Invesco MSCI USA UCITS ETF (MXUD.L)

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The Invesco MSCI USA UCITS ETF Dist aims to replicate the net total return of the MSCI USA Index, after accounting for management fees, distributing dividends on a quarterly basis. The Reference Index serves to measure the performance of the US equity market, including a broad spectrum of large and mid-capitalization companies, representing approximately 85% of the US market's free-float adjusted value. To achieve its investment objective, the fund primarily holds a portfolio of equities, which, while contributing significantly to its returns, typically differs from the index's exact constituents. Furthermore, it employs unfunded swaps with approved counterparties. These agreements are designed to exchange the difference between the return generated by the fund's equity basket and that of the Reference Index, thereby aiming for more precise and consistent index tracking than solely physical replication would provide. It's important to note that while the fund's objective targets the net total return of the index, its swaps reference the gross total return index. As the swap fee is linked to this gross return, the ETF's performance may potentially exceed the net return index. To assist with operational costs, the manager may receive an annual contribution of up to 0.04% of the swap notional amount from the active swap counterparties, a contribution that neither impacts the fund's net asset value nor represents an additional cost to investors. This ETF is a passively managed, index-tracking fund, meaning an investment constitutes the acquisition of units in the fund itself, rather than direct ownership of its underlying assets.