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Description
UBS Core MSCI EM UCITS ETF USD Ukdis tracks the issuer-declared index: MSCI Emerging Markets Total Return Net. The declared annual cost (TER) is 0.15%, plus 0.01% in transaction costs estimated by the issuer in the KID. The fund was launched on 5 November 2014 and is domiciled in Luxembourg. In our registry 1 other ETFs declare the same index.
The fund’s objective — in the issuer’s words
The Fund is passively managed and will take proportionate exposure on the components of the MSCI Emerging Markets Index (Net Return) using a sampling strategy which invests in a representative sample of constituent stocks of the index selected by the investment manager using quantitative analytical models in a technique known as 'portfolio optimization'. The sub-fund can also make use of derivatives in particular where it may not be possible or practicable to replicate the index through direct investments or in order to generate efficiencies in gaining exposure to the index. There may also be instances where a sub-fund holds securities which are not comprised in its index if the portfolio manager of respective sub-fund believes this to be appropriate considering the sub-fund's investment objective and the investment restrictions or other factors. Exposure to the index through direct replication may be affected by rebalancing costs, while exposure to the index through derivatives may be affected by derivative trading costs. The use of OTC derivatives further engenders counterparty risk which is however mitigated by UBS (Lux) Fund Solutions collateral policy. The sub-fund will invest its net assets predominantly in shares, transferable securities, money market instruments, units of undertakings for collective investment, deposits with credit institutions, structured notes listed or dealt in on a regulated market and other assets eligible under the prospectus. The sub-fund may enter into securities lending transactions. Sustainability risks are not systematically integrated as they are not considered as part of the Index selection process. The return of the fund depends mainly on the performance of the tracked index. This class distributes its net income in order to maintain the maximum tracking accuracy of the MSCI Emerging Markets Index (Net Return).
Keep reading the KID section ▾
Intended retail investorThis fund applies to retail investors with a basic financial understanding, who can accept a possible loss on the investment amount. The fund is aimed at growing the investment value, while granting daily access to the capital under normal market conditions. With their investment in this fund, investors can satisfy medium term investment needs. The fund is suited to be acquired by the target client segments without any restriction of the distribution channel or platform. Depositary State Street Bank International GmbH, Luxembourg Branch Further Information Information about UBS Core MSCI EM UCITS ETF and the available share classes, the full prospectus, and the latest annual and semi-annual reports, as well as additional information can be obtained free of charge from the fund management company, the central administrator, the custodian bank, the fund distributors or online at www.ubs.com/etf. Latest price can be found at www.ubs.com/etf
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 0.15%: below the median of equity ETFs we track (0.22%).
Average tracking difference over the last 3 years: +0.07% p.a., against a declared TER of 0.15%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.
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 Nov 2014 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+127.4%
Annualised
+7.2%
Volatility (ann.)
16.9%
Max drawdown
-39.42%
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.
Max drawdown
-39.42%
peak → trough
Trough
24 Oct 2022
from the 17 Feb 2021 peak
Recovery time
1,051 days
recovery only: trough to break-even · ≈ 2 years and 11 months
Underwater
1,665 days
decline + recovery: peak to break-even · ≈ 4 years and 7 months · → recovered on 09 Sept 2025
The five worst falls in the period
From the peak of
Trough
Depth
Back to break-even
Days underwater
17 Feb 2021
24 Oct 2022
-39.42%
09 Sept 2025
1,665
26 Jan 2018
23 Mar 2020
-37.53%
16 Nov 2020
1,025
28 Apr 2015
21 Jan 2016
-34.51%
12 Jul 2017
806
26 Feb 2026
31 Mar 2026
-13.45%
21 Apr 2026
54
22 Jun 2026
29 Jul 2026
-13.31%
ongoing
78
Calendar-year returns
2016
10.9%
2017
36.7%
2018
-15.0%
2019
18.6%
2020
17.9%
2021
-3.0%
2022
-19.9%
2023
9.6%
2024
7.7%
2025
33.9%
2026
26.6%
Month-by-month returns
