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iShares $ Treasury Bond 1-3yr UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00B14X4S71Ticker: IBTS (Borsa Italiana) · IUSU (Xetra) · IDBT (London SE) · IBTS (Euronext AMS) · IBTS (SIX)Issuer: iShares
Issuer-declared data
TER
0.07%
Transaction costs
0.02% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
2.2 bn EUR
NAV
128 USD (1 September 2026)
Domicile
Ireland
Inception date
2 June 2006
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 $ Treasury Bond 1-3yr UCITS ETF tracks the issuer-declared index: ICE U.S. Treasury 1-3 Year Bond Index. The declared annual cost (TER) is 0.07%, plus 0.02% in transaction costs estimated by the issuer in the KID. Replication is optimised physical replication (the KID declares optimisation techniques to achieve a return similar to the index); income is distributed to investors. The fund has assets of about 2.2 billion euro, was launched on 2 June 2006 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 Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Funds assets, which reflects the return of the ICE U.S. Treasury 1-3 Year Bond Index, the Funds benchmark index (Index). The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them. The Index offers exposure to US government bonds with a remaining maturity (i.e. the time from issue until they become due for repayment) from 1 to 3 years and a minimum amount outstanding of $300 million at the time of inclusion in the Index. They will pay income according to a fixed rate of interest and will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.

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 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 The Bank of New York Mellon SA/NV, Dublin Branch. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares 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 semi-annually). Your shares will be denominated in US Dollar, 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.

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 0.07%: below the median of bond ETFs we track (0.15%).
  • Assets larger than 92% of bond ETFs we track.
  • Average tracking difference over the last 3 years: +0.04% p.a., against a declared TER of 0.07%.
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 2006 to Aug 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+49.4%
Annualised
+2.0%
Volatility (ann.)
1.4%
Max drawdown
-5.66%
-3%+11%+25%+40%+54%Jun 2006Jun 2011Jun 2016Jul 2021Aug 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+49%Jun 2006Aug 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%-2%-4%-6%-8%-10%2006200920122015201820212024−5.66% · 20 Oct 2022
Max drawdown
-5.66%
peak → trough
Trough
20 Oct 2022
from the 03 Aug 2021 peak
Recovery time
469 days
recovery only: trough to break-even · ≈ 1 year and 3 months
Underwater
912 days
decline + recovery: peak to break-even · ≈ 2 years and 6 months · → recovered on 01 Feb 2024

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
03 Aug 202120 Oct 2022-5.66%01 Feb 2024912
17 Mar 200813 Jun 2008-1.99%15 Sept 2008182
08 Sept 201715 May 2018-1.06%19 Nov 2018437
20 May 200908 Jun 2009-1.05%06 Jul 200947
24 Sept 202412 Nov 2024-0.94%24 Jan 2025122

