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Amundi Core S&P 500 Swap UCITS ETF GBP Hedged DistIndex, costs, backtest, listings and taxation

ISIN: LU1950341179Ticker: SP5GIssuer: AmundiClass: UCITS ETF GBP Hedged Dist Currency hedging: GBP-hedged share class
Issuer-declared data
TER
0.05%
Transaction costs
0.00% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
1.7 bn EUR
NAV
257.4 GBP (1 September 2026)
Domicile
Luxembourg
Inception date
15 February 2019
Data as declared by Amundi in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Amundi Core S&P 500 Swap UCITS ETF GBP Hedged Dist tracks the issuer-declared index: S&P 500 Daily Hedged GBP Index Net TR. Mind the share class: this is the version hedged to GBP — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.05%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is synthetic replication (swap based); income is distributed to investors. The fund has assets of about 1.7 billion euro, was launched on 15 February 2019 and is domiciled in Luxembourg.

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

The Fund is an index-tracking UCITS passively managed. The investment objective of MULTI UNITS LUXEMBOURG - Amundi Core S&P 500 Swap (the “Sub-Fund”) is to track both the upward and the downward evolution of the S&P 500® Net Total Return (the "Index") denominated in US Dollars - while minimising the volatility of the difference between the return of the Sub-Fund and the return of the Index (the “Tracking Error”). The Index is a free-float capitalization-weighted index, representative of the performance of the 500 leading U.S. companies listed in the United States. To be included, the companies must be domiciled in the United States, and have an unadjusted market cap of USD 18.0 billion or greater, and must have a float-adjusted market cap of at least 50% of the unadjusted minimum market cap threshold. Each stock of the Index is weighted according to the free float-adjusted market capitalization. The anticipated level of Tracking Error in normal market conditions is indicated in the prospectus. Additional information about the Benchmark Index can be found at https://www.spglobal.com/spdji/. The Benchmark Index is a net total return index. A net total return index calculates the performance of the index constituents on the basis that any dividends or distributions are included in the index returns after withholding tax retention.

Keep reading the KID section ▾

The Fund seeks to achieve its objective via indirect replication by entering into an over-the-counter swap contract (financial derivative instrument, the "FDI"). The Fund may also invest in a diversified portfolio of international equities, whose performance will be exchanged against the performance of the benchmark Index via the FDI. Updated composition of the Fund holdings is available on www.amundietf.com. In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the Fund, and might also be mentioned on the websites of the stock exchanges where the Fund is listed.

Intended Retail Investor:This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds seeking to increase the value of their investment and to receive income over the recommended holding period with the ability to bear losses up to the amount invested.

Redemption and Dealing:The Sub-Fund's shares are listed and traded on one or more stock exchanges. In normal circumstances, you may deal in shares during the trading hours of the stock exchanges. Only authorised participants (e.g., selected financial institutions) may deal in shares directly with the Sub-Fund on the primary market. Further details are provided in the MULTI UNITS LUXEMBOURG prospectus.

Distribution policy:The Fund’s amounts available for distribution (if any) will be distributed.

More Information:You may get further information about the Sub-Fund, including the prospectus, and financial reports which are available at and free of charge on request from: Amundi Luxembourg S.A. at 5, allée Scheffer 2520 Luxembourg, Luxembourg.

From the KID’s “Objectives” section · 7 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.05%: below the median of equity ETFs we track (0.22%).
  • Assets larger than 82% of equity ETFs we track.
  • Average tracking difference over the last 3 years: +0.12% p.a., against a declared TER of 0.05%.
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) · GBP · from Feb 2019 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+185.5%
Annualised
+14.9%
Volatility (ann.)
19.7%
Max drawdown
-34.70%
-23%+32%+88%+143%+199%Feb 2019Dec 2020Nov 2022Oct 2024Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+186%Feb 2019Sept 2026
Note — currency risk: the fund is denominated (or hedged) in GBP and the chart is in GBP. For a euro investor, returns also depend on the EUR/GBP 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.
0%-10%-20%-30%-40%-50%2019202120232025−34.70% · 23 Mar 2020
Max drawdown
-34.70%
peak → trough
Trough
23 Mar 2020
from the 19 Feb 2020 peak
Recovery time
142 days
recovery only: trough to break-even · ≈ 5 months
Underwater
175 days
decline + recovery: peak to break-even · ≈ 6 months · → recovered on 12 Aug 2020

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
19 Feb 202023 Mar 2020-34.70%12 Aug 2020175
03 Jan 202212 Oct 2022-25.59%19 Jan 2024746
19 Feb 202508 Apr 2025-18.56%26 Jun 2025127
02 Sept 202023 Sept 2020-9.79%13 Nov 202072
27 Jan 202630 Mar 2026-9.02%15 Apr 202678

