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Amundi Core MSCI Emerging Markets UCITS ETF USD DistIndex, costs, backtest, listings and taxation

ISIN: LU2277591868Ticker: AEMU (London SE) · AEMU (Euronext Paris)Issuer: AmundiClass: UCITS ETF USD Dist
Issuer-declared data
Declared index
MSCI Emerging Markets Net Total Return USD Index
TER
0.18%
Transaction costs
0.06% (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
90.4 mln EUR
NAV
62.67 USD (1 September 2026)
Domicile
Luxembourg
Inception date
2 February 2021
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 MSCI Emerging Markets UCITS ETF USD Dist tracks the issuer-declared index: MSCI Emerging Markets Net Total Return USD Index. The declared annual cost (TER) is 0.18%, plus 0.06% in transaction costs estimated by the issuer in the KID. Replication is direct physical replication; income is distributed to investors. The fund has assets of about 90 million euro, was launched on 2 February 2021 and is domiciled in Luxembourg. In our registry 4 other ETFs declare the same index.

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

This Sub-Fund is passively managed. The objective of this Sub-Fund is to track the performance of MSCI Emerging Markets Index (the "Index"), and to minimize the tracking error between the net asset value of the sub-fund and the performance of the Index. The anticipated level of the tracking error, under normal market conditions, is indicated in the prospectus of the Sub-Fund. The Index is a Total Return Index : the dividends net of tax paid by the Index constituents are included in the index return. The Index is an equity index representative of the large and mid-cap markets across 23 emerging countries. More information about the composition of the index and its operating rules are available in the prospectus and at: msci.com The Index value is available via Bloomberg (NDUEEGF). The exposure to the Index will be achieved through a Direct Replication, mainly by making direct investments in transferable securities and/or other eligible assets representing the Index constituents in a proportion extremely close to their proportion in the Index. The Investment Manager will be able to use derivatives in order to deal with inflows and outflows and also if it allows a better exposition to an Index constituent. In order to generate additional income to offset its costs, the Sub-Fund may also enter into securities lending operations.

Keep reading the KID section ▾

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 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 Amundi Index Solutions 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 · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.18%: below the median of equity ETFs we track (0.22%).
  • Average tracking difference over the last 3 years: -0.05% p.a., against a declared TER of 0.18%.
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) · USD · from Feb 2021 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+38.8%
Annualised
+6.0%
Volatility (ann.)
17.5%
Max drawdown
-39.23%
-39%-16%+6%+28%+51%Feb 2021Jun 2022Nov 2023Apr 2025Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+39%Feb 2021Sept 2026
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.
0%-10%-20%-30%-40%-50%202120222023202420252026−39.23% · 24 Oct 2022
Max drawdown
-39.23%
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 ofTroughDepthBack to break-evenDays underwater
17 Feb 202124 Oct 2022-39.23%09 Sept 20251,665
26 Feb 202631 Mar 2026-13.54%21 Apr 202654
22 Jun 202629 Jul 2026-13.27%ongoing73
02 Jun 202608 Jun 2026-7.47%18 Jun 202616
29 Oct 202521 Nov 2025-5.76%02 Jan 202665

Calendar-year returns

2021
-10.0%
2022
-20.2%
2023
9.7%
2024
7.4%
2025
33.7%
2026
22.7%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20268.85.5-13.114.79.6-1.4-3.13.4-0.922.7
20251.80.50.61.34.36.11.91.57.14.2-2.43.033.7
2024-4.74.72.20.70.63.90.31.66.6-4.4-3.6-0.27.4
20237.9-6.53.0-1.1-1.73.86.2-6.2-2.6-3.98.03.99.7
2022-1.9-3.0-2.3-5.60.5-6.7-0.20.4-11.7-3.114.8-1.4-20.2
2021-1.52.52.30.2-6.72.6-4.01.0-4.11.8-10.0
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: 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 1 of the last 4 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.05% /anno
Declared TER
0.18%
YearFundIndexDifference
2025+33.73%+33.57%+0.16%
2024+7.37%+7.50%-0.13%
2023+9.66%+9.83%-0.17%
2022-20.22%-20.09%-0.13%
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.)21.56%17.14%16.48%16.27%
Max drawdown-13.20%-17.87%-23.76%-27.33%
Sharpe1.360.780.260.21
Sortino1.991.090.370.29
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: 2.20%), 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
1,160
Top-10 weight
37.3%

