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UB23
+3.70 · +8.87%
£45.35 · LSE
UBS MSCI Canada UCITS CAD A-dis | Canada Equity
UBS Asset Management (Europe) S.A. · Luxembourg
AUM:£1.3B
#– of – in Canada Equity ETFs
ℹ️
Reward Rating
69
Good
39.33% 1Y return
ℹ️
Risk Rating
58
Elevated
Risk Assessment
ℹ️

Educational tool only – Scores are based on historical data, holdings and expense metrics for informational purposes. This is not financial advice or a recommendation to buy or sell any security. Always conduct your own research or consult a qualified financial adviser.

Market Performance

📈 Up 39.3% over the past year, reflecting strong price momentum.

Cost Efficiency

💰 Ongoing charge of 0.30% — competitive for the exposure provided.

What is UB23?

The sub-fund aims to track, before expenses, the price and income performance of the MSCI Canada Index (Net Return) (this sub-fund's Index). Additionally currency hedged share classes aim to reduce the impact of currency fluctuations between their reference currency and the index currency by selling currency forwards at the one-month forward rate in accordance with the hedging methodology of the Index's currency-hedged index variant as referred to in relation to each hedged share class below.

Performance Highlights

Investment Breakdown

Strong Recent Performance
UB23 delivered 39.3% over the past year. Historical returns only — past performance is not indicative of future results.
Competitive Ongoing Charge
Ongoing charge of 0.30% — reasonable for the index exposure provided.
Moderate Concentration
Top 10 holdings make up 41.7% of the ETF — a moderate level of name concentration.

Openbook Analysis

Performance: Good (69)

The scoring profile reflects moderate historical performance, with a 39.3% 1-year return (historical). The ongoing charge of 0.30% is reasonable for this exposure. Risk indicators are elevated — volatility warrants consideration (historical).

For informational and educational purposes only. Not financial advice. Past performance is not indicative of future results.

ETF Information
AUM£1.3B
Ongoing Charge0.30%
Dividend Yield3.49%
Holdings50
Inception DateSept 2009
DomicileLuxembourg
DistributionHalf-yearly
IndexMorningstar Canada TME NR USD
ProviderUBS Asset Management (Europe) S.A.
Beta–
CategoryCanada Equity
CurrencyGBX
Portfolio Impact

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6168
+7 points · better diversified
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Uses ISF.L (iShares FTSE 100 ETF)
Indicators

Performance Metrics

Historical returns

6M
+9.7%
1Y
+31.1%
3Y
+67.2%
5Y
+78.4%
OpenBook InsightIf you had invested £10,000 in UB23 5 years ago, it would have grown to £17,842 — a gain of £7,842.

Annual Returns

Calendar year performance

UB23 delivered positive returns in 4 of the last 5 calendar years.
YearUB23
2026 YTD+8.3%
2025+24.1%
2024+14.0%
2023+8.2%
2022-1.4%
CAGR 4yr+10.8%
4/5 positive yearsAvg return: +10.6%Worst year: -1.4% (2022)

Technical Analysis Summary

Automated insights from historical price action and indicators

Technical Regime: POSITIVE
Trend Strength
100%
Positive
Volatility
7.3%
Low
Momentum
+1.7%
30-day change
Support Level
46.95
Key floor
Key Insights
  • Price is currently trading above all key moving averages.
  • Price is consolidating, with low momentum over the recent period.
  • Low volatility environment with a narrower recent trading range.

Reward Rating Breakdown

Our reward rating analyses UB23's attractiveness using 4 weighted factors. Each factor is scored 0-100, then combined using the weights shown below. Past performance does not guarantee future results.

Overall Reward Rating
69
Good REWARD
Data Coverage: %
Factor Framework
Performance
Has the ETF delivered strong historical returns versus similar ETFs?
Cost Efficiency
Is the ETF cheap to own over long periods?
Income
Does it provide attractive and consistent distributions?
Diversification Quality
Does it spread exposure across holdings, sectors, and regions?

📈 Performance

Weight: 30%
91/100

Has the ETF delivered strong historical returns versus similar ETFs? Combines 1/3/5/10-year returns with the Sharpe ratio (risk-adjusted return).

1Y Return
39.33%
Very Good
3Y Return
21.37%
Very Good
5Y Return
16.05%
Very Good
10Y Return
12.26%
Very Good
Sharpe Ratio
—
No Data

Strong historical performance profile: 1-year return of 39.33%, 3-year annualised 21.37%, 5-year annualised 16.05%. Past performance is not indicative of future results.

