The iShares MSCI EMU Screened UCITS ETF (SAUM) is an Ireland-domiciled equity ETF managed by BlackRock through its iShares platform and traded on the London Stock Exchange.

The fund seeks to track an index comprising large- and mid-cap companies from countries within the European Economic and Monetary Union (EMU), while applying environmental, social, and governance (ESG) screens.

SAUM follows a passive investment strategy and uses physical replication. Its portfolio invests directly in equities with the objective of closely tracking the composition and performance of its benchmark.

The benchmark is derived from the MSCI EMU universe and applies exclusion criteria related to certain business activities and practices considered incompatible with its ESG methodology. 

Composition / Exposure Profile

SAUM holds companies across different sectors of the eurozone economy, including:

• Financials.

• Industrials.

• Technology.

• Consumer discretionary.

• Health care.

• Consumer staples.

• Utilities.

• Communication services.

• Materials.

• Energy.

• Real estate.

Geographic exposure is concentrated in countries that are part of the European Economic and Monetary Union. Markets represented include France, Germany, the Netherlands, Spain, Italy, Finland, Belgium, and other eurozone economies.

Because the benchmark uses free float-adjusted market capitalization weighting, larger eligible markets and companies tend to represent greater portions of the portfolio. ESG screens can also cause the fund's composition and weights to differ from those of a broad eurozone index without these exclusions.

Structure and Costs

The fund and share class have the euro as their base currency. SAUM is traded on the London Stock Exchange, and the currency used for exchange trading does not change the portfolio's underlying economic exposure or, by itself, provide currency hedging.

The ETF has a total expense ratio (TER) of 0.12% per year, uses physical replication, and is domiciled in Ireland. It operates as part of iShares IV plc under the UCITS framework.

SAUM follows an accumulating income policy. Dividends 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 EMU Screened UCITS ETF was launched in 2018 to provide diversified exposure to eurozone equities through a strategy incorporating ESG screens.

Since its launch, the fund has maintained a passive strategy focused on large- and mid-cap companies within the European Economic and Monetary Union while excluding companies that do not meet the benchmark methodology's screening criteria.

Throughout its history, SAUM's performance has reflected movements across eurozone equity markets, as well as factors including monetary policy, economic growth, corporate earnings, and regulatory and structural developments across the region.

Additional Information

iShares MSCI EMU Screened UCITS ETF (Ireland) is an exchange-traded fund (ETF), with assets under management totaling $1.48 billion.

Over the past 12 months, iShares MSCI EMU Screened UCITS ETF recorded a return of 8.35%, with its price trading between $11.02 and $13.43 during the same period.

The ETF is traded under the ticker SAUM.