Borsa Italiana (ETFplus)USPA31 Jul 2020
Börse DüsseldorfFLX530 Jul 2020
Börse FrankfurtFLX530 Jul 2020
Börse HamburgFLX519 Oct 2022
Börse HannoverFLX59 Dec 2024
Börse München / gettexFLX518 Dec 2020
Börse StuttgartFLX517 Nov 2020
Euronext AmsterdamUSPA15 Sept 2021
Tradegate ExchangeFLX57 Sept 2020
Xetra (Deutsche Börse)FLX530 Jul 2020
+ 16 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 Franklin S&P 500 Paris Aligned Climate UCITS ETF track?
The issuer Franklin Templeton declares the benchmark: S&P 500 PAB ESG Index-NR.
How much does USPA cost?
The issuer-declared TER is 0.07% per year; the transaction costs estimated in the KID are 0.14%.
How is USPA 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 USPA?
The fund size declared by Franklin Templeton is about 301 million euro.
When was USPA launched?
The fund was launched on 29 July 2020: it has 6 years of history.
How does USPA replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (full replication) (issuer wording: “Replica completa”).
Does USPA pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does USPA trade?
Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (USPA), Börse Düsseldorf (FLX5), Börse Frankfurt (FLX5), Börse Hamburg (FLX5), Börse Hannover (FLX5), Börse München / gettex (FLX5).
What was USPA's worst fall?
Over the available history (since 2020), the maximum drawdown was -28.05%, reached in October 2022. Past performance is not indicative of future results.
What is USPA's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.13% per year versus its index (from issuer-declared series).
How many securities does USPA hold?
The declared portfolio holds 223 securities; the top 10 positions weigh 38.8%.
Transparency note
The data in this sheet is declared by Franklin Templeton 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.