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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
🇮🇹 Effective capital-gains rate: 24.89%details →

iShares € Flexible Income Bond Active UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE000NHAIBN0Ticker: IFLX (Borsa Italiana) · IFLX (Xetra) · IFLX (Euronext AMS) · IFLX (SIX)Issuer: iShares
Issuer-declared data
TER
0.40%
Transaction costs
0.29% (issuer estimate, from the KID)
Management
Active management
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
285.6 mln EUR
NAV
4.93 EUR (31 August 2026)
Domicile
Ireland
Inception date
13 February 2025
Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

iShares € Flexible Income Bond Active UCITS ETF is an actively managed ETF: it does not track an index. The declared annual cost (TER) is 0.40%, plus 0.29% in transaction costs estimated by the issuer in the KID. Income is distributed to investors. The fund has assets of about 286 million euro, was launched on 13 February 2025 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

The Fund is actively managed and aims to maximise income by primarily investing in debt and income-producing securities while seeking to maintain long term capital growth. The Fund will invest in fixed income transferable securities, including fixed rate, floating rate, inflation-linked, investment grade, noninvestment grade and unrated securities, issued by governments, government agencies, companies and supranationals worldwide, including in emerging markets, and asset backed securities. The Fund may invest up to 60% of its assets in non-investment grade and unrated securities. The Fund will also invest in accordance with its ESG Policy as outlined in the Fund’s prospectus. The investment manager (IM) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets), such as futures, options, forward contracts and options on such contracts, mortgage TBAs (to-be-announced securities) and swap contracts (including credit default swaps and total return swaps) and credit derivatives for direct investment purposes or for efficient portfolio management purposes. The Fund is actively managed and the IM has discretion to select the Fund’s investments without reference to a benchmark. Investors may use the Bloomberg Euro Aggregate Bond Index to compare the performance of the Fund against Euro-denominated bonds.

Keep reading the KID section ▾

The price of fixed income securities may be affected by changing interest rates which in turn may affect the value of your investment. Fixed income securities prices move inversely to interest rates. Therefore, the market value of fixed income securities may decrease as interest rates increase. The credit rating of an issuing entity will generally affect the yield that can be earned on fixed income securities; the better the credit rating the smaller the yield.

The return on your investment in the Fund is directly related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).

The depositary of the Fund is State Street Custodial Services (Ireland) Limited. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares III plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +49 89427295800 or from your broker or financial adviser.

Your shares will be distributing shares (i.e. income will be paid on the shares quarterly). Your shares will be denominated in Euro, the Fund's base currency. The shares are listed and traded on various stock exchanges. In normal circumstances, only authorised participants may buy and sell shares directly with the Fund. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the shares on the secondary market (e.g. via a broker on a stock exchange) at the then prevailing market price. The value of the shares are related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the shares trade on the secondary market may deviate from the value of the Shares. Indicative net asset value is published on relevant stock exchanges websites.

Intended retail investor: The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).

Insurance benefits: The Fund does not offer any insurance benefits. 1

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.40%: above the median of bond ETFs we track (0.15%).
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · EUR · from Feb 2025 to Aug 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+4.5%
Annualised
+2.9%
Volatility (ann.)
2.3%
Max drawdown
-2.72%
-5%-2%+1%+5%+8%Feb 2025Jul 2025Nov 2025Apr 2026Aug 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+5%Feb 2025Aug 2026
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-1%-2%-3%-4%20252026−2.72% · 09 Apr 2025
Max drawdown
-2.72%
peak → trough
Trough
09 Apr 2025
from the 28 Feb 2025 peak
Recovery time
48 days
recovery only: trough to break-even
Underwater
88 days
decline + recovery: peak to break-even · ≈ 3 months · → recovered on 27 May 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
28 Feb 202509 Apr 2025-2.72%27 May 202588
26 Feb 202630 Mar 2026-2.51%12 Jun 2026106
06 Jul 202623 Jul 2026-0.89%ongoing56
29 Oct 202518 Nov 2025-0.46%24 Dec 202556
03 Oct 202513 Oct 2025-0.45%21 Oct 202518

Calendar-year returns

2025
3.5%
2026
1.0%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.70.3-2.31.31.00.5-0.70.21.0
2025-1.00.21.10.50.90.20.50.3-0.00.23.5
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
Source: iShares. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — issuer-declared

