The iShares MSCI USA Screened UCITS ETF (SASU) is an Ireland-domiciled equity ETF managed by BlackRock. SASU is the ticker for the fund's U.S. dollar listing on the London Stock Exchange.

The fund seeks to track the MSCI USA Screened Index, a benchmark comprising large- and mid-cap U.S. companies while applying exclusion criteria related to certain business activities and environmental, social, and governance practices.

The MSCI USA Screened Index starts with a broad universe of U.S. companies and applies screens designed to exclude businesses involved in certain controversial activities, such as nuclear weapons, tobacco, civilian firearms, thermal coal, and certain fossil fuel-related activities.

The methodology also considers corporate controversies and violations of international principles. Its objective is to maintain broad exposure to the U.S. equity market while removing companies that fail to meet the benchmark's screening requirements.

Composition / Exposure Profile

SASU holds large- and mid-cap U.S. companies across different sectors of the economy, including:

• Information technology.

• Financials.

• Health care.

• Consumer discretionary.

• Communication services.

• Industrials.

• Consumer staples.

• Energy.

• Utilities.

• Materials.

Geographic exposure is concentrated in the U.S. equity market. Many companies represented in the index have international operations and revenue, but the strategy is constructed from a U.S. equity universe.

The benchmark's screens can cause SASU's holdings and weights to differ from broad U.S. market indexes that do not apply similar criteria. The strategy is nevertheless designed to maintain risk and exposure characteristics broadly aligned with the wider U.S. equity market.

Structure and Costs

The fund and share class have the U.S. dollar as their base currency. On the London Stock Exchange, the accumulating share class trades in USD under SASU and in GBP under GPSA. On Xetra, the same share class trades in EUR under SGAS.

The ETF has a total expense ratio (TER) of 0.07% per year, uses physical replication, and is domiciled in Ireland under the UCITS framework. It is part of iShares IV plc and is managed by BlackRock Asset Management Ireland Limited.

SASU follows an accumulating income policy. Dividends and other income received from portfolio companies are therefore reinvested within the fund rather than periodically distributed to shareholders.

History and Evolution of the ETF

The iShares MSCI USA Screened UCITS ETF (SASU) was launched in 2018 to provide broad exposure to the U.S. equity market while applying exclusion criteria related to certain business activities and corporate practices.

Since its launch, the fund has maintained a passive strategy linked to the MSCI USA Screened Index. Its index-tracking approach later transitioned to a replicating methodology, with the fund directly holding stocks represented in the benchmark.

Throughout its history, SASU's performance has reflected movements across the U.S. equity market, while the benchmark's screening criteria can result in differences in composition and performance relative to U.S. indexes that do not apply similar exclusions.

Additional Information

iShares MSCI USA Screened UCITS ETF USD Acc (Ireland) is an exchange-traded fund (ETF), with assets under management totaling $10.33 billion.

Over the past 12 months, iShares MSCI USA Screened UCITS ETF USD Acc recorded a return of 16.21%, with its price trading between $13.10 and $16.40 during the same period.

The ETF is traded under the ticker SASU.