Calendar-year returns

2016
0.7%
2017
0.3%
2018
1.5%
2019
3.5%
2020
3.1%
2021
-0.6%
2022
-3.8%
2023
4.3%
2024
4.1%
2025
5.2%
2026
1.0%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.20.5-0.50.20.10.10.20.21.0
20250.50.70.50.8-0.20.6-0.00.90.30.40.50.35.2
20240.4-0.40.3-0.40.70.61.20.90.8-0.60.30.24.1
20230.8-0.81.70.3-0.4-0.50.30.4-0.00.31.11.14.3
2022-0.7-0.4-1.4-0.50.6-0.60.4-0.8-1.2-0.10.70.2-3.8
20210.0-0.10.00.00.1-0.20.2-0.0-0.1-0.3-0.0-0.2-0.6
20200.60.91.40.10.10.00.1-0.00.0-0.00.00.13.1
20190.30.10.60.20.70.5-0.10.8-0.10.3-0.00.23.5
2018-0.3-0.10.2-0.20.40.0-0.00.3-0.20.10.40.81.5
20170.10.10.00.10.1-0.10.20.2-0.2-0.1-0.20.00.3
20160.60.10.20.0-0.10.6-0.1-0.20.1-0.1-0.40.10.7
20150.4-0.20.20.00.10.00.0-0.10.3-0.1-0.3-0.10.4
20140.10.1-0.10.10.2-0.1-0.10.2-0.10.20.1-0.20.5
20130.00.10.00.1-0.1-0.10.1-0.10.20.10.1-0.10.3
20120.1-0.2-0.10.20.0-0.10.20.0-0.0-0.10.10.00.2
20110.1-0.1-0.10.50.40.00.30.4-0.20.10.00.01.4
20100.80.2-0.30.30.50.50.30.20.20.2-0.2-0.22.4
2009-0.3-0.20.6-0.10.2-0.20.10.40.20.20.7-0.90.7
20081.71.00.2-0.8-0.30.30.40.40.70.81.20.66.3
20070.20.80.40.3-0.10.40.91.00.70.41.60.37.0
20060.70.70.50.50.20.12.7
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.
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 — 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 2 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.04% /anno
Declared TER
0.07%
YearFundIndexDifference
2025+5.19%+5.13%+0.06%
2024+4.06%+4.06%+0.00%
2023+4.29%+4.23%+0.07%
2022-3.85%-3.80%-0.05%
2021-0.63%-0.61%-0.03%
2020+3.14%+3.17%-0.03%
2019+3.52%+3.59%-0.07%
2018+1.45%+1.56%-0.10%
2017+0.32%+0.42%-0.10%
2016+0.74%+0.81%-0.07%
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 yearsLast 5 yearsLast 10 yearsFull history
Volatility (ann.)6.05%7.22%8.10%7.57%9.04%
Max drawdown-4.37%-13.93%-18.20%-18.20%-19.23%
Sharpe-0.48-0.70-0.32-0.22-0.02
Sortino-0.62-0.91-0.44-0.30-0.03
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 — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Duration and maturities

Duration · effective duration
1.80years

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

Maturity breakdown (% of fund)
0–1 years
1.72%
1–2 years
56.54%
2–3 years
41.51%
Cash and derivatives
0.23%

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)
AA
99.77%
Cash and derivatives
0.23%

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
91
97 total lines: 6 cash & derivatives
Top-10 weight
14.8%

Top 10 holdings

TREASURY NOTE · TNOTE
2.20%
TREASURY NOTE · TNOTE
1.48%
TREASURY NOTE · TNOTE
1.43%
TREASURY NOTE · TNOTE
1.42%
TREASURY NOTE · TNOTE
1.41%
TREASURY NOTE · TNOTE
1.40%
TREASURY NOTE · TNOTE
1.38%
TREASURY NOTE · TNOTE
1.37%
TREASURY NOTE · TNOTE
1.37%
TREASURY NOTE (2OLD) · TNOTE
1.36%

Sectors

Treasury
99.9%
Cash and/or Derivatives
0.1%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 100%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States100%
⬇ Download the full portfolio — Excel, 97 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
2.48 USD
ex 19 Mar 2026 · paid 31 Mar 2026
Dividends, last 12 months
5.10 USD
Dividend yield
3.98%
12-month sum over the NAV as of 2 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year5.10 USD3.92 %
20255.37 USD4.19 %
20245.44 USD4.24 %
20233.82 USD3.01 %
20220.93 USD0.70 %
20210.84 USD0.62 %

Dividend contribution to total return

-10%0%10%+2.47 %1 year+5.09 %2025+3.97 %2024+4.22 %2023−3.84 %2022−0.63 %2021
dividendsprice changeprice decline

Calendar per share (USD)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20262.48
20252.752.62
20242.632.81
20231.562.26
20220.220.71
20210.540.30
20201.360.94
20191.521.55
20180.841.22
20170.540.73
20160.470.51
20150.310.37
20140.160.20
20130.110.13
20120.220.11
20110.450.38
20100.610.290.30
20090.860.68
20082.601.66
20071.842.80
20061.23

