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L&G Corporate Bond ex-Banks Higher Ratings 0-2Y UCITS ETF EUR HedgedIndex, costs, backtest, listings and taxation

ISIN: IE000YMQ2SC9Ticker: XBHEIssuer: LGIM
Issuer-declared data
Declared index
J.P. Morgan Global Credit Index (GCI) Ultra Short ex Banks 2% Issuer Capped Index
TER
0.15%
Transaction costs
0.24% (issuer estimate, from the KID)
Management fees and other administrative or operating costs — PRIIPs KID
0.12% (previous period or estimate; not the TER)
Management
Passive (index-tracking) (from the KID)
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
169 mln EUR
Domicile
Ireland
Inception date
17 October 2024
Data as declared by LGIM in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

L&G Corporate Bond ex-Banks Higher Ratings 0-2Y UCITS ETF tracks the issuer-declared index: J.P. Morgan Global Credit Index (GCI) Ultra Short ex Banks 2% Issuer Capped Index. Mind the share class: this is the version hedged to EUR — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.15%, plus 0.24% in transaction costs estimated by the issuer in the KID. Replication is sampled physical replication (the KID declares buying a representative sample of constituents); income is accumulated and reinvested in the fund. The fund has assets of about 169 million euro, was launched on 17 October 2024 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

The investment objective of the Fund is to provide exposure to highly rated Euro and/or US Dollar-denominated corporate bonds with short duration, excluding bank issuers. The Fund is passively managed and aims to track the performance of the J.P. Morgan Global Credit Index (GCI) Ultra Short ex Banks 2% Issuer Capped Index (the “Index”), before the deduction of fees and expenses. The Index is designed to provide exposure to short duration, investment grade corporate bonds denominated in euro and/or U.S. dollars, issued by developed market issuers excluding banks, in accordance with its methodology.

Keep reading the KID section ▾

The Fund seeks to achieve its investment objective using an optimisation/representative sampling approach and invests in a representative selection of bond securities which, taken together, are expected to have risk and performance characteristics similar to those of the Index. The Fund may also invest in bond related securities and instruments that are not constituents of the Index but have similar risk and performance characteristics, and may use financial derivative instruments for efficient portfolio management or to assist in tracking the performance of the Index. The Fund promotes a range of environmental and social characteristics which are met by tracking the Index. Further information on how such characteristics are met by the Fund can be found in the Fund Supplement. This Share Class does not intend to pay dividends. Any income which may result from the Fund's investments will be re-invested into the Fund. Shares in this Share Class (the "Shares") are denominated in EUR and can be bought and sold on stock exchanges by ordinary investors using an intermediary (e.g. a stockbroker). In normal circumstances, only Authorised Participants may buy and sell Shares directly with the Company. Authorised Participants may redeem their Shares on demand in accordance with the "Dealing Timetable" published on http://www.lgim.com.

The depositary of the Fund is the Bank of New York Mellon SA/NV, Dublin Branch. Further information about the Fund and the share class can be obtained from the Company's prospectus and the annual and semi-annual reports, which are available, in addition to the latest prices for the share class and details of any other share classes, free of charge at: www.lgim.com.

Intended Retail Investor:The Fund is designed for investors looking for a combination of growth and income from an investment in eligible liquid, Euro and/or US Dollardenominated, corporate bonds which can form part of their existing savings portfolio. Although investors can take their money out at any time, the Fund may not be appropriate for those who plan to withdraw their money within five years. The Fund is not designed for investors who cannot afford more than a minimal loss of their investment.

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.

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 Italian, 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 Oct 2024 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+4.1%
Annualised
+2.1%
Volatility (ann.)
0.8%
Max drawdown
-0.39%
-3%0%+2%+5%+7%Oct 2024Apr 2025Sept 2025Mar 2026Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+4%Oct 2024Sept 2026
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.
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%202420252026−0.39% · 20 Mar 2026
Max drawdown
-0.39%
peak → trough
Trough
20 Mar 2026
from the 10 Feb 2026 peak
Recovery time
25 days
recovery only: trough to break-even
Underwater
63 days
decline + recovery: peak to break-even · ≈ 2 months · → recovered on 14 Apr 2026

