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Amundi Core MSCI Japan UCITS ETF USD Hedged AccIndex, costs, backtest, listings and taxation

ISIN: LU2914157412Ticker: AMEV (Xetra)Issuer: AmundiClass: UCITS ETF USD Hedged Acc Currency hedging: USD-hedged share class
Issuer-declared data
Declared index
MSCI Japan Net JPY Index
TER
0.14%
Transaction costs
0.01% (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
30.5 mln EUR
NAV
16.41 USD (1 September 2026)
Domicile
Luxembourg
Inception date
13 December 2024
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 Japan UCITS ETF USD Hedged Acc tracks the issuer-declared index: MSCI Japan Net JPY Index. 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 0.14%, plus 0.01% in transaction costs estimated by the issuer in the KID. Replication is direct physical replication; income is accumulated and reinvested in the fund. The fund has assets of about 31 million euro, was launched on 13 December 2024 and is domiciled in Luxembourg. In our registry 2 other ETFs declare the same index.

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

The Fund is an ETF UCITS passively managed. The investment objective of the Fund is to reflect both the upward and the downward evolution of MSCI Japan Net Total Return Index (net dividendsr einvested) (net dividends reinvested) (the Benchmark Index") denominated in JPY, while minimizing the volatility of the difference between the return of the Fund and the return of the Benchmark Index (the "Tracking Error"). 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 www.msci.com.

Keep reading the KID section ▾

The Fund seeks to achieve its objective via a direct replication, by investing primarily in the securities comprising the Benchmark Index. To optimize the Benchmark Index replication, the Fund may use a sampling replication strategy. The potential use of this techniques is published on Amundi's website: www.amundietf.com. Updated composition of the Fund holdings is available on www.amundietf.com. MSCI's website (www.msci.com) contains more detailed information about the MSCI indexes. 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 ofthe 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 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 SubFund on the primary market. Further details are provided in the MULTI UNITS LUXEMBOURG prospectus.

Distribution policy:As this is a non-distributing share class, investment income is reinvested. the accumulation share automatically retains, and re-invests, all attributable income within the Sub-Fund; thereby accumulating value in the price of the accumulation shares.

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 0.14%: below the median of equity ETFs we track (0.22%).
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 Dec 2024 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+62.4%
Annualised
+32.7%
Volatility (ann.)
22.3%
Max drawdown
-18.66%
-17%+5%+28%+51%+73%Dec 2024Jun 2025Oct 2025Apr 2026Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+62%Dec 2024Sept 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.
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%-5%-10%-15%-20%20252026−18.66% · 07 Apr 2025
Max drawdown
-18.66%
peak → trough
Trough
07 Apr 2025
from the 27 Mar 2025 peak
Recovery time
52 days
recovery only: trough to break-even
Underwater
63 days
decline + recovery: peak to break-even · ≈ 2 months · → recovered on 29 May 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
27 Mar 202507 Apr 2025-18.66%29 May 202563
27 Feb 202623 Mar 2026-11.13%12 May 202674
22 Jun 202617 Jul 2026-6.07%13 Aug 202652
14 Aug 202619 Aug 2026-4.73%ongoing25
27 Dec 202411 Mar 2025-4.70%21 Mar 202584

Calendar-year returns

2024
3.4%
2025
28.2%
2026
22.5%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20265.210.0-10.37.76.52.0-0.83.9-2.122.5
20250.4-3.8-0.30.55.52.13.04.83.47.80.91.328.2
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.
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 — issuer-declared

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.
Declared TER
0.14%
YearFundIndexDifference
2025+28.24%+28.56%-0.32%
Figures declared by the issuer on the fund page (net fund and index returns per calendar year, as of 19 August 2026), not computed by us. Partial years excluded. What is tracking difference? →

Risk indicators· EUR

Last yearFull history
Volatility (ann.)21.94%23.84%
Max drawdown-9.53%-22.50%
Sharpe1.560.99
Sortino2.291.41
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. 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
168
Top-10 weight
30.0%

Top 10 holdings

MITSUBISHI UFJ FINANCIAL GROUP · 8306 JT
4.63%
TOYOTA MOTOR CORP · 7203 JT
3.61%
SUMITOMO MITSUI FINANCIAL GROUP · 8316 JT
2.99%
HITACHI LTD · 6501 JT
2.87%
TOKYO ELECTRON JPY50 · 8035 JT
2.87%
ADVANTEST CORP Y50 · 6857 JT
2.86%
SONY GROUP CORP (JT) · 6758 JT
2.76%
RECRUIT HOLDINGS CO LTD · 6098 JT
2.72%
MIZUHO FINANCIAL GROUP INC · 8411 JT
2.37%
KIOXIA HOLDINGS CORP · 285A JT
2.29%

Sectors

Industrials
24.3%
Financials
19.1%
Information Technology
18.1%
Consumer Discretionary
15.1%
Communication Services
6.7%
Health Care
5.4%
Materials
3.8%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapan: 100%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Japan100%
⬇ Download the full portfolio — Excel, 169 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 →

ETFs declaring the same index

FundTERIncomeFund size
LCJP · Amundi · 4 classes
0.12%Dist. · Acc.5.3 mld EUR
ISRJ · Amundi · 2 classesactivenot on Borsa Italiana
0.20%Acc.7 mln EUR
3 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 StuttgartAMEV30 Jan 2025
Xetra (Deutsche Börse)AMEV9 Jan 2025
+ 9 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 Japan UCITS ETF USD Hedged Acc track?
The issuer Amundi declares the benchmark: MSCI Japan Net JPY Index.
How much does AMEV cost?
The issuer-declared TER is 0.14% per year; the transaction costs estimated in the KID are 0.01%.
How is AMEV 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 AMEV?
The fund size declared by Amundi is about 31 million euro.
When was AMEV launched?
The fund was launched on 13 December 2024: it has 1 year of history.
How does AMEV replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Direct(Physical)”).
Does AMEV pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Capitalisation”).
Where does AMEV trade?
Per the official ESMA register it trades on 2 main exchanges, including Börse Stuttgart (AMEV), Xetra (Deutsche Börse) (AMEV).
What was AMEV's worst fall?
Over the available history (since 2024), the maximum drawdown was -18.66%, reached in April 2025. Past performance is not indicative of future results.
How many securities does AMEV hold?
The declared portfolio holds 168 securities; the top 10 positions weigh 30%.
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.