EPRA
Amundi FTSE EPRA Europe Real Estate UCITS ETF Dist
Published by Radif Partners · Updated
Overview
Amundi FTSE EPRA Europe Real Estate UCITS ETF Dist (EPRA) tracks the FTSE EPRA/NAREIT Developed Europe index and holds its constituents directly, a physical replication managed by Amundi. Dividends are paid out to holders rather than reinvested, so EPRA suits investors seeking regular income. The fund is domiciled in LU, which determines the withholding tax treatment applied to its dividends. Annual charges come to 0.40% of assets, and the fund holds 92M under management. Over five years the fund returned -6.7% a year on average, against 7.5% over three years. It is not eligible for the French PEA, but can be held in a securities account, a UK ISA or a German Depot. Its risk level is rated medium. Launched on 2018-01-11, the fund is denominated in EUR and has 8 years of track record. It is a UCITS fund, so it follows the European framework on diversification, liquidity and asset segregation. Because EPRA distributes, every payment is taxable in the year it is received, against the dividend allowance in a general account, while it stays sheltered inside an ISA or a SIPP. Domicile in LU sets the withholding the fund itself suffers on the dividends it receives, a cost absent from the stated fee but present in the return.
Ongoing charges of 0.40% place this fund 16th of 22 comparable funds, whose median is 0.25%. On £10,000 that costs about 40 a year and 400 over ten years at a constant amount, deducted daily and never visible on a statement: it shows up in the gap between the fund's return and its index's. At this level, neither low enough to be an argument nor high enough to be an obstacle, the decision rests elsewhere: on the index tracked, on the distribution policy, and on what your broker charges to buy.
Replication is physical: the fund actually holds the constituents of FTSE EPRA/NAREIT Developed Europe, which makes its contents verifiable line by line in the issuer's report. Two points deserve attention. Securities lending first, practised by most physical funds to reduce costs: it earns a few hundredths of a point and creates an exposure to the borrower, covered by collateral, with the annual report stating the proportion lent. Rebalancing second: every change in the index's composition forces the fund to buy and sell, and those internal costs are not in the 0.40% headline. That is why two funds at the same price do not track their index with the same fidelity.
The domicile, Luxembourg, is not an administrative detail: it determines the withholding tax the fund suffers on the dividends it receives, and that loss appears in no fee table. Luxembourg has a comparable treaty network but is not as favourable as Ireland on US equities, a difference visible on a world index and not on a European one. For the holder, the UCITS framework also brings the key information document in their own language, diversification rules, and separation of the fund's assets from the issuer's.
Income is distributed: the fund pays out the dividends it receives, usually one to four times a year. For a holder living off the portfolio that is what is wanted, since the income arrives without selling. For someone still accumulating it is a tax disadvantage in a taxable account: each payment is taxed in the year received, so the amount reinvested is reduced before it starts working again. Reinvesting by hand also costs a dealing commission each time and often leaves cash idle for want of the price of a whole unit. An accumulating class on the same index, where one exists, settles the question.
At 92 million in assets, this fund is small, and size is the main risk here, ahead of the index's volatility. A fund that stays below its issuer's viability threshold ends up merged or wound up, and both happen without your consent: liquidation forces a sale on a date you did not choose, hence a taxable gain at the wrong moment, and a merger moves you to an index that is not quite the one you picked. Assets falling year after year are the signal to watch, more than the absolute level. At this size the spread between buying and selling price is also wider, which costs on every order.
FTSE EPRA/NAREIT Developed Europe is a sector index, and that is an explicit bet: the portfolio gives up diversification across sectors to take a position in one. Three consequences follow. Concentration first, often around twenty companies whose top three make up a notable share, so the outcome depends on identifiable firms. Internal correlation next, which defeats the idea of dampening risk within the sector. And timing last: a sector runs in long cycles, and entry rarely lands well when the purchase follows a strong rise already published.
Over one year the fund shows -9.0% and over five years -6.7% annualised, two figures close together, which is the most ordinary and least informative configuration: it does not say the fund is steady, only that the chosen start and end points resemble each other. Comparing these figures with another fund means something only if the index is the same; otherwise it is an index comparison dressed as a fund comparison.
0.40%
92M
92M EURMedium
218
Physical
Distributing
EUR
LU
FTSE EPRA/NAREIT Developed Europe
Amundi
2018-01-11 (8 years)
Contextual Analysis
Fund Size
With 92M in assets, this is a small fund, watch out for spreads and closure risk.
Fee Positioning
A TER of 0.40% is in line with the market average (~0.35%).
Track Record
Launched in 2018-01-11, this fund has 8 years of history, enough to evaluate consistency.
Risk Profile
Medium risk, good risk/return balance for a 5+ year horizon.
Performance
Returns Summary
| Period | Ann. Return | Cumulative |
|---|---|---|
| 1 Month (est.) | – | -0.8% |
| 3 Months (est.) | – | -2.3% |
| 6 Months (est.) | – | -4.6% |
| YTD (est.) | – | -3.8% |
| 1 Year | -9.0% | -9.0% |
| 3 Years | +7.5% | +24.2% |
| 5 Years | -6.7% | -29.1% |
| Since inception (8y) | -2.7% | -19.7% |
Key Facts
Fund Profile
Themes & Zones
Holdings
Risk
How to Buy This ETF
Select your country in the menu to see available brokers and wrappers.
About this ETF
The Amundi FTSE EPRA Europe Real Estate UCITS ETF Dist tracks the FTSE EPRA/NAREIT Developed Europe index. It is managed by Amundi using physical replication and follows a distributing distribution policy. The fund is denominated in EUR and domiciled in LU. It has a total expense ratio (TER) of 0.40%.
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Frequently asked questions
What do EPRA's 0.40% charges actually cost?
They are taken from the fund's value continuously and never billed separately: on £1,000 invested that is about £4.00 a year and roughly £40 over ten years at a constant amount. That is the only cost of the fund itself. Your broker's commission and the spread between buying and selling price come on top, and they weigh most on small frequent purchases.
Does EPRA pay dividends?
Yes: the fund distributes and pays out the dividends it receives, on a calendar set by Amundi. The payment is taxable in the year you receive it in most accounts, even if reinvested at once, and reinvesting by hand costs a commission each time. An accumulating class on the same index avoids that friction for anyone who does not need the income.
What happens if EPRA closes?
At 92 million in assets, this fund is small enough for a merger or a wind-up to be a real prospect. On liquidation the holdings are sold and the proceeds paid to you on a date you did not choose, so with a gain that may be taxable at the wrong moment. On a merger your units move to another fund whose index is not quite the one you picked.
How do you buy EPRA, and on which venue?
Through any broker that lists ISIN LU1681039480. The same strategy often exists in several share classes with different fees and distribution policies, and what counts is the class you buy rather than the one you read about: check the ISIN, not the name. A limit order avoids paying the spread of a thin order book, particularly outside the trading hours of the underlying markets.
Is EPRA genuinely diversified?
Less so than the number of holdings suggests. FTSE EPRA/NAREIT Developed Europe weights its constituents by market capitalisation, so the largest companies make up a share of the fund far above their number, and that concentration deepens without any rule changing. The useful check is the weight of the top ten holdings, published monthly by Amundi: that figure says how many companies the outcome actually depends on.
This ranking is for informational purposes only and does not constitute a recommendation to buy or sell any security. Displayed performance is simulated.