Latest dividends

Per shareEx-dividend dateRecord datePayment
2.48 USD19 Mar 202620 Mar 202631 Mar 2026
2.62 USD11 Sept 202512 Sept 202524 Sept 2025
2.75 USD13 Mar 202514 Mar 202526 Mar 2025
2.81 USD12 Sept 202413 Sept 202425 Sept 2024
2.63 USD14 Mar 202415 Mar 202427 Mar 2024
2.26 USD14 Sept 202315 Sept 202327 Sept 2023
1.56 USD16 Mar 202317 Mar 202329 Mar 2023
0.71 USD15 Sept 202216 Sept 202228 Sept 2022
Per-share dividends as declared by the issuer, in USD, since the first payment (30 Aug 2006). Past dividends are not indicative of future ones.

Share classes of the same fund

This page covers ISIN IE00B14X4S71. The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
GBP Hedged (Acc)IE000KN6U873IBGTAccumulatingGBP
USD (Dist) · this pageIE00B14X4S71IBTSDistributingUSD
MXN Hedged (Acc)IE00BDDRHB81IBTMXXAccumulatingMXN
EUR Hedged (Acc)IE00BDFK1573IBTEAccumulatingEUR
GBP Hedged (Dist)IE00BDFK1N50IBTGDistributingGBP
USD (Acc)IE00BYXPSP02IBTAAccumulatingUSD
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.

Index tracked

ICE U.S. Treasury 1-3 Year Bond Index
This fund belongs to the government bonds family: compare all census ETFs in this family →

ETFs declaring the same index

FundTERIncomeFund size
CBU3 · iShares
0.07%Acc.576 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
13.58%
White-list share
92.02%
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:

IE00B14X4S71IBTS(class: USD (Dist))
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00BDFK15732B7S(class: EUR Hedged (Acc))
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00BYXPSP02IS0F(class: USD (Acc))
  • BG Saxozero within the savings plan (buys)
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
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)IBTS3 Nov 2008
Börse DüsseldorfIUSU23 May 2016
Börse FrankfurtIUSU23 May 2016
Börse HamburgIUSU24 May 2016
Börse HannoverIUSU14 Dec 2022
Börse München / gettexIUSU23 May 2016
Börse StuttgartIUSU23 May 2016
Euronext AmsterdamIBTS11 Jul 2006
Tradegate ExchangeIUSU23 May 2016
Xetra (Deutsche Börse)IUSU23 May 2016
+ 17 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 iShares $ Treasury Bond 1-3yr UCITS ETF track?
The issuer iShares declares the benchmark: ICE U.S. Treasury 1-3 Year Bond Index.
How much does IBTS cost?
The issuer-declared TER is 0.07% per year; the transaction costs estimated in the KID are 0.02%.
How is IBTS taxed in Italy?
On sale, the capital gain is taxed at an effective 13.58% rate (white-list share 92.02%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of IBTS?
The fund size declared by iShares is about 2.2 billion euro.
When was IBTS launched?
The fund was launched on 2 June 2006: it has 20 years of history.
How does IBTS replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (issuer wording: “Fisica - ottimizzazione (dal KID)”).
Does IBTS pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing”).
Where does IBTS trade?
Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (IBTS), Börse Düsseldorf (IUSU), Börse Frankfurt (IUSU), Börse Hamburg (IUSU), Börse Hannover (IUSU), Börse München / gettex (IUSU).
What was IBTS's worst fall?
Over the available history (since 2006), the maximum drawdown was -8.17%, reached in September 2023. Past performance is not indicative of future results.
What is IBTS's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.04% per year versus its index (from issuer-declared series).
How many securities does IBTS hold?
The declared portfolio holds 91 securities (plus 6 cash & derivative lines); the top 10 positions weigh 14.8%.
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.