SXRV is an Ireland-domiciled UCITS fund that is generally a PFIC for US persons. The iShares VII plc prospectus names this fund and makes no provision for a PFIC Annual Information Statement, which a QEF election needs for each year — so unless BlackRock (iShares) supplies one, the routes left are mark-to-market (if the listing qualifies) or the §1291 default.
Source: iShares VII plc prospectus, checked .
As an accumulating share class, it reinvests income rather than paying it out. A later sale can still trigger §1291 tax and interest; the outcome depends on your holding period, transactions and election history.
By Danilson Ramos · Founder, Atamatax
Fund facts verified against issuer sources ·
No card · free draft · professional per-form preparation starts at $170 per Form 8621 (Bright!Tax’s published floor, no distributions); the PFIC package is a flat $499 for up to 25 Forms 8621, which you review and file.
If SXRV is confirmed as a PFIC, you may need a separate Form 8621. For supported inputs the paid package gives a Form 8621 for each supported PFIC — a pre-filled official PDF only for a tax year whose official form is integrated and released, otherwise a worksheet with every figure mapped to the form's lines; review its notes and complete any remaining fields before filing outside Atamatax.
SXRV pays out nothing, so there may be no cash distribution to enter in a §1291 excess-distribution calculation while you hold. Separate annual Form 8621 reporting can still apply.
Mark-to-market (§1296) taxes the annual paper gain as ordinary income — and an accumulating fund sends you no cash to pay it with. Worth planning before you elect.
Same fund, other listings: CNDX (LSE) · ISIN IE00B53SZB19. They are the same legal instrument; listing venue and currency do not change its entity classification.
SXRV gives you concentrated US technology exposure — the Nasdaq-100 (the Xetra listing of CNDX). Under the §1291 default, a disposition gain is allocated across the holding period. Amounts allocated to earlier PFIC years can carry a separate tax and interest charge; current-year and pre-PFIC allocations are treated as ordinary income instead. Model the actual gain and election history rather than inferring the bill from the index's performance.
The wrapper is what puts you here, not the index. The same Nasdaq exposure through a US-domiciled ETF carries no PFIC consequence at all. If you are holding SXRV inside a European brokerage because a US broker would not open the position, that constraint is real — but it is worth pricing the §1291 cost of the workaround before it compounds further. If you hold the other line instead — CNDX (LSE) — the entity-classification analysis is unchanged: it is the same legal instrument under another listing.
SXRV pays you nothing. The dividends from the underlying shares are reinvested inside the fund instead of hitting your account. Under the default §1291 rules, there may be no cash distribution to test as an excess distribution while you simply hold, while a later disposition can still trigger the allocation and interest-charge regime. Separate annual Form 8621 reporting can also apply during the holding period.
A sale at a gain can still create a substantial bill. Under §1291, the gain is allocated across the holding period: current-year and pre-PFIC amounts are ordinary income, while earlier PFIC-year amounts use the highest applicable tax rate for each year and can carry interest. That interest runs between the relevant return due dates without extensions. Accumulation alone does not establish which share class produces the larger tax bill.
One knock-on worth planning around: a mark-to-market election under §1296 taxes the annual paper gain as ordinary income — but SXRV distributes no cash, so that tax has to be funded from somewhere else every year.
A word on which line this is. SXRV is the Xetra listing, quoted in euros; CNDX are the same ISIN (IE00B53SZB19) traded elsewhere. Nothing about that changes the PFIC answer, but it does change the arithmetic: every figure on Form 8621 is reported in US dollars, so a euro line has to be translated at each relevant date — including the purchase date, which §1291 pulls back into the calculation.
SXRV is the iShares Nasdaq 100 UCITS ETF (Xetra), ISIN IE00B53SZB19. Match the ticker — and the ISIN, where your statement shows one — to this line before reading the mechanics above as yours.
CNDX is the same security as SXRV under another ticker — the same ISIN, IE00B53SZB19. Whichever line your broker shows, SXRV and CNDX are one holding for Form 8621: one fund, one holding period, one election history.
One other US technology fund in this registry raises the same question as SXRV: EQQQ. SXRV follows a Nasdaq index, as EQQQ does. The §1297 analysis does not change from one issuer to the next, and each fund is its own PFIC — its own Form 8621, holding period and election history. What does change is the share class.
From one fund to the whole case
Four questions — how many funds, for how long, whether Forms 8621 were ever filed, whether the returns are current — and a route into the preparation that fits, with what it costs. Nothing you answer leaves this page.
Free, no account, nothing you answer leaves this page. Open the full portfolio scanner
A routing read, not a determination. Whether a fund is a PFIC, whether an exception applies and what a prior year needs are established when the holdings are screened; the route above says where that happens and what it costs.
This is a screening assessment based on published vehicle facts and the statutory tests—not a classification based on domicile alone, and not individualized tax, legal, or investment advice — see our methodology (IRC §1297 et seq.). Confirm your specific situation with a licensed professional.
Primary sources (Cornell Legal Information Institute for the US Code and CFR; IRS.gov for forms, procedures, and treaty documents). This page is general information, not individualized tax or legal advice.
Read next
Other UCITS ETFs