As of 24 March 2026, UBS AM has started trading a new US dollar-denominated share class of the UBS Core MSCI Europe UCITS ETF on the London Stock Exchange.
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Article created by the editorial staff of ETFWorld.co.uk
André Mueller, Head of Client Coverage at UBS Asset Management
The instrument tracks the MSCI Europe Net Return Index and expands the firm’s range of passive products available to institutional and retail investors in the UK.
The new vehicle complements an existing sterling-denominated share class (ticker UB12) and carries a total expense ratio (TER) of 0.06 per cent. The ETF is domiciled in Luxembourg and complies with the UCITS directive.
Product Specifications
The ETF physically replicates the MSCI Europe Index, which comprises large- and mid-cap stocks from 15 developed European markets. The replication methodology involves direct investment in the constituent securities of the index, with the possibility of using derivatives in situations where direct investment is impractical or inefficient. The fund may also engage in securities lending transactions to generate additional income.
The reference benchmark is the MSCI Europe Net Return Index, which reinvests dividends net of withholding taxes. Replication is physical full replication, as indicated in the product documentation.
Composition and Characteristics
According to data published by the manager, the portfolio held 403 positions as of 30 January 2026, with total fund assets of approximately £897 million. The top ten holdings accounted for 20.08 per cent of the total.
In terms of geographic allocation, the United Kingdom ranked first with 19.58 per cent, followed by Switzerland (14.35 per cent), Germany (14.11 per cent) and France (14.01 per cent). By sector, financials represented 22.97 per cent of the portfolio, industrials 18.38 per cent, and healthcare 11.11 per cent.
The instrument does not systematically integrate sustainability risks into the investment process, as such factors are not part of the index selection criteria.
Trading on the London Stock Exchange
The new share class is traded in US dollars. Liquidity on the London segment is provided by a panel of market makers that includes ABN Amro Clearing, Barclays Capital Securities, Citigroup Global Markets, Deutsche Bank, Goldman Sachs International, JP Morgan Securities, Morgan Stanley and UBS AG, among others.
The ETF follows a semi-annual dividend distribution policy. The SEDOL code for the new issuance is BV9C531.
Market Positioning
With a TER of 0.06 per cent, the product sits in the most competitive segment of the European ETF market for developed European equities. The new US dollar share class offers an additional option for investors seeking exposure to the European market without currency exposure relative to the dollar.
The fund is managed by UBS Asset Management, with State Street Bank International acting as depositary and administrator. The audit firm is Ernst & Young. The financial year ends on 31 December.
The ETF is classified as a UK Reporting Fund, a status that allows UK-resident investors to benefit from favourable capital gains tax treatment.
| Product Name | UBS Core MSCI Europe UCITS ETF |
| ISIN | LU0446734104 |
| SEDOL | BV5QKL0 |
| Currency | HKD |
| Management Fee | 0.06% |
| Benchmark | MSCI Europe Net Return Index |
Source: ETFWorld
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