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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
🇮🇹 Effective capital-gains rate: 17.22%details →

Franklin Euro Short Maturity UCITS ETF (Acc)Index, costs, backtest, listings and taxation

ISIN: IE000STIHQB2Ticker: FLESAIssuer: Franklin TempletonClass: (Acc)
Issuer-declared data
Declared index
ICE BofA 0-1 Year Euro Broad Market Index
TER
0.15%
Transaction costs
0.03% (issuer estimate, from the KID)
Management
Active management
Replication
Active
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
597.6 mln EUR
NAV
27.92 EUR (1 September 2026)
Domicile
Ireland
Inception date
24 April 2023
Data as declared by Franklin Templeton in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Franklin Euro Short Maturity UCITS ETF (Acc) is an actively managed ETF: it does not track an index — the declared index (ICE BofA 0-1 Year Euro Broad Market Index) is a comparison yardstick only. The declared annual cost (TER) is 0.15%, plus 0.03% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 598 million euro, was launched on 24 April 2023 and is domiciled in Ireland. In our registry it is the largest by assets among the 2 ETFs declaring the same index.

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

Investment Objective To seek to maximise income and growth of capital (total return) in the Eurodenominated short-term bond market.

Keep reading the KID section ▾

Investment PolicyThe Fund mainly invests in investment grade corporate and government bonds with a short maturity and denominated in EUR. These investments may be from anywhere in the world. To a lesser extent, the Fund may invest in below investment grade bonds, securities that are in default, convertible securities, including contingent convertible bonds, asset- and mortgage-backed securities and perpetual bonds. Derivatives and techniques The Fund may use derivatives for hedging, efficient portfolio management and investment purposes. SFDR category Article 8 (promotes environmental and/or social characteristics under EU regulations). The investment manager applies a proprietary rating methodology using various ESG criteria to assess long-term opportunities and risks. The Fund excludes issuers lagging in the transition to a low-carbon economy and excludes or restricts investments in certain industries that are harmful to the environment or society, such as exploration and production of fossil fuels, weapons and tobacco.

From the KID’s “Objectives” section · 2 September 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

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 Apr 2023 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+10.9%
Annualised
+3.1%
Volatility (ann.)
0.4%
Max drawdown
-0.36%
-3%+1%+6%+10%+14%Apr 2023Feb 2024Dec 2024Nov 2025Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+11%Apr 2023Sept 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%2023202420252026−0.36% · 31 Oct 2025
Max drawdown
-0.36%
peak → trough
Trough
31 Oct 2025
from the 30 Oct 2025 peak
Recovery time
75 days
recovery only: trough to break-even · ≈ 2 months
Underwater
76 days
decline + recovery: peak to break-even · ≈ 2 months · → recovered on 14 Jan 2026

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
30 Oct 202531 Oct 2025-0.36%14 Jan 202676
27 Feb 202620 Mar 2026-0.18%08 Apr 202640
04 Mar 202505 Mar 2025-0.11%17 Mar 202513
06 Jul 202623 Jul 2026-0.10%28 Jul 202622
29 Oct 202431 Oct 2024-0.07%06 Nov 20248

Calendar-year returns

2023
2.7%
2024
4.3%
2025
2.4%
2026
1.2%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.20.2-0.10.30.20.20.10.10.01.2
20250.20.30.10.30.20.20.20.20.10.20.10.12.4
20240.50.30.40.20.30.40.40.40.50.20.40.24.3
20230.20.20.40.40.20.30.40.52.7
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.
Source: Franklin Templeton. 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.

Risk indicators· EUR

Last yearLast 3 yearsFull history
Volatility (ann.)0.54%0.45%0.44%
Max drawdown-0.36%-0.36%-0.36%
Sharpe-0.99-0.50-0.67
Sortino-1.19-0.65-0.88
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 30 Oct 2025 → trough 31 Oct 2025): 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: 2.21%), 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
0.92years

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

Source: product page Franklin Templeton, data as of 2 September 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Portfolio holdings

Securities in portfolio
82
Top-10 weight
58.6%

Top 10 holdings

FRANCE 0% 27/01/27 · —
11.02%
CASH · —
10.80%
BUNDES 1.3% 15/10/27 · —
10.62%
BUNDES 2.7% 17/09/26 · —
8.62%
AUSTRI 0% 24/09/26 · —
6.18%
EUROP 2.625% 04/07/28 · —
2.58%
DENMAR 2.25% 02/10/26 · —
2.34%
FRANCE 2.4% 24/09/28 · —
2.20%
ROMAN 2.875% 11/03/29 · —
2.14%
CAISSE 3% 25/09/30 · —
2.07%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustria: 10.7%AzerbaijanBurundiBelgium: 2.3%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 0.6%Switzerland: 0.6%ChileChina: 0.3%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 13.2%DjiboutiDenmark: 4.9%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 3.3%EstoniaEthiopiaFinland: 1.1%FijiFalkland IslandsFrance: 21.1%GabonUnited Kingdom: 3.2%GeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 1.6%Greenland: 1.9%GuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItaly: 1.6%JamaicaJordanJapan: 0.2%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourg: 0.5%LatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 3.3%Norway: 0.8%NepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugal: 0.6%ParaguayQatarRomania: 2.2%RussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 1.2%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 2.4%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
France21.1%
Germany13.2%
Austria10.7%
Liquidità7.5%
Denmark4.9%
Netherlands3.3%
Spain3.3%
⬇ Download the full portfolio — Excel, 82 rows
Full portfolio declared by Franklin Templeton, as of 26 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 →

ETFs declaring the same index

FundTERIncomeFund size
FLES · Franklin Templetonactive
0.15%Dist.598 mln EUR
2 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Italian taxation

Effective rate on capital gains
17.22%
White-list share
65.06%
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:

IE000STIHQB2
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 1,000 €, agreement until 30 June 2027
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)FLESA27 Apr 2023
Börse DüsseldorfFVSA7 Feb 2024
Börse FrankfurtFVSA25 Apr 2023
Börse HamburgFVSA3 Jul 2023
Börse HannoverFVSA9 Dec 2024
Börse München / gettexFVSA25 Apr 2023
Börse StuttgartFVSA18 May 2023
Tradegate ExchangeFVSA28 Apr 2023
Xetra (Deutsche Börse)FVSA25 Apr 2023
+ 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

Which index does Franklin Euro Short Maturity UCITS ETF (Acc) track?
The issuer Franklin Templeton declares the benchmark: ICE BofA 0-1 Year Euro Broad Market Index.
How much does FLESA cost?
The issuer-declared TER is 0.15% per year; the transaction costs estimated in the KID are 0.03%.
How is FLESA taxed in Italy?
On sale, the capital gain is taxed at an effective 17.22% rate (white-list share 65.06%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of FLESA?
The fund size declared by Franklin Templeton is about 598 million euro.
When was FLESA launched?
The fund was launched on 24 April 2023: it has 3 years of history.
Is FLESA actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (ICE BofA 0-1 Year Euro Broad Market Index) is a yardstick for comparison, not an index being tracked.
Does FLESA pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does FLESA trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (FLESA), Börse Düsseldorf (FVSA), Börse Frankfurt (FVSA), Börse Hamburg (FVSA), Börse Hannover (FVSA), Börse München / gettex (FVSA).
How many securities does FLESA hold?
The declared portfolio holds 82 securities; the top 10 positions weigh 58.6%.
Transparency note
The data in this sheet is declared by Franklin Templeton 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.