PNRJ
Amundi PEA Nasdaq-100 UCITS ETF - EUR Acc
Published by Radif Partners · Updated
Overview
Amundi PEA Nasdaq-100 UCITS ETF - EUR Acc (PNRJ) tracks the Nasdaq-100 index synthetically, through a swap agreement rather than by holding the constituents, and is managed by Amundi. Dividends are reinvested inside the fund rather than paid out, so PNRJ suits investors building a position over time. The fund is domiciled in FR, which determines the withholding tax treatment applied to its dividends. Annual charges come to 0.23% of assets, and the fund holds 1.5B under management. It is eligible for the French PEA, and can also be held in a securities account or a German Depot. Its risk level is rated high. Launched on 2014-06-18, the fund is denominated in EUR and has 12 years of track record. It is a UCITS fund, so it follows the European framework on diversification, liquidity and asset segregation. Because PNRJ accumulates, nothing is taxed while the shares are held: the charge falls on disposal, against your capital gains allowance in a general account, and not at all inside an ISA or a SIPP. Domicile in FR 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 0.23% place this fund 9th of 44 comparable funds, whose median is 0.40%. On £10,000 that costs about 23 a year and 230 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.
This fund tracks Nasdaq-100 through a swap: it does not hold the index constituents but a collateral basket, and exchanges that basket's return for the index's with a bank. Two consequences are real. It introduces counterparty risk, bounded by collateral revalued daily and by regulation, but not zero. And it makes possible what direct holding cannot: tracking an index closed to direct purchase, or avoiding withholding tax on dividends, which is why a synthetic fund sometimes beats its physical twin after tax. The swap's cost does not appear in the ongoing charge; it shows up in tracking difference measured over several years.
The fund is domiciled in FR, outside the two usual homes for European listed funds. Three checks come before buying: whether your broker lists it, since a fund outside the usual venues is not always dealable from a European account; what withholding the fund suffers on dividends it receives, which follows FR's treaties rather than your country's; and how your own tax authority treats it, an answer that can differ from the treatment of an Irish fund tracking the same index.
Income is accumulated: dividends from the holdings are reinvested inside the fund rather than paid out. In a taxable account that defers taxation to the moment of sale instead of triggering it annually, leaving the whole return at work, and that is the main advantage of this share class. Two qualifications go with it. A holder who needs income has to sell units to obtain it, which is one more decision to take and sometimes at a bad moment. And the deferral is not universal: some countries tax a notional annual return whatever the distribution policy, in which case the accumulating class changes nothing.
With 1.5 billion in assets and 12 years of history, this fund has the size and the record that make closure unlikely and the spread narrow. Three checks remain, once a year, none of which depends on the market. The ongoing charge, which an issuer revises without notice and whose gap to a competitor can invert. The tracking difference, the only figure that says whether replication stays faithful. And the methodology of Nasdaq-100, which can change its selection or weighting rules without the fund's name moving, in which case what you hold has changed with nothing to announce it.
Nasdaq-100 is a broad index, and that is the building block most portfolios have reason to own before any other, for a simple reason: it requires no forecast. Two points deserve checking before calling it diversified. Cap weighting concentrates the portfolio on the largest companies, so the top ten holdings can make up a substantial share, and that concentration grows without any rule changing. And the geographic scope matters: a developed-world index leaves out emerging markets, while a broad US index is not global exposure despite the international revenue of the companies it holds.
The published returns for this fund are incomplete, and that is itself information: without a multi-year record, the only available check is the structure, the 0.23% ongoing charge, 1.5 billion in assets and the replication method. A recent or little-followed fund is not a bad fund for that reason, but it can only be judged on what is known in advance rather than on what it has done.
0.23%
1.5B
1,500M EURHigh
250
Synthetic
Accumulating
EUR
FR
Nasdaq-100
Amundi
2014-06-18 (12 years)
Contextual Analysis
Fund Size
With 1.5B in assets, this is a large fund, good liquidity and tight spreads.
Fee Positioning
A TER of 0.23% is in line with the market average (~0.35%).
Track Record
Launched in 2014-06-18, this fund has 12 years of history, long and reliable track record.
Risk Profile
High risk, suited for long-term investors comfortable with volatility.
Performance
Returns Summary
| Period | Ann. Return | Cumulative |
|---|---|---|
| 1 Month (est.) | – | – |
| 3 Months (est.) | – | – |
| 6 Months (est.) | – | – |
| YTD (est.) | – | – |
| 1 Year | – | – |
| 3 Years | – | – |
| 5 Years | – | – |
| Since inception (12y) | – | – |
Key Facts
Fund Profile
Themes & Zones
Holdings
Risk
How to Buy This ETF
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About this ETF
The Amundi PEA Nasdaq-100 UCITS ETF - EUR Acc tracks the Nasdaq-100 index. It is managed by Amundi using synthetic replication and follows a accumulating distribution policy. The fund is denominated in EUR and domiciled in FR. It has a total expense ratio (TER) of 0.23%.
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Frequently asked questions
What do PNRJ's 0.23% charges actually cost?
They are taken from the fund's value continuously and never billed separately: on £1,000 invested that is about £2.30 a year and roughly £23 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.
Is PNRJ genuinely diversified?
Less so than the number of holdings suggests. Nasdaq-100 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.
What should you re-check on PNRJ once a year?
Three things, none of which depends on the market. The ongoing charge, which an issuer revises without notice and whose gap to a competitor can invert. The tracking difference, the only figure that says whether replication stays faithful. And the methodology of Nasdaq-100, which can change its selection or weighting rules without the fund's name moving: in that case what you hold has changed with nothing to announce it.
What risk comes with PNRJ's synthetic replication?
The fund does not hold the constituents of Nasdaq-100: it exchanges the return of a collateral basket for the index's return with a bank. The risk is therefore that the bank fails, which UCITS rules bound and collateral revalued daily covers. In exchange, the structure sometimes avoids withholding tax on dividends, which is why a synthetic fund can beat its physical equivalent after tax.
Does PNRJ pay dividends?
No: the fund accumulates, reinvesting the dividends of the companies it holds so that the unit price rises instead. In a taxable account that defers tax to the sale rather than triggering it annually. Anyone needing regular income has to sell units to obtain it, or choose a distributing class on the same index where one exists.
This ranking is for informational purposes only and does not constitute a recommendation to buy or sell any security. Displayed performance is simulated.