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Franklin Emerging Markets Sovereign Debt Values UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE000YZIVX22Ticker: CATHEMIssuer: Franklin TempletonClass: SINGLCLASS
Issuer-declared data
TER
0.35%
Transaction costs
0.19% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
58.7 mln EUR
NAV
31.63 USD (1 September 2026)
Domicile
Ireland
Inception date
27 June 2022
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 Emerging Markets Sovereign Debt Values UCITS ETF tracks the issuer-declared index: ICE Emerging Markets ESG Values External Sovereign Index. The declared annual cost (TER) is 0.35%, plus 0.19% in transaction costs estimated by the issuer in the KID. Replication is optimised physical replication; income is accumulated and reinvested in the fund. The fund has assets of about 59 million euro, was launched on 27 June 2022 and is domiciled in Ireland.

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

Investment Objective To provide exposure to Euro- and US Dollar-denominated sovereign debt issued by emerging market countries.

Keep reading the KID section ▾

Investment PolicyThe Fund invests in government bonds issued in emerging markets and denominated in EUR or USD. These may be fixed or floating rate and some of them may be below investment grade. These investments are included in the benchmark. The Index is based on the ICE BofA Diversified Emerging Markets External Debt Sovereign Bond Index (the “Parent Index”) and is comprised of US Dollar- and Euro- denominated sovereign bonds issued by emerging market countries.Index Securities may be issued with any maturity, subject to having at least 18 months to their final maturity at the time of their issue and at least one year remaining to their final maturity as of each Index rebalancing date. The Index starts with the investment universe of the Parent Index and excludes the bonds issued by countries which score poorly on the following criteria which have been identified by the Index Provider as being Roman Catholic principles: governments' moral integrity, social justice, abolition of the death penalty and care for the planet based on environmental, social, governance ratings data. Derivatives and techniques The Fund may use derivatives for hedging and efficient portfolio management. Strategy The investment manager seeks to minimise the difference between the Fund’s performance and that of the benchmark (tracking error), regardless of whether the benchmark level rises or falls. SFDR category Article 8 (promotes environmental and/or social characteristics under EU regulations).

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.

Quick reads

  • TER 0.35%: above the median of bond ETFs we track (0.15%).
  • Average tracking difference over the last 3 years: -0.76% p.a., against a declared TER of 0.35%.
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) · USD · from Jun 2022 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+26.8%
Annualised
+5.8%
Volatility (ann.)
6.4%
Max drawdown
-13.14%
-11%0%+11%+22%+33%Jun 2022Jul 2023Aug 2024Aug 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%)+27%Jun 2022Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
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%-5%-10%-15%-20%20222023202420252026−13.14% · 21 Oct 2022
Max drawdown
-13.14%
peak → trough
Trough
21 Oct 2022
from the 11 Aug 2022 peak
Recovery time
96 days
recovery only: trough to break-even · ≈ 3 months
Underwater
167 days
decline + recovery: peak to break-even · ≈ 5 months · → recovered on 25 Jan 2023

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
11 Aug 202221 Oct 2022-13.14%25 Jan 2023167
19 Jul 202319 Oct 2023-7.68%13 Dec 2023147
01 Oct 202413 Jan 2025-7.44%11 Jun 2025253
02 Feb 202302 Mar 2023-5.62%13 Jul 2023161
25 Feb 202630 Mar 2026-4.39%ongoing195

Calendar-year returns

2022
1.9%
2023
10.2%
2024
-0.8%
2025
13.6%
2026
0.2%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.71.3-3.82.60.50.2-1.50.6-0.20.2
20250.81.60.51.60.72.7-0.12.21.80.7-0.10.513.6
2024-2.0-0.51.3-2.52.10.22.12.71.9-3.2-0.1-2.5-0.8
20232.7-3.03.01.0-1.71.91.6-1.7-3.6-0.95.75.310.2
20223.8-2.8-6.7-0.18.50.41.9
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.