Calendar-year returns

2019
15.9%
2020
17.3%
2021
28.1%
2022
-19.7%
2023
24.2%
2024
24.3%
2025
17.7%
2026
12.5%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20261.4-0.8-5.010.25.2-1.0-0.12.7-0.112.5
20252.9-1.3-5.6-0.66.35.02.21.93.62.30.20.017.7
20241.65.33.2-4.24.93.51.22.32.1-1.05.8-2.424.3
20236.1-2.63.51.40.36.43.1-1.6-4.9-2.28.94.524.2
2022-5.1-2.93.7-8.90.0-8.59.2-4.5-9.67.75.3-5.8-19.7
2021-1.02.84.45.30.72.32.43.0-4.76.9-0.84.428.1
2020-0.1-8.5-12.312.84.91.95.57.1-3.9-2.710.83.717.3
20191.83.9-6.76.81.2-1.81.71.93.52.815.9
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: Amundi. 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 6 of the last 6 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.12% /anno
Declared TER
0.05%
YearFundIndexDifference
2025+17.69%+17.62%+0.07%
2024+24.30%+24.17%+0.13%
2023+24.21%+24.05%+0.16%
2022-19.73%-19.85%+0.12%
2021+28.07%+27.90%+0.16%
2020+17.28%+17.01%+0.27%
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 yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)13.82%15.78%18.20%21.28%
Max drawdown-9.25%-21.29%-29.88%-41.60%
Sharpe1.181.010.500.64
Sortino1.701.440.710.89
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
495
Top-10 weight
41.9%

Top 10 holdings

APPLE INC · AAPL UW
8.66%
MICROSOFT CORP · MSFT UW
6.96%
AMAZON.COM INC · AMZN UW
5.18%
BROADCOM INC · AVGO UW
4.43%
META PLATFORMS INC-CLASS A · META UW
3.80%
NVIDIA CORP · NVDA UW
2.89%
MICRON TECHNOLOGY INC · MU UW
2.63%
JPMORGAN CHASE & CO · JPM UN
2.63%
TESLA INC · TSLA UW
2.37%
SEAGATE TECHNOLOGY HOLDINGS · STX UW
2.32%
⬇ Download the full portfolio — Excel, 496 rows
Full portfolio declared by Amundi, as of 1 September 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding. Synthetic replication: the list shows the substitute basket (securities held as swap collateral), which can differ substantially from the replicated index. The fund’s economic exposure is that of its declared index.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Dividends

Frequency
Annual
Latest dividend
2.33 GBP
ex 9 Dec 2025 · paid ~12 Dec 2025
Dividends, last 12 months
2.33 GBP
Dividend yield
0.90%
12-month sum over the NAV as of 8 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year2.33 GBP1.06 %
20252.33 GBP1.18 %
20242.56 GBP1.59 %
20231.65 GBP1.26 %
20222.67 GBP1.60 %
20211.86 GBP1.41 %

Dividend contribution to total return

-30%-20%-10%0%10%20%30%+18.67 %1 year+17.69 %2025+24.34 %2024+24.17 %2023−19.71 %2022+27.99 %2021
dividendsprice changeprice decline

Calendar per share (GBP)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20252.33
20242.56
20231.65
20221.191.48
20211.010.85
20201.100.78
20191.070.82

Latest dividends

Per shareEx-dividend datePayment
2.33 GBP9 Dec 202512 Dec 2025 · estimated
2.56 GBP10 Dec 202413 Dec 2024 · estimated
1.65 GBP12 Dec 202315 Dec 2023 · estimated
1.48 GBP7 Dec 20229 Dec 2022 · estimated
1.19 GBP6 Jul 20228 Jul 2022 · estimated
0.85 GBP8 Dec 202110 Dec 2021 · estimated
1.01 GBP7 Jul 20219 Jul 2021 · estimated
0.78 GBP9 Dec 202011 Dec 2020 · estimated
Per-share dividends as declared by the issuer, in GBP, since the first payment (10 Jul 2019). Past dividends are not indicative of future ones. An «estimated» payment date is computed by Rebalix (ex-date + 2-3 business days, as this issuer has paid in the past) because the issuer does not publish it: it may differ by a day.

Index tracked

S&P 500 Daily Hedged GBP Index Net TR
This fund belongs to the S&P 500 family: compare all census ETFs in this family →

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 →

Stock exchange listings

ExchangeTicker
LSE—
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 Amundi Core S&P 500 Swap UCITS ETF GBP Hedged Dist track?
The issuer Amundi declares the benchmark: S&P 500 Daily Hedged GBP Index Net TR.
How much does SP5G cost?
The issuer-declared TER is 0.05% per year; the transaction costs estimated in the KID are 0.00%.
How is SP5G 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 SP5G?
The fund size declared by Amundi is about 1.7 billion euro.
When was SP5G launched?
The fund was launched on 15 February 2019: it has 7 years of history.
How does SP5G replicate its index?
It is a passively managed ETF: it follows the declared index. Synthetic (swap) (issuer wording: “Indirect(Swap Based)”).
Does SP5G pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distribution”).
What was SP5G's worst fall?
Over the available history (since 2019), the maximum drawdown was -34.70%, reached in March 2020. Past performance is not indicative of future results.
What is SP5G's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.12% per year versus its index (from issuer-declared series).
How many securities does SP5G hold?
The declared portfolio holds 495 securities; the top 10 positions weigh 41.9%.
Transparency note
The data in this sheet is declared by Amundi 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.