💰 Cost Efficiency

Weight: 30%
80/100

Is the ETF cheap to own over long periods? Low ongoing charges compound into meaningful additional returns over a 10-year horizon.

Ongoing Charge
0.30%
Neutral
Net Expense Ratio
0.00%
Very Good
Annual Turnover
0.00%
Very Good
Tracking Difference
—
No Data

Low-cost and efficient structure: ongoing charge of 0.30%, net expense ratio of 0.00%, annual turnover of 0.0%.

💵 Income

Weight: 15%
65/100

Does the ETF provide attractive and consistent distributions? Combines the current yield with distribution frequency.

Distribution Yield
3.49%
Neutral
Distribution Frequency
Half-yearly
No Data

Reasonable income characteristics: distribution yield of 3.49%, half-yearly distributions.

🌐 Diversification Quality

Weight: 25%
31/100

Does the ETF spread exposure across many holdings, sectors, and regions? Concentrated funds can be doing exactly what they're meant to do — treat the score as context, not a verdict.

Holdings
50
Weak
Top 10 Concentration
41.69%
Weak
Top Sector
Financial Services36.4%
Weak
Top Region
North America100.0%
Very Weak

Heavily concentrated — returns will be driven by a narrow slice of the market: 50 holdings, top 10 at 41.7%, Financial Services sector at 36.4%, North America at 100.0%.

Scores are derived from fund-provider disclosures and historical data. For informational and educational purposes only — not investment advice. Past performance is not indicative of future results.

Risk Rating Breakdown

Our risk rating analyses UB23 using 4 weighted factors. A higher score indicates higher risk. This is a framework for understanding exposure — concentrated funds can still be doing exactly what they're meant to do.

Overall Risk Rating
58
Elevated RISK
Data Coverage: 83%
Factor Framework
Holdings Concentration
How much of the fund sits in its largest positions? Few dominant names mean returns ride on those companies.
Market Exposure
Geographic, sector and cyclical dependencies. High single-country or single-sector weight increases macro sensitivity.
Volatility
Historical price movement, beta and drawdowns — how sharply the fund moves relative to the market.
Income Reliability
How dependable the distribution yield is — cyclical-sector dependency and unusually high yields can flag payout risk.

🎯 Holdings Concentration

Weight: 25%
52/100

How much of the fund sits in a small number of positions? If the top holdings dominate, returns will be driven by those specific companies rather than the broader index.

Top 10 Weight
41.69%
Moderate
Largest Holding
8.01%
Moderate
Number of Holdings
50
Moderate
HHI (weight²)
196
Low Risk

Moderate holdings concentration: top 10 holdings at 41.7%, largest single position at 8.01%, 50 total holdings.

🌍 Market Exposure

Weight: 25%
86/100

How dependent is the fund on a single country, sector or economic cycle? Heavy exposure to one market means a single macro event can drive most of the return.

Top Region
North America100.0%
High Risk
Top Sector
Financial Services36.4%
Elevated
Top 2 Sectors
54.68%
Elevated
Cyclical Sectors
81.49%
High Risk

High market-exposure risk — returns closely track a narrow slice of the market: North America at 100.0%, Financial Services sector at 36.4%, 81.5% in cyclical sectors.

📊 Volatility

Weight: 35%
35/100

How sharply does the fund move day-to-day and how deep have its drawdowns been? High volatility means wider return outcomes over short horizons.

1Y Volatility
9.18%
Lower Risk
Beta
—
No Data
Max Drawdown
—
No Data

Moderate volatility in line with broad market: 1Y volatility of 9.18% (historical).

💵 Income Reliability

Weight: 15%
72/100

How dependable is the fund's distribution yield? Heavy cyclical-sector exposure or unusually high yields can flag vulnerability to dividend cuts in a downturn.

Current Yield
3.49%
Lower Risk
Cyclical Sector Exposure
81.49%
High Risk
Top-Sector Dependency
Financial Services36.4%
Elevated

Distributions appear cyclically sensitive — yield may be vulnerable to cuts in a downturn: yield of 3.49%, 81.5% in cyclical sectors (financials, energy, materials, industrials, real estate), Financial Services sector at 36.4%.

Scores are derived from fund-provider disclosures and historical data. For informational and educational purposes only — not investment advice. Risk scoring is model-based and past data does not guarantee future results.
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