Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
196.1 mln EUR
NAV
10.23 CHF (1 September 2026)
Domicile
Ireland
Inception date
29 May 2015
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 EMU CHF Hedged UCITS ETF (Acc) tracks the issuer-declared index: MSCI EMU Net TR Index 100% CHF Hedged. Mind the share class: this is the version hedged to CHF — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.38%, plus 0.03% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 196 million euro, was launched on 29 May 2015 and is domiciled in Ireland.
The fund’s objective — in the issuer’s words
The Fund 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 EMU 100% hedged to CHF Index, the Fund’s benchmark index (Index). The Index provides a return on the MSCI EMU Index which measures the performance of large and mid-market capitalisation companies across developed market countries in the European Economic and Monetary Union (EMU) according to the MSCI size, liquidity and free float criteria. The Index is free float-adjusted market capitalisation weighted. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float - adjusted market capitalisation is the share price of the company multiplied by the number of shares available to international investors. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions. The Index also uses (FX) forward contracts to hedge each nonSwiss Franc (CHF) currency in the Index back to CHF, the base currency of the Fund. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities that make up the Index and CHF. The Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the MSCI EMU Index, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index. They hedge each non-CHF currency in the Index back to the Fund’s base currency. This is based on the MSCI Hedged Indices methodology. The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it. The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it. 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 is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index.
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 Swiss Franc. 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.
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 May 2015 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+110.3%
Annualised
+6.8%
Volatility (ann.)
17.8%
Max drawdown
-37.91%
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.
Max drawdown
-37.91%
peak → trough
Trough
18 Mar 2020
from the 19 Feb 2020 peak
Recovery time
334 days
recovery only: trough to break-even · ≈ 11 months
Underwater
362 days
decline + recovery: peak to break-even · ≈ 12 months · → recovered on 15 Feb 2021
The five worst falls in the period
From the peak of
Trough
Depth
Back to break-even
Days underwater
19 Feb 2020
18 Mar 2020
-37.91%
15 Feb 2021
362
20 Jul 2015
11 Feb 2016
-25.74%
31 Mar 2017
620
05 Jan 2022
29 Sept 2022
-24.48%
27 Jul 2023
568
23 Jan 2018
27 Dec 2018
-18.85%
15 Oct 2019
630
06 Mar 2025
09 Apr 2025
-15.02%
13 May 2025
68
Calendar-year returns
2016
4.0%
2017
12.3%
2018
-13.0%
2019
25.5%
2020
-0.9%
2021
22.1%
2022
-12.4%
2023
16.4%
2024
7.0%
2025
21.1%
2026
11.3%
Month-by-month returns
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Year
2026
2.6
3.4
-8.7
6.1
4.1
4.0
-0.8
0.7
0.2
11.3
2025
7.0
3.3
-3.3
0.0
5.6
-0.9
0.7
0.2
2.7
2.3
0.1
2.1
21.1
2024
2.0
3.2
4.4
-2.2
2.7
-2.7
0.1
1.4
0.8
-3.6
-0.3
1.2
7.0
2023
9.6
1.5
0.6
1.3
-2.4
3.7
1.7
-3.3
-3.5
-3.4
7.6
3.0
16.4
2022
-3.6
-5.2
-0.8
-1.9
0.8
-8.9
7.1
-5.2
-6.2
8.0
8.1
-3.8
-12.4
2021
-1.4
3.7
6.6
2.1
2.7
1.1
1.2
2.4
-3.3
4.1
-3.3
4.9
22.1
2020
-1.7
-8.1
-17.0
6.4
4.8
4.9
-1.4
3.4
-1.7
-5.7
17.3
2.0
-0.9
2019
6.3
3.9
1.4
5.2
-5.5
5.1
0.0
-1.3
3.6
1.3
2.7
1.0
25.5
2018
3.2
-3.8
-2.3
5.0
-1.3
-0.9
3.4
-2.6
-0.4
-6.6
-1.0
-5.9
-13.0
2017
-1.1
2.6
5.4
2.2
1.9
-2.7
0.4
-0.6
4.5
2.4
-2.2
-0.9
12.3
2016
-6.6
-3.1
2.7
1.2
2.3
-5.9
5.1
1.4
0.0
1.1
-0.5
7.0
4.0
2015
-4.1
4.7
-8.7
-4.7
9.6
2.8
-5.8
-7.3
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 10 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.24% /anno
Declared TER
0.38%
Year
Fund
Index
Difference
2025
+21.17%
+20.90%
+0.27%
2024
+7.03%
+6.85%
+0.18%
2023
+16.34%
+16.09%
+0.26%
2022
-12.38%
-12.58%
+0.19%
2021
+22.01%
+21.87%
+0.14%
2020
-0.75%
-0.98%
+0.23%
2019
+25.44%
+25.20%
+0.24%
2018
-12.97%
-13.09%
+0.12%
2017
+12.37%
+12.13%
+0.24%
2016
+3.93%
+3.69%
+0.25%
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 year
Last 3 years
Last 5 years
Last 10 years
Full history
Volatility (ann.)
14.47%
13.75%
15.70%
16.32%
17.26%
Max drawdown
-10.79%
-14.35%
-19.39%
-37.47%
-37.47%
Sharpe
1.05
0.87
0.62
0.61
0.45
Sortino
1.63
1.27
0.90
0.84
0.62
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.
+ 2 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 EMU CHF Hedged UCITS ETF (Acc) track?
The issuer iShares declares the benchmark: MSCI EMU Net TR Index 100% CHF Hedged.
How much does EMUC cost?
The issuer-declared TER is 0.38% per year; the transaction costs estimated in the KID are 0.03%.
How is EMUC taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.03%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of EMUC?
The fund size declared by iShares is about 196 million euro.
When was EMUC launched?
The fund was launched on 29 May 2015: it has 11 years of history.
How does EMUC replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (declared in the KID objectives).
Does EMUC pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does EMUC trade?
Per the official ESMA register it trades on 3 main exchanges, including Börse Hamburg (SXR9), Börse Hannover (SXR9), Börse München / gettex (SXR9).
What was EMUC's worst fall?
Over the available history (since 2015), the maximum drawdown was -37.91%, reached in March 2020. Past performance is not indicative of future results.
What is EMUC's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.24% per year versus its index (from issuer-declared series).
How many securities does EMUC hold?
The declared portfolio holds 216 securities (plus 24 cash & derivative lines); the top 10 positions weigh 29.7%.
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.