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Year
2026
8.9
5.4
-13.0
14.7
9.7
-1.4
-3.1
3.4
2.0
26.6
2025
1.8
0.5
0.6
1.3
4.2
6.1
2.0
1.5
7.2
4.1
-2.4
3.0
33.9
2024
-4.7
4.8
2.2
0.8
0.5
3.9
0.3
1.6
6.7
-4.3
-3.6
-0.2
7.7
2023
8.0
-6.5
3.0
-1.2
-1.7
3.8
6.3
-6.2
-2.7
-3.9
8.0
3.8
9.6
2022
-3.2
-1.6
-2.3
-5.6
0.6
-6.6
-0.4
0.3
-11.8
-3.2
14.8
-1.0
-19.9
2021
3.2
0.6
-1.5
2.5
2.3
0.0
-6.7
2.5
-4.0
1.0
-4.1
1.9
-3.0
2020
-5.0
-5.0
-15.5
9.2
0.7
7.5
8.9
2.2
-1.6
2.0
9.2
7.2
17.9
2019
9.1
0.2
0.7
2.1
-7.2
6.2
-1.2
-4.9
1.9
4.1
-0.1
7.4
18.6
2018
8.4
-4.6
-2.0
-0.4
-3.6
-4.2
2.2
-2.8
-0.5
-8.7
4.1
-3.0
-15.0
2017
5.4
3.0
2.4
2.1
3.0
1.0
5.9
2.2
-0.4
3.4
0.2
3.5
36.7
2016
-6.5
-0.2
13.2
0.5
-3.8
4.0
4.9
2.4
1.3
0.2
-4.6
0.2
10.9
2015
0.5
3.0
-1.4
7.7
-4.0
-2.6
-7.2
-8.8
-3.1
7.1
-3.9
-2.4
-15.4
2014
-4.6
-4.0
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.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
Source: UBS. 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 3 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.07% /anno
Declared TER
0.15%
Year
Fund
Index
Difference
2025
+33.85%
+33.57%
+0.28%
2024
+7.69%
+7.50%
+0.18%
2023
+9.57%
+9.83%
-0.26%
2022
-19.94%
-20.09%
+0.15%
2021
-2.98%
-2.38%
-0.60%
2020
+17.90%
+18.10%
-0.20%
2019
+18.61%
+18.81%
-0.20%
2018
-14.99%
-14.85%
-0.14%
2017
+36.69%
+37.29%
-0.59%
2016
+10.86%
+11.19%
-0.32%
Fund return with dividends reinvested by Rebalix on each ex-date (the issuer does not publish a total-return series); index from the issuer-declared series; complete calendar years covered by our dividend archive. 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.)
21.66%
17.07%
16.54%
16.52%
16.98%
Max drawdown
-13.23%
-17.57%
-25.15%
-32.94%
-36.98%
Sharpe
1.50
0.90
0.32
0.39
0.35
Sortino
2.22
1.27
0.45
0.53
0.48
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.
Dividends
Latest dividend
0.2018 USD
ex 13 Aug 2026 · paid 18 Aug 2026
Dividends, last 12 months
0.41 USD
Dividend yield
1.68%
12-month sum over the NAV as of 8 Sept 2026
Yield by year
Period
Dividends
Dividend yield
1 year
0.41 USD
2.30 %
2025
0.42 USD
2.76 %
2024
0.22 USD
1.51 %
2023
0.40 USD
3.00 %
2022
0.37 USD
2.17 %
2021
0.25 USD
1.41 %
Dividend contribution to total return
dividendsprice changeprice decline
Calendar per share (USD)
Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2026
0.21
0.20
2025
0.22
0.20
2024
0.07
0.15
2023
0.20
0.20
2022
0.19
0.18
2021
0.10
0.16
2020
0.23
0.12
2019
0.17
0.17
2018
0.13
0.14
2017
0.03
0.12
2016
0.01
0.15
0.10
2015
0.01
0.16
0.16
2014
0.00
Latest dividends
Per share
Ex-dividend date
Payment
0.2018 USD
13 Aug 2026
18 Aug 2026
0.2121 USD
9 Feb 2026
12 Feb 2026
0.2009 USD
28 Jul 2025
31 Jul 2025
0.219 USD
6 Feb 2025
12 Feb 2025
0.1474 USD
7 Aug 2024
13 Aug 2024
0.0684 USD
1 Feb 2024
7 Feb 2024
0.2013 USD
8 Aug 2023
11 Aug 2023
0.2018 USD
1 Feb 2023
6 Feb 2023
Per-share dividends as declared by the issuer, in USD, since the first payment (18 Dec 2014). Past dividends are not indicative of future ones.
2 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.
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.
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:
LU0480132876(class: USD dis)
XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
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.
Frequently asked questions
Which index does UBS Core MSCI EM UCITS ETF USD Ukdis track?
The issuer UBS declares the benchmark: MSCI Emerging Markets Total Return Net.
How much does UBS Core MSCI EM UCITS ETF USD Ukdis cost?
The issuer-declared TER is 0.15% per year; the transaction costs estimated in the KID are 0.01%.
How is UBS Core MSCI EM UCITS ETF USD Ukdis 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.
When was UBS Core MSCI EM UCITS ETF USD Ukdis launched?
The fund was launched on 5 November 2014: it has 11 years of history.
How does UBS Core MSCI EM UCITS ETF USD Ukdis replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (mixed: optimised/sampled) (issuer wording: “Physical + Optimized (equities) / sampled (bonds)”).
Does UBS Core MSCI EM UCITS ETF USD Ukdis pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Yes”).
What was UBS Core MSCI EM UCITS ETF USD Ukdis's worst fall?
Over the available history (since 2014), the maximum drawdown was -41.40%, reached in October 2022. Past performance is not indicative of future results.
What is UBS Core MSCI EM UCITS ETF USD Ukdis's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.07% per year versus its index (from issuer-declared series).
Transparency note
The data in this sheet is declared by UBS 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.