Top 10 holdings

TAIWAN SEMICONDUCTOR MANUFAC · 2330 TT
15.12%
SAMSUNG ELECTRONIC CO LTD · 005930 KP
7.10%
SK HYNIX INC · 000660 KP
5.43%
TENCENT HOLDINGS LTD · 700 HK
2.75%
ALIBABA GROUP HOLDING LTD · 9988 HK
1.88%
MEDIATEK INC · 2454 TT
1.56%
DELTA ELECTRONICS INC · 2308 TT
0.92%
SAMSUNG ELECTRONICS - PFD NV · 005935 KP
0.88%
CHINA CONSTRUCTION BANK HK · 939 HK
0.82%
HON HAI PRECISION INDUSTRY · 2317 TT
0.79%

Sectors

Information Technology
42.3%
Financials
19.4%
Consumer Discretionary
7.9%
Industrials
6.4%
Materials
6.2%
Communication Services
6.0%
Energy
3.5%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 4%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChile: 0.5%China: 20%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombia: 0.2%Costa RicaCubaCyprusCzech Republic: 0.1%GermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgypt: 0.1%EritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFrance: 0.3%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 0.6%GreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 0.3%Indonesia: 0.5%India: 11.2%IrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth Korea: 20.7%KosovoKuwait: 0.5%LaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexico: 1.6%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysia: 1%NamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeru: 0.4%Philippines: 0.3%Papua New GuineaPoland: 1.1%Puerto RicoNorth KoreaPortugalParaguayQatar: 0.4%RomaniaRussiaRwandaWestern SaharaSaudi Arabia: 2.4%SudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailand: 1%TajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwan: 28%United Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 3.2%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Taiwan28%
South Korea20.7%
China20%
India11.2%
Brazil4%
South Africa3.2%
Saudi Arabia2.4%
⬇ Download the full portfolio — Excel, 1,162 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.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Dividends

Frequency
Annual
Latest dividend
0.97 USD
ex 9 Dec 2025 · paid ~12 Dec 2025
Dividends, last 12 months
0.97 USD
Dividend yield
1.57%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.97 USD2.10 %
20250.97 USD2.53 %
20240.95 USD2.59 %
20230.88 USD2.57 %
20221.00 USD2.26 %

Dividend contribution to total return

-30%-20%-10%0%10%20%30%40%+36.12 %1 year+33.68 %2025+7.45 %2024+9.53 %2023−20.37 %2022
dividendsprice changeprice decline

Calendar per share (USD)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20250.97
20240.95
20230.88
20221.00
20210.79

Latest dividends

Per shareEx-dividend datePayment
0.97 USD9 Dec 202512 Dec 2025 · estimated
0.95 USD10 Dec 202413 Dec 2024 · estimated
0.88 USD12 Dec 202315 Dec 2023 · estimated
1.00 USD8 Nov 202210 Nov 2022 · estimated
0.79 USD16 Nov 202118 Nov 2021 · estimated
Per-share dividends as declared by the issuer, in USD, since the first payment (16 Nov 2021). 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.

ETFs declaring the same index

FundTERIncomeFund size
E127 · Amundi · 2 classes
0.14%Acc. · Dist.5.4 mld EUR
AEME · Amundi · 2 classes
0.18%Acc. · Dist.4.2 mld EUR
AEEM · Amundi · 2 classes
0.20%Acc.4.2 mld EUR
EMKT · Amundi · 2 classes
0.55%Acc.913 mln EUR
5 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.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Börse Hannover5WM022 Oct 2025
Tradegate Exchange5WM016 Oct 2025
+ 3 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 Amundi Core MSCI Emerging Markets UCITS ETF USD Dist track?
The issuer Amundi declares the benchmark: MSCI Emerging Markets Net Total Return USD Index.
How much does AEMU cost?
The issuer-declared TER is 0.18% per year; the transaction costs estimated in the KID are 0.06%.
How is AEMU 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 AEMU?
The fund size declared by Amundi is about 90 million euro.
When was AEMU launched?
The fund was launched on 2 February 2021: it has 5 years of history.
How does AEMU replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Direct(Physical)”).
Does AEMU pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distribution”).
Where does AEMU trade?
Per the official ESMA register it trades on 2 main exchanges, including Börse Hannover (5WM0), Tradegate Exchange (5WM0).
What was AEMU's worst fall?
Over the available history (since 2021), the maximum drawdown was -40.25%, reached in October 2022. Past performance is not indicative of future results.
What is AEMU's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.05% per year versus its index (from issuer-declared series).
How many securities does AEMU hold?
The declared portfolio holds 1,160 securities; the top 10 positions weigh 37.3%.
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.