IE00BYX8XD24Ticker: IS31 (Xetra) · SPME (SIX)Issuer: iSharesOne email when new issuers, new metrics and new articles land. Double opt-in, zero spam, one-click unsubscribe.
iShares Edge S&P 500 Minimum Volatility UCITS ETF tracks the issuer-declared index: S&P 500 Minimum Volatility Net in USD. Mind the share class: this is the version hedged to EUR — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.25%, plus 0.01% in transaction costs estimated by the issuer in the KID. Replication is optimised physical replication (the KID declares optimisation techniques to achieve a return similar to the index); income is accumulated and reinvested in the fund. The fund has assets of about 42 million euro, was launched on 18 November 2016 and is domiciled in Ireland.
The Share Class is a share class of a Fund which 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 S&P 500 Minimum Volatility Index, the Fund’s benchmark index (Index). The Share Class, via the Fund is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index. The Index aims to reflect the performance characteristics of a subset of securities within the S&P 500 Index (Parent Index) with the lowest absolute volatility of returns, subject to risk diversification. The constituents of the Index are selected using a minimum volatility strategy which selects securities from the Parent Index based on estimates of the risk profile and expected volatility of each constituent and the correlation between all constituents in the Parent Index. Volatility of returns measures the movements in the daily price of the constituents over a period of time. The Parent Index measures the performance of the large-cap sector (i.e. companies with large market capitalisation) within the United States market. As the Parent Index includes a significant portion of the total value of the market, it also represents the market. Companies in the Parent Index are considered leading companies in leading industries. Market capitalisation is the share price of the company multiplied by the number of shares issued. Companies are included in the Index based on a free float market capitalisation weighted basis. The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes. 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 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 State Street Custodial Services (Ireland) Limited. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares VI 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. Shares for this Share Class are denominated in Euro. 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 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 |
|---|---|---|---|---|
| 17 Feb 2020 | 23 Mar 2020 | -34.03% | 16 Nov 2020 | 273 |
| 29 Dec 2021 | 12 Oct 2022 | -21.16% | 15 May 2024 | 868 |
| 21 Sept 2018 | 24 Dec 2018 | -18.17% | 23 Apr 2019 | 214 |
| 19 Feb 2025 | 08 Apr 2025 | -11.88% | 30 Jun 2025 | 131 |
| 26 Jan 2018 | 08 Feb 2018 | -9.20% | 17 Aug 2018 | 203 |
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.9 | 0.9 | -5.8 | 4.3 | 3.7 | -0.3 | 0.8 | 3.7 | 0.4 | 8.5 | |||
| 2025 | 2.4 | 2.0 | -2.3 | -1.5 | 2.6 | 1.7 | -0.5 | 1.3 | 1.7 | -0.2 | 1.3 | 0.1 | 8.8 |
| 2024 | 2.8 | 3.0 | 3.0 | -3.9 | 4.4 | 1.6 | 1.9 | 3.3 | 1.6 | -1.7 | 4.4 | -4.4 | 16.4 |
| 2023 | 2.7 | -4.8 | 3.2 | 2.4 | -3.4 | 4.4 | 0.5 | -1.9 | -4.4 | -1.2 | 7.4 | 2.4 | 6.8 |
| 2022 | -5.0 | -3.1 | 4.7 | -5.3 | -0.1 | -6.0 | 5.3 | -4.0 | -8.1 | 7.6 | 4.2 | -3.9 | -14.2 |
| 2021 | -2.3 | -0.4 | 6.2 | 4.4 | 0.3 | 1.6 | 2.9 | 2.1 | -5.2 | 6.0 | -0.7 | 6.7 | 22.7 |
| 2020 | 0.0 | -8.4 | -12.7 | 10.9 | 4.3 | 0.3 | 4.5 | 4.2 | -1.9 | -2.9 | 7.6 | 2.5 | 6.1 |
| 2019 | 7.1 | 3.3 | 2.0 | 3.6 | -4.8 | 5.7 | 1.4 | 0.2 | 1.4 | 0.0 | 2.3 | 3.1 | 27.9 |
| 2018 | 2.7 | -3.5 | -1.9 | 0.0 | 1.2 | 0.7 | 2.9 | 2.8 | 0.3 | -5.5 | 1.7 | -9.1 | -8.0 |
| 2017 | 0.2 | 3.9 | -0.6 | 0.4 | 1.3 | -0.4 | 1.3 | -0.7 | 0.9 | 2.2 | 4.5 | 0.7 | 14.5 |
| 2016 | 1.8 | 1.6 |
We do not publish a tracking difference for this share class — and it is not an oversight.
IS31 is hedged to EUR; 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 EUR-hedged index series, which the issuer does not publish today.
Still want to know how well this fund tracks its index? Look at the unhedged sister class, SPMV, where fund and index share the same currency: its TD is the right measure of the management, which is the same. Go to the SPMV page →
| Last year | Last 3 years | Last 5 years | Full history | |
|---|---|---|---|---|
| Volatility (ann.) | 9.17% | 11.16% | 13.36% | 15.61% |
| Max drawdown | -7.66% | -11.88% | -21.16% | -34.03% |
| Sharpe | 1.03 | 0.82 | 0.31 | 0.52 |
| Sortino | 1.47 | 1.17 | 0.43 | 0.73 |
| Share class | ISIN | Ticker | Income | Currency |
|---|---|---|---|---|
| USD (Acc) | IE00B6SPMN59 | SPMV | Accumulating | USD |
| USD (Dist) | IE00BD93YH54 | SPMD | Distributing | USD |
| EUR Hedged (Acc) · this page | IE00BYX8XD24 | IS31 | Accumulating | EUR |
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:
IE00BYX8XD24IS31(class: EUR Hedged (Acc))IE00B6SPMN59MVUS(class: USD (Acc))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.
| Exchange | Ticker | Trading since |
|---|---|---|
| Börse Düsseldorf | IS31 | 7 Sept 2017 |
| Börse Frankfurt | IS31 | 17 Jul 2017 |
| Börse Hamburg | IS31 | 14 Dec 2017 |
| Börse Hannover | IS31 | 9 Dec 2024 |
| Börse München / gettex | IS31 | 7 Dec 2016 |
| Börse Stuttgart | IS31 | 9 Nov 2017 |
| Tradegate Exchange | IS31 | 29 Jan 2020 |
| Xetra (Deutsche Börse) | IS31 | 17 Jul 2017 |