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 5 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.00% /anno
Declared TER
0.40%
YearFundIndexDifference
2025+0.00%+0.00%+0.00%
2024+0.00%+0.00%+0.00%
2023+0.00%+0.00%+0.00%
2022+0.00%+0.00%+0.00%
2021+0.00%+0.00%+0.00%
Figures declared by the issuer on the fund page (net fund and index returns per calendar year, as of 31 December 2025), not computed by us. Partial years excluded. What is tracking difference? →

Risk indicators· EUR

Last yearFull history
Volatility (ann.)3.32%3.22%
Max drawdown-3.16%-3.16%
Sharpe-1.31-1.05
Sortino-1.60-1.28
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. The max drawdown is identical across windows because the deepest fall is recent (peak 17 Sept 2025 → trough 27 Mar 2026): one episode dominates every look-back period. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.

Duration and maturities

Duration · effective duration
3.30years

Price sensitivity to rates: the longer, the more the fund moves. What is duration →

Maturity breakdown (% of fund)
0–1 years
10.81%
1–2 years
9.14%
2–3 years
15.71%
3–5 years
39.85%
5–7 years
12.64%
7–10 years
11.67%
10–15 years
2.22%
15–20 years
0.51%
20+ years
0.89%
Cash and derivatives
-3.45%

Source: product page iShares, data as of 20 August 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Credit rating

How the portfolio is spread by credit quality: from AAA (strongest) downwards. More weight in the top buckets = lower risk that an issuer fails to pay, usually with lower yields.

Rating breakdown (% of fund)
AAA
14.06%
AA
10.62%
A
11.82%
BBB
15.97%
BB
25.79%
B
21.86%
CCC
1.38%
D
0.10%
Not rated
1.85%
Cash and derivatives
-3.45%

Source: product page iShares, data as of 20 August 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Ratings are those the issuer assigns to portfolio holdings under its own methodology (usually the median of S&P, Moody’s and Fitch); scale and buckets are those of the original document.

Portfolio holdings

Securities in portfolio
1,083
1152 total lines: 69 cash & derivatives
Top-10 weight
9.4%

Top 10 holdings

UMBS 30YR TBA(REG A) · UM30
2.11%
SPAIN (KINGDOM OF) · SPGB
1.76%
UMBS 30YR TBA(REG A) · UM30
0.96%
SPAIN (KINGDOM OF) · SPGB
0.79%
JAPAN (GOVERNMENT OF) 5YR #181 · JGB
0.77%
TER FINANCE (JERSEY) LTD MTN RegS · TERFIN
0.66%
SPAIN (KINGDOM OF) · SPGB
0.61%
UMBS 30YR TBA(REG A) · UM30
0.59%
EDP ENERGIAS DE PORTUGAL SA NC5.5 RegS · EDPPL
0.57%
BP CAPITAL MARKETS PLC RegS · BPLN
0.53%

Sectors

Corporates
55.6%
Securitized
32.4%
Government Related
6.8%
Treasury
6.4%

Countries

AfghanistanAngola: 0.3%AlbaniaUnited Arab Emirates: 0.2%Argentina: 0.1%ArmeniaFrench Southern and Antarctic LandsAustralia: 2.8%Austria: 0.3%AzerbaijanBurundiBelgium: 0.2%Benin: 0.1%Burkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 0.5%BruneiBhutanBotswanaCentral African RepublicCanada: 0.7%Switzerland: 0.3%Chile: 0.5%China: 0.1%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombia: 0.5%Costa Rica: 0.1%CubaCyprusCzech Republic: 0.3%Germany: 6.2%DjiboutiDenmark: 0.7%Dominican Republic: 0.2%AlgeriaEcuador: 0.1%Egypt: 0.4%EritreaSpain: 8.2%EstoniaEthiopiaFinland: 0.4%FijiFalkland IslandsFrance: 5.9%Gabon: 0.1%United KingdomGeorgiaGhana: 0.1%GuineaGambiaGuinea BissauEquatorial GuineaGreece: 0.1%GreenlandGuatemala: 0.1%French GuianaGuyanaHondurasCroatiaHaitiHungary: 0.5%Indonesia: 0.2%India: 0.1%Ireland: 10.4%IranIraqIcelandIsrael: 0.2%Italy: 3.6%JamaicaJordan: 0.1%Japan: 2.5%Kazakhstan: 0.1%Kenya: 0.1%Kyrgyzstan: 0.1%CambodiaSouth Korea: 0.1%KosovoKuwaitLaosLebanon: 0.1%LiberiaLibyaSri Lanka: 0.1%LesothoLithuaniaLuxembourg: 2.7%Latvia: 0.1%Morocco: 0.1%MoldovaMadagascarMexico: 0.7%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeria: 0.1%NicaraguaNetherlands: 2.2%Norway: 0.3%NepalNew ZealandOmanPakistanPanama: 0.1%Peru: 0.3%Philippines: 0.1%Papua New GuineaPoland: 0.2%Puerto RicoNorth KoreaPortugal: 1.2%Paraguay: 0.1%QatarRomania: 0.5%RussiaRwandaWestern SaharaSaudi Arabia: 0.4%SudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSuriname: 0.1%SlovakiaSlovenia: 0.2%Sweden: 0.6%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraine: 0.2%UruguayUnited States of America: 15.5%Uzbekistan: 0.2%VenezuelaVietnamVanuatuWest BankYemenSouth Africa: 0.7%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United Kingdom16.7%
United States15.5%
Ireland10.4%
Spain8.2%
European Union7.6%
Germany6.2%
France5.9%
⬇ Download the full portfolio — Excel, 1,152 rows
Full portfolio declared by iShares, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Dividends