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
04 Mar 202620 Mar 2026-0.39%14 Apr 202641
04 Apr 202511 Apr 2025-0.30%22 Apr 202518
30 Apr 202512 May 2025-0.20%20 May 202520
22 Oct 202423 Oct 2024-0.10%24 Oct 20242
24 Oct 202425 Oct 2024-0.10%28 Oct 20244

Calendar-year returns

2024
0.5%
2025
2.6%
2026
1.0%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.30.1-0.20.20.20.10.10.20.01.0
20250.30.30.20.40.00.30.10.30.20.20.10.22.6
20240.30.20.5
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.
Source: LGIM. 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 yearFull history
Volatility (ann.)0.80%0.82%
Max drawdown-0.39%-0.39%
Sharpe-0.82-0.44
Sortino-1.18-0.64
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 10 Feb 2026 → trough 20 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: 2.21%), 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 · modified duration
1.05years

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

Maturity breakdown (% of fund)
0–1 years
49.70%
1–2 years
50.30%

Source: factsheet LGIM, data as of 30 June 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
2.00%
AA
21.20%
A+
0.30%
A
76.50%

Source: factsheet LGIM, data as of 30 June 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

Top-10 weight
4.9%

Top 10 holdings

Amazon 3,15% 22/08/27
0.70%
Microsoft 3,30% 06/02/27
0.60%
Pfizer Investment 4,45% 19/05/28
0.60%
Meta 3,50% 15/08/27
0.60%
Eni 4,30% 10/02/28
0.50%
Mars 4,60% 01/03/28
0.50%
Apple 2,90% 12/09/27
0.50%
Schneider Electric 1,00% 09/04/27
0.50%
Equitable America 3,95% 15/09/27
0.40%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 0.8%SwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 9.8%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFrance: 5.3%GabonUnited Kingdom: 4.4%GeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItaly: 1.5%JamaicaJordanJapan: 0.9%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 0.8%Norway: 0.7%NepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 73.1%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States73.1%
Germany9.8%
France5.3%
United Kingdom4.4%
Italy1.5%
Japan0.9%
Canada0.8%
Top 10 holdings and breakdowns as declared by LGIM in the fund factsheet, data as of 30 June 2026. 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 →

Share classes of the same fund

This page covers ISIN IE000YMQ2SC9 (share class EUR Acc. Coperta). The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
USD Acc.IE000CWS09Q9XBNKAccumulatingUSD
EUR Acc. Coperta · this pageIE000YMQ2SC9XBHEAccumulatingEUR
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.

ETFs declaring the same index

FundTERIncomeFund size
XBNK · LGIM
0.12%Acc.169 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.

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:

IE000YMQ2SC9
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 2,000 €, agreement until 31 December 2026
  • Moneyfarmzero on single buys from 1,000 €, agreement until 29 June 2029
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)XBHE17 Oct 2024
Börse DüsseldorfXBHE17 Oct 2024
Börse FrankfurtXBHE17 Oct 2024
Börse HamburgXBHE22 Oct 2024
Börse HannoverXBHE9 Dec 2024
Börse München / gettexXBHE22 Oct 2024
Börse StuttgartXBHE26 Nov 2024
Tradegate ExchangeXBHE22 Oct 2024
Xetra (Deutsche Börse)XBHE17 Oct 2024
+ 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 L&G Corporate Bond ex-Banks Higher Ratings 0-2Y UCITS ETF track?
The issuer LGIM declares the benchmark: J.P. Morgan Global Credit Index (GCI) Ultra Short ex Banks 2% Issuer Capped Index.
How much does XBHE cost?
The issuer-declared TER is 0.15% per year; the transaction costs estimated in the KID are 0.24%.
What is the fund size of XBHE?
The fund size declared by LGIM is about 169 million euro.
When was XBHE launched?
The fund was launched on 17 October 2024: it has 1 year of history.
How does XBHE replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (sampled) (issuer wording: “Fisica - campionamento (dal KID)”).
Does XBHE pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does XBHE trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (XBHE), Börse Düsseldorf (XBHE), Börse Frankfurt (XBHE), Börse Hamburg (XBHE), Börse Hannover (XBHE), Börse München / gettex (XBHE).
Transparency note
The data in this sheet is declared by LGIM 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.