Amundi has brought two ETFs focused on Eastern Europe, excluding Russia, to the London Stock Exchange.
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Article created by the editorial staff of ETFWorld.co.uk
Benoit Sorel Global Head of ETF, Indexing & Smart Beta Amundi ETF
Both instruments are already available on other European exchanges and can now also be traded on the London market.
The two funds are:
Amundi MSCI Eastern Europe Ex Russia UCITS ETF Acc (ISIN LU1900066462, LSE ticker CECL, trading in GBP)
Amundi MSCI Eastern Europe Ex Russia UCITS ETF Dist (ISIN LU2090063160, LSE ticker CE9U, trading in USD)
The accumulating share class (CECL) has been listed in London since 15 March 2019. Its presence on the UK market is now reinforced by the arrival of the distributing share class (CE9U), which makes its LSE debut today after trading on Euronext Paris and other European exchanges. Both funds are domiciled in Luxembourg, UCITS compliant and managed by Amundi Asset Management. The total expense ratio (TER) is 0.50% per year for both share classes.
The index
Both ETFs track the MSCI EM Eastern Europe ex Russia Net Total Return EUR Index. The index comprises roughly 22 large- and mid-cap stocks from three emerging Eastern European countries: Poland, Hungary and the Czech Republic. According to MSCI data as of March 2026, the index has a total market capitalisation of USD 163.31 billion, with the largest single constituent at USD 23.67 billion. Amundi states that the index covers about 85% of each country’s equity universe.
The exclusion of Russia sets this index apart from other “Eastern Europe” indices that still include Russian stocks. It offers targeted exposure to the Central European markets that are most integrated into the European Union.
Replication method
The two ETFs use synthetic (indirect) replication via an over‑the‑counter swap contract (FDI). The fund invests in a diversified portfolio of international equities and swaps the performance of that basket for the performance of the benchmark index, through a swap agreement with a counterparty. This mechanism helps to contain tracking error; the expected level under normal market conditions is disclosed in the prospectus.
Dividend policy
The two share classes differ in how they handle income:
The accumulating class (Acc) automatically retains and reinvests all distributable income. Value builds up in the share price.
The distributing class (Dist) pays out any amounts available for distribution on an annual basis.
Assets and liquidity
As of early April 2026, the assets of the accumulating share class alone exceeded EUR 540 million (the 8 April 2026 figure was EUR 555 million, according to Amundi). The distributing share class was smaller; as of 31 October 2025, its assets stood at approximately GBP 251 million.
Liquidity on the secondary market is supported by multiple listings on several European exchanges, including Deutsche Börse (Xetra), SIX Swiss Exchange, Euronext Paris and now the London Stock Exchange, in euros as well as in local currencies.
Top holdings and sector breakdown
The most recent publicly available data (February–March 2026) show the following main holdings:
OTP Bank (Hungary) – about 12.9–14.5%
PKO Bank Polski (Poland) – about 12.5–12.9%
ORLEN SA (Poland) – about 10.6–12.8%
By sector, financials weight roughly 52%, followed by energy (around 13%), consumer cyclicals (8%), basic materials (7.5%) and utilities (6%).
Market context and the listing
The LSE listing comes as Amundi is strengthening its presence in the United Kingdom. In February 2025, the firm added 11 new ETFs to the London market, bringing the total number of Amundi ETFs listed in London to 272. The arrival of these two thematic Eastern Europe funds fits a strategy of giving UK investors efficient access to geographic niches. Central Europe (Poland, Hungary, the Czech Republic) continues to post economic growth above the EU average, supported by cohesion funds, foreign direct investment and competitive manufacturing. The exclusion of Russia removes exposure to a market that most institutional investors have deemed uninvestable since 2022.
Summing up
With a competitive 0.50% TER and a well‑established synthetic replication structure, the two ETFs represent an efficient option for anyone seeking equity exposure to the three main emerging markets of Eastern Europe. The accumulating class suits investors with a long‑term horizon (at least five years, as suggested in the prospectus), while the distributing class may appeal to those who want a regular income stream. Today’s listing on the London Stock Exchange broadens access for UK investors and reinforces Amundi’s position as one of the leading ETF providers in Europe.
| Product Name | Amundi MSCI Eastern Europe Ex Russia UCITS ETF Acc |
| ISIN | LU1900066462 |
| SEDOL | BJ56FZ5 |
| Currency | USD |
| Benchmark | MSCI EM Eastern Europe ex Russia Net Total Return EUR Index |
| TER | 0.50% |
| Product Name | Amundi MSCI Eastern Europe Ex Russia UCITS ETF Dist |
| ISIN | LU2090063160 |
| SEDOL | BWPKR41 |
| Currency | USD |
| Benchmark | MSCI EM Eastern Europe ex Russia Net Total Return EUR Index |
| TER | 0.50% |
Source: ETFWorld.co.uk
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