Latest dividend
0.06 EUR
ex 16 Jul 2026 · paid 29 Jul 2026
Dividends, last 12 months
0.22 EUR
Dividend yield
4.47%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.22 EUR4.37 %

Dividend contribution to total return

-10%0%10%+2.19 %1 year
dividendsprice changeprice decline

Calendar per share (EUR)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.050.050.06
20250.030.060.06

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.06 EUR16 Jul 202617 Jul 202629 Jul 2026
0.05 EUR16 Apr 202617 Apr 202629 Apr 2026
0.05 EUR15 Jan 202616 Jan 202628 Jan 2026
0.06 EUR16 Oct 202517 Oct 202529 Oct 2025
0.06 EUR17 Jul 202518 Jul 202530 Jul 2025
0.03 EUR17 Apr 202522 Apr 202530 Apr 2025
Per-share dividends as declared by the issuer, in EUR, since the first payment (17 Apr 2025). Past dividends are not indicative of future ones.

Share classes of the same fund

This page covers ISIN IE000NHAIBN0. The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
USD Hedged (Acc)IE00095FLAP4IFUHAccumulatingUSD
Class EUR (Distributing) · this pageIE000NHAIBN0IFLXDistributingEUR
GBP Hedged (Acc)IE000R1X43G7IFGHAccumulatingGBP
EUR (Acc)IE000R7KKFN3ISFXAccumulatingEUR
Share classes declared by the issuer in official product lists (same fund = same issuer and same declared name). A dash “—” = not declared — not a zero.

Italian taxation

Effective rate on capital gains
24.89%
White-list share
8.24%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE000NHAIBN0IFLX(class: Class EUR (Distributing))
  • BG Saxozero within the savings plan (buys)
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)IFLX7 Apr 2025
Börse DüsseldorfIFLX24 Feb 2025
Börse FrankfurtIFLX20 Feb 2025
Börse HamburgIFLX20 Feb 2025
Börse HannoverIFLX2 Sept 2025
Börse München / gettexIFLX20 Feb 2025
Börse StuttgartIFLX24 Feb 2025
Euronext AmsterdamIFLX20 Feb 2025
Tradegate ExchangeIFLX9 Jul 2025
Xetra (Deutsche Börse)IFLX20 Feb 2025
+ 15 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

How much does IFLX cost?
The issuer-declared TER is 0.40% per year; the transaction costs estimated in the KID are 0.29%.
How is IFLX taxed in Italy?
On sale, the capital gain is taxed at an effective 24.89% rate (white-list share 8.24%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of IFLX?
The fund size declared by iShares is about 286 million euro.
When was IFLX launched?
The fund was launched on 13 February 2025: it has 1 year of history.
Is IFLX actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index.
Does IFLX pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing”).
Where does IFLX trade?
Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (IFLX), Börse Düsseldorf (IFLX), Börse Frankfurt (IFLX), Börse Hamburg (IFLX), Börse Hannover (IFLX), Börse München / gettex (IFLX).
What was IFLX's worst fall?
Over the available history (since 2025), the maximum drawdown was -3.16%, reached in March 2026. Past performance is not indicative of future results.
How many securities does IFLX hold?
The declared portfolio holds 1,083 securities (plus 69 cash & derivative lines); the top 10 positions weigh 9.4%.
Transparency note
The data in this sheet is declared by iShares in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.