Tracking difference — fund vs index

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 3 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.76% /anno
Declared TER
0.35%
YearFundIndexDifference
2025+13.61%+14.79%-1.18%
2024-0.82%-0.19%-0.63%
2023+10.25%+10.72%-0.48%
Monthly index series (issuer-declared): the yearly TD compounds the 12 months. Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsFull history
Volatility (ann.)5.15%6.58%7.51%
Max drawdown-3.95%-8.69%-9.36%
Sharpe0.130.120.08
Sortino0.180.170.12
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. 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 — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Duration and maturities

Duration · effective duration
6.48years

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
74
Top-10 weight
28.2%

Top 10 holdings

COLOM 7.375% 18/09/37 · —
3.98%
ROMANI 5.25% 30/05/32 · —
3.21%
PERU 2.783% 23/01/31 · —
2.95%
POLAN 5.125% 18/09/34 · —
2.74%
ROMAN 2.875% 11/03/29 · —
2.67%
BRAZI 7.125% 20/01/37 · —
2.65%
HUNGA 1.625% 28/04/32 · —
2.64%
ARGEN 4.125% 09/07/35 · —
2.52%
SOUTH 5.875% 22/06/30 · —
2.44%
CASH · —
2.35%

Countries

AfghanistanAngolaAlbania: 0.5%United Arab EmiratesArgentina: 7.3%ArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBenin: 0.5%Burkina FasoBangladeshBulgaria: 0.3%The BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 7.2%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChile: 6.2%ChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombia: 5.2%Costa Rica: 1.8%CubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican Republic: 4.4%AlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhana: 1%GuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 5.4%IndonesiaIndiaIrelandIranIraqIcelandIsrael: 6.7%ItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth Korea: 1.5%KosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedonia: 0.7%MaliMyanmarMontenegroMongolia: 1.2%MozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanama: 4.1%Peru: 4.4%Philippines: 7.1%Papua New GuineaPoland: 10.1%Puerto RicoNorth KoreaPortugalParaguayQatarRomania: 9.2%RussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguay: 2.2%United States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Poland10.1%
Romania9.2%
Argentina7.3%
Brazil7.2%
Philippines7.1%
Israel6.7%
Chile6.2%
⬇ Download the full portfolio — Excel, 74 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 →

Index tracked

ICE Emerging Markets ESG Values External Sovereign Index
This fund belongs to the government bonds family: compare all census ETFs in this family →

Italian taxation

Effective rate on capital gains
15.77%
White-list share
75.79%
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:

IE000YZIVX22
  • 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)CATHEM30 Jun 2022
Börse DüsseldorfFLCV4 Oct 2022
Börse FrankfurtFLCV28 Jun 2022
Börse HamburgFLCV19 Oct 2022
Börse HannoverFLCV9 Dec 2024
Börse München / gettexFLCV28 Jun 2022
Börse StuttgartFLCV27 Jul 2022
Tradegate ExchangeFLCV20 Dec 2022
Xetra (Deutsche Börse)FLCV28 Jun 2022
+ 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 Emerging Markets Sovereign Debt Values UCITS ETF track?
The issuer Franklin Templeton declares the benchmark: ICE Emerging Markets ESG Values External Sovereign Index.
How much does CATHEM cost?
The issuer-declared TER is 0.35% per year; the transaction costs estimated in the KID are 0.19%.
How is CATHEM taxed in Italy?
On sale, the capital gain is taxed at an effective 15.77% rate (white-list share 75.79%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of CATHEM?
The fund size declared by Franklin Templeton is about 59 million euro.
When was CATHEM launched?
The fund was launched on 27 June 2022: it has 4 years of history.
How does CATHEM replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (issuer wording: “Optimised”).
Does CATHEM pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does CATHEM trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (CATHEM), Börse Düsseldorf (FLCV), Börse Frankfurt (FLCV), Börse Hamburg (FLCV), Börse Hannover (FLCV), Börse München / gettex (FLCV).
What was CATHEM's worst fall?
Over the available history (since 2022), the maximum drawdown was -13.14%, reached in October 2022. Past performance is not indicative of future results.
What is CATHEM's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.76% per year versus its index (from issuer-declared series).
How many securities does CATHEM hold?
The declared portfolio holds 74 securities; the top 10 positions weigh 28.2%.
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.