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iShares MSCI EMU USD Hedged UCITS ETF (Acc) tracks the issuer-declared index: MSCI EMU 100% Hedged to USD Index (Net). Mind the share class: this is the version hedged to USD — 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. Replication is physical replication (the KID declares buying all or a substantial number of the index constituents); income is accumulated and reinvested in the fund. The fund has assets of about 264 million euro, was launched on 30 June 2015 and is domiciled in Ireland.
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 USD Index, the Fund’s benchmark index (Index). The Index provides a return on the MSCI EMU Index which measures the performance of equity securities (e.g. shares) of large and mid capitalisation companies across developed market countries in the European Economic and Monetary Union (EMU) according to the MSCI size, liquidity and free float criteria. Securities that are liquid means that they can easily be bought or sold in the market in normal market conditions. The Index is free float-adjusted market capitalisation weighted (i.e. the share price of a company multiplied by the number of shares available to international investors). The Index also uses (FX) forward contracts to hedge each non-US Dollar (USD) currency in the Index back to USD, 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 USD. The Fund is passively managed and aims to invest so far as possible and practicable in the equity securities 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. The FX forward contracts hedge each non-USD 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 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. The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs may be used for direct investment purposes. The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment. The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).
Keep reading the KID section ▾
The depositary of the Fund is The Bank of New York Mellon SA/NV, Dublin Branch. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares VII plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +49 89427295800 or from your broker or financial adviser.
Your shares will be accumulating shares (i.e. income will be included in their value). The Fund’s base currency is US Dollar. The shares are listed and traded on various stock exchanges. In normal circumstances, only authorised participants may buy and sell shares directly with the Fund. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the shares on the secondary market (e.g. via a broker on a stock exchange) at the then prevailing market price. The value of the shares are related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the shares trade on the secondary market may deviate from the value of the Shares. Indicative net asset value is published on relevant stock exchanges websites.
Intended retail investor:The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).
Insurance benefits:The Fund does not offer any insurance benefits.
| From the peak of | Trough | Depth | Back to break-even | Days underwater |
|---|---|---|---|---|
| 19 Feb 2020 | 18 Mar 2020 | -37.52% | 08 Feb 2021 | 355 |
| 20 Jul 2015 | 11 Feb 2016 | -25.52% | 10 Mar 2017 | 599 |
| 05 Jan 2022 | 29 Sept 2022 | -23.11% | 15 Feb 2023 | 406 |
| 22 May 2018 | 27 Dec 2018 | -16.72% | 17 Apr 2019 | 330 |
| 19 Mar 2025 | 09 Apr 2025 | -15.39% | 12 May 2025 | 54 |
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.0 | 3.6 | -8.1 | 6.7 | 4.4 | 4.2 | -0.4 | 1.1 | 0.2 | 14.8 | |||
| 2025 | 7.4 | 3.6 | -3.1 | 0.4 | 6.0 | -0.6 | 1.2 | 0.6 | 3.1 | 2.5 | 0.5 | 2.6 | 26.2 |
| 2024 | 2.3 | 3.5 | 4.6 | -1.7 | 3.1 | -2.3 | 0.5 | 1.9 | 1.1 | -3.1 | 0.2 | 1.5 | 11.6 |
| 2023 | 9.9 | 1.7 | 0.9 | 1.7 | -1.9 | 4.1 | 2.1 | -3.0 | -3.0 | -3.1 | 8.4 | 3.3 | 22.1 |
| 2022 | -3.4 | -5.1 | -0.6 | -1.7 | 0.9 | -8.8 | 7.3 | -4.8 | -5.9 | 8.2 | 9.0 | -3.3 | -9.7 |
| 2021 | -1.3 | 3.7 | 6.6 | 2.3 | 2.6 | 1.1 | 1.4 | 2.5 | -3.2 | 4.1 | -3.1 | 5.1 | 23.5 |
| 2020 | -1.5 | -7.6 | -17.0 | 6.6 | 4.9 | 4.9 | -1.3 | 3.5 | -1.6 | -5.5 | 17.5 | 2.1 | 1.0 |
| 2019 | 6.5 | 4.1 | 1.5 | 5.4 | -5.3 | 5.6 | 0.3 | -1.1 | 3.9 | 1.6 | 2.8 | 1.3 | 29.4 |
| 2018 | 3.4 | -3.5 | -1.9 | 5.1 | -1.0 | -0.7 | 3.6 | -2.3 | -0.2 | -6.1 | -0.7 | -5.6 | -10.0 |
| 2017 | -1.0 | 2.8 | 5.6 | 2.6 | 2.0 | -2.5 | 0.5 | -0.4 | 4.7 | 2.4 | -1.8 | -0.7 | 14.8 |
| 2016 | -6.3 | -3.1 | 3.0 | 1.3 | 2.4 | -5.8 | 5.3 | 1.5 | 0.2 | 1.3 | -0.2 | 7.2 | 6.1 |
| 2015 | 4.9 | -8.7 | -4.7 | 9.8 | 2.8 | -5.9 | -3.0 |
| Year | Fund | Index | Difference |
|---|---|---|---|
| 2025 | +26.27% | +26.10% | +0.17% |
| 2024 | +11.50% | +11.38% | +0.11% |
| 2023 | +22.23% | +22.08% | +0.15% |
| 2022 | -9.71% | -9.88% | +0.17% |
| 2021 | +23.42% | +23.24% | +0.18% |
| 2020 | +0.99% | +0.96% | +0.03% |
| 2019 | +29.47% | +29.20% | +0.27% |
| 2018 | -9.94% | -10.05% | +0.11% |
| 2017 | +14.86% | +14.69% | +0.16% |
| 2016 | +5.88% | +5.99% | -0.11% |
| Last year | Last 3 years | Last 5 years | Last 10 years | Full history | |
|---|---|---|---|---|---|
| Volatility (ann.) | 13.02% | 14.48% | 16.03% | 17.38% | 18.57% |
| Max drawdown | -8.02% | -19.70% | -19.70% | -38.70% | -38.70% |
| Sharpe | 1.65 | 0.91 | 0.70 | 0.66 | 0.55 |
| Sortino | 2.56 | 1.29 | 1.00 | 0.91 | 0.76 |
| Exchange | Ticker | Trading since |
|---|---|---|
| Börse Düsseldorf | CEBP | 14 Jul 2015 |
| Börse Frankfurt | CEBP | 2 Jul 2015 |
| Börse Hamburg | CEBP | 1 Aug 2016 |
| Börse Hannover | CEBP | 9 Dec 2024 |
| Börse München / gettex | CEBP | 18 Feb 2019 |
| Börse Stuttgart | CEBP | 2 Jul 2015 |
| Tradegate Exchange | CEBP | 30 Oct 2019 |
| Xetra (Deutsche Börse) | CEBP | 2 Jul 2015 |