Invesco MSCI Europe UCITS ETF (SMEU.L)

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The Invesco MSCI Europe UCITS ETF Acc seeks to mirror the net total return performance of the MSCI Europe Index, after accounting for its own charges. This benchmark index gauges the performance of developed European stock markets, encompassing large and mid-sized companies across these nations. It covers approximately 85% of the market capitalization, adjusted for free float, within each country. The fund pursues its objective by holding a selection of equities, which, while generating most of the fund's returns, may not exactly mirror the constituents of the reference index. To bridge any performance gap, the fund also utilizes unfunded swap agreements. These contracts, arranged with approved counterparties, involve an exchange based on the difference between the returns generated by the fund's equity holdings and those of the Reference Index. This synthetic methodology aims to deliver a more precise and stable alignment with the index's performance than what purely physical replication could typically achieve. Notably, the swaps are structured to reference a version of the index that optimizes for withholding tax. Consequently, the ETF's performance, before deducting fees, is likely to surpass the returns of the standard net return index. To help cover some of the fund's operational expenses, the Manager may receive an annual contribution of up to 0.060% of the swap notional amount from the active swap counterparties. This contribution has no bearing on the fund's net asset value and does not impose any additional cost on investors. This ETF operates as a passively managed, index-tracking fund. An investment here signifies acquiring units in this fund, rather than directly owning the underlying assets held within it.